<SEC-DOCUMENT>0001640334-18-002421.txt : 20181226
<SEC-HEADER>0001640334-18-002421.hdr.sgml : 20181226
<ACCEPTANCE-DATETIME>20181221215812
ACCESSION NUMBER:		0001640334-18-002421
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		80
FILED AS OF DATE:		20181224
DATE AS OF CHANGE:		20181221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SolarMax Technology, Inc.
		CENTRAL INDEX KEY:			0001519472
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY [5200]
		IRS NUMBER:				262028786
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229005
		FILM NUMBER:		181251129

	BUSINESS ADDRESS:	
		STREET 1:		3080 12TH STREET
		CITY:			RIVERSIDE
		STATE:			CA
		ZIP:			92507
		BUSINESS PHONE:		(951) 300-0788

	MAIL ADDRESS:	
		STREET 1:		3080 12TH STREET
		CITY:			RIVERSIDE
		STATE:			CA
		ZIP:			92507
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>solarmax_s1.htm
<DESCRIPTION>FORM S-1
<TEXT>
<html><head><title>solarmax_s1.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><b> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>As filed with the Securities and Exchange Commission on December xx, 2018</b></p></b> <p style="MARGIN: 0px" align="right">&nbsp;<b>Registration Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>&nbsp;</p> <div style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 4px solid; MARGIN: 0px"></div> <div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 2px"></div> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><font size="3">UNITED STATES</font></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><font size="3">SECURITIES AND EXCHANGE COMMISSION</font></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><font size="3">WASHINGTON, D.C. 20549</font></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;<b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b><font size="5">FORM S-1</font></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="70%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="5">SOLARMAX TECHNOLOGY, INC.</font></b></p></td></tr> <tr> <td> <p style="MARGIN: 0px" align="center">(Exact name of registrant as specified in its charter) </p></td></tr></table></p> <p style="MARGIN: 0px"><font size="1">&nbsp;</font></p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="30%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Nevada</b></p></td> <td width="5%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="30%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>4931</b></p></td> <td width="5%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="30%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>26-2028786</b></p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(State or other jurisdiction of <br>incorporation or organization)</p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(Primary Standard Industrial</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Classification Code Number)</p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(I.R.S. Employer <br>Identification Number)</p></td></tr></table></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>3080 12th Street</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Riverside, California 92507</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><u>(951) 300-0788</u></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(Address, including zip code, and telephone number, including area code, of Registrant&#8217;s principal executive offices) </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>David Hsu, Chief Executive Officer</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SolarMax Technology Inc.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>3080 12th Street</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Riverside, California 92507</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><u>(951) 300-0788</u></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(Name, address, including zip code, and telephone number, including area code, of agent for service)</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><i>Copies to:</i></p> <p style="MARGIN: 0px"><font size="1">&nbsp;</font></p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr height="15"> <td valign="top" width="45%"> <p style="MARGIN: 0px" align="center"><b><b>Clayton E. Parker, Esq.</b></b></p> <p style="MARGIN: 0px" align="center"><b>Matthew Ogurick, Esq.</b></p> <p style="MARGIN: 0px" align="center"><b>K&amp;L Gates LLP</b></p> <p style="MARGIN: 0px" align="center"><b>Southeast Financial Center, Suite 3900</b></p> <p style="MARGIN: 0px" align="center"><b>200 South Biscayne Boulevard</b></p> <p style="MARGIN: 0px" align="center"><b>Miami, Florida 33131-2399</b></p> <p style="MARGIN: 0px" align="center"><b>Tel: 305-539-3300</b></p> <p style="MARGIN: 0px" align="center"><b>Fax: 305-358-7095</b></p></td> <td width="10%"></td> <td valign="top" width="45%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Asher S. Levitsky P.C.<br>Ellenoff Grossman &amp; Schole LLP</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>1345 Avenue of the Americas, 11th Floor</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>New York, New York 10105-0302</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>(646) 895-7152</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Fax: (646) 895-7238</b></p></td></tr></table></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">If any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933 check the following box: <font style="FONT-FAMILY: Wingdings">&#168;</font></p> <p style="MARGIN: 0px"><font face="Wingdings"></font>&nbsp;</p> <p style="MARGIN: 0px">If this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="FONT-FAMILY: Wingdings">&#168;</font></p> <p style="MARGIN: 0px"><font face="Wingdings"></font>&nbsp;</p> <p style="MARGIN: 0px" align="justify">If this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="FONT-FAMILY: Wingdings" face="Times New Roman">&#168;</font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">If this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="FONT-FAMILY: Wingdings">&#168;</font></p> <p style="MARGIN: 0px"><font face="Wingdings"></font>&nbsp;</p> <p style="MARGIN: 0px" align="justify">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&nbsp;12b-2 of the Exchange Act.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="85%" align="center" border="0"> <tr> <td width="30%"> <p style="MARGIN: 0px">Large accelerated filer</p></td> <td width="20%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Wingdings">&#168;</font></p></td> <td width="30%"> <p style="MARGIN: 0px">Accelerated filer</p></td> <td width="20%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Wingdings">&#168;</font></p></td></tr> <tr> <td> <p style="MARGIN: 0px">Non-accelerated filer</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font></p></td> <td> <p style="MARGIN: 0px">Smaller reporting company</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings">x</font></font></p></td></tr> <tr> <td> <p style="MARGIN: 0px">Emerging growth company </p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Wingdings">x</font></p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font> </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>CALCULATION OF REGISTRATION FEE</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Title of each class of securities to be registered</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount to</b></p> <p style="MARGIN: 0px" align="center"><b>be</b></p> <p style="MARGIN: 0px" align="center"><b>Registered</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Proposed</b></p> <p style="MARGIN: 0px" align="center"><b>Maximum</b></p> <p style="MARGIN: 0px" align="center"><b>Offering</b></p> <p style="MARGIN: 0px" align="center"><b>Price Per</b></p> <p style="MARGIN: 0px" align="center"><b>Security (1)</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Proposed</b></p> <p style="MARGIN: 0px" align="center"><b>Maximum</b></p> <p style="MARGIN: 0px" align="center"><b>Aggregate</b></p> <p style="MARGIN: 0px" align="center"><b>Offering</b></p> <p style="MARGIN: 0px" align="center"><b>Price (1)</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount of Registration</b></p> <p style="MARGIN: 0px" align="center"><b>Fee</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Common Stock, par value $0.001 per share (2) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="right"> 3,450,000 shares </p></td> <td valign="bottom" width="1%"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td valign="bottom" width="9%" align="right"> 7.00 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td valign="bottom" width="9%" align="right"> 24,150,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td valign="bottom" width="9%" align="right"> 2,926.98 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"> Underwriter Warrants (3) </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> - </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> - </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> - </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> - </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px" align="left"> Common Stock issuable upon exercise of Underwriter Warrants (3) </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> 240,000 shares </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> 8.40 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> 2,016,000 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> 244.34 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"> Total </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> $ </p></td> <td> <p style="MARGIN: 0px" align="right"> 26,166,000 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> $ </p></td> <td> <p style="MARGIN: 0px" align="right"> 3,171.32 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">_________&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(1)</p></td> <td valign="top" width="96%"> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) promulgated under the Securities Act of 1933, as amended. Pursuant to Rule 416 under the Securities Act, this registration statement also includes any additional shares of common stock that shall become issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(2)</p></td> <td valign="top"> <p style="MARGIN: 0px">Includes 450,000 shares of common stock issuable upon exercise of the underwriters&#8217; overallotment option.</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px"> (3) </p></td> <td> <p style="MARGIN: 0px"> We have agreed to issue, on the closing date of this offering, warrants to the representative of the underwriters, ViewTrade Securities, Inc. (the &#8220;Representative&#8221;), to purchase an amount equal to 8% of the aggregate number of shares of common stock sold by us in this offering. The exercise price of the underwriter warrants is equal to 120% of the initial public offering price of our common stock offered hereby. The underwriter warrants are exercisable for a period of five years from the effective date of this Registration Statement. </p></td></tr></table></p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><font size="1">&nbsp; </font></p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a) may determine.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <div style="HEIGHT: 2px; WIDTH: 100%; BACKGROUND: #000000; MARGIN: 0px 0px 2px" name="hrule"></div> <div style="HEIGHT: 4px; WIDTH: 100%; BACKGROUND: #000000" name="hrule"></div></td></tr></table></p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p>The information in this prospectus is not complete and may be changed. We may not sell these securities until the Securities and Exchange Commission declares our registration statement effective. This prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px"><b>Preliminary Prospectus</b></p></td> <td width="50%"> <p style="MARGIN: 0px" align="right"><b>Subject To Completion, Dated December x, 2018</b></p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>&nbsp;&nbsp; </b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>3,000,000 Shares</b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>SolarMax Technology, Inc.</b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>Common Stock</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">This is the initial public offering of 3,000,000 shares of common stock of SolarMax Technology, Inc. on a firm commitment basis.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Prior to this offering, there has been no public market for our common stock. It is currently estimated that the initial public offering price per share will be between $5.00 &nbsp;and $7.00. We intend to apply to list our common stock on the NASDAQ Global Market under the symbol &#8220;SMXT.&#8221; </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We have granted the underwriters the option, exercisable for 30 days from the date of this prospectus, to purchase up to an additional 450,000 shares from us at the initial public offering price less the underwriting discount and commissions to cover over-allotments.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are an &#8220;emerging growth company&#8221; as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. See &#8220;Risk Factors&#8221; and &#8220;Prospectus Summary - Emerging Growth Company Status.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><b>Investing in our common stock involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page&nbsp;10</b><b>&nbsp;of this prospectus for a discussion of information that should be considered in connection with an investment in our common stock.</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Per&nbsp;Share </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 12.25pt" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"> Initial public offering price</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Underwriting discounts and commissions<sup>(1)</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">$ </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">$ </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Proceeds to us, before expenses </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">$ </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">$ </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>________</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(1)</td> <td valign="top"> <p style="MARGIN: 0px">In addition, we have agreed to provide the underwriters additional compensation and reimburse the underwriters for certain expenses. See &#8220;Underwriting&#8221; on page&nbsp; 101 of this prospectus for additional information.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The underwriters expect to deliver the shares of common stock to purchasers in the offering against payment on&nbsp;Xxx x, 2019. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center">The date of this prospectus is&nbsp;Xxx x, 2019. </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ViewTrade Securities, Inc.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak8976cb1f-559b-48bb-99c0-196a39345325" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="TABLE OF CONTENTS">TABLE OF CONTENTS </a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="89%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td width="1%"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="9%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Page</b></p></td> <td width="1%"></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#PROSPECTUS SUMMARY">Prospectus Summary</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">4</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#THE OFFERING">The Offering</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">10</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#SELECTED CONSOLIDATED FINANCIAL DATA">Selected Consolidated Financial Data </a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#RISK FACTORS">Risk Factors</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS">Cautionary Note Concerning Forward-Looking Statements</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">37</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#USE OF PROCEEDS1">Use of Proceeds</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">39</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#DIVIDEND POLICY">Dividend Policy</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">39</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#CAPITALIZATION">Capitalization</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">40</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#DILUTION">Dilution</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">41</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">42</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#BUSINESS">Business</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">63</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#MANAGEMENT">Management</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">89</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#EXECUTIVE COMPENSATION">Executive Compensation</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">92</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS">Certain Relationships and Related Party Transactions</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">95</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#PRINCIPAL STOCKHOLDERS">Principal Stockholders</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">97</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#DESCRIPTION OF CAPITAL STOCK">Description of Capital Stock</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">98</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#SHARES ELIGIBLE FOR FUTURE SALE1">Shares Eligible for Future Sale</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">101</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#UNDERWRITING">Underwriting</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">103</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#LEGAL MATTERS1">Legal Matters</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">105</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#EXPERTS1">Experts</a></p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="right">105</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#WHERE YOU CAN FIND MORE INFORMATION">Where You Can Find More Information</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">106</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><a href="#INDEX">Index to Consolidated Financial Statements</a></p></td> <td></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">F-1</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak12f3627e-8271-4e60-9c37-daaf2b582576" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">You should rely only on the information contained in this prospectus and in any free writing prospectus prepared by or on behalf of us and delivered or made available to you. Neither we nor the underwriters have authorized anyone to provide you with additional or different information. We are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus or a free writing prospectus is accurate only as of its date, regardless of its time of delivery or of any sale of shares of our common stock. Our business, financial condition, operating results, and prospects may have changed since that date.</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p><b> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><b>Until&nbsp;</b><b>Xxx xx</b><b>, 2019 </b><b>(25 days after commencement of this offering), all dealers that buy, sell, or trade shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</b></p></b>&nbsp; <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">For investors outside the United States: Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States.</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Industry and Market Data</b></p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The market data and certain other statistical information used throughout this prospectus are based on independent industry publications, government publications and other published independent sources. Some data is also based on our good faith estimates. Although we believe these third-party sources are reliable as of their respective dates, neither we nor the underwriters have independently verified the accuracy or completeness of this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section entitled &#8220;Risk Factors.&#8221; These and other factors could cause results to differ materially from those expressed in these publications.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7d53e47a-159d-45ea-931c-95ef8a1295e5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="PROSPECTUS SUMMARY">PROSPECTUS SUMMARY</a></b></p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our common stock. You should read this entire prospectus carefully, including the sections titled &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. </i></p> <p style="MARGIN: 0px"><em style="MARGIN: 0px"></em>&nbsp;</p> <p style="MARGIN: 0px"><em style="MARGIN: 0px">In this prospectus, unless the context otherwise requires, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and the &#8220;Company&#8221; refer to SolarMax Technology Inc. and its consolidated subsidiaries<font style="FONT-SIZE: 10pt; COLOR: black">.</font></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Company Overview&nbsp;</b>&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We are an integrated solar energy company. Through our subsidiaries, we are primarily engaged in the following business activities:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Identifying and procuring solar farm system projects for resale to third party developers and related services in the People&#8217;s Republic of China, which we refer to as China or the PRC;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms and rooftop solar systems in China;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Operating and maintaining solar farm projects in China following the completion of our EPC work on the projects;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Selling and installing integrated photovoltaic systems for residential and commercial customers in the United States;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Providing exterior and interior light-emitting diodes, known as LED, lighting sales and retrofitting services for governmental and commercial applications;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Providing secured loans to purchasers of our photovoltaic systems and servicing installment sales by our customers in the United States;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Owning and funding renewable energy projects in the United States based on leases entered into prior to 2015, and generating revenue from this business through operating leases and power purchase agreements primarily with commercial users; and,</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Selling and installing battery backup solutions for residential and commercial customers in the United States.</p></td></tr></table></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We operate in two segments - our United States operations and our China operations. Our United States operations include (i) the sale and installation of photovoltaic and battery backup systems, (ii) financing the sale of our photovoltaic and battery backup systems, (iii) owning and leasing to third parties through operating leases and power purchase agreements, and (iv) sales of LED systems.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4faf0edc-bf88-4738-9dbb-1ff1fa43ffaf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">Our China operations consist of (i) identifying and procuring solar farm projects for resale to third parties; (ii) EPC services for solar farm projects; (iii) maintenance and operation of solar farm projects once the projects are completed; and, (iv) to a significantly lesser extent, sales and installation of residential and commercial photovoltaic systems.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><font style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: SimSun; mso-fareast-language: EN-US"><font style='FONT-SIZE: 10pt; mso-fareast-font-family: "Malgun Gothic"; mso-fareast-language: KO'><font style='mso-prop-change: "Asher Levitsky" 19000000T0000'>We commenced operations in China following the completion of two acquisitions on April 28, 2015.</font></font></font><font style='FONT-SIZE: 10pt; mso-fareast-font-family: "Malgun Gothic"; mso-fareast-language: KO'></font></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td>We acquired the ownership of Chengdu Zhonghong Tianhao Technology Limited Company, or ZHTH, through a share exchange agreement among us, one of our PRC subsidiaries, and the equity owners of ZHTH. <font style="FONT-SIZE: 8pt; FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: KO; mso-bidi-font-family: Symbol"></font></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">We acquired the ownership of Jiangsu Zhonghong Photovoltaic Engineering Technology Limited Company, or ZHPV, through a share exchange agreement between us and the holders of the stock of Accumulate Investment Co. Ltd., which we refer to as Accumulate. Accumulate owns ZHPV through a Hong Kong subsidiary. The share exchange agreement for ZHPV was amended on May 12, 2016 to revise certain terms including adjusting the total consideration retroactively to the original acquisition date of April 28, 2015.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our business in China is conducted through our subsidiaries, primarily ZHTH and ZHPV, which we acquired in April 2015, and their subsidiaries, and Jiangsu Honghao Electricity Technology Co. Ltd. (&#8220;Jiangsu Honghao&#8221;) which we formed in September 2015.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><font style="MARGIN: 0px"><font style='FONT-SIZE: 10pt; mso-fareast-font-family: "Malgun Gothic"; mso-fareast-language: KO'>ZHTH is engaged in project development. ZHPV&#8217;s core business is to provide EPC</font></font> services. In order to build a solar farm in China it is first necessary to obtain a permit, which covers a specific location. ZHTH and ZHPV establish special subsidiaries to own and acquire a permit for a solar farm. We refer to these subsidiaries as project subsidiaries. When a buyer of a project is identified, we sell to the buyer the equity in the project subsidiary that holds the permit for that specific solar farm project, and the buyer of the project engages ZHPV for the EPC work. The purchase price for the project subsidiary is an amount approximating the project subsidiary&#8217;s net assets. Accordingly, we do not generate a material gain or loss from the sale of the project subsidiaries. The sale of the equity in the project subsidiaries is part of the normal course of our operations in China. Because Chinese government regulations prohibit the sale of the permit relating to a solar farm, it is necessary for us to sell the equity in the project subsidiary to effectuate the transfer of the ownership of the solar farm and permit to the buyer. At or prior to completion of the EPC work on the solar farm, we seek to obtain an agreement to operate and maintain the solar farm upon its completion. Jiangsu Honghao provides operations and maintenance services for each project for which we receive a contract, either directly or through a subsidiary.&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Unlike systems in the United States, which are installations for residential and small business users, the projects in China are generally solar farms, which are large land areas where multiple ground-mount solar tracking towers are installed. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px"><b>Selected Risks Associated with Our Business</b></p> <p style="BACKGROUND: white; MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">Our business is subject to a number of risks and uncertainties. These risks are discussed more fully in &#8220;Risk Factors&#8221; beginning on page 10. Before you make a decision to invest in our common stock, you should carefully consider all of those risks including the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">We had a consolidated loss of $10.5 million for the nine months ended September 30, 2018, $12.1 million for the year ended December 31, 2017 and $7.6 million for the year ended December 31, 2016. We had negative cash flow from operations of $5.5 million for 2017 and positive cash flow from operations of $4.5 million for 2016, and we cannot assure you that we can or will operate profitably.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our business in the United States and China is dependent on the continuation of government benefits.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Changes in utility regulations and pricing could impair the market for our products.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our failure to raise sufficient capital could impair our ability to expand our financing operations.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our failure to adequately assess credit risks of our finance customers for our United States operations could impair our ability to operate profitably, and in the event of foreclosure on defaulting customers, we may have difficulty in recovering any money owed to us.</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Changes in government regulations, tariffs and policies, including enforcement policies in the United States and China, the relaxation or elimination of regulations relating to carbon-based fuel or our inability to comply with or correctly interpret present or future government regulations could impair our ability to develop our business.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">We are subject to laws and regulations protecting the privacy of consumers and employees, and our failure to maintain security of protected information can result in liability and could impair our business.</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our industry is very competitive, and we compete in both the United States and China with other solar energy companies as well as with local utility companies. A material drop in the price of electricity from a local utility company could impact the market for solar energy systems.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf0386ffc-c9de-4aad-97ab-bf2b025b45bf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p>&nbsp;<font style="FONT-FAMILY: Symbol"> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top"> <p style="MARGIN: 0px">To the extent that we reduce prices to meet competition, our gross profit and gross margin may be impaired.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top">Because we offer customers a production guarantee, we may incur additional expenses if the system does not generate the production of electricity covered by the production guarantee regardless of whether the failure results from factors beyond our control, including weather and climate conditions.</td></tr></table></font><tr height="15"><td></td><td></td><td></td></tr><tr height="15"><td> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">We may not comply with our commitments under our supply contract with Sunspark Technologies, Inc. (&#8220;Sunspark&#8221;).</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">We may have difficulty purchasing solar panels from domestic suppliers as a result of the effect of United States tariffs on solar panels.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Fluctuations in the currency exchange rate between the U.S. dollar (&#8220;USD&#8221;) and the Chinese Renminbi (&#8220;RMB&#8221;) could affect our value.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Our business could be affected by uncertainties with respect to China&#8217;s legal system.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Our business could be affected by adverse changes in the relationship between the United States and China.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">There is no public market for our stock and we cannot assure you that an active trading market in our stock will develop or, if developed, will be sustained.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Our articles of incorporation and bylaws and our employment agreements with our senior executive officers, as well as Nevada law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Future sales of our common stock in the public market could have an adverse effect upon the market for our common stock.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">We are dependent upon our senior executive officers, and our failure to identify, engage and retain qualified executive and management personnel in the United States and China could impair our ability to develop our business.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Because our directors and officers own 39.9% of our common stock and will own 37.4% of the common stock after giving effect to the sale of the 3,000,000 shares offered hereby, they may be able to elect all directors, approve all matters requiring stockholder approval and block any action which may be beneficial to stockholders.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakcf26e0bf-8f68-4abe-b9d4-748dd3b4875e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Implications of Being an Emerging Growth Company</b><font size="4"></font></p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">As a company with less than $1.07 billion in revenue during our last fiscal year, we qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of reduced reporting requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, we:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">may present only two years of audited financial statements and related disclosure under Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, or MD&amp;A;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as &#8220;compensation discussion and analysis&#8221;;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">are not required to obtain an attestation and report from our auditors on our management&#8217;s assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">are not required to obtain a non-binding advisory vote from our stockholders on executive compensation or golden parachute arrangements (commonly referred to as the &#8220;say-on-pay,&#8221; &#8220;say-on frequency&#8221; and &#8220;say-on-golden-parachute&#8221; votes);</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under &#167;107 of the JOBS Act; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">will not be required to conduct an evaluation of our internal control over financial reporting until two years after the effective date of the registration statement of which this prospectus is a part.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under &#167;107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under &#167;107 of the JOBS Act.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, or such earlier time that we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an &#8220;emerging growth company&#8221; if we have more than $1.0 billion in annual revenues (as adjusted for inflation), have more than $700 million in market value of our common stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period. Under current Securities and Exchange Commission, or SEC, rules, however, we will continue to qualify as a &#8220;smaller reporting company&#8221; for so long as we have either (i) a public float (i.e., the market value of common equity held by non-affiliates) of less than $250 million as of the last business day of our most recently completed second fiscal quarter or (ii) annual revenues of less than $100 million and a public float of less than $700 million.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9dbb884c-d5a0-4402-84fc-657ac289ddcd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Our Corporate Structure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">We are a Nevada corporation formed in January 2008. We have three wholly-owned and one 93.75%-owned subsidiaries in the United States. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol"><font style="FONT-FAMILY: Symbol">&#183;</font></font></td> <td valign="top">SolarMax Renewable Energy Provider, Inc., a California corporation</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">SolarMax Financial, Inc., a California corporation (&#8220;SolarMax Financial&#8221;)</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">SolarMax LED, Inc., a California corporation (&#8220;LED&#8221;)</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">SMX Capital, Inc., a New Jersey corporation (&#8220;SMX Capital&#8221;)</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX Capital is a 93.75% owned subsidiary, and its financial statements are included in our consolidated financial statements. The 6.25% minority interest is held by a former executive of our PRC operations. The minority interest is reflected as non-controlling interests in the accompanying consolidated financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Our wholly-owned subsidiaries outside the United States are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Accumulate, a British Virgin Islands corporation which we acquired as part of our acquisition of ZHPV in April 2015. </p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">SolarMax Technology Holdings (Hong Kong) Limited (&#8220;SolarMax Hong Kong&#8221;), which was organized under the laws of Hong Kong on October 27, 2014.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Golden SolarMax Finance Co., Ltd., (&#8220;Golden SolarMax&#8221;), which was organized under the laws of the PRC on June 1, 2015.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol"> &#183; </font></p></td> <td> <p style="MARGIN: 0px"> SolarMax Technology Holdings (Cayman) Limited (&#8220;SolarMax Cayman&#8221;), which was organized under the laws of the Cayman Islands on May 8, 2017. </p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Accumulate has one wholly-owned subsidiary, Accumulate Investment Co., Limited (HK), an entity organized under the laws of Hong Kong (&#8220;Accumulate Hong Kong&#8221;). Accumulate Hong Kong has one wholly-owned subsidiary, ZHPV.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Hong Kong has one wholly-owned subsidiary, SolarMax Technology (Shanghai) Co., Ltd. (&#8220;SolarMax Shanghai&#8221;), which is organized under the laws of the PRC on February 3, 2015. SolarMax Shanghai is a wholly foreign-owned entity, which is referred to as a WFOE.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Shanghai currently has two wholly-owned principal subsidiaries, ZHTH and Jiangsu Honghao, which was organized on September 21, 2015. Jiangsu Honghao is engaged in the project operation and maintenance business. Jiangsu Honghao may also form a separate subsidiary for each solar farm for which it has a contract to operate and maintain that solar farm.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following charts show our corporate structure for our United States and China segments. The chart for the China segment does not include the project subsidiaries or the subsidiaries of ZHTH, ZHPV and Jiangsu Honghao that are formed for specific projects.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak361c4a30-4ebe-4796-a109-a5c1bfc71c86" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>United States Segment</b>&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="20%" colspan="2"></td> <td valign="top" width="15%" colspan="4"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%" colspan="6"> <p style="MARGIN: 0px" align="center">SolarMax Technology Inc.</p></td> <td valign="top" width="11%" colspan="3"></td> <td valign="top" width="24%" colspan="4"></td> <td width="4%"></td></tr> <tr height="15"> <td valign="top" width="20%" colspan="2"></td> <td valign="top" width="5%" colspan="2"></td> <td valign="top" width="21%" colspan="4"></td> <td style="BORDER-LEFT: black 1px solid" valign="top" width="5%" colspan="2"></td> <td valign="top" width="7%" colspan="3"></td> <td valign="top" width="11%" colspan="3"></td> <td valign="top" width="7%"></td> <td valign="top" width="10%"></td> <td valign="top" width="10%" colspan="2"></td></tr> <tr height="15"> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="8%"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="25%" colspan="4"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="5%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="16%" colspan="5"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="7%"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="10%"></td> <td style="BORDER-LEFT: black 1px solid" valign="top" width="10%" colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="20%" colspan="2"> <p style="MARGIN: 0px" align="center">SolarMax Renewable</p> <p style="MARGIN: 0px" align="center">Energy Provider, Inc.</p></td> <td valign="top" width="4%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%" colspan="4"> <p style="MARGIN: 0px" align="center">SolarMax LED Inc.</p></td> <td valign="top" width="5%" colspan="2"></td> <td valign="top" width="4%" colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="17%" colspan="5"> <p style="MARGIN: 0px" align="center">SolarMax Financial Inc.</p></td> <td valign="top" width="7%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="3"> <p style="MARGIN: 0px" align="center">SMX Capital, Inc.<br>(93.75%)</p></td></tr> <tr height="15"> <td width="8%"></td> <td width="11%"></td> <td width="4%"></td> <td width="1%"></td> <td width="8%"></td> <td width="1%"></td> <td width="8%"></td> <td width="3%"></td> <td width="2%"></td> <td width="3%"></td> <td width="1%"></td> <td width="4%"></td> <td width="1%"></td> <td width="5%"></td> <td width="4%"></td> <td width="1%"></td> <td width="7%"></td> <td width="10%"></td> <td width="5%"></td> <td width="4%"></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">China Segment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td valign="top" width="14%" colspan="7"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="8"> <p style="MARGIN: 0px 0px 0px 0in" align="center">SolarMax Technology, Inc. </p></td> <td valign="top" width="7%" colspan="4"></td> <td valign="top" width="21%" colspan="5"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="19%" colspan="4"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td valign="top" width="9%" colspan="4"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="16%" colspan="7"></td> <td valign="top" width="1%"></td> <td valign="top" width="11%" colspan="4"></td> <td valign="top" width="22%" colspan="7"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="7%"></td> <td style="BORDER-TOP: 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="26%" colspan="10"></td> <td style="BORDER-TOP: 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%" colspan="4"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="1%"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="17%" colspan="6"></td> <td style="BORDER-TOP: 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="12%" colspan="3"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="8%" colspan="2"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" width="7%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="7%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Golden SolarMax</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Finance. Co. Ltd.</p></td> <td valign="top" width="7%" colspan="3"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="10"> <p style="MARGIN: 0px 0px 0px 0in" align="center">SolarMax Technology</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Holdings (Hong Kong) Limited</p></td> <td valign="top" width="1%"></td> <td valign="top" width="8%" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="22%" colspan="7"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Accumulated Investment</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Co. Ltd. (BVI)</p></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" width="14%" colspan="3"> <p style="MARGIN: 0px 0px 0px 0in" align="center">SolarMax Technology Holdings (Cayman) Limited</p></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="14%" colspan="7"></td> <td valign="top" width="13%" colspan="6"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="19%" colspan="7"></td> <td valign="top" width="11%" colspan="2"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="14%" colspan="7"></td> <td valign="top" width="13%" colspan="6"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="19%" colspan="7"></td> <td valign="top" width="11%" colspan="2"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="15%" colspan="2"></td> <td valign="top" width="3%"></td> <td valign="top" width="2%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="19%" colspan="9"> <p style="MARGIN: 0px 0px 0px 0in" align="center">SolarMax Technology</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">(Shanghai) Co., Ltd.</p></td> <td valign="top" rowspan="2" width="10%" colspan="4"></td> <td valign="top" rowspan="2" width="2%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="22%" colspan="7"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Accumulate Investment Co.,</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Ltd. (HK)</p></td> <td valign="top" rowspan="2" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="3%"></td> <td valign="top" width="2%"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td valign="top" width="6%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="6%" colspan="4"></td> <td valign="top" width="7%" colspan="4"></td> <td valign="top" width="8%" colspan="3"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="21%" colspan="8"></td> <td valign="top" width="9%"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td valign="top" width="6%" colspan="2"></td> <td style="BORDER-TOP: 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="6%" colspan="4"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" valign="top" width="7%" colspan="4"></td> <td valign="top" width="8%" colspan="3"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="21%" colspan="8"></td> <td valign="top" width="9%"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="15%" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="10%" colspan="5"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Chengdu Zhonghong TianHao Technology Co. Ltd (ZHTH)</p></td> <td valign="top" rowspan="2" width="5%" colspan="3"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="12%" colspan="5"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Jiangsu Honghao Electricity Technology Co. Ltd</p></td> <td valign="top" rowspan="2" width="1%"></td> <td valign="top" width="9%" colspan="3"></td> <td valign="top" width="1%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="19%" colspan="5"> <p style="MARGIN: 0px 0px 0px 0in" align="center">Jiangsu Zhonghong Photovoltaic</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Electric Co. Ltd (ZHPV)</p></td> <td valign="top" rowspan="2" width="11%" colspan="3"></td> <td style="BORDER-RIGHT: black 1px solid" width="12%" colspan="2"></td></tr> <tr height="15"> <td valign="top" width="9%" colspan="3"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" width="12%" colspan="2"></td></tr> <tr height="15"> <td style="BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"></td> <td valign="top" width="15%" colspan="8"></td> <td valign="top" width="12%" colspan="5"></td> <td valign="top" width="1%"></td> <td valign="top" width="8%" colspan="2"></td> <td valign="top" width="22%" colspan="7"></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" width="14%" colspan="3"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak005fc01c-6d98-49ac-963a-15e8a5ee4b12" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Corporate Information</b></p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">Our principal executive offices are located at 3080 12th Street, Riverside, California 92507. Our telephone number is (951) 300-0788. Our website address is http://www.solarmaxtech.com. The information contained on, or that can be accessed through, our website or any other website is not a part of this prospectus.</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="THE OFFERING">THE OFFERING</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="42%"> <p style="MARGIN: 0px">Common stock outstanding:</p></td> <td width="2%"></td> <td valign="top" width="56%"> <p style="MARGIN: 0px">43,728,429 shares <sup>1</sup></p></td></tr> <tr height="15"> <td valign="top"></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Common stock offered hereby:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px"> 3,000,000 shares.</p></td></tr> <tr height="15"> <td valign="top"></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Common stock to be outstanding immediately after completion of this offering:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px"> 46,728,429 shares (47,178,429 shares if the underwriters&#8217; over-allotment option is exercised in full).</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px"> Underwriters&#8217; over-allotment option: </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> We have granted the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to an additional 450,000 shares of our common stock at the initial public offering price, less the underwriting discounts and commissions, to cover over-allotments </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"> Underwriter warrants: </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px"> Upon the closing of this offering, we will issue to the Representative warrants entitling the Representative to purchase 8% of the aggregate number of shares of common stock sold in this offering. The warrants shall be exercisable for a period of five years from the effective date of the Registration Statement on Form S-1 of which this prospectus forms a part. For additional information, please refer to &#8220;Underwriting . &#8221; </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Use of proceeds:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">We intend to use the net proceeds of this offering, estimated at approximately $16,120,000 for working capital and other corporate purposes. See &#8220;Use of Proceeds.&#8221;: </p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Dividend policy:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">We do not anticipate paying any cash dividends on our common stock. We expect that, for the foreseeable future, any earnings will be reinvested in our business. See &#8220;Dividend Policy.&#8221;</p></td></tr> <tr height="15"> <td valign="top"></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Listing and trading symbol:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">We intend to apply to list our common stock on the NASDAQ Global Market under the symbol &#8220;SMXT.&#8221;</p></td></tr> <tr height="15"> <td valign="top"></td> <td>&nbsp;</td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"> Lock-up </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> All of our directors, officers and certain shareholders have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exercisable or exchangeable for our common stock for a period of 180 days after the date of this prospectus. See &#8220;Shares Eligible for Future Sale&#8221; and &#8220;Underwriting&#8221; for more information. </p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Risk Factors:</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">You should carefully read and consider the information set forth under the heading &#8220;Risk Factors,&#8221; beginning on page&nbsp;10 of this prospectus and all other information set forth in this prospectus before deciding to invest in our common stock.</p></td></tr></table></p>__________&nbsp;<sup>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="3%"> <p style="MARGIN: 0px">1</p></td> <td valign="top"> <p style="MARGIN: 0px">The outstanding shares of common stock (a) include 3,816,000 shares which were issued as restricted stock grants that are subject to forfeiture under certain conditions and are not treated as outstanding shares in our consolidated financial statements, (b) does not include 2,162,000 shares which may be issued pursuant to our 2016 Long-Term Incentive Plan and pursuant to outstanding stock options at a weighted average exercise price of $4.77 per share.&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake9c87036-93d5-4a67-92d7-4033c5405deb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p></sup><b style="MARGIN: 0px"></b>&nbsp; <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><a style="MARGIN: 0px" name="SELECTED CONSOLIDATED FINANCIAL DATA">SELECTED CONSOLIDATED FINANCIAL DATA</a></b> </p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 24.5pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following information as of December 31, 2017 and 2016 and for years then ended has been derived from our audited financial statements which appear elsewhere in this prospectus. The information at September 30, 2018 and for the nine months ended September 30, 2018 and 2017 has been derived from our unaudited financial statements which appear elsewhere in this prospectus. Dollars are in thousands, except per share amounts.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Consolidated Statement of Operations Information:</b>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine Months Ended </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year Ended</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Revenues:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar projects (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 45,422 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 44,738 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">55,117</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">48,118</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar systems (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 20,183 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 19,500 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27,346</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27,963</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">LED</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 617 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,341 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,507</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">513</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Financing related</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"> 1,325 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"> 1,482 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,961</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,223</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total revenue</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 67,547 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 68,060 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">88,930</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">78,818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Gross profit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 7,306 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 7,796 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,582</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,953</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Operating income (loss)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (7,345 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (7,396 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,822</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(3,846</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (10,523 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (8,688 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(12,074</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,611</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net loss attributable to SolarMax Technology, Inc.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (10,443 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (8,631 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,933</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,537</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net loss per share (basic and diluted)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (0.27 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (0.22 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.31</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.20</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Weighted average shares of common stock outstanding</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 39,198,886 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,473,646</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify"><b>Consolidated Balance Sheet Information:</b>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center">Unaudited</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center">(Restated)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center">(Restated)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 102,651 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">94,838</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">98,471</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 64,854 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54,823</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48,256</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Working capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 13,813 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16,953</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16,077</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Accumulated deficit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (46,187 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(35,744</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(23,810</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Stockholders&#8217; equity attributable to SolarMax Technology, Inc.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,727 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,093</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,034</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">___________</p> <p style="MARGIN: 0px" align="justify">* The long-term debt is due to related parties.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb8e65367-0694-4519-ab58-bc88fc076cfc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="RISK FACTORS">RISK FACTORS</a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><i>An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including the section titled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our consolidated financial statements and related notes, before making a decision to invest in our common stock. Our business, operating results, financial condition, or prospects could be materially and adversely affected by any of these risks and uncertainties. If any of these risks actually occurs, the trading price of our common stock could decline and you might lose all or part of your investment. Our business, operating results, financial performance, or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material.</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Risks Related to Our Business</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We have sustained losses since our organization, and we cannot assure you that we can or will operate profitably.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">We incurred net losses of $10.5 million for the nine months ended September 30, 2018, $12.1 million in 2017 and $7.6 million in 2016. The losses in all three periods resulted primarily from losses in our United States segment, with our China operations generating a modest profit in each period. Revenues from our United States operations decreased to $22.1 million for the nine months ended September 30, 2018 from $23.3 million for the nine months ended September 30, 2017. We incurred negative cash flows from operations of $13.4 million for the nine months ended September 30, 2018 and $7.7 million in 2017. We will need to increase our revenue and reduce our costs for our operations in the United States and China in order for us to operate profitably. We cannot assure you that we will be able to operate profitably or achieve positive cash flows from operations in the future, and the failure to do so may impair our ability to continue in business. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Prior to our acquisition of ZHPV in April 2015, ZHPV incurred losses and a negative gross margin, and we cannot assure you that our </b><b>China operations will not be subject to the same problems.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We acquired ZHPV in April 2015. During 2014, ZHPV incurred a negative gross margin of approximately $4.2 million and a loss before income tax of $6.3 million on revenues of approximately $38.3 million, and it had an accumulated deficit of approximately $6.5 million at December 31, 2015. Prior to our acquisition of ZHPV, ZHPV was engaged in the same business as our China operations. We cannot assure you that the factors that resulted in the negative gross margin and net loss will not affect our operations.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p><b> <p style="MARGIN: 0px" align="justify"><b>We may not comply with our commitments under a supply contract.</b></p></b>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have a supply agreement with Sunspark pursuant to which we agreed to purchase 150 megawatts (&#8220;MW&#8221;) of solar panels over a three-year period commencing June 1, 2016 at a price to be negotiated but not to exceed 110% of the three-month rolling average market price per watt for an estimated total commitment of approximately $84.0 million based on the most recent price paid on a purchase order from Sunspark. The agreement stipulates a 30MW minimum amount per year, which will cost approximately $16.8 million based on the most recent price paid on a purchase order from Sunspark, with the first year being the year ending May 31, 2017. Although we believe that we can satisfy our purchase obligations through the purchase of solar panels for our Chinese operations, the timing of our purchases is dependent upon the timing of our contracts for solar farms in China and may not be in line with our purchase obligations. Based on its manufacturing capacity and the demand for domestically- manufactured solar panels, Sunspark is not requiring us to meet the commitment level set forth in the contract. We cannot assure you that, if Sunspark requires us to meet our commitment, we will be able to do so. Further, since we do not control the operations of the supplier, we may not be able to monitor or control the quality or delivery schedules for the solar panels. Our failure to meet our obligations, to generate the necessary cash flow from operations or otherwise finance our obligations, or the failure of the supplier to meet our delivery and quality requirements could impair the results of our operations and our financial condition.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>United States trade policy affects our ability to purchase domestic solar panel, including from Sunspark.</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">One of the effects of the United States tariffs on imported solar panels, including solar panel from China, is an increased demand for products manufactured in the United States which may affect both our ability to purchase solar panels and the price and other terms at which solar panels are available to us. Sunspark is a domestic manufacturer of solar panels and it has an affiliate that manufactures solar panels in China. Because of the increased demand for domestically manufactured solar panels, we cannot assure you that, if we seek to purchase solar panels from Sunspark, that Sunspark will have the capacity to fill our orders at a commercially reasonable price or that we will be able to purchase solar panels from other suppliers at a reasonable cost. Our inability to obtain domestically produced solar panels can impair our ability to generate revenue and maintain reasonable gross margins. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because we are dependent upon related parties for almost all of our revenue in China, our inability to develop new business in China could impair our ability to operate profitably.</b>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> Revenue from subsidiaries or affiliates of Changzhou Almaden Co., Ltd., which is a related party that we refer to in this prospectus as AMD, accounted for 69% of the revenue of our China segment for the nine months ended September 30, 2018 and 100% of our revenue of our China segment for the years ended December 31, 2017 and 2016. Revenue from AMD and its subsidiaries and affiliates accounted for approximately 46% of our consolidated revenues for the nine months ended September 30, 2018, 62% of our consolidated revenue for the year ended December 31, 2017 and 61% of our consolidated revenue for the year ended December 31, 2016. This revenue was related primarily to EPC services. Our inability to generate significant revenue from non-related parties could materially impair our ability to operate profitably in China. If we are unable to continue to generate revenue from AMD and its affiliates on reasonable terms and we fail to generate business in China from non-affiliated parties it may be necessary to discontinue our Chinese operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak16f549d7-8b2c-4d0b-8c3a-29ea4f7384ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>We have relied on loans through the United States government&#8217;s EB-5 program, which loans may need to be refinanced when they become due and payable.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">As of September 30, 2018, we had loans payable to related parties in the amount of $55.5 million which were provided by related parties pursuant to the United States government&#8217;s EB-5 program. Under this program, which is administered by the United States Customs and Immigration Service, entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a green card (permanent residence) if they make the necessary investment in a commercial enterprise in the United States and plan to create or preserve 10 permanent full-time jobs for qualified United States&nbsp;workers. The Company is a commercial enterprise that creates permanent full-time jobs in the United States. The loans are secured and are payable 48 months from the date of the advance and may be extended by the lender to a date when the final step of the EB-5 visa process is completed and the immigrant investors can become lawful permanent residents of the United States. Our ability to obtain funding from the EB-5 program is dependent on both our ability to create the required full-time jobs, and finding lenders or investors who have the funds to make a meaningful investment in us or one of our United States subsidiaries and the continuation of the EB-5 program. We cannot assure you that we will continue to be eligible to obtain debt or equity funding through the EB-5 program or that the EB-5 program will be continued in its present form, if at all. The loans originally matured in 2018, and were extended to mature in 2019. We cannot assure you that we will be able to obtain the funds to pay the EB-5 loans when they mature, and our inability to pay or refinance these loans could have a material adverse effect upon our business. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;<b>&nbsp;</b></p> <p style="MARGIN: 0px"><b>We may not be successful in developing our solar farm project business in China.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In order to conduct the solar farm project business in China, we will need to:</p>&nbsp;<font style="FONT-FAMILY: Symbol"></font> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">obtain required governmental approval and permits;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">complete any applications that may be necessary to enable us or the end user to take advantage of available government benefits;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">identify and obtain land use rights for significant contiguous parcels of land in areas where there is sufficient sunlight to justify a solar farm;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">resolve any problems with residents and businesses in the area where the solar farm is to be constructed;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">negotiate an interconnection agreement with the utility company or government Electricity Bureau;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td>obtain substantial financing for each project, and the proceeds of this offering will not be sufficient to provide us with such financing;</td></tr></table></td> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">identify a buyer of the project and negotiate a purchase and sale contract with a project buyer, which will involve the sale of the project to the buyer and an agreement with the buyer for us to design and perform the EPC work on the project on time and within the budget;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><tr><td></td><td valign="top"><font style="FONT-FAMILY: Symbol"></font></td></tr><tr><td></td><td valign="top"></td><td valign="top"></td></tr> <p style="MARGIN: 0px"> <table id="pagebreak26581826-dc44-43b5-bfcf-ea208d685c83" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">receive the required interim and final payments under the purchase and sale contract;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">complete the engineering for the project;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">purchase the photovoltaic panels and other components of the solar farm;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">engage qualified contractors and subcontractors to construct the solar farm;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">accurately evaluate the cost of all aspects of the projects, including any reserve for unexpected factors;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">accurately estimate our potential warranty liability; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">address any changes resulting from weather or climate conditions, unexpected construction difficulties, changes in the buyer&#8217;s specifications or other changes beyond our control.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In the event that we are not able to satisfy any of these conditions, we will not be able to generate income from our China operations, and it may be necessary for us to suspend or terminate these operations. Further, the development of solar projects also may be adversely affected by many other factors outside of our control, such as inclement weather, acts of God, and delays in regulatory approvals or in third parties&#8217; delivery of equipment or other materials, shortages of skilled labor. We cannot assure you that we will be able to engage in the solar farm business successfully. Our failure to operate this business successfully will materially impair our financial condition and the results of our operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Delays in construction of solar farms could increase our costs and impair our revenue stream from our China operations.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We presently obtain permits and construct solar farms for our end user customers to whom we sell the projects. We incur significant costs prior to completion, and the contracts with the end user typically have a completion schedule. Any delay in completing a project would delay our receipt of payment from the customer as well as our recognition of revenue from the project. If the delay is significant, it could result in penalties under the contract or a refusal of the customer to pay the stated purchase price or any interim payments that are due under the contract. Delays can result from a number of factors, many of which are beyond our control, and include, but are not limited to:</p> <p style="MARGIN: 0px">&nbsp;</p><font style="FONT-FAMILY: Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">unanticipated changes in the project plans;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">defective or late delivery of components or other quality issues with components;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">difficulty in obtaining and maintaining required permits;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">difficulty in receiving timely payments from the customers;</p></td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">changes in regulatory requirements;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">failure to obtain financing, and additional conditions required by lenders;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">unforeseen engineering and construction problems;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">labor problems and work stoppages;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">equipment problems;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">adverse weather, environmental, and geological conditions, including floods, earthquakes, landslides, mudslides, sandstorms, drought, or other inclement weather and climate conditions or natural disasters; and</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">cost overruns resulting from the foregoing factors as well as our miscalculation of the actual costs.</td></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></table></font> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb1a5e361-bba3-45a6-bfe1-582cb2979fd7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><b> <p style="MARGIN: 0px" align="justify"><b>Changes in the PRC Government policies on solar power and industry conditions as well as changes in the trade relationship between the United States and China could affect our ability to generate business in China.</b></p></b>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our ability to develop business in China is dependent upon the continuation of government policies relating to solar power and the relationship between the solar farm owner and the local utility company. Any changes in the policies or practices that affect the solar power industry could make the construction and operation of a solar farm less desirable. Although our China subsidiary is a licensed EPC contractor in China, changes in the law or regulations could make it difficult or more expensive for us to maintain our license. Delays in payments from the utility companies or difficulties in connecting with the grid could also make solar farms less attractive. Any regulations or practices that give preference to a China business rather than a subsidiary of a United States business or which would require us to devote a portion of our profit for local uses would also make it more difficult or more expensive to operate our business. We cannot assure you that changes in law or practices will not impair our ability to conduct our business in China. Further, any deterioration in the relationship between the United States and China on trade and related matters may impair our ability to obtain permits for solar farms and to enter into EPC and other agreements for solar farms in China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Our failure to control our costs could impair our financial results.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our cost of revenues and our operating expenses increased significantly both in U.S. dollars and as a percentage of revenues. Unless we are able to reduce both our cost of revenues and our operating costs, we will not be able to operate profitably. There are many factors beyond our control that may affect our costs, such as the price of components, cost of labor and the availability of warehouse and office space at reasonable rents as well as the effect of competition. Unless we are able to control our costs, we will not be able to operate profitably. We cannot assure you that we can or will ever operate profitably.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Because </b><b>a small number of customers </b><b>in China represents a significant </b><b>percentage of our revenue, </b><b>we need to continue to develop new <b>clients if we are&nbsp;</b></b><b>to </b><b>generate revenue </b><b>from our China segment.</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The nature of our business in China is such that a small number of customers is responsible for a significant percentage of both our revenue from the China segment and of our total revenue. Because EPC contracts are of limited duration and, unless the customer has additional projects requiring EPC services, once we complete the construction and installation of a solar farm, there is no ongoing revenue stream from the customer unless the customer engaged us to perform ongoing maintenance services for the solar farm. The revenue stream from the maintenance services is significantly less than the revenue from the EPC services. Accordingly, it is necessarily for us, on an ongoing basis, to continue to develop new EPC business, and our failure to develop the EPC business and to enter into maintenance contracts with the customers will impair our ability to operate profitably and the ability of our China segment to continue operations. Further, because we are dependent upon a small number of customers that are primarily related parties, our quarterly revenues from China are affected by the timing of contracts we receive and the time during which the work is performed, which could result in significant changes in revenue and net income from our China segment from quarter to quarter.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because we rely on our relationship with one leasing company, our failure or inability to maintain this relationship may impair our ability to operate profitably.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In order to provide customers with the ability to lease our solar systems, we have entered into a channel agreement with Sunrun, Inc. (&#8220;Sunrun&#8221;), a third-party leasing company, pursuant to which Sunrun appointed us as its sales representative to solicit orders from residential customers for Sunrun&#8217;s products in portions of southern California. Sunrun was our third largest customer for the nine months ended September 30, 2018. Sales to Sunrun were $3.8 million, or approximately 6% of revenue and approximately 17% of United States revenue for the nine months ended September 30, 2018 and $7.0 million, or approximately 8% of revenue and approximately 21% of United States revenue for the year ended December 31, 2017. Pursuant to our agreement with Sunrun, we introduce potential leasing customers to Sunrun, purchase the components and perform the EPC services and sell the completed system to Sunrun, which then leases the system to the customer. Sunrun may terminate the agreement if we fail to meet specified minimum volume requirements. Sunrun also has the right to terminate certain incentives contained in the agreement at any time. In the event that our relationship with Sunrun is terminated or in the event that our customers are not satisfied with the products or terms provided by Sunrun, we may have difficulty finding alternative leasing companies and our revenue and our ability to generate profits would be impaired. We cannot assure you that we will be able to find alternative leasing arrangements. With respect to the systems sold to Sunrun, the Company is required to install Sunrun meters which are only available for purchase through a subsidiary of Sunrun. For the nine months ended September 30, 2018 and 2017, and the years ended December 31, 2017 and 2016, Sunrun meters purchased from a subsidiary of Sunrun amounted to $59,828, $54,663, $74,686 and $132,818, respectively. There was no accounts payable balance owed to this supplier as of September 30, 2018, December 31, 2017 and 2016. Other than Sunrun meters, the Company does not make any purchases from Sunrun or from any of Sunrun&#8217;s subsidiaries or affiliates for the systems sold to Sunrun or to other customers. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>We may require significant funds in excess of the proceeds from this offering if we are to expand our financing of solar energy systems in the United States.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The solar energy systems market is cash intensive, particularly with respect to the financing of the purchase by our United States customers. We require substantial funds in order to finance our customers&#8217; purchase of solar energy systems in the United States and to finance solar farm projects in China and for working capital. Our failure to obtain the financing could materially impair our ability to expand our financing activities in the United States. The proceeds from this offering may not be sufficient to enable us to expand our financing activities and meet our requirements to develop and expand our business in China. Furthermore, if subsequent to this offering we raise additional funds, we cannot assure you as to the availability or terms of any financing. Any equity financing could result in dilution to our stockholders. Further, to the extent that we have to rely on credit rather than equity, our profit from financing operations will be impacted and changes in interest rates may further reduce our margins on the loans. If we are not able to finance the sale of our systems, whether through a loan to the customers or a lease with the customers, our failure to sell our solar energy systems will adversely affect our revenues and the results of our operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakecec3c12-f956-4c6e-9b8c-70afa76e6e4e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Our business in both the United States and China is dependent on the continuation of government benefits.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Federal, state and local government laws, including tax laws, regulations and policies concerning the electric utility industry, utility rate structures, interconnection procedures, and internal policies and electric utility regulations heavily influence the market for electricity generation products and services. These regulations and policies, which, on the state and local level, differ from state to state, often relate to tax benefits, electricity pricing, net metering the interconnection of customer-owned electricity generation with the local electricity utility company. These laws, regulations and policies are constantly subject to change, and many benefit provisions have sunset clauses, which would result in a termination or reduction of the benefit unless the benefit is expressly extended. The solar power industry is heavily dependent on government incentives and subsidies that constitute an important economic factor in a user&#8217;s decision to purchase a solar energy system. We cannot assure you that these benefits will continue at their present levels, if at all. The reduction, elimination or expiration of government benefits and economic incentives for solar energy systems could substantially increase the cost of our systems to our potential customers, which would in turn reduce the demand for our solar energy systems.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px">In many areas in China, solar farms, particularly on-grid photovoltaic systems, would not be commercially viable without government subsidies or economic incentives. The cost of generating electricity from solar energy in these markets currently exceeds, and very likely will continue to exceed for the foreseeable future, the cost of generating electricity from conventional or other renewable energy sources. These subsidies and incentives have been primarily in the form of set electricity prices and performance incentive programs, to solar farm operators. To the extent that these incentives are not available, we may not be able to sell our systems to customers in these regions. Further, if we decide to operate the solar farms in these regions for our own account instead of selling the project, we may not be able to generate a profit from those operations, which would impair results of our operations and our ability to operate profitably.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Changes in utility regulations and pricing could impair the market for our products.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The market for alternative energy products is affected by utility regulation and pricing policies. Changes in regulations or pricing could result in a significant reduction in the demand for our products. Depending on the region, electricity generated by solar energy systems competes most effectively with expensive peak-hour electricity from the electric grid, rather than the less expensive average price of electricity. Modifications to the utility companies&#8217; peak hour pricing policies affect the competitive nature of our systems. To the extent that we have to lower prices, the profitability of our systems could be impaired. In addition, any changes to government or internal utility regulations and policies that favor electric utilities could reduce our competitiveness and cause a significant reduction in demand for our products and services.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Changes in net metering regulations could impair the market for solar products.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Net metering is a billing mechanism that credits solar energy system owners for the electricity that they add to the electricity grid. If the owner of a solar system generates more electricity than it consumes, the excess electricity is sold back to the grid. California&#8217;s first net metering policy set a &#8220;cap&#8221; for the three investor-owned utility companies in the state: Pacific Gas &amp; Electric (PG&amp;E), San Diego Gas &amp; Electric (SDG&amp;E), and Southern California Edison (SCE). All three have reached their cap where total solar installations in each utility&#8217;s territory were capped at five percent of total peak electricity demand. The California Public Utilities Commission (CPUC) created the current program known as &#8220;Net Metering 2.0&#8221; (NEM 2.0) that extends California net metering. NEM 2.0 is slightly different from the first net metering policy. Under NEM 2.0, customers will still receive the retail credit for electricity produced but will be required to pay more in Non-Bypassable Charges. NEM 2.0 also requires new solar customers to pay a one-time Interconnection Application Fee, the amount of which is dependent upon the utility company. For systems under 1MW this fee is $132 for San Diego Gas &amp; Electric, $145 for Pacific Gas &amp; Electric, and $75 for Southern California Edison. NEM 2.0 customers are also required to use Time of Use (ToU) rates. These changes alter the return on investment for solar customers, and our pricing needs to reflect this change in order for the purchase of a solar system to be economically attractive to the customer, which may be reflected in lower prices and reduced margins.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">To the extent that utility companies are not required to purchase excess electricity from owners of solar systems or are permitted to lower the amounts paid, the market for solar systems may be impaired. Because net metering can enable the solar system owner to further reduce the cost of electricity by selling excess electricity to the utility company, any elimination or reduction of this benefit would reduce the cost savings from solar energy. We cannot assure you that net metering will not be eliminated or the benefits significantly reduced for future solar systems which may dampen the market for solar energy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Although we are not regulated as a utility company, changes in regulations may subject us to regulation as a utility.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are presently exempt from regulation as a utility as we have &#8220;qualifying facility&#8221; status with the Federal Energy Regulatory Commission for all of our qualifying solar energy projects. Any local, state, federal or foreign regulations which classify us as a utility could place significant restrictions on our ability to operate our business by prohibiting or otherwise restricting our sale of electricity. If we were subject to the same state, federal or foreign regulatory authorities as utility companies in the United States or if new regulatory bodies were established to oversee our business in the United States or in foreign markets such as China, then our operating costs would materially increase, which would impair our ability to generate a profit from our business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Our business may be affected by increases in the price of solar energy products, including price increases resulting from the United States&#8217; trade and tariff policies.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The declining cost of solar panels has been a key factor in the pricing of our solar energy systems, which, in turn affects the potential customer&#8217;s decision to use solar energy. With any stabilization or increase of solar panel and other component prices, our ability to market our solar energy systems could be impaired, which would affect our revenues and gross profit. The cost of solar panels and raw materials could increase in the future due to tariff penalties or other factors. The U.S. government has imposed tariffs on solar cells solar panels and aluminum used in solar panels manufactured overseas. These tariffs have increased the price of solar panels containing foreign manufactured solar cells. At present we purchase solar panels containing solar cells and panels manufactured overseas for our United States installations. While solar panels containing solar cells manufactured inside the United States are not subject to these tariffs, the prices of these solar panels are, and may continue to be, more expensive than panels produced using overseas solar cells, before giving effect to the tariff penalties. If additional tariffs are imposed or other negotiated outcomes occur, our ability to purchase these products on competitive terms from those countries could be limited. Any of those events could impair our financial results if we incur the cost of trade penalties or purchase solar panels or other system components from alternative, higher-priced sources.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp; <table id="pagebreak11b3ed96-0a6c-4766-b106-30a5287ab9dc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>We may be subject to liability if private information that we receive is not secure or if we violate privacy laws and regulations.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">We are or may become subject to a variety of laws and regulations in the United States and abroad regarding privacy, data security, cybersecurity and data protection. These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous United States federal, state, and local laws and regulations and foreign laws and regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">In June 2018, California adopted the California Consumer Privacy Act (&#8220;CCPA&#8221;), which becomes effective in 2020. Under the law, any California consumer has a right to demand to see all the information a company has saved on the consumer, as well as a full list of all the third parties that data is shared with. The consumer also has the right to request that the company delete the information it has on the consumer. The CCPA broadly defines &#8220;protected data.&#8221; The CCPA also has specific requirements for companies subject to the law. The CCPA provides for a private right of action for unauthorized access, theft or disclosure of personal information in certain situations, with possible damage awards of $100 to $750 per consumer per incident, or actual damages, whichever is greater. The CCPA also permits class action lawsuits.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">In November 2016, the Standing Committee of China&#8217;s National People&#8217;s Congress passed China&#8217;s first Cybersecurity Law (&#8220;CSL&#8221;), which became effective in June 2017. The CSL is the first Chinese law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The costs of compliance with, and other burdens imposed by, CSL may limit the use and adoption of our products and services and could have an adverse impact on our business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">The European Union Parliament approved a new data protection regulation, known as the General Data Protection Regulation (&#8220;GDPR&#8221;), which came into effect in May 2018. The GDPR includes operational requirements for companies that receive or process personal data of residents of the European Economic Area The GDPR imposes significant penalties for non-compliance. Although we do not conduct any business in the European Economic Area, in the event that residents of the European Economic Area access our website and input protected information, we may become subject to provisions of the GDPR.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">We are also subject to laws restricting disclosure of information relating to our employees. We strive to comply with all applicable laws, policies, legal obligations, and industry codes of conduct relating to privacy, data security, cybersecurity and data protection. However, given that the scope, interpretation, and application of these laws and regulations are often uncertain and may be conflicting, it is possible that these obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other rules or our practices. Any failure or perceived failure by us or our third-party service-providers to comply with our privacy or security policies or privacy-related legal obligations, or any compromise of security that results in the unauthorized release or transfer of personally identifiable information or other user data, may result in governmental enforcement actions, litigation, or negative publicity, and could have an adverse effect on our business and operating results. Although we maintain cybersecurity insurance, we cannot assure you that this insurance will cover or satisfy any claim made against us or adequately cover any defense costs we may incur.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Our business would be impaired if we lose our licenses, if more stringent government regulations are enacted or if we fail to comply with the growing number of regulations pertaining to solar energy and consumer financing industries.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our business is subject to numerous federal and state laws and regulations. The installation of solar energy systems performed by us is subject to oversight and regulation under local ordinances, building, zoning and fire codes, environmental protection regulation, utility interconnection requirements, and other rules and regulations. The financing transactions by SolarMax Financial are subject to numerous consumer credit and financing regulations. The consumer protection laws, among other things:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td width="4%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">require us to obtain and maintain licenses and qualifications;</p></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">limit certain interest rates, fees and other charges we are allowed to charge;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">limit or prescribe certain terms of the loans to our customers; and</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">require specific disclosures and the use of special contract forms.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The number of laws affecting both aspects of our business continues to grow. We can give no assurances that we will properly and timely comply with all laws and regulations that may affect us. If we fail to comply with these laws and regulations, we may be subject to civil and criminal penalties. In addition, non-compliance with certain consumer disclosure requirements related to home solicitation sales and home improvement contract sales affords residential customers with a right to rescind such contracts in some jurisdictions. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>A material decrease in the retail price of electricity from the local utility company or from other sources would affect our ability to generate revenues.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 27.8pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We believe that a customer&#8217;s decision to buy a solar energy system from us is primarily driven by a desire to pay less for electricity. Decreases in the retail prices of electricity from utility companies or other renewable energy sources would impair our ability to offer competitive pricing which would, in turn, affect our ability both to generate revenue and to maintain gross margins. The price of electricity from utility companies could decrease as a result of such factors as a reduction in the price of natural gas as a result of new drilling techniques or a relaxation of associated regulatory standards; the development of energy conservation technologies and public initiatives to reduce electricity consumption; the construction of a significant number of new power generation plants, including nuclear, natural gas or renewable energy technologies.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9907fefe-daf7-4aa9-8a78-19abc1064768" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Changes in regulations relating to fossil fuel can impact the market for renewable energy, including solar.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The market for renewable energy in general and solar energy in particular is affected by regulations relating to the use of fossil fuel and the encouragement of renewable energy. To the extent that changes in regulations have the effect of reducing the cost of gas, oil and coal or encouraging the use of such fuels, the market for solar systems may be impaired.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>A material decline in the price of electricity charged by the local utility company to commercial users may impair our ability to attract commercial customers.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Often large commercial customers pay less for energy from utility companies than residential customers. To the extent that utility companies offer commercial customers a lower rate for electricity, they may be less willing to switch to solar energy. Under such conditions, we may be unable to offer solar energy systems in commercial markets that produce electricity at rates that are competitive with the price of retail electricity they are able to obtain from the local utility company. In such event, we would be at a competitive disadvantage compared to the local utility company and may be unable to attract new commercial customers, which would impact our revenues.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Solar energy and other forms of renewable energy compete with other forms of energy and the attractiveness of solar energy reflects the cost of electricity from the local grid.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Solar energy competes with other all other forms of energy, including, particularly local utility companies, whose pricing structure effectively determines the market for solar energy. If consumers, whether residential or commercial, believe that they are paying and will continue to pay too much for electricity from a local utility company, they may consider other alternatives, including alternative providers of electricity from local utility companies as well as forms of renewable energy. If they are in a location where, because of the climate and geography, solar energy is a possibility, they may consider solar energy as an alternative, provided they are satisfied that they will receive a net savings in their cost of electricity and their system will provide them with a constant source of energy. Further, although some customers may purchase a solar energy system because of environmental considerations, we believe that the cost of electricity is the crucial factor that influences the decision of a user, particularly a commercial user, to elect to use solar energy.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px"><b>Within the solar energy market, we face intense and increasing competition in the developing market of solar energy system providers, which exposes us to the risk of reduction of our market penetration and/or of our profit margins.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The solar energy system installation market is highly and increasingly competitive. The number of new solar energy installation businesses that have entered the industry in California has almost doubled since 2008 when we commenced business. We compete with major companies in the solar business, particularly in California, as well as a large number of small companies. The solar energy industry may continue to expand and possibly consolidate. As a result of increasing competition, our average unit price on solar systems in the United States declined from 2016 to 2017 and in the nine months ended September 30, 2018. Competitive factors were a significant cause of the decline in our gross margin in 2017 as compared to 2016. We may continue to encounter increasing competition from larger companies that have greater resources than we and which would enjoy more economies of scale and greater name recognition than we have. Further, increasing competition may also lead to an excessive supply of solar energy installation services on the market which could continue to affect both our ability to generate revenue as well as our gross margin. To the extent that our ability to provide financing to our customers is an important element in selling our systems, we will compete with both other solar companies that provide financing and with banks, leasing companies and other businesses that seek to offer financing alternatives to purchasers of solar systems.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>In China we compete with other firms for a limited number of available permits.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In China we obtain permits, construct and sell solar farms to major customers who have the financial ability to purchase and operate these systems. The permits are granted by the local government agency and a list of available permits is published by the agency. There is a limited number of potential customers as well as a limited number of permits available and we compete with other firms in seeking to obtain permits and seeking to perform EPC services. In seeking both permits and customers, we compete with other companies, many of which are Chinese companies that have significantly greater financial resources and are better known in China than we are. Further, many of our competitors have or can develop relationships with both the government officials who issue the permits as well as the buyers of the projects, and our competition may not be subject to the restrictions imposed on us by the Foreign Corrupt Practices Act. We cannot assure you that we will be able to obtain the necessary permits for our customers or enter into agreements with end users who would operate the solar farms. As the interest in solar farms in China increases, there is increased competition for permits, and the government entities that issue the permits may prefer Chinese companies over companies that are owned by a United States parent. Our failure to obtain the permits and enter into agreements would impair our ability to generate revenue from this business. In addition, to date our China segment has generated minimal revenue in China from unrelated parties. If we are not able to develop our business with unrelated parties or if our business with our related party decreases, our ability to generate revenue in China will be significantly impaired.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><b>&nbsp;</b></p> <p style="MARGIN: 0px"> <table id="pagebreak4f52763d-6b64-48a1-bd01-fbc95b666f4d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because of the cost of construction of the solar farms, we could require financing in order to complete projects in China.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Although our EPC contracts with solar farm owners provide for progress payments, we cannot assure you that we will be paid in a timely manner or that our customers will not be significantly delinquent on their payments. Our failure both to receive timely progress payments and to obtain any necessary project financing in China would impair our ability to develop our business in China. Because of the size of the solar farms that we build in China, we may require financing for our projects. We cannot assure you that we will be able to obtain financing or that our business will not be impaired by delinquent customers. Further, we may not be able to generate business without a financing arrangement.</p> <p style="MARGIN: 0px">&nbsp; &nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because our business in China involves the construction of large projects for a small number of customers; we do not have an ongoing revenue base and need to obtain new customers for our projects.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Because of the nature of our business in China, we construct large projects for a small number of customers, who may not require additional services from us after we have completed their projects. As a result, we need to continually market our services to new customers who have the financial resources to purchase a solar farm. Thus, each year a small number of customers will be responsible for a large percentage of our revenue from our China segment and a large percentage of our total revenue, and the major customers in one year may not generate any significant revenue in future years. Further, to the extent that any customer fails to make timely payments to us, our business and cash flow could be impaired. If we are unable to develop new sales contracts for solar farms, we may not be able to continue our China operations which would impair our operating results and our financial condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because of the amount of land required for a solar farm, it may be difficult to obtain the necessary land use rights, which may increase the cost of the land.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">There is no private ownership of land in China, and the owner or operator of a solar farm must obtain the necessary land use rights from the applicable government agency. Solar farms require a substantial amount of land, which could be in the range of 800 to 3,500 acres. It is also crucial to have a land parcel close to the grid connection point in order to control the cost for the construction of transmission lines and to avoid the electricity transmission loss. One solar farm for which we performed EPC services had to reduce the size of the project because of zoning issues and the inability to obtain land use rights to sufficient contiguous parcels of land to support the initial size of the project. The shortage of available land may also result in an increase in the cost of the land use rights as well as increased competition for the land use rights. Further, since the land is owned by the government, the government has the ability to determine what it determines to be the best use of the limited available land and it might determine that the land could be used for purposes other than solar farms. If we or solar farm owners cannot obtain sufficient land use rights at a reasonable cost, the solar farm owner may be reluctant to make the investment in solar farms which would impair our ability to generate revenue and operate profitably in China. Further, changes in the size of a project may result in increased costs as well as construction difficulties which we may be unable to pass on to our customers, resulting in a decrease in our gross margin.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">There is intense competition for a limited number of project sites that are appropriate for solar power projects. As the downstream solar power market in China continues to evolve, the number of attractive project sites available has decreased and will continue to decrease. Even if we sign investment agreements, we may not be able to find and secure the use rights to suitable project sites for the relevant projects. We generally obtain land use rights for our ground-mounted projects through land use right grants or assignment by the government or leasing from the land use right owners, and obtain the access and use rights for our solar power projects through leasing from the roof top owners. Our rights to the properties used for our solar power projects may be challenged by property owners or other third parties, in case of any disputes over the ownership or lease of the properties. It is critical to maintain our land use rights on the land parcels and access and use rights on the roof tops during the life cycle of solar power projects. In the event that the relevant lease agreement is determined to be null and void by competent authorities or our land use rights and access and use rights on roof tops are recouped by the government, our solar power projects may be forced to cease operation and our results of operation, financial condition will be materially adversely affected.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc8cc2c71-fe61-486d-961a-f0ffda41b4b0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>The economics of a solar farm are affected by the money that solar farm owners receive from utility companies.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In China, a solar farm sells the power it generates to the electricity utility company at prices which are set by the Electricity Bureau, a government agency, at the beginning of the term of the power sales agreement between the owner and the utility company. The prices have been declining, and we cannot assure you that the price reductions will not continue or that price reductions will not increase substantially and make the ownership of a solar farm uneconomical. The cash flow that the owner receives from the utility company is critical in determining whether the project will be profitable to the owner. If the potential revenue stream is not sufficient to meet the owner&#8217;s return, taking into account the cost of the project, the cost of the land use rights and the other operating costs, the owner may be unwilling to develop a solar farm or it may be necessary for us to reduce our charges in order to generate the revenue, which could significantly reduce our gross margin on the project and could result in a negative gross margin. Decreases in the potential revenue stream may also significantly affect the terms on which we could provide maintenance services for a solar farm following its completion. Further, it is possible that the Electricity Bureau could set prices at a level which makes it uneconomical to operate a solar farm, in which event we would not be able to continue in this business. Although the rate is presently set for the duration of the contract with the utility company, we cannot assure you that the Chinese government would not change its policy and reduce the rate during the term of the agreement. We cannot assure you that we will be able to operate our EPC business or manage solar farms in China profitably, and our failure to operate profitably in China could materially impair our overall ability to operate profitably.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p><b> <p style="MARGIN: 0px" align="justify"><b>Changes in solar farm delivery schedules and order specifications may affect our revenue stream and gross margin.</b></p></b>&nbsp; <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Although we build solar farms pursuant to agreements with the customers, we may experience delays in scheduling and changes in the specification of the project. These changes may result from a number of factors, including a determination by the customer that the scope of the project needs to be changed. In the event of such changes, we may suffer a delay in the recognition of revenue from the projects and may increase our costs. In 2017, the project owner was unable to obtain sufficient land use rights for one of our EPC projects. As a result, changes were made to the project&#8217;s original specifications, and we incurred costs that we were not able to pass on to the customer, which affected our gross margin for both the nine months ended September 30, 2017 and the year ended December 31, 2017. We cannot assure you that our revenue and gross margin will not be affected by delays, changes in specifications or increased costs or that we will be able to recoup revenue lost as a result of the delays or changes. Further, if we cannot allocate our personnel to a different project, we will continue to incur expenses relating to the project, including labor and overhead. We cannot assure you that our income will not decline as a result of changes in customers&#8217; orders or their requirements for their projects. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>If we operate solar farms in China&nbsp;for our own account we will be subject to additional regulations.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Although we have no plans to own and operate solar farms for our own account during 2018, we may consider the possibility of owning and operating solar farms for our own account, either by direct ownership or by holding a majority equity interest in a company that owns solar farms. Unlike the solar systems that we sell in the United States, which are relatively small in scale and generally provide power for one home or building, the solar farms in China operate on significantly larger scales. Thus, while a typical residential or small business installation in the United States generally generates between 6.5KW and 0.2MW of power, the solar farms in China can generate between 30MW and 100MW of power. In the event that we operate solar farms for our own account, which would involve constructing the solar farm for our own account and selling the electricity either to end users or to the local utility company, we will be subject to significant additional regulations by the applicable Chinese authorities and we will require significant additional funding for such purpose. We do not plan to use any of the proceeds from this offering to construct solar farms for our own account. Prior to 2013, we entered into power purchase agreements that have a term of up to 20 years. We own and maintain the systems and sell the power generated by the systems to commercial customers pursuant to the power purchase agreement. These power purchase agreements, which cover a solar system designed for a local commercial user, are significantly different in size and scope from the solar farms in China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Our quarterly revenue may be affected by weather conditions in certain provinces of China. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 35.3pt">The construction of solar farms in China is subject to adverse weather conditions, including wind, flood, rain, snow and temperature extremes. These weather conditions are common but difficult to predict and can slow or stop construction. To the extent that we have EPC contracts for solar farms in the provinces affected by adverse seasonal weather, revenue generated during these months may sharply decrease. Because we account for revenue on our EPC contracts on a percentage of completion basis we will not generate revenue from a project during months in which we are unable to work because of adverse weather. If we are not able to work on a project on a sustained basis, our ability to operate efficiently may be impaired which may result in reduced revenue and margin.</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 35.3pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak91a1bfac-d51a-4178-8a07-f113580ca535" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>The results of our United States operations may vary significantly from quarter to quarter.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In our experience in the United States, consumers generally, and residential customers in particular, express interest in a solar energy system during March and April, when they are preparing their tax returns, and in July and August, when they experience high electricity charges from the local utility company. Since the selling cycle is typically three to four months, we generally install systems two to three months after the contract date, and we recognize revenue after the installation is complete and the user has received a permit to operate. If we cannot complete a sale to a customer when the customer expresses interest in a solar system, that potential customer may seek alternative sources. Factors which may cause our quarterly results to fluctuate include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">local weather and climate conditions and long-term projected climate developments;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">expiration, initiation or reduction of tax and other rebates and utility incentives;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">our ability to complete installations in a timely manner;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">our ability to process applications for financing;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">our ability to expand our operations and the timing of any expansion;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">changes in competitors&#8217; pricing and financing policies and other changes in the competitive environment in the solar energy industry;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">pricing policies of local electricity providers;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">gas and oil prices; and</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">changes in customer demands for solar energy systems.</td></tr></tr></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because we are dependent on our senior executive officers, the loss of their services and our failure to hire additional qualified key personnel could harm our business.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our business is largely dependent upon the continued efforts of two of our founders, our chief executive officer, David Hsu, and our executive vice president, chief strategy officer and treasurer, Ching Liu. Our operations in China are dependent upon Mr. Hsu and Bin Lu, who is the head of our China operations. Although we have employment agreements with Mr. Hsu and Ms. Liu and ZHTH has an employment agreement with Mr. Lu, the agreements with Mr. Hsu, Ms. Liu and Mr. Lu do not guarantee that they will continue to work for us. The loss of Mr. Hsu or Ms. Liu could affect our ability to operate profitably in both the United States and China and, depending upon the nature of the termination of their relationship, could result in substantial severance payments which we may have difficulty in funding. The loss of Mr. Lu could have a material adverse effect upon our ability to develop and operate our business in China. Because our senior management is based in the United States, our failure to develop senior management personnel in China may strain our management resources and make it difficult for our corporate management to monitor both our China operations and United States operations efficiently. Our failure to have qualified executive personnel in China who can operate in accordance with and implement our business plan and who understand and can comply with applicable United States and Chinese laws and regulations may impair our ability to generate revenue and operating income from our China operations, which could impair our overall operations and financial condition.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfb22d30b-5f16-4974-bab8-8813dde79d77" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>In order to develop our business, we need to identify, hire and retain qualified sales, installation and other personnel.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">To develop our business, we need to hire, train, deploy, manage and retain a substantial number of skilled employees, including sales, installation and other employees and marketing and lending personnel for our financing activities. Identifying, recruiting and training qualified personnel requires significant time, expense and attention. If we are unable to hire, develop and retain qualified personnel or if our personnel are unable to achieve the desired level of productivity for a reasonable period of time, we may have difficulty in developing our business. Competition for qualified personnel in our industry is increasing, particularly for skilled installers and other personnel involved in the installation of solar energy systems. We also compete with the homebuilding and construction industries for skilled labor. As these industries recover and seek to hire additional workers, our cost of labor may increase. The unionization of our labor force could also increase our labor costs. Shortages of skilled labor could significantly delay a project or otherwise increase our costs. Because our profit on a particular installation is based in part on assumptions as to the cost of such project, cost overruns, delays or other execution issues may cause us to not achieve our expected margins or cover our costs for that project. In addition, we compete for a limited pool of technical and engineering resources in both the United States and China that requires us to pay wages that are competitive with relatively high regional standards for employees in these fields. We not only compete for highly qualified personnel, but we also face other companies seeking to hire our personnel, particularly our highly skilled personnel. If we cannot meet our hiring, retention and efficiency goals, we may be unable to complete our customers&#8217; projects on time, in an acceptable manner, if at all. Any significant failures in this regard would materially impair our growth, reputation, business and financial results. If we are required to pay higher compensation than we anticipate, the increased cost may adversely impact our financial results and our ability to develop our business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Since we act as a general contractor in the United States, we face typical risks of a construction company. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We act as the licensed contractor for our customers and are subject to risks associated with construction, cost overruns, delays, regulatory compliance and other contingencies, any of which could have a material adverse effect on our business and results of operations. For our residential projects, we are the general contractor, construction manager and installer. For our commercial projects, we are the general contractor and construction manager, and we typically rely on some licensed subcontractors to support some of our solar panel installs. In either case we are responsible for the completion of the project and must take steps to make sure that we and our subcontractors comply with all applicable laws and regulations. We may be liable to customers for any damage we cause to their home or facility, or belongings or property during the installation of our systems. In addition, shortages of skilled labor for our commercial projects could significantly delay a project or otherwise increase our costs. Because our profit on a particular installation is based in part on assumptions we make as to the cost of such project, cost overruns, delays or other execution issues may impair our ability to generate the gross margins that we are seeking. In addition, the installation of solar energy systems and the evaluation and modification of buildings as part of our energy efficiency business is subject to oversight and regulation in accordance with national, state and local laws and ordinances relating to building codes, safety, environmental protection, utility interconnection and metering, and related matters. It is difficult and costly to track the requirements of every individual authority with jurisdiction over our installations and to design solar energy systems to comply with these varying standards. Any new government regulations or utility policies pertaining to our systems may result in significant additional expenses to us and our customers and, as a result, could cause a significant reduction in demand for our systems.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Our financing activities are dependent upon the continued development of a market for solar systems as well as factors that affect the lending industry generally.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We generate revenue in the United States from the sale of both residential and commercial solar systems and from financing sales of systems sold by us. Our ability to generate financing revenue is dependent upon such factors as the market for solar systems generally, the creditworthiness of the borrowers and interest rates and loan terms available from banks and consumer lending institutions that compete vigorously for loans. We cannot assure you that we will be able to generate any significant revenue from new loans.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Our failure to adequately assess credit risks for financing the sale of our systems in the United States could impair our ability to operate profitably.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We provide financing to our customers through SolarMax Financial. The principal amount of our loan portfolio was $33.3 million at September 30, 2018 and $33.6 million at December 31, 2017. For the nine months ended September 30, 2018, approximately 30% of our United States revenues and approximately 10% of our total revenues was generated from customers who used our in-house financing. For the year ended December 31, 2017, approximately 18% of our United States revenues and approximately 7% of our total revenues was generated from customers who used our in-house financing. We do not have significant experience with loans to customers to evaluate the effectiveness of our credit criteria. If we try to meet financing terms of competitors, we may have to reduce our financing criteria, which could increase the possibility of default by the customers. Residential customers could be more adversely impacted during economic slowdowns or recessions, which could affect their ability or willingness to pay us. Our failure to collect any significant portion of our customer loan receivables or the need to place a significant reserve against these receivables could materially impair our financial condition and the results of our operations. We cannot assure you that we will not incur significant losses on our customer loan portfolio. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp; <table id="pagebreakba31bd3a-ffd3-49b2-b3f0-bbc6500bf1b1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We may have difficulty in collecting in the event we have to foreclose on a customer loan.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Although we file UCC-1 financing statements, we may have difficulty in generating any money in the event that we foreclose on a defaulting customer. The foreclosure process could be time-consuming and collection is uncertain, particularly if the customer seeks protection under applicable bankruptcy or insolvency laws. Additionally, any defects in the filing of the financing statements could impair the validity of our security interest. Unless the subsequent owner of the building on which the solar power system is located is willing to assume the obligations with respect to the system on terms acceptable to us, we would incur substantial costs in removing and reselling the system. Further, even if we are able to remove the system, the components may not be saleable at their book value, if at all. Our failure to collect the amount due under the customer loan agreements would materially impair our financial condition and the results of our operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Compliance with occupational safety and health requirements and best practices can be costly, and noncompliance with such requirements may result in potentially significant monetary penalties, operational delays and adverse publicity.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The installation of solar energy systems requires our employees to work at heights with complicated and potentially dangerous electrical systems. The evaluation and modification of buildings as part of our energy efficiency business requires our employees to work in locations that may contain potentially dangerous levels of asbestos, lead or mold. There is substantial risk of serious injury or death if proper safety procedures are not followed. Our operations are subject to regulation under the U.S. Occupational Safety and Health Act, or OSHA, and equivalent state laws. Changes to OSHA requirements, or stricter interpretation or enforcement of existing laws or regulations, could result in increased costs. If we fail to comply with applicable OSHA regulations, even if no work-related serious injury or death occurs, we may be subject to civil or criminal enforcement and be required to pay substantial penalties, incur significant capital expenditures, or suspend or limit operations. Any such accidents, citations, violations, injuries or failure to comply with industry best practices may subject us to adverse publicity, damage our reputation and competitive position and adversely affect our business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because we are dependent upon a limited number of suppliers for our products, problems with our suppliers could impair our ability to meet our obligations to our customers.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We have relied on two vendors to provide us with substantially all of our solar panels. We have a supply agreement with Sunspark, pursuant to which we agreed to purchase 150MW of solar panels for our operations over a three-year period at a price to be negotiated but not to exceed 110% of the three-month rolling average market price per watt for an estimated total commitment of approximately $84.0 million based on the most recent price paid on a purchase order from Sunspark. The agreement stipulates a 30MW minimum amount per year, which will cost approximately $16.8 million based on the most recent price paid on a purchase order from Sunspark,&nbsp;with the first year being the year ended May 31, 2017 and the second year being the period ending December 31, 2018. In the event we have any quality, delivery or other problems with Sunspark or in the event that we are not otherwise able to purchase solar panels from Sunspark, it may be more difficult for us to find alternative suppliers, particularly those with whom we terminated relationships or significantly reduced purchases in order to meet our purchase requirements from Sunspark. If we fail to develop or maintain our relationships with these or our other suppliers, or if the suppliers are not able to meet our quality, quantity and delivery schedules, we may not be able to meet our delivery and installation schedules for our systems and we may be unable to enter into new contracts with potential customers, thus impairing our revenue base. Any increases in price would affect our ability to market our systems or generate acceptable gross margins. We cannot assure you that Sunspark will be able to meet our quality, quantity and delivery requirements or that we will be able to find alternate suppliers that can meet our quality, quantity, deliver and price requirement. The failure to find alternate suppliers could materially affect our ability to conduct our business. Further, since suppliers may have a limited operating history and limited financial resources, we may not be able obtain an adequate remedy in the event that the suppliers are unable to meet their contractual obligations to us. Although there are a number of suppliers or solar panels, we cannot assure you that we will be able to negotiate reasonable terms for the purchase of solar panels if Sunspark is unable to meet our quality, delivery and price requirements. Because we do not control the manufacture of key components for our systems, we are subject to our suppliers&#8217; ability to perform as well as the suppliers&#8217; allocation of their own resources to us and to other customers. We cannot assure you that we will be able to purchase key components for our systems on acceptable terms, if at all, and the failure to obtain these components could materially impair our ability to generate revenue.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have recently commenced marketing the Flex Energy Storage System battery backup for our United States business pursuant to a distribution agreement with Li-Max Technology, Inc. Li-Max will be our sole supplier for this product. Thus, our success with this product line will be dependent upon market acceptance of the Flex Energy Storage System, including Li-Max&#8217; ability to redesign the product to qualify for energy storage incentives under the California Self-Generation Incentive Program, our ability to market and sell the system and the ability of Li-Max to deliver products meeting the necessary quality standards in a timely manner and at prices that enable us to market the product at an acceptable gross margin. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak028cfbb2-e790-4a94-bab4-725f9b9d434a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px"><b>The availability and price of silicon raw materials may affect our gross margins and profitability.</b></p> <p style="BACKGROUND: white; MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Polysilicon is an essential raw material in the production of solar power products. The costs of silicon wafers and other silicon-based raw materials have accounted for a large portion of the costs associated with our solar panel manufacturing facility. Although the price of silicon has declined in recent years, we cannot assure you it will continue to decline or remain at its current level. Increases in the price of polysilicon in the past have resulted in increases in the price of wafers, leading to increases our production costs. Due to the volatile market prices, we cannot assure you that the price of polysilicon will remain at its current levels, especially if the global solar power market gains its growth momentum. Moreover, in the event of an industry-wide shortage of polysilicon, we may experience late or non-delivery from suppliers and it may be necessary for us to purchase silicon raw materials of lower quality that may result in lower efficiencies and reduce our average selling prices and revenues.</p> <p style="BACKGROUND: white; MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because we derive most of our United States revenue from sales of our solar energy systems in California, we depend on the economic and regulatory climate and weather conditions in California.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We currently derive most of our revenue from solar energy projects in the United States from California. This geographic concentration exposes us more to government regulations, economic conditions, weather conditions, fire and other natural disasters, and changes affecting California than if we operated in more states. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because we provide a production guarantee for some solar systems in California, we may incur additional costs if the output of our systems does not meet the required minimums.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Commencing in 2015, our standard contract for residential systems provides for a production guarantee, which means that we guarantee that the system would generate a specified minimum amount of solar energy during a year. The agreements generally have a term specified in the contract, which is generally ten years. In our standard contract, we specify a minimum annual production and provide that if the power generated by the system is less than 95% of the estimate, we will reimburse the owner for the cost of the shortfall. Because our obligations are not contingent upon external factors, such as sunlight, changes in weather patterns or increases in air pollution, these factors could affect the amount of solar power that is generated and could increase our exposure under the production guarantee. Although our obligations under these agreements have not been significant through September 30, 2018, we cannot assure you that in the future any obligations we have under these agreements will not have a material adverse effect upon our revenue and the results of our operations. In 2017, certain of the systems that we installed for a leasing company failed to meet our production guarantees. As a result, we incurred unanticipated warranty costs of $354,000. Although we believe that the conditions relating to those installations were unique and we have taken corrective action, we cannot assure you that we will not have unanticipated liability in the future for the failure of systems to comply with applicable production guarantees.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We do not have effective internal controls over financial accounting and reporting, and, even if we establish controls, there are limitations on the effectiveness of controls, and a failure of our control systems to prevent error or fraud may materially harm us.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Prior to the date of this prospectus, we were a privately-owned company and not subject to the requirements relating to the establishment and maintenance of internal controls over financial accounting and reporting as required of a public company. We have not established effective internal controls over financial accounting and reporting, and we may be unable to establish effective internal controls. The failure to establish internal controls would leave us without the ability to reliably assimilate and compile our financial information and significantly impair our ability to prevent error and detect fraud. Moreover, we do not expect that disclosure controls or internal control over financial reporting, even if established, will prevent all error and fraud. Since we currently have few accounting employees and little, if any, segregation of duties, we may not be able to establish internal controls over financial reporting. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Failure of our control systems to prevent error or fraud could materially adversely impact us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Our need to restate our audited financial statements reflects a material weakness in our internal controls over financial reporting</b>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">During the preparation of the six months ended June 30, 2018 financial statements, we reassessed our original probability assessment on the performance condition related to equity awards with vesting contingent upon an initial public offering. Based on our reassessment, the performance condition related to an initial public offering is determined to be outside our control and therefore the probability would be assessed as zero until an initial public offering event occurs. As a result, we reversed the previously recognized stock compensation expense related to equity awards with vesting contingent on an initial public offering event for the periods impacted. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the issuing company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Our warranty costs may exceed our warranty reserve.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We provide warranties to the clients of our EPC services for one year in China and purchasers of our solar systems for ten years in the United States. Although we generally pass the warranties from our equipment suppliers to the purchasers of the systems, we provide the warranty with respect to our installation and related services. We maintain a warranty reserve on our financial statements, and our warranty claims may exceed the warranty reserve. Any significant warranty expenses could adversely affect our financial condition and results of operations. Our warranty expenses relating to systems with a production guarantee may be affected by significant changes in weather conditions which substantially reduce sun exposure. Significant warranty problems could impair our reputations which could result in lower revenue and a lower gross margin. In 2017, we incurred unanticipated increased warranty costs for $354,000 for systems we installed for a leasing company with which we no longer conduct business. Although we believe that the problems associated with the systems installed for the leasing company do not apply to our present solar systems, we cannot assure you that we will not incur unanticipated warranty costs in the future.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because of the rapid development of solar panels and other components for solar systems, we may be subject to inventory obsolescence.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">The solar industry has seen rapid technological development. We have an inventory of raw materials that include silicon wafers and other consumables and construction materials used in solar system installations. We evaluate our inventory on a quarterly basis for excess and obsolete inventory, based on assumptions as to market demand, market conditions and technological developments. We cannot assure you that we will not incur significant inventory write-offs resulting from obsolete inventory.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3a8e4a68-58e2-4c95-a168-84b3dee8dda0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>If we seek to expand our business through acquisition we may not be successful in identifying acquisition targets or integrating their businesses with our existing business. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">During past four years, we acquired three companies, LED in the United States and ZHPV and ZHTH in China. In 2015, we incurred impairment losses in connection with the LED acquisition, resulting in impairment write-offs relating to the goodwill associated with the acquisition. There are significant risks associated with any acquisition program, including, but not limited to, the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">We may incur significant expenses and devote significant management time to the acquisition and we may be unable to consummate the acquisition on acceptable terms.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If we identify an acquisition, we may face competition from other companies in the industry or from financial buyers in seeking to make the acquisition.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The integration of any acquisition with our existing business may be difficult and, if we are not able to integrate the business successfully, we may not only be unable to operate the business profitably, but management may be unable to devote the necessary time to the development of our existing business;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The key employees who operated the acquired business successfully prior to the acquisition may not be happy working for us and may resign, thus leaving the business without the necessary continuity of management.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Even if the business is successful, our two senior executive officers may need to devote significant time to the acquired business, which may distract them from their other management activities.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If the business does not operate as we expect, we may incur an impairment charge based on the value of the assets acquired.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">We may have difficulty maintaining the necessary quality control over the acquired business and its products and services.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">To the extent that an acquired company operates at a loss prior to our acquisition, we may not be able to develop profitable operations following the acquisition.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Problems and claims relating to the acquired business that were not disclosed at the time of the acquisition may result in increased costs and may impair our ability to operate the acquired company.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td><font size="3"></font><font size="2">The acquired company may have liabilities or obligations which were not disclosed to us, or the acquired assets may not have the value we anticipated</font>.<font size="3"></font></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Any indemnification obligations of the seller under the purchase agreement may be inadequate to compensate us for any loss, damage or expense which we may sustain, including undisclosed claims or liabilities.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">To the extent that the acquired company is dependent upon its management to maintain relationships with existing customers, we may have difficulty in retaining the business of these customers if there is a change in management. </p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Government agencies may seek damages after we make the acquisition for conduct which occurred prior to the acquisition and may not have adequate recourse against the seller.</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">We may require significant capital both to acquire and to operate the business, and the capital requirements of the business may be greater than we anticipated. Our failure to obtain capital on reasonable terms may impair the value of the acquisition.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">If any of these risks occur, our business, financial condition and prospects may be impaired.</p> <p style="BACKGROUND: white; MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px"> <table id="pagebreakce892fd0-c294-4075-8844-4f7cdf15bdfa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Risks Associated with Doing Business in China</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Changes in the policies of the PRC government could have a significant impact on our operations in China and the profitability of&nbsp;our business.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The PRC&#8217;s economy is in a transition from a planned economy to a market-oriented economy subject to five-year and annual plans adopted by the government that set national economic development goals. Policies of the PRC government can have significant effects on the economic conditions within the PRC. Although the PRC government has stated that that economic development will follow the model of a market economy, the concept of a market economy in the PRC is different from the way a market economy is understood in the United States. While we believe that this trend toward a market economy, as understood by the PRC government, will continue, there can be no assurance that this will be the case. A change in policies by the PRC government could adversely affect our interests by, among other factors: changes in laws, regulations or the interpretation thereof, confiscatory taxation, restrictions on currency conversion, imports or sources of supplies, or the expropriation or nationalization of private enterprises. Further, the availability of credit in the PRC can have a major impact on the ability of companies to purchase or otherwise acquire capital assets. While the Chinese economy has grown significantly in the past 30 years, the growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures benefit the overall Chinese economy but may also have a negative effect on us. For example, our financial condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations that are applicable to us. Accordingly, we cannot assure you that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption, or other circumstances affecting the PRC&#8217;s political, economic and social environment. While the Chinese economy has grown significantly in the past 30 years, the growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures benefit the overall Chinese economy but may also have a negative effect on us. The interpretation of some of these measures, including tax measures, is both complex and evolving and it may be difficult to ascertain, with any degree of certainty, whether we are in compliance. Our financial condition and results of operations may be adversely affected by the effects of government control over capital investments or changes in and interpretations of tax, currency and other regulations that are applicable to us. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>A slowdown or other adverse developments in the PRC economy may harm our customers and the demand for our products.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Although the PRC economy has grown significantly in the past two decades, there is no assurance that this growth will continue and there have been recent periods of declining growth. A slowdown in overall economic growth, an economic downturn, a recession or other adverse economic developments in the PRC could significantly reduce the demand for projects such as ours. The Chinese economy in general, and the market for solar farms, in particular, may be adversely affected by the effects of reciprocal tariffs imposed by the United States on Chinese goods and by China on United States goods.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>If relations between the United States and China worsen, investors may be unwilling to hold or buy our stock and our stock price may decrease</b>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">At various times during recent years, the United States and China have had significant disagreements over political and economic issues. Controversies between these two countries may affect the economic outlook both in the U.S. and in China. Because most of our revenue is generated in China, any political or trade controversies between the U.S. and China, whether or not directly related to our business, could adversely affect our business and the price of our common stock.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Future inflation in China may inhibit the profitability of our business in China.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In recent years, the Chinese economy has experienced periods of rapid expansion and high rates of inflation. Rapid economic growth can lead to inflation. Any adverse change in the terms on which we construct solar energy projects or sell electricity generated by our China operations may impair our ability to operate profitably in China. Factors such as rapid expansion and inflation have led to the adoption by the PRC government, from time to time, of various corrective measures designed to restrict the availability of credit or regulate growth and contain inflation. High inflation may in the future cause the PRC government to impose controls on credit and/or prices, or to take other action, which could inhibit economic activity in China, and thereby harm the market for our products.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakcf5251f3-edae-4bf8-8655-902f69e8018c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>The fluctuation of the RMB may have a material adverse effect on your investment.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The change in value of the RMB against the U.S. dollar and other currencies is affected by various factors, including changes in China&#8217;s political and economic conditions. On July&nbsp;21, 2005, the PRC government changed its decade-old policy of pegging the value of the Renminbi to the U.S. dollar. Under such policy, the Renminbi was permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. Later on, the People&#8217;s Bank of China decided to implement further reform of the RMB exchange regime to enhance the flexibility of RMB exchange rates. Such changes in policy have resulted in a significant appreciation of the Renminbi against the U.S. dollar since 2005. There remains significant international pressure on the PRC government to adopt a more flexible currency policy, which could result in a further and more significant adjustment of the Renminbi against the U.S. dollar.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Any significant appreciation or revaluation of the RMB may have a material adverse effect on the value of, and any dividends payable on, shares of our common stock in foreign currency terms. More specifically, if we decide to convert our RMB into U.S. dollars, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to us. To the extent that we need to convert the U.S. dollar we receive from any public offering of our common stock into RMB for our operations, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount we would receive from the conversion. In addition, appreciation or depreciation in the exchange rate of the RMB to the U.S. dollar could materially and adversely affect the price of our common stock in U.S. dollars without giving effect to any underlying change in our business or results of operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Restrictions on currency exchange may limit our ability to receive and use our revenue effectively. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our revenue from our China operations is denominated in RMB. Our China operations currently account for most of our revenue. Accordingly, restrictions on currency exchange may limit our ability to use earnings generated in China to fund any business activities we may have outside China in the future or to make dividend payments to our shareholders in U.S. dollar. Under current PRC laws and regulations, RMB is freely convertible for current account items, such as trade and service-related foreign exchange transactions and dividend distributions. However, RMB is not freely convertible for direct investment or loans or investments in securities outside China, unless such use is approved by the PRC State Administration of Foreign Exchange (&#8220;SAFE&#8221;). For example, foreign exchange transactions under our subsidiaries&#8217; capital accounts, including principal payments in respect of foreign currency-denominated obligations, remain subject to significant foreign exchange controls and the approval requirement of SAFE. SolarMax Shanghai and ZHPV have completed all necessary filing to qualify as a foreign investment enterprise according to the requirements of SAFE. These limitations could affect our ability to obtain foreign exchange for capital expenditures.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p><b> <p style="MARGIN: 0px" align="justify"><b>Our Chinese subsidiaries are subject to restrictions on making dividend and other payments to us. </b></p></b>&nbsp; <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Under the applicable requirements of PRC law, our PRC subsidiaries may only distribute dividends after making allowances to fund certain statutory reserves, consisting of the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (&#8220;PRC GAAP&#8221;). Appropriation to the statutory surplus reserve for each entity should be at least 10% of the after tax net income determined in accordance with the PRC GAAP until the reserve is equal to 50% of such entity&#8217;s registered capital. Our statutory reserves was RMB 143,740 (approximately $20,928) at September 30, 2018. We had no statutory reserve at December 31, 2017 and 2016. These reserves are not distributable as cash dividends. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In addition, if our PRC subsidiary or our affiliated entity in China incurs debt on its own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any such restrictions may materially affect such entities&#8217; ability to make dividends or make payments, in service fees or otherwise, to us, which may materially and adversely affect our business, financial condition and results of operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because we must comply with the Foreign Corrupt Practices Act, we may face a competitive disadvantage in competing with Chinese companies that are not bound by those prohibitions.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are required to comply with the United States Foreign Corrupt Practices Act, which prohibits U.S. companies and their foreign subsidiaries and controlled entities from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including some of our competitors, are not subject to these prohibitions. Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices occur from time to time in China. If our competitors engage in these practices, they may receive preferential treatment from personnel of other companies or government agencies, giving our competitors an advantage in securing permits or business or from government officials. Although we inform our personnel that such practices are illegal, we cannot assure you that our employees or other agents will not engage in such conduct for which we might be held responsible. If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak88996339-3dc7-463b-9d58-3b5d08497d4e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Uncertainties with respect to the PRC legal system could have a material adverse effect on us. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions in a civil law system may be cited as reference but have limited precedential value. Since 1979, newly introduced PRC laws and regulations have significantly enhanced the protections of interest relating to foreign investments in China. However, since these laws and regulations are relatively new and the PRC legal system is continuing to evolve, the interpretations of such laws and regulations may not always be consistent, and enforcement of these laws and regulations involves significant uncertainties, any of which could limit available legal protections.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In addition, the PRC administrative and judicial authorities have significant discretion in interpreting, implementing or enforcing statutory rules and contractual terms, and it may be more difficult to predict the outcome of administrative and judicial proceedings and the level of legal protection we may enjoy in the PRC&nbsp;than under some more developed legal systems. These uncertainties may affect our decisions on the policies and actions to be taken to comply with PRC laws and regulations, and may affect our ability to enforce our contractual or tort rights. In addition, the regulatory uncertainties may be exploited through unmerited legal actions or threats in an attempt to extract payments or benefits from us. Such uncertainties may therefore increase our operating expenses and costs, and materially and adversely affect our business and results of operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>The PRC&#8217;s legal and judicial system may not adequately protect our business and operations and the rights of our investors.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;The PRC legal and judicial system may negatively impact foreign investors. In 1982, the National People&#8217;s Congress amended the Constitution of China to authorize foreign investment and guarantee the &#8220;lawful rights and interests&#8221; of foreign investors in the PRC. However, the PRC&#8217;s system of laws is not yet comprehensive. The legal and judicial systems in the PRC are still rudimentary, and enforcement of existing laws is inconsistent. As a result, it may be impossible to obtain swift and equitable enforcement of laws that do exist, or to obtain enforcement of the judgment of one court by a court of another jurisdiction. The PRC&#8217;s legal system is based on the civil law regime, which means that it is based on written statutes. A decision by one judge does not set a legal precedent that is required to be followed by judges in other cases. In addition, the interpretation of Chinese laws may be varied to reflect domestic political changes. The promulgation of new laws, changes to existing laws and the pre-emption of local regulations by national laws may adversely affect foreign investors. There can be no assurance that a change in leadership, social or political disruption, or unforeseen circumstances affecting the PRC&#8217;s political, economic or social life, will not affect the PRC government&#8217;s ability to continue to support and pursue these reforms. Such a shift could have a material adverse effect on our business and prospects.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>PRC regulation of direct investment by offshore holding companies to PRC entities may delay or prevent us from making additional capital contributions to our PRC subsidiary and affiliated entity, which could harm our liquidity and our ability to fund and expand our business. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">As an offshore holding company of our PRC subsidiaries, we may (i) make loans to our PRC subsidiaries although we have no plans to do so, (ii) make additional capital contributions to our PRC subsidiaries, (iii) establish new PRC subsidiaries and make capital contributions to these new PRC subsidiaries, and (iv) acquire offshore entities with business operations in China in an offshore transaction. However, most of these uses are subject to PRC regulations and approvals. For example:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">loans by us to our wholly-owned subsidiary in China, which is a foreign-invested enterprise, cannot exceed statutory limits and must be registered with SAFE, or its local counterparts;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">loans by us to our affiliated PRC entities over a certain threshold must be approved by the relevant government authorities and must also be registered with SAFE or its local counterparts; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">capital contributions to our wholly-owned subsidiary must be approved by the Ministry of Commerce, known as MOFCOM, or its local counterparts.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">&nbsp;We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, if at all, with respect to future loans or capital contributions by us to our entities in China. If we fail to receive such registrations or approvals, our ability to use capital raised and to capitalize our PRC operations may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak802a268f-07af-406a-b4ba-a53e4873be74" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b> A failure by the beneficial owners of our common stock who are PRC residents to comply with certain PRC foreign exchange regulations may restrict our ability to distribute profits, restrict our overseas and cross-border investment activities and subject us to liability under PRC law. </b></p> <p style="MARGIN: 0px"> &nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in"> SAFE has promulgated regulations, including the Notice on Relevant Issues Relating to Domestic Residents&#8217; Investment and Financing and Round-Trip Investment through Special Purpose Vehicles, or SAFE Circular No.&nbsp;37, effective on July 4, 2014, and its appendices, that require PRC residents, including PRC institutions and individuals, to register with local branches of SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with such PRC residents&#8217; legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred to in SAFE Circular No. 37 as a &#8220;special purpose vehicle.&#8221; SAFE Circular No. 37 further requires amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Further, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for foreign exchange evasion. </p> <p style="MARGIN: 0px"> &nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in"> Although we have been advised by PRC counsel that these regulations are not applicable to us since we are not a special purpose vehicle under Circular 37, we cannot assure you that SAFE will not reach a different conclusion. If we are subject to these regulations, the regulations may apply to our direct and indirect stockholders who are PRC residents and may apply to any offshore acquisitions or share transfers that we make in the future if our shares are issued to PRC residents. However, in practice, different local SAFE branches may have different views and procedures on the application and implementation of SAFE regulations. If filings are required, we cannot assure you that these individuals or any other direct or indirect stockholders or beneficial owners of our company who are PRC residents will be able to successfully complete the registration or update the registration of their direct and indirect equity interest as required in the future. If they fail to make or update the registration, our PRC subsidiary could be subject to fines and legal penalties, and SAFE could restrict our cross-border investment activities and our foreign exchange activities, including restricting our PRC subsidiary&#8217;s ability to distribute dividends to, or obtain loans denominated in foreign currencies from, our company, or prevent us from paying dividends. As a result, our business operations and our ability to make distributions to you could be materially and adversely affected. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Certain PRC regulations, including the M&amp;A Rules and national security regulations, may require a complicated review and approval process which could make it more difficult for us to pursue growth through acquisitions in China. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On August 8, 2006, six PRC regulatory authorities jointly issued the Regulation on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules. The M&amp;A Rules established additional procedures and requirements that could make merger and acquisition activities in China by foreign investors more time-consuming and complex. For example, the MOFCOM must be notified in the event a foreign investor takes control of a PRC domestic enterprise. In addition, certain acquisitions of domestic companies by offshore companies that are related to or affiliated with the same entities or individuals of the domestic companies, are subject to approval by the MOFCOM. In addition, the Implementing Rules Concerning Security Review on Mergers and Acquisitions by Foreign Investors of Domestic Enterprises, issued by the MOFCOM in August 2011, require that mergers and acquisitions by foreign investors in &#8220;any industry with national security concerns&#8221; be subject to national security review by MOFCOM. In addition, any activities attempting to circumvent such review process, including structuring the transaction through a proxy or contractual control arrangement, are strictly prohibited.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;There is significant uncertainty regarding the interpretation and implementation of these regulations relating to merger and acquisition activities in China. In addition, complying with these requirements could be time-consuming, and the required notification, review or approval process may materially delay or affect our ability to complete merger and acquisition transactions in China. As a result, our ability to seek growth through acquisitions may be materially and adversely affected.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;Although we do not believe that our business in China is part of an industry with national security concerns, we cannot assure you that MOFCOM will not reach a different conclusion. If MOFCOM determines that we should have obtained its approval, we may be required to file for remedial approvals. There is no assurance that we would be able to obtain such approval from MOFCOM. We may also be subject to administrative fines or penalties by MOFCOM that may require us to limit our business operations in the PRC, delay or restrict the conversion and remittance of our funds in foreign currencies into the PRC or take other actions that could have material and adverse effect on our business, financial condition and results of operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak52d68e31-85a1-4b3c-8798-3c3bc458a9e1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Under the New Enterprise Income Tax Law, we may be classified as a &#8220;resident enterprise&#8221; of China. Such classification could result in unfavorable tax consequences to us and our non-PRC stockholders.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The New Enterprise Income Tax (EIT) Law and its implementing rules provide that enterprises established outside of China whose &#8220;de facto management bodies&#8221; are located in China are considered &#8220;resident enterprises&#8221; under PRC tax laws. The implementing rules promulgated under the New EIT Law define the term &#8220;de facto management bodies&#8221; as a management body which substantially manages, or has control over the business, personnel, finance and assets of an enterprise. However, there are no further detailed rules or precedents governing the procedures and specific criteria for determining &#8220;de facto management body.&#8221; It is still unclear if the PRC tax authorities would determine that our China operations, which are owned by SolarMax Hong Kong, should be classified as a PRC &#8220;resident enterprise.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;If we are deemed as a PRC &#8220;resident enterprise,&#8221; we will be subject to PRC enterprise income tax on our worldwide income at a uniform tax rate of 25%, although dividends distributed to us from our existing PRC subsidiary and any other PRC subsidiaries which we may establish from time to time could be exempt from the PRC dividend withholding tax due to our PRC &#8220;resident recipient&#8221; status. This could have a material and adverse effect on our overall effective tax rate, our income tax expenses and our net income. Furthermore, dividends, if any, paid to our stockholders may be decreased as a result of the decrease in distributable profits. In addition, if we were to be considered a PRC &#8220;resident enterprise,&#8221; dividends we pay with respect to shares of our common stock and the gains realized from the transfer of shares of our common stock may be considered income derived from sources within the PRC and be subject to PRC withholding tax. This could have a material and adverse effect on the value of your investment in us and the price of shares of our common stock.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;<b>Our obligations under labor contract laws in China may adversely affect our results of operations. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><i>&nbsp;</i>On June&nbsp;29, 2007, the PRC government promulgated the Labor Contract Law of the PRC which became effective on January&nbsp;1, 2008. The Labor Contract Law imposes greater liabilities on employers and significantly affects the cost of an employer&#8217;s decision to reduce its workforce. In addition, it requires certain terminations be based on the mandatory requirement age. In the event we decide to significantly change or decrease our workforce, the Labor Contract Law could adversely affect our ability to enact such changes in a manner that is most advantageous to our business or in a timely and cost-effective manner, thus materially and adversely affecting our financial condition and results of operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because we require a license to engage in the EPC business in China, any changes in the certification or qualification requirements could impair our ability to operate in China.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">A specific license is required to engage in the EPC business in China. We currently hold the necessary licenses, including Construction Enterprise Qualification Certificate (&#8220;Qualification&#8221;) for Level III of General Contractor for Power Engineering Constructor which permits ZHPV to conduct business as a contractor in the power engineering construction business throughout the PRC. However, any changes in the requirements for obtaining and maintaining such licensure could impair our ability to retain our license which could preclude us from performing EPC services in China.&nbsp;</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px"><b>If we import polysilicon into China from the United States or South Korea, our gross margin may be impaired.</b></p> <p style="BACKGROUND: white; MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On July 18, 2013, MOFCOM announced that it would enact preliminary tariffs on imports of solar-grade polysilicon at rates up to 57% for United States suppliers and 48.7% for South Korean suppliers. This decision was affirmed by MOFCOM in January 2014. Import tariffs and limitations imposed on foreign polysilicon suppliers may lead to price increases for products from Chinese domestic suppliers. Although we do not source any significant amount of our polysilicon from the United States or South Korea, if we import polysilicon from these countries our cost of revenue is likely to increase, and we may not be able to pass the increased cost to our customers, which would impair our gross margin.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc9adeeb6-ade5-4ef8-824f-a3ad12539aca" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We may fail to comply with laws and regulations regarding the development, construction and operation of solar power projects and photovoltaic production projects in China.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The development, construction and operation of solar power projects and photovoltaic production projects are highly regulated activities. Our operations in China are governed by various laws and regulations, including national and local regulations relating to urban and rural planning, building codes, safety, environmental protection, fire control, utility transmission, engineering and metering and related matters. For example, the establishment of a solar power project is subject to the approval of the National Development and Reform Commission (&#8220;NDRC&#8221;) or its local branches, pursuant to the Administrative Provisions on Generation of Electricity by Renewable Energy Resources promulgated by the NDRC on January 5, 2006. Pursuant to the Provisions on the Administration of Electric Power Business Permit, which became effective on December 1, 2005 and were amended on May 30, 2015, certain solar power projects may be required to obtain the electric power business permits specifically for power generation from the State Electricity Regulatory Commission, known as SERC. Pursuant to the Interim Measures for the Administration of Solar Power Projects, promulgated by the National Energy Administration, known as the NEA, on August 29, 2013, solar power projects are subject to filings with the provincial NDRC. Such filing is subject to the national development plan for solar power generation, the regional scale index and implementation plan of the year as promulgated by the competent national energy authority and is a pre-condition for connecting to the power grid. Pursuant to the Interim Measures for the Administration of Distributed Generation Projects, or the Distributed PV Interim Measures, promulgated by the NEA on November 18, 2013, distributed generation projects are subject to filings with the provincial or regional NDRC. Such filing is subject to State Council&#8217;s rules for administration of investment projects and the regional scale index and implementation plan of the year as promulgated by the competent national energy authority. Distributed Generation projects in the regional scale index of the year that are not completed or put into operation within two years from their respective filing date are cancelled and disqualified from receiving national subsidies. The Distributed PV Interim Measures also provide that the filing procedures should be simplified and the electric power business permit and permits in relation to land planning, environmental impact review, energy saving evaluation and other supporting documents may be waived. Detailed requirements of the filing are also subject to local regulations, and the effects of the Distributed PV Interim Measures on our business are yet to be evaluated. Pursuant to the Standard Conditions of Photovoltaic Production Industry, or the Photovoltaic Production Rule, promulgated by the PRC&#8217;s Ministry of Industry and Information Technology (&#8220;MIIT&#8221;) and, effective on March 25, 2015, the minimum proportion of capital funds contributed by the producer for newly built, renovation and expansion photovoltaic (&#8220;PV&#8221;) production projects shall be 20%. The Photovoltaic Production Rule also provides, among other matters, requirements in relation to the production scale, cell efficiency, energy consumption and operational life span of various PV products. It also requires companies to obtain pollution discharge permits.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our failure to obtain or maintain any required approvals, permits, licenses or filings or to comply with the conditions associated therewith could result in fines, sanctions, suspension, revocation or non-renewal of approvals, permits or licenses, or even criminal penalties, which could have a material adverse effect on our business, financial condition and results of operations. Any new government regulations pertaining to solar power projects may result in significant additional expenses to the development, construction and operation of solar power projects and, as a result, could cause a significant reduction in demand for our solar power projects and services. Currently, some of our project companies in the PRC have not obtained electric power business permits due to the delays in the governmental review or approval processes. Failure to secure such permits may lead to monetary damages, fines or even criminal penalties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We cannot assure you that we will be able to promptly and adequately respond to changes of laws and regulations, or that our employees and contractors will act in accordance with our internal policies and procedures. Failure to comply with laws and regulations where we develop, construct and operate solar power projects may materially adversely affect our business, financial condition and results of operations. We have been advised by our PRC counsel, that, based on their review of our operations materials, including our approved qualifications and PRC laws and regulations, our operations in the PRC, as presently conducted, comply in all material respects with applicable PRC laws and regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b>Failure to comply with PRC regulations regarding the registration of share options held by our employees who are &#8220;domestic individuals&#8221; may subject such employee or us to fines and legal or administrative sanctions.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Pursuant to Notices on Issues concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly-Listed Company issued by the SAFE in February 2012, or the Stock Incentive Plan Rules, &#8220;domestic individuals&#8221; (both PRC residents and non-PRC residents who reside in China for a continuous period of not less than one year, excluding foreign diplomatic personnel and representatives of international organizations) participating in any stock incentive plan of an overseas listed company are required, through qualified PRC agents, including the PRC subsidiary of such overseas-listed company, to register with the SAFE and complete certain other procedures related to the stock incentive plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We and our employees, who qualify as &#8220;domestic individuals&#8221; and have been granted stock options, or the PRC optionees,&nbsp;will&nbsp;become&nbsp;subject to the Stock Incentive Plan Rules when we&nbsp;become an overseas listed company upon the completion of this offering. We plan to conduct and complete the registration as required under the Stock Incentive Plan Rules and other relevant SAFE registrations upon the completion of this offering and to update the registration on an on-going basis. If we or our PRC optionees fail to comply with the Individual Foreign Exchange Rule and the Stock Incentive Plan Rules, we and our PRC optionees may be subject to fines and other legal sanctions. We may also face regulatory uncertainties that could restrict our ability to adopt additional option plans for our directors and employees under PRC law. In addition, the General Administration of Taxation has issued circulars concerning employee stock options. Under these circulars, our employees working in China who exercise stock options will be subject to PRC individual income tax. Our PRC subsidiary has obligations to file documents related to employee stock options with relevant tax authorities and withhold individual income taxes of those employees who exercise their stock options. If our employees fail to pay and we fail to withhold their income taxes, we may face sanctions imposed by tax authorities or any other PRC government authorities. Furthermore, there are substantial uncertainties regarding the interpretation and implementation of the Individual Foreign Exchange Rule and the Stock Incentive Plan Rules.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake080b033-440b-4c05-a29f-608beb0b952f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises or other assets attributed to a PRC establishment of a non-PRC company, or immovable properties located in China owned by a non-PRC company.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We face uncertainties on the reporting and consequences of private equity financing transactions, private share exchange transactions and private transfer of shares, including private transfer of public shares, in our company by non-resident investors. According to the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises issued by the PRC State Administration of Taxation on December 10, 2009, or SAT Circular 698, when a non-resident enterprise transfers the equity interests in a PRC resident enterprise indirectly through a disposition of equity interests in an overseas holding company, or an Indirect Transfer, the non-resident enterprise, as the seller, may be subject to PRC enterprise income tax of up to 10% of the gains derived from the Indirect Transfer in certain circumstances.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On February 3, 2015, the PRC&#8217;s State Administration of Taxation (&#8220;SAT&#8221;) issued Announcement on Several Issues Concerning the Enterprise Income Tax on Indirect Property Transfers by Non-RPC Resident Enterprises, or SAT Notice No. 7, to supersede the existing tax rules in relation to the tax treatment of the Indirect Transfer, while the other provisions of SAT Circular 698 that are irrelevant to the Indirect Transfer remain in force. SAT Notice No. 7 introduces a new tax regime and extends the SAT&#8217;s tax jurisdiction to capture not only the Indirect Transfer as set forth under SAT Circular 698 but also transactions involving indirect transfer of (i) real properties in China and (ii) assets of an &#8220;establishment or place&#8221; situated in China, by a non-PRC resident enterprise through a disposition of equity interests in an overseas holding company. SAT Notice No. 7 also extends the interpretation with respect to the disposition of equity interests in an overseas holding company. In addition, SAT Notice No. 7 further clarifies how to assess reasonable commercial purposes and introduces safe harbors applicable to internal group restructurings. However, it also brings challenges to both the foreign transferors and transferees as they are required to make self-assessments of whether an Indirect Transfer or similar transaction should be subject to PRC tax and whether they should file or withhold any tax payment accordingly. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">However, as these notices are relatively new and there is a lack of clear statutory interpretation, there are uncertainties on the reporting and consequences on future private equity financing transactions, share exchange or other transactions involving the transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in other non-PRC resident companies or other taxable assets by us. We and other non-resident enterprises in our group may be subject to filing obligations or taxes if we and other non-resident enterprises in our group are transferors in such transactions and may be subject to withholding obligations if we and other non-resident enterprises in our group are transferees in such transactions. For the transfer of shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in filing under the rules and notices. We may be required to expend costly resources to comply with SAT Circular 698 and SAT Notice No. 7, or to establish a case to be tax exempt under SAT Circular 698 and SAT Notice No. 7, which may cause us to incur additional costs and may have a negative impact on the value of your investment in us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The PRC tax authorities have discretion under SAT Circular 698 and SAT Notice No. 7 to make adjustments to the taxable capital gains based on the difference between the fair value of the transferred equity interests and the investment cost. We may pursue acquisitions in the future that may involve complex corporate structures. If we are considered as a non-PRC resident enterprise under the EIT Law and if the PRC tax authorities make adjustments to the taxable income of the transactions under SAT Circular 698 and SAT Notice No. 7, our income tax expenses associated with such potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Risks Related to the Offering and our Common Stock</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>The initial public offering price of our common stock may not be indicative of the market price of our common stock after this offering. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">Prior to this offering, our common stock was not traded on any market. The market price of our common stock could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common stock, you could lose a substantial part or all of your investment in our common stock. The initial public offering price&nbsp;was negotiated between us and the underwriters, based on numerous factors which we discuss in &#8220;Underwriting,&#8221; and may not be indicative of the market price of our common stock after this offering or any intrinsic value of our common stock. Consequently, you may not be able to sell shares of our common stock at prices equal to or greater than the price paid by you in this offering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc0b59f17-1ae0-45f4-a38c-97e4d07c2421" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The following factors, among others, could affect our stock price:</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">our operating and financial performance;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">our working capital and working capital requirements;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the market&#8217;s perception of the viability of companies in the solar energy business;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the market&#8217;s perception of companies that have significant operations in China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the market&#8217;s perception of the effect of proposed or implemented changes in government regulations and public utility company pricing policies in general and in the states in which we conduct business;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">quarterly variations in the rate of growth of our financial indicators, such as net income (loss) per share, net income (loss) and revenues;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the public reaction to our press releases, our other public announcements and our filings with the SEC;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">strategic actions by our competitors, including consolidation of companies in the solar energy industry in the states in which we operate;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage by equity research analysts;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">speculation in the press or investment community as to our company, the solar industry or companies with significant operations in China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the failure of research analysts to cover our common stock;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">sales of our common stock by us or the perception that such sales, including sales of shares issued pursuant to our equity incentive plans, may occur;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">changes in accounting principles, policies, guidance, interpretations or standards;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">additions or departures of key management personnel;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">actions by our stockholders;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">domestic and international economic, legal and regulatory factors unrelated to our performance;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">overall performance of the domestic and international equity markets ;</p> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">market performance of companies with significant operations in the PRC; and</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the realization of any risks describes under this &#8220;Risk Factors&#8221; section.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price and the trading volume of our common stock. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company&#8217;s securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management&#8217;s attention and resources and harm our business, operating results and financial condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak68faf3d3-dfdc-47da-bc71-5d54528ea369" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>An active, liquid and orderly trading market for our common stock may not develop or be maintained, and our stock price may be volatile.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">Since this offering is our initial public offering and there is no market for our common stock, we cannot predict the nature of the market for our common stock, and we cannot assure you that an active, liquid or orderly trading market for our common stock will develop. To the extent that an active market does not develop, you may have difficulty in selling any shares of our common stock which you purchase in this offering or in the open market. If there is no active, liquid or orderly market for our common stock, the reported bid and asked price at the time you seek to purchase or sell shares may not reflect either the price at which you could buy or sell shares of our common stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Our articles of incorporation and bylaws and our employment agreements with our senior executive officers, as well as Nevada law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our articles of incorporation authorizes our board of directors to issue preferred stock without stockholder approval. If our board of directors issues preferred stock, such issuance could make it more difficult for a third party to acquire us. Our employment agreements with our two senior executive officers provide that, in the event of a termination of employment by David Hsu, our chief executive officer, or Ching Liu, our executive vice president, chief strategy officer and treasurer, following a change of control, we are to pay them, upon termination, a lump sum payment equal to&nbsp;two times the highest annual compensation for the three years preceding the date of termination, multiplied by the number of years they have been employed by us. Their employment commenced in February 2008. In addition, some provisions of our articles of incorporation and bylaws could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our stockholders, including:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">limitations on the removal of directors;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">limitations on the ability of our stockholders to call special meetings;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">establishing advance notice provisions for stockholder proposals and nominations for elections to the board of directors to be acted upon at meetings of stockholders;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">providing that the board of directors is expressly authorized to adopt, or to alter or repeal our bylaws; and</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">establishing advance notice and certain information requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><b><b> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Investors in this offering will experience immediate and substantial dilution of $5.70 per share.</b>&nbsp; </p></b></b> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Based on an assumed initial public offering price of $6.00 per share (the midpoint of the price range set forth on the cover of this prospectus), purchasers of our common stock in this offering will experience an immediate and substantial dilution of $5.70 per share in the adjusted net tangible book value per share of common stock from the initial public offering price, and our net tangible book value as of September 30, 2018 after giving effect to this offering would be $0.30 per share. This dilution is due in large part to earlier investors having paid substantially less than the initial public offering price when they purchased their shares as well as our accumulated deficit of approximately $46.2 million at September 30, 2018. See &#8220;Dilution.&#8221;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We have broad discretion in the use of the proceeds from this offering, and we may invest or spend the proceeds of this offering in ways with which you may not agree or in ways which may not yield a return.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">A portion of the net proceeds from this offering are expected to be used for general corporate purposes, including working capital. Our management will have considerable discretion in the application of the net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not increase our operating results or market value. Until the net proceeds are used, they may be placed in investments that do not produce significant income or that may lose value.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0a1e7cec-9157-42ae-8b17-a67089fe5f3e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Provisions of our </b><b>bylaws and Nevada law could deter a change of our management, which could discourage or delay offers to acquire us.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Certain provisions of Nevada law and of our bylaws could discourage or make it more difficult to accomplish a proxy contest or other change in our management or the acquisition of control by a holder of a substantial amount of our voting stock. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interests or in our best interests. These provisions include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">requiring stockholders who wish to request a special meeting of the stockholders to disclose certain specified information in such request and to deliver such request in a specific way within a certain timeframe, which may inhibit or deter stockholders from requesting special meetings of the stockholders;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">requiring that stockholders can only call a special meeting if the request is made by the holders of two-thirds of the entire capital entitled to vote;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">requiring that stockholders who wish to act by written consent request a record date from us for such action and such request must include disclosure of certain specified information, which may inhibit or deter stockholders from acting by written consent;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">requiring that, if a matter is to be brought before a meeting of stockholders which is not specified in the notice of meeting or brought at the direction of the board of directors, it can only be brought up at the meeting if brought by stockholders of record holding two-thirds of the outstanding stock;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">establishing the board of directors as the sole entity to fill vacancies in the board, which lengthens the time needed to elect a new majority of the board;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">establishing a two-thirds majority vote of the stockholders to remove a director or all directors, which lengthens the time needed to elect a new majority of the board;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">providing that our bylaws may be amended only by either the affirmative vote of two-thirds of the stockholders entitled to vote or by the board of directors, which limits the ability of stockholders to amend our bylaws, including amendments to provisions in the bylaws that are described in this risk factor; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">establishing more detailed disclosure in any stockholder&#8217;s advance notice to nominate a new member of the board, including specified information regarding such nominee, which may inhibit or deter such nomination and lengthen the time needed to elect a new majority of the board.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b>Because our bylaws limit the court in which you may bring an action against us, you may have difficulty enforcing any rights which you may claim. </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our bylaws provide that any person who acquires equity in us shall be deemed to have notice and consented to the forum selection provision of our bylaws, which require actions to be brought only in Riverside County, California, which is where our executive offices are located, which may inhibit or deter stockholders&#8217; actions (i) on behalf of us, (ii) asserting claims of breach of fiduciary duty by officers or directors of us, or (iii) arising out of the Nevada Revised Statutes. Further, this exclusive forum provision may limit our stockholders&#8217; ability to obtain what they believe to be a favorable judicial forum for disputes with us and our officers and directors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak092b5f8d-658c-450d-91bb-2c5584a20629" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because we do not intend to pay dividends on our common stock, </b><b>your only opportunity to achieve a return on your investment is if the price of our common stock appreciates.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We do not plan to declare dividends on shares of our common stock in the foreseeable future. As a result, your only opportunity to achieve a return on your investment will be if you sell your common stock at a price greater than you paid for it. We cannot assure you that the price of our common stock that will prevail in the market will ever equal or exceed the price that you pay in this offering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Future sales of our common stock in the public market could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">All of the 43,728,429 shares of common stock that are outstanding prior to this offering, which includes the 3,816,000 shares of common stock issued as restricted stock grants, which constitute approximately 93.6% of the outstanding shares of common stock, assuming the underwriters&#8217; over-allotment option is not exercised, are eligible for sale pursuant to Rule 144 at various times commencing 90 days from the date of this prospectus, subject to limitations provided by Rule 144 and lock-up agreements which our officers, directors and certain of our stockholders, who hold approximately &nbsp;&nbsp;&nbsp; % of our common stock, have signed with the underwriters and which are subject to specific release provisions as well as a release from the lock-up restriction at the discretion of the underwriters. See &#8220;Shares Eligible for Future Sale.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We intend to file a registration statement with the SEC on Form&nbsp;S-8 providing for the registration of shares of our common stock issued or reserved for issuance under our equity incentive plan or pursuant to stock options no later than approximately six months from the date of this prospectus. Subject to the satisfaction of vesting conditions and the expiration of lock-up agreements, shares registered under the registration statement on Form&nbsp;S-8 will be available for resale immediately in the public market without restriction other than those restrictions imposed on sales by affiliates pursuant to Rule 144.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">We cannot predict the size of future issuances of our common stock or securities convertible into common stock or the effect, if any, that future issuances and sales of shares of our common stock will have on the market price of our common stock. Sales of substantial amounts of our common stock (including shares issued in connection with an acquisition), or the perception that such sales, including sales by our existing stockholders pursuant to Rule 144, could occur, may adversely affect prevailing market prices of our common stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>The managing underwriter may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our common stock.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our directors and executive officers and certain of our stockholders have entered into lock-up agreements with respect to their common stock, pursuant to which they are subject to certain resale restrictions for a period of 180 days following the effective date of the registration statement of which this prospectus forms a part. ViewTrade Securities, Inc, at any time and without notice, may release all or any portion of the common stock subject to the foregoing lock-up agreements. If the restrictions under the lock-up agreements are waived, then common stock will be available for sale into the public markets, which could cause the market price of our common stock to decline and impair our ability to raise capital.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">Our articles of incorporation authorize us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are classified as an &#8220;emerging growth company&#8221; under the JOBS Act. For as long as we are an emerging growth company, which may be up to five full fiscal years, we will not be required to, among other things, (i)&nbsp;provide an auditor&#8217;s attestation report on management&#8217;s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section&nbsp;404(b) of the Sarbanes-Oxley Act, (ii)&nbsp;comply with any new requirements adopted by the PCAOB requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer, (iii)&nbsp;provide certain disclosure regarding executive compensation, or (iv)&nbsp;hold nonbinding advisory votes on executive compensation. We will remain an emerging growth company for up to five years, although we will lose that status sooner if we have more than $1.0 billion of revenues in a fiscal year, have more than $700 million in market value of our common stock held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a <b>three-year</b> period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake899b6d7-3878-4622-adce-74aa4dc9c9f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors find our common stock to be less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Because our directors and executive officers own approximately 39.9% of our outstanding common stock, they may be able to approve any action which requires stockholder approval.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our directors own approximately 39.9% of our outstanding common stock and, upon sale of the 3,000,000 shares offered hereby, will own approximately 37.4%. Our bylaws provide that one-third of the outstanding common stock constitutes a quorum for a meeting of stockholders. As a result, they may have the ability to elect all of our directors and to approve actions requiring stockholder approval as well as to prevent any action from being taken which they oppose even if such action would benefit stockholders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; BACKGROUND: white; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Because a significant portion of the proceeds of this offering is allocated to working capital and other corporate purposes, we will have broad discretion in the application of these proceeds.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="BACKGROUND: white; MARGIN: 0px; TEXT-INDENT: 45px">A significant portion of the proceeds is allocated to working capital and other corporate purposes. As a result, we will have broad discretion as to the specific use of the proceeds and, accordingly, you will be entrusting the proceeds of this offering to us with little information as to the manner in which we use the proceeds.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS">CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">This prospectus contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the reasons described in our &#8220;Prospectus Summary,&#8221; &#8220;Use of Proceeds,&#8221; &#8220;Risk Factors,&#8221; &#8220;Management Discussion and Analysis of Financial Condition and Result of Operations,&#8221; and &#8220;Business&#8221; sections. In some cases, you can identify these forward-looking statements by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;depends,&#8221; &#8220;estimate,&#8221; &#8220;expects,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;ongoing,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; or the negative of those terms or other similar expressions, although not all forward-looking statements contain those words. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our operations and business prospects are always subject to risks and uncertainties including, among others: </p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to obtaining any financing we may require to enable us to finance our customer&#8217;s purchase of solar systems and to finance any solar projects in China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to enter into agreements for the construction and maintenance of solar farms in China;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our dependence on a related party for revenue in our China segment and our ability to attract new clients solar projects in China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The availability of tax incentives and other benefits sufficient to justify a customer&#8217;s purchase of a solar system;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The ability of the solar user to sell excess power to local utility companies on reasonable terms;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Assumptions regarding the size of the available market, benefits of our products, product pricing, timing of product installations;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Assumptions relating to our ability to operate a public company;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to obtain contracts for solar systems in China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to install solar systems in China at costs which will enable us to operate profitably;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to engage and retain qualified executive and management personnel;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="LAYOUT-GRID-MODE: char; MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to implement an effective financing program for our products that enable us to generate revenue from customers who meet our credit criteria;</p></td></tr></table></p> <p style="LAYOUT-GRID-MODE: char; MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">&nbsp;</p> <p style="LAYOUT-GRID-MODE: char; MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table id="pagebreake56fb35f-efbe-4daa-a864-3506b3be7b37" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="LAYOUT-GRID-MODE: char; MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to pay or finance our existing debt to related parties which matures commencing in 2018;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our dependence upon a small number of key executive officers, principally our chief executive officer;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Competition with both local utility companies and other companies offering electricity service as well as other solar energy companies;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The effect of changes in climate and weather patterns in the areas we serve;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Delays in our ability to purchase solar panels and other raw materials for our systems;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The effect that changes of government regulations affecting fossil fuel and renewable energy and trade and tariff policies have on the solar power industry;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to engage and retain qualified executive and management personnel as we seek to expand our operations in the United States and China;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to reduce our costs and expenses;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to operate profitably;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The effect of prices of raw materials, including solar panels, and our ability to source raw materials at reasonable prices;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our compliance with all applicable regulations;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to install systems in a timely manner;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Our ability to develop and maintain an effective system of disclosure controls and internal control over financial reporting, and our ability to produce timely and accurate financial statements or comply with applicable regulations;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Risks associated with this offering;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">The effect of general economic and financial conditions in the United States, China and the rest of the world as well as the relationship between the United States and China, which could adversely affect our operations; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Other factors which affect the solar energy industry in general</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The forward-looking statements in this prospectus represent our views as of the date of this prospectus. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this prospectus.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak44f24032-4e53-4707-aa28-c22c984cf2bf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="USE OF PROCEEDS1">USE OF PROCEEDS </a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We expect the net proceeds from this offering to be approximately $16.1 million, assuming an initial public offering price of $6.00 per share (the midpoint of the price range set forth on the cover page of this prospectus) and after deducting the underwriting discounts and commissions and the Represent a tive&#8217;s  non-accountable expense allowance of  $ 1,260,000 and other offering expenses estimated at approximately $620,000. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We intend to use the proceeds of this offering for working capital and other corporate purposes. Funds for working capital and general corporate purposes include costs incurred in connection with the operation and development of our business in the United States and China, including executive compensation and costs associated with our status as a  public  company. </p>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock solely to cover over-allotments of shares in this offering. We will use the proceeds from the sale of these additional shares for working capital and general corporate purposes.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering. Accordingly, we will have broad discretion in the application of these proceeds. Net offering proceeds not immediately applied to the uses summarized above will be invested in short-term interest-bearing deposits and securities.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">A $1.00 increase or decrease in the assumed initial public offering price of $6.00 per share would cause the net proceeds from this offering, after deducting the underwriting discounts and commissions and estimated offering expenses, received by us to increase or decrease, respectively, by approximately $2,820,000, assuming the number of shares offered by us, as set forth on the cover page of this prospectus remains the same. If the proceeds increase due to a higher initial public offering price or due to the issuance of additional shares, we would use the additional net proceeds for general corporate purposes. If the proceeds decrease due to a lower initial public offering price or a decrease in the number of shares issued, then we would reduce by a corresponding amount the net proceeds directed to capital expenditures.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="DIVIDEND POLICY">DIVIDEND POLICY</a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors our board of directors deems relevant.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> Each of our PRC subsidiaries may only distribute dividends after making funding certain statutory reserves, consisting of the statutory surplus reserve and discretionary surplus reserve, based on its after-tax net income determined in accordance with PRC GAAP. Appropriation to the statutory surplus reserve for each entity should be at least 10% of the after tax net income determined in accordance with the PRC GAAP until the reserve is equal to 50% of such entity&#8217;s registered capital. Our statutory reserve was RMB 143,740 (approximately $20,928) at September 30, 2018. We anticipate that the PRC will require its available cash for the development of its business. </p>&nbsp;&nbsp; <p style="MARGIN: 0px"> <table id="pagebreakf76f8cd5-dc3c-4599-a991-5b64336e00bb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="CAPITALIZATION">CAPITALIZATION </a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2018:&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top"> <p style="MARGIN: 0px">on an actual basis; and</p></td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top"> <p style="MARGIN: 0px">as adjusted for the 3,816,000 shares of common stock issued as restricted stock grants and the sale of 3,000,000 shares of common stock in this offering at an assumed initial offering price of $6.00 per share (which is the midpoint of the price range set forth on the cover of this prospectus) and our receipt of the estimated $16,120,000 net proceeds of this offering.</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">You should read the following table in conjunction with &#8220;Prospectus Summary - Selected Consolidated Financial Data,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our consolidated financial statements and related notes appearing elsewhere in this prospectus.</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Actual</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>As Adjusted&nbsp;</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>(Dollars in thousands)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash and cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">18,040</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 34,160 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Long-term debt, related parties*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 55,500 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Long-term debt, other*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 11,848 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"><font size="+0"><font size="+0"> <font size="2">11,848</font> </font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total long-term debt</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">67,257</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 67,257 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Stockholders&#8217; equity:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Common stock</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 48 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Additional paid-in capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54,915</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 90,109 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Less, treasury stock, at cost</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,800 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Accumulated deficit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(46,187</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"><font size="+0"> (65,267 </font></td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Accumulated other comprehensive loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,243</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,243 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> ) </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Stockholders&#8217; equity attributable to SolarMax Technology, Inc.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,727</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 21,847 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Non-controlling interest</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(113</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (113 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> ) </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total stockholders&#8217; equity</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,613</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 21,733 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total capitalization</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">72,870</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 89,081 </p></td> <td valign="bottom" width="1%"></td></tr></table></p> <p style="MARGIN: 0px">_________</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">*</p></td> <td> <p style="MARGIN: 0px">Includes short-term maturities of long-term debt amounting to $12,500 for long-term debt, related parties, and $11,757 with respect to long-term debt, other.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The information presented above assumes no exercise by the underwriters of their over-allotment option and is based on the number of shares of our common stock outstanding as of September 30, 2018. The table does not reflect shares of common stock reserved for issuance under our 2016 Long-Term Incentive Plan or outstanding options. As a result of the completion of the offering, the forfeiture condition relating to the 3,816,000 shares of common stock issued to directors, officers, key employees and consultants will terminate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table id="pagebreak397865e2-cfe8-4b72-a262-7692585ace3c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="DILUTION">DILUTION</a></b></p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Purchasers of the common stock issued pursuant to this offering will experience immediate and substantial dilution in the net tangible book value per share of the common stock for accounting purposes. At September 30, 2018, we had a negative net tangible book value of $2.2 million, or $(0.05) per share of common stock. Net tangible book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the total number of shares of common stock that were outstanding on September 30, 2018. After giving effect to the sale of the shares in this offering (assuming the midpoint of the price range on the cover of this prospectus and after deducting estimated underwriting discounts and commissions and estimated offering expenses) and the vesting of 3,816,000 shares granted in October 2016 as restricted stock grants, our adjusted pro forma net tangible book value as of September 30, 2018 was approximately $13.9 million, or $0.30 per share. This represents an immediate increase in the pro forma net tangible book value of $0.35 per share to our existing stockholders and an immediate dilution (i.e., the difference between the offering price and the adjusted pro forma net tangible book value after this offering) to new investors purchasing shares in this offering of $5.70 per share:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Assumed initial public offering price per share</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net tangible book value per share as&nbsp;of September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (0.05 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Increase per share attributable to new investors in the offering and the vesting of restricted stock grants </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 0.35 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">As adjusted pro forma net tangible book value per share </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 0.30 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Dilution in pro forma net tangible book value per share to new investors in this offering from the adjusted net tangible book value per share (<sup>1</sup>)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> $ </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> 5.70 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">__________</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">(1)</p></td> <td> <p style="MARGIN: 0px">If the initial public offering price were to increase or decrease by $1.00 per share, then dilution in pro forma net tangible book value per share to new investors in this offering would equal $6.64 or $5.76, respectively.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table summarizes the total number of shares of common stock (i) owned by existing stockholders, representing 39,912,429 outstanding shares as of the date of this prospectus plus 3,816,000 shares granted in October 2016 as restricted stock grants for which no cash consideration was paid and which are not treated as outstanding shares, and (ii) owned by purchasers in this offering, and in each case, the total consideration paid. For purchasers in this offering we used an assumed public offering price of $6.00 per share, the midpoint of the price range of the initial public offering prices set forth on the cover page of this prospectus, calculated before the deduction of estimated underwriting discounts and commissions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Average</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares Purchased</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Total Consideration</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Price</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Number</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percent</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percent</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Per Share</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Existing stockholders<sup>1</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">43,728,429</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 93.6 </td> <td valign="bottom" width="1%"> % </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">50,957,084</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 73.9 </td> <td valign="bottom" width="1%"> % </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">New investors</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,000,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6.4 </td> <td valign="bottom" width="1%"> % </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"> 18,000,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 26.1 </td> <td valign="bottom" width="1%"> % </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6.00 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 46,728,429 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">100.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"> 68,957,084 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">100.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1.48 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">________&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px"><sup>1</sup></p></td> <td valign="top"> <p style="MARGIN: 0px">The consideration paid by stockholders who received their shares pursuant to an acquisition agreement is equal to the value of the common stock issued. </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The shares held by existing stockholders exclude 2,560,000 shares which may be issued pursuant to our 2016 Long-Term Incentive Plan and pursuant to outstanding stock options issued prior to the adoption of the plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">If the underwriters&#8217; over-allotment option is exercised in full, the number of shares held by new investors will be increased to&nbsp; 3,450,000 shares, or approximately 7.3% of the total number of shares of common stock outstanding. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">To the extent that any outstanding options are exercised or we grant new options, warrants, stock grants or other equity based incentives, there will be further dilution to purchasers of common stock in this offering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakaa0fd591-729a-43cb-ab37-f9c0dd93af29" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><a name="MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION</a></b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>AND RESULTS OF OPERATIONS</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in"><i>You should read the following discussion and analysis of our financial condition and results of operations together with &#8220;Selected Consolidated Financial Data&#8221; and our financial statements and the related notes appearing elsewhere in this prospectus. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See &#8220;Cautionary Note Concerning Forward-Looking Statements.&#8221; Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in &#8220;Risk Factors&#8221; included elsewhere in this prospectus. All amounts in this prospectus are in U.S. dollars, unless otherwise noted. </i></p><em></em> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Overview</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">We are an integrated solar energy company. Through our subsidiaries, we are primarily engaged in the following business activities:</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Identifying and procuring solar farm system projects for resale to third party developers and related services in China;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top">Providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms and, to a significantly lesser extent, rooftop solar systems in China;</td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Operating and maintaining solar farm projects in China following the completion of our EPC work on the projects;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Selling and installing integrated photovoltaic systems for residential and commercial customers in the United States;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Providing exterior and interior light-emitting diodes, known as LED, lighting sales and retrofitting services for governmental and commercial applications;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Providing secured loans to purchasers of our photovoltaic systems and servicing installment sales by our customers in the United States;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Owning and funding renewable energy projects in the United States based on leases entered into prior to 2015, and generating revenue from this business through operating leases and power purchase agreements primarily with commercial users; and,</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">Selling and installing battery backup solutions for residential and commercial customers in the United States.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">We operate in two segments - our United States operations and our China operations. Our United States operations include (i) the sale and installation of photovoltaic and battery backup systems, (ii) financing the sale of our photovoltaic and battery backup systems, (iii) owning and leasing to third parties through existing&nbsp;operating leases and power purchase agreements, and (iv) sales of LED systems.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our China operations consist of (i) identifying and procuring solar farm projects for resale to third parties; (ii) performing EPC services for solar farm projects and to a significantly lesser extent, rooftop solar systems and (iii) the operation and maintenance of solar farm projects. Our business in China is conducted through our subsidiaries, ZHTH and ZHPV, which we acquired in April 2015, and their subsidiaries, and Jiangsu Honghao. Through September 30, 2018, the principal activities of our China operations consisted of:</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">identifying, procuring and selling solar farm projects to subsidiaries of a related party that hold permits to solar farm projects;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td width="4%"> <p style="MARGIN: 0px">&nbsp;<font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">performing EPC services pursuant to solar farm project EPC contracts;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;<font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px">performing operation and maintenance services on the two completed solar farm projects totaling 113.6MW.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka4e893cd-6371-42b6-9483-82ca27d1bd94" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On April 28, 2015, we acquired the ownership of ZHTH, through a share exchange agreement among us, SolarMax Shanghai, and the equity owners of ZHTH. Also, on April 28, 2015, we acquired the ownership of ZHPV through a share exchange agreement among us and the holders of the stock of Accumulate, which, through Accumulate Hong Kong, owned ZHPV. We own all of the stock of Accumulate, which, in turn, through its wholly-owned subsidiary, Accumulate Hong Kong, owns all of the stock of ZHPV. The share exchange agreement for ZHPV was amended on May 12, 2016 to revise certain terms including reducing the total consideration retroactively to the original acquisition date of April 28, 2015.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In 2014, prior to our acquisition of ZHTH and ZHPV, ZHTH developed one project in the Ningxia province of the PRC (30MW) and two projects in the Shandong province of the PRC (15MW and 25MW). ZHPV obtained the EPC contract for both the Ningxia and Shandong project and completed the projects in 2014. Neither ZHTH nor ZHPV generated any significant revenue during 2015 prior to our acquisition. When we acquired ZHTH in April 2015, ZHTH had a permit backlog, which we valued at approximately $1.3 million and which represented a total of 130MW of contract backlog. The permit backlog is an intangible asset that we amortized proportionately with our cash flows generated from this permit backlog through December 31, 2017. At December 31, 2017, the permit backlog was fully amortized.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our business in China is conducted through three principle subsidiaries, ZHTH, ZHPV and Jiangsu Honghao and their subsidiaries. ZHTH is engaged in the business of identifying and procuring solar system projects for resale to third party developers and related services in China. After we acquire the permits for a solar project through a project subsidiary and obtain a contract for the sale of the project, ZHPV builds the projects pursuant to an EPC contract. The subsidiary that owns the equity in the project subsidiary transfers the equity in the project subsidiary to the project owner. The project owner then engages ZHPV to perform the EPC services for the solar farm. We seek to obtain a further contract to operate and maintain the system after the solar farm project is completed. The operation and maintenance services are performed by Jiangsu Honghao and its subsidiaries. Unlike systems in the United States, which are installations for residential and small business users, the projects in China are solar farms, which are large land areas where multiple ground-mount solar tracking towers are installed. We have commenced the installation of residential and commercial systems in China, although revenue from such business has not been significant.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">ZHPV also performs EPC services on a contract basis for solar farm owners who obtained their permits independently of us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">During the nine months ended September 30, 2018 and September 30, 2017, which are sometimes referred to as the September 2018 period and the September 2017 period, respectively, our revenue in the United States was derived primarily from the sale of solar systems, principally residential sales, which accounted for $20.2 million, or 29.9% of revenue, in the September 2018 period and $19.5 million, or 28.7% of revenue, in the September 2017 period. Financing revenue, which includes principally interest revenue from loans to purchasers of our solar systems, accounted for $1,325,000, or 2.0% of revenue, in the September 2018 period; and $1,482,000, or 2.2% of revenue, in the September 2017 period.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">During 2017 and 2016, our revenue in the United States was derived primarily from the sale of solar systems, principally residential sales, which accounted for $27.3 million, or 30.7% of revenue, in 2017 and $28.0 million, or 35.5% of revenue, in 2016. Financing revenue, which includes principally interest revenue from loans to purchasers of our solar systems, accounted for $2.0 million, or 2.2% of revenue, in 2017; and $2.2 million, or 2.8% of revenue, in 2016.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We commenced operations in China during 2016. To date, most of the revenue from our China segment was generated by EPC services for related parties. In the nine months ended September 30, 2018 and 2017, our EPC operations generated revenue of $45.1 million, or 66.8% of revenues, and $44.5 million, or 65.3% of revenues, respectively. In 2017 and 2016, our EPC operations generated revenues of $54.5 million, or 61.3% of revenue, and $48.0, or 60.9% of revenues. The principal source of our EPC revenue was generated from solar farm projects with subsidiaries of AMD, a related party. AMD, a publicly-traded company in China, is one of our principal stockholders and its chairman and chief executive officer is one of our directors. We recognized our revenues in China on the EPC services using the percentage of completion method based on the percentage of actual costs incurred to total budgeted costs. Revenue from AMD and its subsidiaries accounted for 69% or the revenues from our China segment for the nine months ended September 30, 2018 and 100% of such revenues for the nine months ended September 30, 2017 and the years ended December 31, 2017 and 2016. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We had a consolidated net loss of $10.5 million in the nine months ended September 30, 2018 and $8.7 million in the nine months ended September 30, 2017 and used cash flows from operations of $13.4 million in the nine months ended September 30, 2018 and $7.7 million in the nine months ended September 30, 2017. Our China operations had net income of $550,000 in the nine months ended September 30, 2018 and a net income of $804,000 in the nine months ended September 30, 2017.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our net loss for the September 2018 period included the impact of non-cash charges of $650,000, consisting of stock compensation expense of $101,000 related to grants of stock options and $549,000 of asset impairment losses related to our long-lived solar assets. &nbsp;Both non-cash charges are expenses of our United States segment.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We had consolidated net losses of $12.1 million in 2017 and $7.6 million in 2016 and used cash flows in our operations of $5.5 million in 2017 and our operations provided cash flows of $4.5 million in 2016. Our China operations had net income of $415,000 in 2017 and $1.9 million in 2016. Our net loss for 2017 included the impact of non-cash charges of $1.8 million consisting of stock compensation expense of $239,000 related to grants of stock options and $1.6 million of asset impairment losses related to our long-lived solar assets and our unconsolidated investments. Our net loss for 2016 included the impact of non-cash charges of $358,000, consisting of stock compensation expense of $230,000 related to grants of stock options and $128,000 of asset impairment losses related to our unconsolidated investments. Our 2016 net loss included $914,000 of accrued contract loss for a major LED contract signed in 2016 that was completed in 2017. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 0.5in" align="justify">We have a supply agreement with Sunspark in which we agreed to purchase 150MW of solar panels over a three-year period beginning June 2016 at a price to be negotiated, but not to exceed 110% of the three-month rolling average market price per watt for an estimated total commitment of approximately $84.0 million based on the most recent price paid on a purchase order from Sunspark. The agreement stipulates a 30MW minimum supply commitment per year, which will cost approximately $16.8 million based on the most recent price paid on a purchase order from Sunspark, with the first year being the year ended May 31, 2017. In April 2017, our China operations made purchases of 50MW under this commitment for RMB 160.125 million (approximately $23 million), which was used for our second solar farm project, Guizhou Pu&#8217;an, and which satisfied our first year commitment. The period for our purchases in the second year was orally extended to December 31, 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6189d5e6-318c-48b9-b19f-ae4ddefbd2c7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">ZHTH, acquired, through project subsidiaries, the rights to construct solar farms in Guizhou, China which we refer to as Guizhou Qingshuihe and Guizhou Pu&#8217;an. Guizhou is one of the southern provinces in China. Because of Chinese regulations relating to permits for solar farms, we obtain a permit for a solar farm in the name of a project subsidiary and we transfer the equity in the subsidiary to the buyer of the solar farm project. The sale of equity in the project subsidiaries is generally based on the net assets of the entity and does not produce significant gains or losses. The sales price for the project subsidiary is not included in our revenue because the sale is treated as a sale of an asset. We recognize any gain or loss as other income.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In February 2016, we signed an agreement with an AMD subsidiary pursuant to which this subsidiary engaged ZHPV to perform the EPC services for its Guizhou Qingshuihe solar farm. The solar farm was initially designed to generate 70MW of power and the contract price, exclusive of value added taxes, or VAT, was approximately RMB 528.0 million (approximately $80.0 million). Due to the limitation of available land, the size of the project was reduced to 55MW, with a contract price of RMB 425 million (approximately $64 million). The Guizhou Qingshuihe solar farm project was completed during 2017. We recognize revenue on our EPC services on the percentage of completion basis. Our gross prices include value added taxes, known as VAT. Although we do not include VAT as either revenues or cost of revenues, the contract prices to our customers in the PRC include VAT and, accordingly, the prices in this prospectus include VAT.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In October 2016, ZHPV executed an EPC contract with another subsidiary of AMD for a second 50MW solar farm project in Guizhou, China, which is referred to as Guizhou Pu&#8217;an. The contract price was originally RMB 322.5 million (approximately $49.0 million) and was reduced in February 2017 to RMB 312.5 million (approximately $47.0 million). In September 2017, a change order was entered into to increase the size of the project by another 5MW for a total of 55MW. We commenced construction of this project in December 2016. The Guizhou Pu&#8217;an solar farm project was completed during 2017. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.85pt" align="justify">In November 2016, ZHPV executed an EPC contract with Xin Huang Duong Minority Poverty Relief Office, a PRC governmental entity, to construct photovoltaic power stations in 11 villages in Xin Huang Dong Minority autonomous county. The total system size for the 11 sites is 660 kilowatts with a contract value of RMB 5.1 million (approximately $750,000). The retainage for the five-year construction warranty would be 10% or RMB 0.5 million, with 20% to be released at the end of each the first five years. Because of its small size and short construction period, this contract is accounted for under the completed contract method and we completed the project during the nine months ended September 30, 2018.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.85pt" align="justify">In December 2017, ZHPV and ZHTH, entered into contracts with Yilong AMD New Energy Co., Ltd., an affiliate of AMD, for EPC services on a 30MW solar farm project in Guizhou Yilong province. In January 2018, an additional 5MW was added to the project pursuant to a separate agreement. The total contract value, excluding VAT, for the 35MW project is approximately RMB 193.6 million (approximately $29.8 million). Construction work on the project started in January 2018. The project was completed during the nine months ended September 30, 2018.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> In August 2018, ZHPV entered into a contract with Ningxia MCC Meili Cloud Energy Co., Ltd., a non-affiliate, to construct a 50MW photovoltaic power station for a total contract price excluding VAT of RMB 179,000,000 (approximately $26 million) or $0.63 per watt. Construction work on the project started in August 2018. At September 30, 2018, the project was 49% complete, and we expect it to be completed on or before December 31, 2018. </p>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Although our business plan contemplates positive cash flows in our United States segment, we cannot assure you that we will generate positive cash flow from our United States segment or that any cash flow we may generate, together with our available credit facilities and the proceeds of this offering will be sufficient to enable us to meet either our debt service requirement or our agreement with Sunspark. We are continuing to explore alternatives for additional sources of financing to fund our United States operations including secured borrowing facilities from a bank in the PRC, disposing of a portion of our loan portfolio to financial institutions based in the United States and obtaining additional funding through investors under federal EB-5 immigration programs. We cannot assure you that positive cash flows will be achieved or that alternative sources of financing will be available to us if and when needed and under favorable terms, if any.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4a0b0f13-81af-4505-aa46-a5615fa720e2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On July 29, 2016, we entered into a distribution agreement with Li-Max Technology, Inc. with an effective date of June 9, 2016. The agreement has a five-year term during which we are the exclusive distributor of Li-Max Energy Storage System for a territory that includes the entire world other than Asia. We believe this product will complement our existing solar systems and commercial LED lighting in the United States. The agreement contains an initial purchase commitment of 375 units, which is approximately $1.1 million, of Li-Max Energy System within the first six months of the term of the agreement. In the event that we fail to purchase 60% of this commitment within the six month period, Li-Max can require us to purchase the shortfall within 60 days. If we don&#8217;t meet this commitment Li-Max has the right to terminate the agreement. The agreement also contains a warranty provision for all the systems purchased from Li-Max for a period of ten years. As of September 30, 2018, we had not met the minimum purchase commitment due to (i) the vendor&#8217;s inability to obtain the UL certificate of its products since July 2017 and (ii) the inability of the system to meet the California requirements for qualification for energy storage incentives under the California Self-Generation Incentive Program. On October 8, 2018, we entered into an amendment to our agreement with Li-Max, pursuant to which Li-Max agreed to redesign the system so that it qualifies for the California home battery rebate. Additionally, the minimum purchase requirements were suspended until Li-Max completes such redesign and we are satisfied that the redesigned system will qualify for the California home battery rebate and that Li-Max can manufacture and deliver the redesigned systems in the quantities contemplated by the agreement (the &#8220;Redesign Date&#8221;). Our obligation to purchase the Li-Max system commences on the Redesign Date and the six-month period referred to above shall mean the six-month period commencing six months from the Redesign Date. The term of the agreement was extended to five years from the Redesign Date. The parties shall negotiate in good faith the initial purchase commitment, which shall not exceed 375 units and the base price shall be adjusted to reflect changes in Li-Max&#8217; costs as well as the anticipated market price.</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 45px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On October 7, 2016, our board of directors adopted, and in November 2016, our stockholders approved, the 2016 Long-Term Incentive Plan pursuant to which a total of 6,500,000 shares may be issued pursuant to various equity-based incentives, including non-qualified stock options, incentive stock options and restricted stock grants. The board of directors granted restricted stock grants covering 3,816,000 shares of common stock, which will become non-forfeitable six months after the date of this prospectus. The board of directors also authorized the grant of options to purchase a total of 2,275,500 shares of common stock at an exercise price of $5.00 per share. The value of the restricted stock and the options is reflected as a non-cash compensation expense. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">As a result of employment agreements with our senior management and the grant of options and restricted stock grants pursuant to our 2016 Long-Term Incentive Plan, as well as the costs associated with our proposed initial public offering, our general and administrative expense increased in 2017 and will continue to increase. For 2017, our chief executive officer and our executive vice president, chief strategy officer and treasurer received base salaries of $1.16 million and bonuses totaling $878,000. For 2018, they receive base salaries totaling $1.20 million. For 2016, their annual base salary was a total of $450,000 and their bonuses were $109,214. In addition, in 2016, they received a total of 2,350,000 shares of common stock as restricted stock grants pursuant to our 2016 Long-Term Incentive Plan. These shares, which were valued at $11,750,000, are subject to forfeiture provisions. Pursuant to their employment agreements, we are paying our chief executive officer and our executive vice president, chief strategy officer and treasurer salaries in the total amount of $1.20 million. The employment agreements provide for a salary increases of at least 3% annually, commencing in 2018. In addition, they are to receive an annual bonus based upon a percentage of revenue in excess of $30 million, which range from a total of $450,000 for revenue between $30 million and $50 million, to a total of 1.9% of revenue if our revenue is at least $300 million.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Results of Operations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table sets forth information relating to our operating results for the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017 and 2016 (dollars in thousands) and as a percentage of revenue:</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak27e4c5a0-9a64-4e6b-bc63-dd8d50c508e2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">45</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="14"> <p style="MARGIN: 0px" align="center"><b>Nine Months Ended September 30,</b></p></td> <td></td> <td></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="14" align="center"> <p style="MARGIN: 0px"><b>Year Ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dollars</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>%</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dollars</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>%</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dollars</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>%</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dollars</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>%</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify">Revenue:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Solar energy sales (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="7%" align="right"> 20,183 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">29.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">19,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">28.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">27,346</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">30.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">27,963</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">35.5</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">LED sales (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">617</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,341</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">3.4</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">4,507</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">5.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">513</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.7</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Financing (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,325</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,482</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,961</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,223</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.8</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm EPC (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">45,094</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">66.8</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">44,473</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">65.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">54,517</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">61.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">47,962</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">60.9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm O&amp;M and other (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">328</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">264</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.4</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">600</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.7</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">156</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total revenues</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">67,547</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">100.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">68,060</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">100.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">88,931</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">100.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">78,817</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">100.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cost of revenue:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar energy sales</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">17,308</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">25.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">16,071</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">23.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">22,218</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">25.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">21,982</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">27.9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">LED sales </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">553</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.8</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,777</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">4.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">5,024</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">5.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,481</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1.9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Financing</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm EPC (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">42,080</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">62.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">41,233</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">60.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">50,843</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">57.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">41,264</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">52.4</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm O&amp;M and other (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">301</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.4</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">182</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">263</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">138</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.2</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total cost of revenues</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">60,241</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">89.2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">60,264</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">88.5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">78,348</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">88.1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">64,865</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">82.3</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Gross profit </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">7,306</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">10.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">7,796</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">11.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">10,583</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">11.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">13,952</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">17.7</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Gross margin </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">10.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">11.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">11.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">17.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Operating expenses:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Sales and marketing (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,096</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">3.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,783</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,303</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,583</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">3.3</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Sales and marketing (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">594</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">779</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1.19</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,019</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">701</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">General and administrative (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">9,791</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">14.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">10,506</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">15.40</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">12,865</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">14.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">12,338</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">15.7</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">General and administrative (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,620</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.4</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,125</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">3.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,612</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2,176</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">2.8</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Impairment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">549</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.0</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">605</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.7</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.0</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total operating expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">14,650</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">21.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">15,192</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">22.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">19,404</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">21.8</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">17,798</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">22.6</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Income (loss) from operations (US)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,173</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(7,814</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-11.5</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(9,201</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-10.3</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(7,685</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-9.8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Income (loss) from operations (China)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">828</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">418</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">380</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.4</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">3,839</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">4.9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Equity in income (loss) from unconsolidated ventures</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(424</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(131</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.2</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(1,277</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.4</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(269</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.3</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Interest (expenses), net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(1,170</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(1,154</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(1,402</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(2,249</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-2.9</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Other income (expenses), net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(1,131</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">184</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.3</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">503</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(385</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.5</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">(Loss) before income taxes</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(10,070</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-14.9</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,497</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.5</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(10,997</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.4</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(6,749</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-8.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Income tax benefit (provision)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(452</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-0.7</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(191</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-0.3</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(1,075</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-1.2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(862</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">-1.1%</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(10,523</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-15.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,688</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(12,072</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-13.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(7,611</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-9.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Net (loss) attributable to noncontrolling interests</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(79</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(57</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(140</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.2</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(74</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Net (loss) attributable to stockholders</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(10,443</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-15.5</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,631</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(11,932</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-13.4</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(7,537</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-9.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation adjustment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(659</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-1.0</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">439</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">680</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">0.8</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(633</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-0.8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Comprehensive (loss) attributable to stockholders</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(11,103</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-16.4</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,193</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.0</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(11,252</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-12.7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">(8,170</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-10.4</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak069b5d75-96e9-4665-9c84-b97f33777b42" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">46</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b><i> Nine Months Ended September 30, 2018 and 2017</i></b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Revenues</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Revenues for the nine months ended September 30, 2018 were $67.5 million, a decrease of $0.5 million, or 1%, from $68.1 million in the comparable period of 2017. The decrease is the result of a $1.7 million decrease in LED revenue from 2017 resulting from a non-recurring contract from one government contract in the United States segment which generated revenue of $ 2.2 million during the nine mon t hs ended September 30, 2017 , partially offset by an increase in revenues from solar energy sales in the United States segment of $0.7 million and an increase in the solar farm EPC revenue in the China segment of $0.7 million. During the nine months ended September 30, 2018, we deployed 6.4MW on 907 completed systems in the United Sates, compared with 5.9MW on 831 completed systems in the comparable period in 2017. Our average solar revenue per watt is $3.17 in the nine months ended September 30, 2018, a 3.4% decrease from $3.28 in the September 2017 period, which reflects the decrease in solar pricing resulting from increased competition. Solar revenue per watt represents the revenue generated during the period from sales of solar systems divided by the wattage installed during the period. Our revenue for the nine months ended September 30, 2018 and 2017 includes finance-related revenues of $1,325,000 and $1,482,000, respectively. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">During the&nbsp; nine months ended September 30, 2018, our revenue from our China segment related to EPC revenue, primarily from two solar farm projects, the Guizhou Yilong project and the Ningxia Meili Cloud project, and, to a significantly lesser extent, from the operation and maintenance revenue on Guizhou Qingshuihe and Guizhou Pu&#8217;an projects which were completed in 2017. In the September 2017 period, our EPC revenue was primarily derived from two solar farm projects, Guizhou Qingshuihe and Guizhou Pu&#8217;an. Our EPC revenues in the nine months ended September 30, 2018 were $45.1 million, a 1.4% increase from $44.5 million in the September 2017 period. During the nine months ended September 30, 2018, we completed 59.3MW , a 12% increase from 52.8MW in the September 2017 period. Our average revenue per watt is $0.72 in the nine months ended September 30, 2018 compared to $0.89 in the prior period, a decrease of 19%, primarily as a result of a lower sale price per watt on the Guizhou Yilong project and the Ningxia Meli Cloud project compared to the average sale price on the Guizhou Qingshuihe and Guizhou Pu&#8217;an projects in the September 2017 period. As of September 30, 2018, The Guizhou Yilong project was completed during the September 2018 period, and the Ningxia Meli Cloud project was 49% complete at September 30, 2018, based on total project costs incurred to total project costs budgeted ./ During the nine months ended September 30, 2018, we also earned operation and maintenance and other service revenue of $328,000 compared to $264,000 in the September 2017 period.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Cost of revenue and gross profit</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Cost of revenue for our United States operations decreased 5% from $18.8 million in the September 2017 period to $17.9 million in the September 2018 period, largely as a result of a $2.2 million decrease in cost associated with LED reflecting the reduced LED revenue. Our cost per watt for the nine months ended September 30, 2018 is $2.72, a 1% increase from $2.70 in the September 2017 period. During the September 2017 period we incurred a negative gross profit on a one-time government contract for LED. Our gross margin for the United States operations remained comparable to the prior period at 19% in the nine months ended September 30, 2018. We have no cost of revenue with respect to our revenue from financing.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Cost of revenue for our China operations relates primarily to the construction project cost incurred on the Guizhou Yilong and Ningxia Meli Cloud solar farm projects which was 100% and 49% complete, respectively, as of September 30, 2018. We recognized our revenue under the percentage-of-completion method based on the percentage of the actual project costs incurred versus the total budgeted project costs. Our gross margin on our China operations for the nine months ended September 30, 2018 was 6.7%, a decrease from 7.4% in the September 2017 period resulting from the impact of the lower average revenue per watt in the September 2018  period  compared to the average revenue per watt in the September 2017 period.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Gross margin for the nine months ended September 30, 2018 is 11%, a decrease from 12% in the September 2017 period, reflecting the continuing competition for the lower price per unit in both the United States segment and the China segment. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Operating expenses</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Sales and marketing expense for our United States operations for the nine months ended September 30, 2018 was $2.1 million, a 17.6% increase from $1.8 million in the prior period. As a percentage of our United States revenue, sales and marketing expenses are 9% compared with 8% in the September 2017 period. The increase from prior year is the result of our continuing effort  to changes our marketing initiatives, most notably the shifting of our focus from traditional radio advertisements to sponsorships and other public relation initiatives.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak720d9e90-4804-4b98-8bc1-ffe6c71a6db5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">47</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Sales and marketing expense relating to our China operations decreased to $594,000 for the nine months ended September 30, 2018 from $779,000 in the September 2017 period. Beginning in the latter half of 2017, we improved our focus on sales and marketing expense in China resulting in lower expense in the 2018 period. Our sales and marketing expense could fluctuate in the future as we continue to expand our efforts to procure new EPC contracts for solar farm projects, and we continue to expect our sales and marketing expense for our China operations to increase . In August 2018, we entered into an  agreement  with a non-related party for 50MW solar farm EPC valued at more than $30 million. However, we cannot assure you that we will be successful in generating EPC revenue from non-related parties in China. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">General and administrative expenses for our United States operations for the nine months ended September 30, 2018 decreased to $9.8 million, a decrease of $715,000, or 7%, from $10.5 million in the September 2017 period. As a percentage of our United States revenue, general and administrative expenses were 44% of revenue compared to 45% for the September 2017 period. General and administrative expenses included compensation and benefits, depreciation and amortization (excluding auto depreciation), provision for losses, rental and leasing expense, and other corporate overhead expenses. We expect corporate overhead expense to increase for the remainder of 2018 and 2019 due the increase in executive compensation and the cost of compliance and other regulatory costs associated with being a public reporting company. All of our corporate overhead, other than overhead directly related to our China operations, is allocated to our United States operations. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">General and administrative expenses relating to our China operations decreased $504,000 or 24%, from $2.1 million in the September 2017 period to $1.6 million in the September 2018 period, as a result of a bad debt expense recognized in the June 2017 period resulting from our determination to establish a reserve against a portion of uncollected pre-acquisition receivable acquired by ZHPV. General and administrative expenses relate to the corporate and overhead expenses specifically connected with our China operations and include personnel costs, facilities rental and leasing and other general overhead expenses. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Income (loss) from operations</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We had a consolidated loss from operations of $7.3 million for the nine months ended September 30, 2018, primarily as a result of an operating loss from our United States operations of $8.2 million, partially offset by an operating income from our China operations of $828,000. Our China operations generated operating income of $828,000 for the nine months ended September 30, 2018 as compared with $418,000 for the September 2017 period, as a result of a decrease in our selling and marketing expenses and general and administrative expenses related to the reserve set up in the prior period against uncollected pre-acquisition receivables we acquired in connection with the acquisition of ZHPV in April 2015, partially offset by a decrease in gross profit of $280,000. Our loss from operations for our United States operations increased $359,000, or 5%, to $8.2 million, as compared with a loss from operations of $7.8 million in the September 2017 period. The loss from operations for our United States operations includes the impact of non-cash stock compensation expense of $101,000, &nbsp; a decrease &nbsp;of $477,000, or 44%, over the prior period, primarily as a result of the impact of forfeitures. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Equity in income (loss) from unconsolidated ventures</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Equity in (loss) from unconsolidated ventures, which relates to our United States segment, increased by $293,000, or 224%, from a loss of $131,000 in the September 2017 period to a loss of $424,000 in the September 2018 period, primarily as a result of the unfavorable financial performance of all our unconsolidated investments during the period. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Interest expense, net</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px">Interest expense, net, for the nine months ended September 30, 2018 was $1.2 million, an increase of $16,000, or 1%, from the September 2017 period. Our interest expenses in the September 2018 period includes interest incurred on our two loans from affiliated entities in the United States that bear interest at 3%, with a total balance of $55.5 million at September 30, 2018, and the $5.8 million loan from a Chinese bank bearing interest at 3% that was made in October 2017, partially offset by interest earned on our bank deposits. Our interest expense in the September 2017 period primarily consist of interest on our two loans from affiliates in the United States with a total balance of $51.5 million at September 30, 2017 and a term loan to our United States operations denominated in RMB from a Chinese bank in the amount of $5.8 million with interest at 3.8% which was paid in October 2017, partially offset by interest earned on our bank deposits.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0ef25385-8b8b-485e-ab0c-3cf634a4245d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">48</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Income tax benefit (provision)</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Income tax for our U.S. operations for both nine months ended September 30, 2018 and September 30, 2017 quarters was $4,000, representing the minimum California state franchise taxes. There was no change in income tax for both periods. A full valuation allowance was provided since the United States segment still experiences recurring net losses. Deferred tax assets primarily consist of net operating losses carryover, investment tax credits, stock compensation expenses, and deferred charges. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The provision for income taxes for our China operations increased by $261 ,000 in the nine months ended September 30, 2018 as compared with the nine months ended September 30, 2017, primarily due to the increase in taxable income in our China segment and the utilization of the previous accrued deferred tax assets. The provision for income taxes for our China operations for the nine months ended September 30, 2018 is $448,000 compared with a tax provision of $187,000 for the prior period. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Net loss</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">As a result of the foregoing, we had a consolidated net loss of $10.5 million for the nine months ended September 30, 2018, as compared with a consolidated net loss of $8.7 million for the nine months ended September 30, 2017. The increase in the consolidated net loss is largely contributed by the impact of exchange rate on our intercompany receivable and payable balances. Our United States operations are continuing to operate at a loss resulting from the decrease in gross profit from solar systems in the United States, as well as the increase in corporate overhead incurred including executive compensation pursuant to the employment agreements that was not specifically allocated to our China segment. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We have a 93.75%-owned subsidiary and non-controlling interests represent the 6.25% interest held by a former executive of our China operations who was not employed by us at the time we acquired the 93.75% interest in the entity. The net income (loss) attributable to non-controlling interests represents the allocation of the subsidiary&#8217;s net income (loss) to non-controlling interests. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">After giving effect to the minority interest, we had a net loss attributed to our stockholders of $10.4 million, or ($0.27) per share (basic and diluted), for the nine months ended September 30, 2018, as compared with a net loss of $8.6 million, or ($0.22) per share (basic and diluted), for the nine months ended September 30, 2017.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Currency translation adjustment </em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Although our functional currency is the U.S. dollar, the functional currency of our China operations is the RMB. The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and reflects changes in the exchange rates between U.S. dollars and RMB. As a result of foreign currency translations, which are a non-cash adjustment, we reported net foreign currency translation losses of $659,000 for the September 2018 period and net foreign currency translation gains of $439,000 for the September 2017 period. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b><i>Years Ended December 31, 2017 and 2016</i></b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Revenues</em><i></i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Revenues for 2017 were $88.9 million, an increase of $10.1 million, or 13%, from $78.8 million in 2016. The increase largely results from $4.0 million increase in LED revenue resulting from one government contract and a $7.0 million increase in revenue from our China operations, offset by a $617,000 decline in revenue from our United States solar energy sales and a $262,000 decline in financing revenues. During 2017, we deployed 8.4MW on 1,163 completed systems in the United Sates, compared with 8.4MW on 1,062 completed systems in 2016. Our average solar revenue per watt is $3.26 in 2017, a 2.4% decrease from $3.34 in 2016, which was largely affected by a decrease in solar pricing resulting from increased competition. Solar revenue per watt represents the revenue generated during the period from sales of solar systems divided by the wattage installed during the period. Our revenue for 2017 and 2016 includes finance-related revenues of $2.0 million and $2.2 million, respectively. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9ace2232-a56f-4550-921c-fba80d656c11" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">49</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">During 2017 and 2016, our revenue from our China operations resulted primarily from EPC revenue generated from the Guizhou Qingshuihe and Guizhou Pu&#8217;an solar farm projects, and, to significantly lesser extent, the operation and maintenance revenue on these projects. Our EPC revenues in 2017 were $54.5 million, a 14% increase from $48.0 million in 2016. During 2017, we completed 63.5MW, a 27% increase from 50.1MW in 2016. Our average revenue per watt is $0.85 in 2017 compared to $0.97 in 2016, a decrease of 12%, primarily as a result of a price reduction change order on Guizhou Pu&#8217;an which reduced the EPC unit price by 3% reflecting a reduction in the size of the project. As of December 31, 2017, both solar farm projects were 100% completed. Our 2017 EPC revenue also includes $594,000 from smaller scale rooftop projects for non-related parties. In addition, we earned operation and maintenance revenue of $600,000 in 2017 for services on two solar farm projects compared with revenue of $156,000 for services for one solar farm in 2016.</p> <p style="MARGIN: 0px"><em></em>&nbsp;</p> <p style="MARGIN: 0px"><em>Cost of revenue and gross profit</em></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Cost of revenue for our United States operations increased 16% from $23.5 million in 2016 to $27.2 million in 2017, principally due to a $3.5 million increase in cost associated with LED sales, stemming from one government contract which generated negative gross profit, and a $236,000 increase in cost related to solar energy sales. Even though our revenues from solar sales decreased 2%, our cost increased by 1%, largely as a result of unanticipated increased warranty costs in 2017of $354,000 for systems we installed for a leasing company with whom we worked until February 2017. Our cost per watt for 2017, excluding the unanticipated warranty costs, was $2.61, which is comparable to $2.62 in 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our gross margin&nbsp;for the United States operations decreased to 19% for 2017 from 24% a year ago, largely as a result of the negative gross margin from a one-time LED contract. We have no cost of revenue with respect to our revenue from financing. </p>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Cost of revenue for our China operations represents primarily the construction project costs incurred on the Guizhou Qingshuihe and Guizhou Pu&#8217;an solar farm projects which were completed by December 31, 2017. We recognized revenue under the percentage-of-completion basis based on the percentage of that the project costs incurred bears to the total budgeted project costs. Our gross margin on our China operations for 2017 is approximately 7%, a decline from 14% a year ago, primarily resulting from the reduction in selling price per unit on the Guizhou Pu&#8217;an project, pursuant to the 2017 price reduction change order, and increased costs on the Guizhou Pu&#8217;an project from a change in the scope of the project to add a second sub-station based on the final layout of the land under construction which was not originally anticipated in the project budget and with respect to which we were not able to increase our price to reflect the increased costs fully. This change in estimate, which was not anticipated in the project&#8217;s original specifications, resulted in an increase in the project cost from the original budget of 17% and 20% for the nine months ended September 30, 2017 and the year ended December 31, 2017, respectively. Since the Company was not able to pass the full additional cost of to the customer, the resulting gross margin decreased for the respective periods from the original budget of 14% for each period to 8% and 7%, respectively. </p>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Gross margin for 2017 was 12% compared to 18% for 2016 as a result of the lower gross margin from both our United States operations and our China operations. Because our China business generates both higher revenue and a lower gross margin than our United States operations, we anticipate that the China operations will continue to have a negative impact on our overall gross margin.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Operating expenses</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Sales and marketing expense for 2017 decreased for our United States operations to $2.3 million, a decrease of $280,000, or 11%, from $2.6 million in 2016. As a percentage of our United States revenue, sales and marketing expenses were 7%, compared with 8% in 2016. The decrease from 2016 is the direct result of the initial ramp up of radio broadcasting to promote the FLEX battery storage system when it was initially launched in the summer of 2016.</p>&nbsp; <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Sales and marketing expense relating to our China operations increased to $1.0 million for 2017 from $701,000 in 2016. We have been expanding our efforts to procure new EPC contracts for solar farm projects, and we continue to expect our sales and marketing expense for our China operations to continue to increase. However, to date the revenue from our China operations has been derived from related parties, and we cannot assure you that we will be successful in our efforts to generate business from non-related parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka1068ee6-73ea-4558-9897-e5500069dab0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">50</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">General and administrative expenses for our United States operations for 2017 increased to $12.9 million, an increase of $527,000, or 4%, from $12.3 million in 2016. As a percentage of our United States revenue, general and administrative expenses were 38% of revenue compared to 40% for the prior period due primarily to the impact of offering costs deferred in 2016 and expensed in 2017, and the increased revenue in 2017 from our LED operations as a result of a large non-recurring government contract. General and administrative expenses included compensation and benefits, depreciation and amortization (excluding auto depreciation), provision for losses, rental and leasing expense, and other corporate overhead expenses. During 2017, we incurred higher provision for losses, higher rental expense as a result of our lease renewal for our corporate headquarters as well as for our other offices, and additional bonuses associated with the employment agreements that we entered into in October 2016 with our two senior executive officers. We expect corporate overhead expense to continue to increase in 2018 due to the compensation payable to our senior executive officers pursuant to their employment agreements and costs relating to our being a public reporting company. Commencing in 2017, pursuant to employment agreements, the two executives are to receive an aggregate salary of $1,560,000, plus bonuses based on a percentage of revenue in excess of $30 million. All of our corporate overhead, other than overhead directly related to our China operations, is allocated to our United States operations. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">General and administrative expenses relating to our China operations increased by $436,000 , or 20%, from $2.2 million in 2016 to $2.6 million in 2017. Since we commenced operations in China in May 2015, following the April 2015 acquisition of ZHTH and ZHPV, we incurred expenses to ramp up our China operations from May 2015 and through the year ended December 31, 2017. General and administrative expenses relate to the corporate and overhead expenses incurred by our China operations that began in May 2015. These expenses include personnel costs, facilities rental and leasing and other corporate expenses.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><em>Income (loss) from operations</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We had a loss from operations of $8.8 million for 2017, as a result of an operating loss from our United States operations of $9.2 million, partially offset by operating income of $380,000 from our China operations. Our operating income from China operations decreased $3.5 million, or 90%, during 2017 from $3.8 million in 2016 reflecting the reduction in gross margin on the second solar farm project, Guizhou Pu&#8217;an, as a result of increased costs resulting from a change in the scope of the project where we were not able to recoup in full our cost increases following the change in the scope of the project. During 2017, our China segment also recorded a bad debt expense of more than $600,000 resulting from the write-off of uncollected receivables of a ZHPV. Our loss from operations for our United States operations increased $1.5 million, or 20%, to $9.2 million, as compared with a loss from operations of $7.7 million in 2016, as a result of the reduction of gross margin from 24% to 19% and the impact of the expensing of offering costs. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>Equity in </em><em></em><em>(loss) from unconsolidated ventures</em></p><em></em> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Equity in (loss) from unconsolidated ventures, which relates to our United States segment, increased by $1.0 million, or 375%, from a loss of $269,000 in 2016 to a loss of $1.3 million in 2017, primarily as a result of $1.0 million impairment charge on our investments in the ventures as a result of our determination that the fair value of our investments is less than our carrying value and such decline in value over our carrying value was determined to be other than temporary.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>Interest expense, net</em></p> <p style="MARGIN: 0px" align="justify"><em></em>&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Interest expenses, net&nbsp;for 2017 was $1.4 million, a decrease of $846,000, or 38%, from 2016. Our interest expenses in 2017 includes interest at 3% on our two loans from affiliated entities in the United States with a total balance of $55.5 million at December 31, 2017, and interest at 3.8% on a $5.8 million RMD-denominated loan to our United States operations from a Chinese bank (which was paid in October 2017), and interest at 3.0% on a $5.8 million loan from the same Chinese bank.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7c20e616-c3c0-4c70-852b-1d5c2eb2b968" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">51</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Income tax benefit (provision)</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The provision for income taxes for the United States operations was $4,000 reflecting the minimum state franchise taxes amount for 2017, compared to a benefit for income taxes of $78,400 in 2016 which reflected the tax benefit from the state income tax refunds on overpayment of taxes in prior periods. There was no net change in income tax benefits (provision) for both the 2017 and 2016 periods due to changes in deferred tax assets since a full valuation allowance was provided for both years since our U.S. operations are continuing to experiencing losses. Deferred tax assets primarily consist of net operating losses carryover, investment tax credits, stock compensation expenses and deferred charges. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The provision for income taxes for our China operations increased approximately $130,000 in 2017 as compared to 2016, primarily due to the increase in taxable income in the China operations from 2016. The provision for income taxes for the China operations for 2017 is approximately $1,070,000, as compared with approximately $941,000 for 2016. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Net loss</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">As a result of the&nbsp;foregoing, we had a consolidated net loss of approximately $12.1 million for 2017, as compared with a consolidated net loss of approximately $7.6 million for 2016. Our United States operations are continuing to operate at a loss resulting primarily from the decrease in revenue from solar systems in the United States, as well as the headquarter expenses incurred that were not allocated to our China segment. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We have a 93.75%-owned subsidiary and non-controlling interests represent the 6.25% interest held by a former executive of our China operations who was not employed by us at the time we acquired the 93.75% interest in the entity. The net income (loss) attributable to non-controlling interests represents the allocation of the subsidiary&#8217;s net income (loss) to non-controlling interest.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">After giving effect to the minority interest we had a net loss of approximately $11.9 million, or $(0.31) per share (basic and diluted), for 2017, as compared with a net loss attributed to the Company of $7.5 million, or $(0.20) per share (basic and diluted), for 2016.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>Currency translation adjustment</em><em></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations which reflect changes in the exchange rates between U.S. dollars and RMB. As a result of foreign currency translations, which are a non-cash adjustment, we reported net foreign currency translation gain of $680,000 for 2017 and a loss of $633,000 for 2017. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak99d21a96-7707-4a06-94f9-fbfa9294f5b8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">52</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Liquidity and Capital Resources</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The following tables show consolidated cash flow information for the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017 and 2016 (dollars in thousands):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> Nine Months Ended</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year Ended</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>$ Increase</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>$ Increase</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Decrease)</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Decrease)</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) operating activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (13,387 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (7,733 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (5,654 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,477</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,511</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(9,988</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) investing activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 893 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 436 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 457 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">428</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(166</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">594</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) financing activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 10,801 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 10,788 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 13 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,918</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,707</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(4,789</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Net increase (decrease) in cash and cash equivalents and restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,291 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,081 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (6,372 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,150</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,866</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(12,716</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net increase (decrease) in cash and cash equivalents and restricted cash excluding foreign exchange effect</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,693 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,492 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (5,184 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,869</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,053</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(14,184</td> <td valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px"><em></em>&nbsp;</p> <p style="MARGIN: 0px"><em>Operating Activities</em></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em> Nine Months Ended September 30, 2018 and 2017</em><i></i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Net cash used in operating activities in the nine months ended September 30, 2018 was $13.4 million, compared to net cash used in operating activities in the nine months ended September 30, 2017 of $7.7 million, an increase of $5.7 million, resulting from an increase in net loss of $1.8 million, an increase in our overall change in operating assets and liabilities of $1.8 million, and a decrease in non-cash expense of $2.1 million. During the nine months ended September 30, 2018, our operating assets and liabilities used $5.9 million in cash, compared to $4.1 million in the September 2017 period, resulting in the increase of cash used of $1.8 million in operating assets and liabilities. The increase in our operating assets and liabilities during the nine months ended September 30, 2018 is primarily due to working capital needs and timing of collection of receivables as well as project billings related to EPC projects for our China operations. We expect the fluctuations of working capital over time to vary based on the completion status and the related contractual billings of the EPC projects which could vary from project to project. Non-cash charges in the nine months ended September 30, 2018 were $3.0 million, compared to $5.1 million in the September 2017 period, primarily due to a decrease in non-cash expense related to a decrease in depreciation expense and loss provisions totaling $3.4 million, offset by an increase in our impairment loss of $549,000 and an decrease in deferred income taxes of $80,000 and an increase in net unrealized exchange losses of $745,000. Major components of changes in non-cash adjustments and in working capital are discussed below:</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Non-cash adjustments:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td width="4%"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$549,000 increase in asset impairment charges related to a solar asset.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $80,000 decrease in deferred income taxes primarily associated with our China segment.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><font face="Symbol"> &#183; </font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $745,000 increase in unrealized exchange losses related to our investments in our China segment. </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"> $1.8 million decrease in expense associated with loss provisions for bad debts, loan losses, inventories, warranty, customer care and production guaranty, as a result of specific reserves impacting only the prior period.</p></td></tr> <tr height="15"> <td></td> <td valign="top">&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $1.7 million decrease in depreciation and amortization expense.</p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Changes in operating assets and liabilities:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $740 ,000 increased cash outflow primarily attributable to an increase in receivables and current assets, as a result of delayed collection of contractual billings due to ongoing project sale discussion between the current owner of the EPC project (our customer) and a prospective buyer which contributed to the delay, but not the collectability.&nbsp;</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $1.4 million increased cash outflow due to the addition of bankers acceptances that we received from customers as payments for work we performed, which have maturities of six to 12 months. Bankers acceptances are negotiable instrument that are used in the normal course of business in China.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $12.2 million increase in cash inflows due to net increases in notes and accounts payable, accrued expenses and other payables. The increase in the outflow is contributed by the completion of the current EPC project, Guizhou Yilong, which is 100% complete at September 30, 2018.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $2.2 million reduced cash outflow from other assets. During the prior period, significant retainage amounts related to Guizhou Qingshuihe and Guizhou Pu&#8217;an EPC projects were held by customers which would be repaid after the end of the one year warranty period. We also incurred transaction costs that were capitalized in the prior period, which we expensed during the current period.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $12.5 million increased cash outflow from costs and estimated earnings in excess of billings on contracts, as a result of the contractual billing timing and the completion status of the Guizhou Yilong and Ningxia Meili C l oud projects. At September 30, 2018, the Guizhou Yilong project was 100% complete and Ningxia Meili Cloud project was 49% completed and we incurred more costs in excess of our current billings. </p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $1.2 million increased cash outflow from other liabilities, due to retainage amounts paid to subcontractors on EPC projects.</p></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify"> $908,000 increased cash inflow due to a reduction in inventories and advances to suppliers.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbeebc5bc-8f5c-4936-8514-457a9f314131" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">53</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Year Ended December 31, 2017 and 2016</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Net cash used in operating activities 2017 was $5.5 million, compared to net cash provided by operating activities of $4.5 million in 2016, a decrease of $10.0 million, resulting largely from our consolidated net loss, which increased by $4.5 million to a net loss of $12.1 million in 2017 from a net loss of $7.6 million in 2016. Major components of changes in non-cash adjustments and in working capital are discussed below:</p><b> <p style="MARGIN: 0px">&nbsp; </p></b> <p style="MARGIN: 0px">Non-cash adjustments:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in">$1.6 million increase in asset impairment charges in 2017 related to solar assets and our unconsolidated investments.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$387,000 of previously deferred offering costs that were expensed. </p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$569,000 increase in expense associated with loss provisions for bad debts, loan losses, inventories, warranty, customer care and production guaranty.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$1.3 million decrease in depreciation and amortization expense, including the amortization of the permit backlog intangibles related to our China segment.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">$914,000 decrease in accrued contract loss in 2017.</p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p><td valign="top"></td><td valign="top"></td><td valign="top"></td><td valign="top"></td><td valign="top"></td> <p style="MARGIN: 0px">Working capital:</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$14.0 million decrease from notes and accounts payable, and accrued expenses and other payables, primarily from the lower level of operating payables in our China segment relative to 2016. The stage of completion of our China EPC projects generally contributed to the fluctuation of the payable balances. At December 31, 2017, our two major EPC projects in our China segment were complete.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$744,000 increase in receivables and current assets, unbilled receivables, and costs and estimated earnings in excess of billings on uncompleted contracts in 2017 compared to 2016. The stage of completion of our China EPC projects generally contributed to the fluctuation of our receivables, current assets, unbilled amounts, and costs and estimated earnings in excess of billings on uncompleted contracts.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$7.0 million increase in inventories and advances to suppliers in 2017 compared to 2016. The fluctuation generally varies with the particular stage of completion of our China EPC projects.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px" align="justify">$1.6 million increase in other assets in 2017 compared to 2016, primarily as a result of cash received from construction retainage for quality warranty which generally is retained by the customers for one year from the date of completion of the EPC project.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><b>Investing Activities </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Net cash provided by investing activities in the nine months ended September 30, 2018 was $0.9 million compared to cash provided by investing activities of $0.4 million in the September 2017 period, primarily resulting from payment received in the September 30, 2018 period related to the loan issued during the September 2017 period. Cash provided in the September 2018 period primarily results from a receipt of a $1.0 million loan from Sunco Investments, LLC, a company owned by one of our minority stockholders. Cash provided in the 2017 period primarily results from a receipt of $1.5 million from a debt settlement in China and a distribution of capital from one of the Alliance joint ventures, partially offset by $1.0 million loan to Sunco Inves t ments . </p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Net cash provided by investing activities in 2017 was $428,000 compared to cash used in investing activities of $166,000 in the prior period. The increase of $594,000 in cash during 2017 is from the receipt of payments pursuant to the debt settlement agreement of $1.2 million relating to a receivable on the books of ZHPV when we acquired ZHPV in 2015, return of capital distributions received of $392,000 from our investments in unconsolidated joint ventures and proceeds of $134,000 from the disposal of property and equipment, partially offset with an increase in note receivables of $1.0 million and cash used to fund the purchase of property and equipment of $281,000.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak28e591ce-3c8f-405d-9f96-40884566cb32" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">54</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Financing Activities</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Net cash provided by financing activities for both the nine months ended September 30, 2018 was September 30, 2017 was $10.8 million. During the nine months ended September 30, 2018, we received approximately $5.0 million from the sale of 1,000,000 shares of common stock to an investor at $5.00 per share and the receipt of a $6.0 million loan from  Novus Magna Investments, LLC, a company affiliated with one of our minority stockholders. During the nine months ended September 30, 2017, we received payments of subscription receivables of approximately $5.1 million from stock subscriptions in 2015, and we drew down an additional $5.0 million under the $13.0 million loan agreement with a related party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Net cash provided by financing activities for 2017 was $8.9 million compared to $13.7 million in 2016. During 2017, we received payments of $5.1 million from the sale of common stock, borrowings of $10.8 million, and we made payments of $5.9 million on debt and $1.1 million of vendor bid deposits in our China segment. During 2016, we received proceeds from the sale of stock of $8.7 million, borrowings of $24.1 million, refundable bid deposits of $1.6 million, and we made debt payments of $18.9 million, and the refund of vendor bid deposits of $1.6 million our China segment.&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p><em> <p style="MARGIN: 0px"><em>Cash and Cash Equivalents and Restricted Cash</em></p></em>&nbsp;&nbsp; <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table sets forth, our cash and cash equivalents and restricted cash held by our United States and our China operations at September 30, 2018, December 31, 2017 and 2016 (dollars in thousands):</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify">US Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt" align="justify">Insured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,515</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,012</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,616</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt" align="justify">Uninsured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">12,611</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">9,429</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,350</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14,126</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,441</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,966</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">China Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt" align="justify">Insured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">460</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">507</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">496</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt" align="justify">Uninsured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10,232</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">15,161</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,496</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,691</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,668</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total cash and cash equivalents &amp; restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24,817</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">27,108</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">21,958</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash and cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">18,040</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">19,968</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">13,140</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">6,778</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">7,141</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">8,818</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We currently do not plan to repatriate any cash or earnings from any of our non-United States operations because we intend to utilize such funds to expand our China operations. Therefore, we do not accrue any China exit taxes related to the repatriation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Under applicable PRC law and regulations, our PRC subsidiaries are required to set aside at least 10% of their respective accumulated after-tax profits, if any, each year, to fund certain reserve funds, until the aggregate amount of such fund reaches 50% of its registered capital before they may pay dividends. We do not believe that this restriction will impair our operations since we do anticipate that we will use the cash generated from our PRC operations in those operations and we do not plan to repatriate such funds to the United States.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak47b555aa-a02b-46b7-820a-b3da49bd908b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">55</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><em> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em>Borrowings</em></p></em>&nbsp; <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> On October 19, 2015, ZHPV entered into a line of credit agreement with an unrelated lender to borrow up to a maximum amount of RMB 50 million (approximately $7.7 million). The line of credit bore a fixed interest rate at 12% per annum and had an original maturity date of June 30, 2016, which was extended in 2016 to October 31, 2016 as to RMB 40 million (approximately $6.1 million) and to January 2017 as to RMB 10 million. The line of credit was guaranteed by AMD. We repaid 100% of the outstanding balance in October and November 2016. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> On November 15, 2015, ZHPV entered into a term loan agreement with the same unrelated lender to borrow RMB 20.4 million (approximately $3.1 million). The maturity date of the loan was June 30, 2016 and the loan was non-interest bearing. The loan was repaid on April 19, 2016.&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> At December 31, 2015, we had a $1.0 million variable interest revolver loan and a $5.0 million variable interest term loan with Cathay Bank. The $1.0 million revolver had a maturity date of November 30, 2016 and the $5.0 million term loan had a maturity date of July 20, 2016. We paid the balance on our term loan on January 22, 2016 using the proceeds from the revolver loan, and we repaid the revolver loan on December 1, 2016. Both facilities are terminated, and we do not have further obligations under these facilities. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On October 24, 2016, we entered into a loan agreement with China Ever Bright Bank, a PRC-based financial institution, to borrow RMB 38.5 million (approximately $5.7 million) for a one-year term. The interest rate was 3.8% per annum and payable quarterly in arrears. The loan was secured by our fixed deposit held at the bank in the amount of RMB 40 million (approximately $5.9 million) placed by one of our PRC subsidiaries using cash proceeds received by our PRC subsidiaries from our sale of stock to Chinese investors who paid the purchase price in RMB which was deposited in the subsidiaries&#8217; bank account. The loan was repaid in full in October 2017.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On October 9, 2017, we entered into another loan agreement with China Everbright Bank to borrow in the United States currency an amount of $5,750,000 for a one-year term, due on October 10, 2018. The interest rate is 3.00% per annum and interest is payable quarterly in arrears. The loan is secured by a fixed deposit held at the bank in the amount of RMB 45.0 million. The collateral for the loan represents a portion of the proceeds from the sale by us to Chinese investors who paid the purchase price in RMB to one of our subsidiaries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.85pt" align="justify"> On September 18, 2018, we received a 30 day loan from an unrelated party for $6,000,000 at a 6% per annum interest rate. On October 10, 2018, we used the proceeds of this loan to pay the China Everbright loan of $5,750,000 plus accrued interest. </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.85pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 33.75pt" align="justify"> On October 11, 2018, we entered into a loan agreement with China Everbright Bank, a PRC-based financial institution, to borrow $6,100,000 in United States currency for a one-year term, due on October 10, 2019. The interest rate is 3.8% per annum and interest is payable quarterly in arrears. The loan is secured by a fixed deposit held at the bank in the amount of RMB 45.0 million (approximately $6.9 million) placed by Shanghai Cichang New Energy Technology Co., Ltd., an indirect subsidiary of ZHTH. We used the proceeds of this loan to pay the 30-day loan described in the preceding paragraph. </p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"> On December 11, 2018, we received a short-term loan of $1,000,000 from Sunco Investments, LLC, which is owned by a minority stockholder. The loan is due on April 12, 2019 and bears interest at 6.00% per annum. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Affiliate </em><em>Borrowings</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We, through a subsidiary, entered into a loan agreement on January 3, 2012 with our affiliate, Clean Energy Funding, LP, to borrow up to $45.0 million. The proceeds of the loan were advanced in increments of $2,500,000, and Clean Energy Funding may determine in its sole and absolute discretion to lend a lesser amount. The loan accrues interest at 3% per annum, payable quarterly in arrears. Each principal amount is due and payable 48 months from the advance date, which maturity date may be extended by the lender. The principal balance was $45.0 million at September 30, 2018, December 31, 2017 and 2016.&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We, through another wholly-owned subsidiary, entered into a loan agreement on August 26, 2014 with our affiliate, Clean Energy Funding II, LP, to borrow up to $13.0 million. The proceeds of the loan are used for LED operations. The loan accrues interest at a 3% per annum, payable quarterly in arrears. Principal is due and payable in 48 months and may be extended by the lender. As of September 30, 2018, December 31, 2017 and December 31, 2016, the principal loan balance was $10.5 million, $10.5 million and $5.5 million, respectively. The increase in 2017 reflects drawdowns of a total of $5.0 million during 2017, primarily to fund required purchases related to a new major LED governmental contract. As of September 30, 2018, the remaining undrawn amount under the loan agreement was $2.5 million. The loans from both of the affiliated entities, which were made pursuant to the United States government&#8217;s EB-5 immigration program, are secured by assets of the borrowing subsidiary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On December 29, 2015, ZHPV entered into an unsecured loan agreement with Changzhou, an entity in which we hold a 22.5% equity interest. Under the agreement, ZHPV can borrow up to RMB 2 million (approximately $308,086) for three months from Changzhou at a 6% interest rate. The entire loan, in the amount of RMB 2,023,000 (approximately $312,000), including principal and interest, was repaid on March 10, 2016.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka3f641c5-65de-4e39-8220-44abd75cd5d8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">56</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Contractual Obligations</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Borrowings</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Principal maturities for the financing arrangements as of September 30, 2018 are as follows (dollars in thousands):&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify">Period ending December 31, </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Auto Loans </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Bank and Other Loans</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Related</b></p> <p style="MARGIN: 0px" align="center"><b>Party Loans </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2018 (remaining months)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,750</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,257</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,522</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,023</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,024</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,520</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="right">1</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">98</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">11,750</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">55,500</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">67,348</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>Operating Leases</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Future minimum lease commitments for office facilities and equipment for each of the next five fiscal years as of September 30, 2018, are as follows (dollars in thousands): </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Period ending December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>&nbsp;Related Parties</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>&nbsp;Others</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>&nbsp;Total</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2018 (remaining months)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">312</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">80</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">392</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,282</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">202</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,484</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,321</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,363</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,401</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,401</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,720</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,720</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,397</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">324</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"> 11,721 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Supply Agreements</em></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have a supply agreement with Sunspark, pursuant to which, we agreed to purchase 150MW of solar panels over a three-year period at a price to be negotiated but not to exceed 110% of the three-month rolling average market price per watt for an estimated total commitment of approximately $84.0 million based on the most recent price paid on a purchase order from Sunspark. The agreement stipulates that we will make minimum annual purchases of at least 30MW, which will cost approximately $16.8 million based on the most recent price paid on a purchase order from Sunspark, with the first year being the year ending May 31, 2017. In April 2017, we made purchases under the agreement for 50MW at the purchase price of RMB 160.125 million (approximately $23.1 million) to be used on our Guizhou Pu&#8217;an solar farm project. We met our required minimum purchases for our first commitment year ending May 31, 2017. Sunspark orally agreed that we may complete our purchase obligations for the year ended May 31, 2018 by December 31, 2018 and we have not discussed with Sunspark the timing of our commitment for 2019. We have the ability to make purchases under the agreement in both the United States and in the PRC and we expect to meet our required minimum purchases for our second commitment year on or before December 31, 2018.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On July 29, 2016, we entered into a distribution agreement with Li-Max with an effective date of June 9, 2016. The agreement has a five-year term during which we would be the exclusive worldwide (except for Asia) distributor of Li-Max Energy Storage System. We believe this product will complement our existing solar systems and commercial LED lighting in the United States. The agreement contains an initial purchase commitment of 375 units, which is approximately $1.1 million, of Li-Max Energy System within the first six months of the term of the agreement. In the event that we fail to purchase 60% of this commitment within the six month period, Li-Max can require us to purchase the shortfall within 60 days. If we don&#8217;t meet this commitment Li-Max has the right to terminate the agreement. The agreement provides for a ten-year warranty from Li-Max on products we purchase from Li-Max. As of September 30, 2018, we had not met the minimum purchase commitment due to (i) the vendor&#8217;s inability to obtain the UL certificate of its products since July 2017 and (ii) the inability of the system to meet the California requirements for qualification for energy storage incentives under the California Self-Generation Incentive Program. On October 8, 2018, we entered into an amendment to our agreement with Li-Max, pursuant to which Li-Max agreed to redesign the system so that it qualifies for the California home battery rebate. Additionally, the minimum purchase requirements were suspended until the Redesign Date. Our obligation to purchase the Li-Max system commences on the Redesign Date and the six-month period referred to above shall mean the six-month period commencing six months from the Redesign Date. The term of the agreement was extended to five years from the Redesign Date. The parties shall negotiate in good faith the initial purchase commitment, which shall not exceed 375 units and the base price shall be adjusted to reflect changes in Li-Max&#8217; costs as well as the anticipated market price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3762489d-e578-485e-aa1b-c6512f171a00" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">57</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We believe that we will be able to satisfy our debt service requirements and our obligations under our supply agreements through both operations and financing, including the proceeds of this offering. We continue to make purchases in both the United States and in the PRC and we expect to meet our required purchases for our second commitment year on or before December 31, 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We believe that, after Li-Max redesigns its system, a market for the Li-Max system will develop and that we will generate cash flow from the sale of these products to provide us with the funds to meet our purchase obligations to Li-Max; however, we cannot assure you that a market will develop or that we will be successful in selling the product.&nbsp; In the event that we are not able to develop a market for this product, Li-Max has the right to terminate the agreement.</p> <p style="TEXT-INDENT: 45px">&nbsp;We believe that the proceeds of this offering, together with our cash flow from operations and available credit facilities will enable us to meet our cash requirements for at least the next twelve months from the date of this prospectus.&nbsp; However, we cannot assure you that we will not require additional funds to meet our commitments or that funds will be available on reasonable terms, if at all.</p> <p style="MARGIN: 0px"><b><em>Employment Agreements</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On October 7, 2016, we entered into employment agreements with David Hsu, our chief executive officer&nbsp;and Ching Liu, our executive vice president, chief strategy officer and treasurer, each for a five-year term commencing January 1, 2017and continuing on a year-to-year basis unless terminated by us or the executives on not less than 90 days&#8217; notice prior to the expiration of the initial term or any one-year extension.&nbsp; The agreements provide for an annual salary with an increase of not less than 3% on January 1st of each year, commencing January 1, 2018, an annual bonus in restricted stock and cash, commencing with the year ending December 31, 2017, equal to a specified percentage of consolidated revenues for each year. Their current annual salaries are $618,000 and $567,800, respectively. See &#8220;Executive Compensation - Employment Agreements&#8221; for information as to the terms of these agreements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Critical Accounting Policies</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are an emerging growth company within the meaning of the Securities Act, and, as such, we will utilize certain exemptions from various public company reporting requirements. For example, we will not have to provide an auditor&#8217;s attestation report on our internal controls in future annual reports on Form 10-K as otherwise required by Section 404(b) of the Sarbanes-Oxley Act. In addition, Section 107 of the JOBS Act provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to utilize this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards as they become applicable to public companies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5f2a9540-381d-4438-890d-ea9f01a47a57" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">58</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our consolidated financial statements have been prepared in accordance with GAAP. The preparation of these financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. We base these estimates, judgments, and assumptions on historical experience and on various other factors that we believe to be reasonable under the circumstances. We continually evaluate the policies and estimates we use to prepare our consolidated financial statements. Changes in estimates or policies applied could affect our financial position and specific items in our results of operations that are used by our stockholders, potential investors, industry analysts, and lenders in their evaluation our performance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Principles of Consolidation</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our consolidated financial statements have been prepared in conformity with GAAP, and reflect the accounts and our operations and those of our subsidiaries in which we have a controlling financial interest. All intercompany transactions and balances have been eliminated in consolidation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Revenue Recognition</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Solar farm projects</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We generally recognize revenues on EPC contracts using the percentage-of-completion (&#8220;POC&#8221;) method, as outlined in ASC 605-35, <i>Revenue Recognition, Construction-Type and Production-Type Contracts</i>. We review contract price and cost estimates periodically as the work progresses, and recognize changes in estimates of contract revenues, costs and profits for contracts accounted for under the POC method using the cumulative catch-up method of accounting. The cumulative catch-up method of accounting is an acceptable alternative as described in ASC 605-35-25-82 through 25-84. This method recognizes current period cumulative effects for changes in estimates related to current and prior periods. Hence, the effect of the changes in estimates of contract performance is recognized in the current period as if the revised estimate had been used since contract inception.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 33.75pt">Each quarter, we perform an analysis of each EPC contract to determine the estimated revenue and cost at completion, and the POC of each contract, which determines the amount of revenue and cost recognized in the current period on a contract-by-contract basis. To determine the estimates at completion, we make numerous estimates for revenue and costs that may be revised for a variety of reasons, including approved and unapproved change orders.&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We provide operation and maintenance service on solar farm projects after the projects are completed pursuant to operation and maintenance contracts, which are separate from the EPC contract. Revenue is recognized as earned over the term of the contract and is generally based on a specific amount per watt per year. We may be entitled to additional performance incentives if specified performance targets are met, which will be recognized when those targets are achieved. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><i>Operation and Maintenance</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.85pt">We provide operation and maintenance service on solar farm projects after the projects are completed, pursuant to separate operation and maintenance contracts. Revenue is recognized as earned over the term of the underlying contract which is generally quoted based on a specific amount per watt per year. We may be entitled to additional performance incentives if specified performance targets are met, which will be recognized when those targets are achieved.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>Solar energy systems and product sales</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">For solar energy systems and components sales for which customers pay the full purchase price upon delivery of the system, we recognize revenue, net of any applicable governmental sales taxes, in accordance with ASC 605, Revenue Recognition-Overall. We recognize revenue when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable and (4) collection of the related receivable is reasonably assured. Components are comprised of photovoltaic panels and solar energy system monitoring hardware. We recognize revenue when we install a solar energy system and it passes inspection by the utility company or the authority having jurisdiction and the permit to operate has been issued, provided all other revenue recognition criteria have been met. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1797beb9-f516-47a4-a087-c66e8eeda6e9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">59</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">For solar energy systems sold under an installment contract, we complete an extensive review of the customer&#8217;s credit history prior to approving the customer for an installment sale which provides us with reasonable assurance of the collectability of the related installment sale receivable over the installment term. Accordingly, we recognize the revenue from the installment sale of a solar energy system when we deliver a system that has passed inspection by the utility company or the authority having jurisdiction and the permit to operate has been issued.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>LED projects and product sales</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our revenue recognition policy as related to LED products and services is in accordance with ASC 605. We recognize revenue when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable and (4) collection of the related receivable is reasonably assured. We recognize our LED revenue upon the completion of the installation and the final acceptance from the customer, provided all other revenue recognition criteria have been met. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>Financing interest and other financing related income</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Customer loans receivable are classified as held for investment based on management&#8217;s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held for investment are carried at amortized cost and are reduced by an allowance for estimated credit losses as necessary. We recognize interest income on loans, including the amortization of discounts and premiums, using the effective interest method. The interest method is applied on a loan-by-loan basis when collectability of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Loans are transferred from held-for-investment to held-for-sale when management&#8217;s intent is to no longer hold the loans for the foreseeable future. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>Operating Leases and Power Purchase Agreements</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">From 2010 to 2014, we constructed and offered built-to-suit commercial-grade photovoltaic systems for certain commercial and not-for-profit customers in California, Hawaii, Colorado and New Jersey; under long-term leases and power purchase agreements, with terms of up to 20 years. Under these arrangements, we own the systems and receive the 30% federal grant, as well as any state and utility company rebates on the systems we own. Upfront rebates and incentives were applied to reduce our cost of the systems. All other annual rebates and performance-based incentive rebates are recognized in revenue when received. In connection with our ownership of solar systems primarily in New Jersey, we own a number of Solar Renewable Energy Certificates (&#8220;SREC&#8221;). In states that provide for SRECs, regulations require electricity suppliers to obtain a portion of their electricity from solar generators and the utility companies can purchase SRECs to meet this requirement. There is currently no assigned monetary value to an SREC and the prices are ultimately determined by market forces within the parameters set forth by the state. We recognize the revenue of the SREC when it is sold. We have not constructed solar systems for us to lease to our customers in the United States subsequent to 2104, although we continue to have obligations under existing operating leases and power purchase agreement. We have no plans to offer operating leases or power purchase agreements in the United States. Instead of leasing directly, we have a distribution agreement with Sunrun, a leasing company. We buy the components of the system, perform the EPC services and sell the completed system to the leasing company which leases the system to the customer.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Under the long-term leases which we entered into before 2015, we are the lessor of solar energy systems, which are accounted for as operating leases in accordance with ASC 840, Leases, since these leases do not provide for the ownership transfer to the lessee at the end of lease, the arrangement does not contain a bargain purchase option, the lease term does not exceed the economic life of the underlying solar system which is typically 35-40 years, and the net present value of the lease payments does not exceed 90% of the original investment after giving effect to the rebates. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">For solar energy systems where customers purchase electricity from us under power purchase agreements, we have determined that these agreements should be accounted for, in substance, as operating leases pursuant to ASC 840. These&nbsp;agreements do not provide for the ownership transfer to the purchaser at the end of term, the agreements do not contain a bargain purchase option, the term does not exceed the economic life of the underlying solar system, and the net present value of the&nbsp;payments does not exceed 90% of the original investment after giving effect to the rebates. We recognize revenue based upon the amount of electricity delivered at rates specified under the contracts, assuming all other revenue recognition criteria are met.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak44e9d040-b39d-4910-b4d6-7bafa598ce98" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">60</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">With respect to our outstanding operating leases and power purchase agreements that we entered into before 2015, we capitalized initial direct costs from the origination of solar energy systems leased to customers (the incremental cost of contract administration, referral fees and sales commissions) as an element of solar energy systems, leased and to be leased, and subsequently amortize these costs over the term of the related lease or power purchase agreement, which generally ranges from 10 to 20 years.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em>Third-Party Leasing Arrangements</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We no longer lease solar systems. In January 2015, we entered into a channel agreement with Sunrun, Inc. pursuant to which Sunrun appoints us as its sales representative to solicit orders for Sunrun&#8217;s products in portions of southern California. Pursuant to this agreement, we introduce potential leasing customers to Sunrun. Sunrun pays us for our services in connection with the projects. Upon a customer signing a Sunrun lease, we purchase the equipment from Sunrun or another vendor from a list of preapproved equipment by Sunrun. We then perform the design and EPC work until the system receives the permit to operate. Sunrun pays us 80% of the purchase price of the system after the system receives the city sign off and the final 20% after receiving the permit to operate. Similar to the solar systems that we sell directly to residential and commercial customers, we recognize the revenue on the solar systems sold to Sunrun when the permit to operate is received. Sunrun owns the equipment, leases and also services the lease. Our relationship with the residential customer is only during the sales and installation process. The agreement with Sunrun prohibited us from marketing, selling or constructing solar systems to be leased to customers other than through Sunrun. These restrictions do not affect our financing operations. The agreement with Sunrun was amended in March 2018 to eliminate the exclusivity requirement. Sunrun may terminate the agreement if we fail to meet specified minimum volume requirements. Sunrun also has the right to terminate certain incentives contained in the agreement at any time. Sunrun was our largest customer in the United States segment during the nine months ended September 30, 2018, and the years ended December 31, 2017 and 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Upon the completion of a solar system, Sunrun performs an inspection to ensure the system meets its quality standards, and we are required to fix any issues identified by Sunrun that are caused by us. Sunrun covers all warranty issues with the system and may also contract with us to perform the work to fix any potential future issues with the system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><i>New Revenue Recognition Policy</i></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In May 2014, the Financial Accounting Standards Board, or FASB, issued FASB ASU No. 2014-09<i>, &#8220;Revenue from Contracts with Customers (Topic 606)</i>,&#8221; which supersedes the revenue recognition requirements in ASC 605, &#8220;Revenue Recognition.&#8221; The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-09 requires disclosures enabling users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued <i>FASB ASU No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#8221;</i>, which deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued <i>FASB ASU No. 2016-08, &#8220;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)&#8221;</i>. ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued <i>ASU No. 2016-10, &#8220;Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.&#8221;</i> ASU 2016-10 clarifies the implementation guidance in Topic 606 for identifying performance obligations and determining when to recognize revenue on licensing agreements for intellectual property. In May 2016, the FASB issued <i>ASU No. 2016-11, &#8220;Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.</i>&#8221; ASU 2016-11 rescinds certain SEC staff comments previously made in regard to these ASU&#8217;s. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">In May 2016, the FASB issued <i>ASU No. 2016-12, &#8220;Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&#8221; that provide guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. ASU 2014-09 (including all related ASU&#8217;s) is effective for public reporting entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, using one of two retrospective application methods. Since we have elected to utilize the relief provided to emerging growth companies that would allow for the adoption date on the timeline afforded a private company which will be on January 1, 2019. We are evaluating the effect that the adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016- 10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on our consolidated financial statements. We do not believe that the impact of the adoption of Topic 606 will be not significant as it will not impact the recognition of our core revenue.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc121eb53-1cad-4ccb-a8f4-7fb9640e94b0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">61</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Business Combinations</i></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Business combinations are accounted for using the acquisition method in accordance with ASC Topic 805, Business Combinations (&#8220;ASC 805&#8221;). Under the acquisition method of accounting, we allocate the purchase price of a business acquisition based on the fair value of the identifiable tangible and intangible assets. The difference between the total cost of the acquisition and the sum of the fair values of the acquired tangible and identifiable intangible assets less liabilities is recorded as goodwill or bargain purchase gain. We used third party appraisers to assist in estimating fair values, including the business enterprise value, which is based on estimated future cash flows (including timing) estimated using the income approach and discount rates reflecting the risk inherent in the future cash flows. Under ASC 805, acquisition related transaction costs (such as advisory, legal, valuation, and other professional fees) are expensed as incurred. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Impairment of Long-Lived Assets and Goodwill</i></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We assess the carrying value of our long-lived assets and related intangibles for impairment whenever events or changes in circumstances indicate that the carrying value of the long-lived asset, or group of assets, may not be recoverable, but at least annually. Recoverability of long-lived assets is measured by comparing the carrying amount of the long-lived assets to the respective estimated future undiscounted cash flows. The estimated future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If our analysis indicates that the carrying value of the long-lived assets is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the fair value of the long-lived asset.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Goodwill is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. When assessing goodwill for impairment, we consider the enterprise value and if necessary, the discounted cash flow model, which involves assumptions and estimates, including our future financial performance, weighted-average cost of capital and interpretation of currently enacted tax laws. Circumstances that could indicate impairment and require us to perform a quantitative impairment test include a significant decline in the financial results, a significant decline in the enterprise value relative to its net book value, an unanticipated change in competition or the market share and a significant change in the strategic plans. Based on our annual impairment testing, we determined the estimated fair value of our PRC reporting unit substantially exceeds its carrying value. Accordingly, no impairment of goodwill was recognized for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Income Taxes</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On December 22, 2017, the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;) which changes the United States corporate income tax laws became effective. The impact of the Tax Act includes, but is not limited to, the tax expense associated with the one-time transition tax for our China segment and the changes to our deferred tax assets and the valuation allowance, resulting from the reduction of the corporate income tax rate to 21%. These impacts are included in our consolidated financial statements as of and for the nine months ended September 30, 2018, and as of and for the year ended December 31, 2017.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake9e0ed52-9970-4eef-ac7a-ab20cfe1e400" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">62</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We have determined it is more likely than not that our deferred tax assets will not be realizable and we have currently recorded a full valuation allowance against our deferred tax assets. In the event we are able to realize its deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We do not record U.S. income taxes on the undistributed earnings of our foreign subsidiaries based upon our intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the United States As of September 30, 2018 and December 31, 2017, our foreign subsidiaries operate at a cumulative deficit for U.S. earnings and profit purposes. In the event we are required to repatriate funds from outside of the United States, such repatriation would be subject to local laws, customs, and tax consequences. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="BUSINESS">BUSINESS</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Introduction</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are an integrated solar and renewable energy company. A solar energy system retains the direct current (DC) electricity from the sun and converts it to alternating current (AC) electricity that can be used to power residential homes and commercial businesses. The solar business is based on the ability of the users of solar energy systems to save on energy costs and reduce their carbon imprint as compared with power purchased from the local electricity utility company. Through our subsidiaries, we are primarily engaged in the following business activities:</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Identifying and procuring solar farm system projects for resale to third party developers and related services in China;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms and, to a significantly lesser extent, rooftop solar systems in China;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Operating and maintaining solar farm projects in China following the completion of our EPC work on the projects;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Selling and installing integrated photovoltaic systems and for residential and commercial customers in the United States;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Providing exterior and interior light-emitting diodes, known as LED, lighting sales and retrofitting services for governmental and commercial applications;</p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Providing secured loans to purchasers of our photovoltaic systems and servicing installment sales by our customers in the United States;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Owning and funding renewable energy projects in the United States based on leases entered into prior to 2015, and generating revenue from this business through operating leases and power purchase agreements primarily with commercial users; and,</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Selling and installing battery backup solutions for residential and commercial customers in the United States.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak98ba02f7-6d3a-4816-881b-4b66de8e10ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">63</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We operate in two segments - our United States operations and our China operations. Our United States operations include (i) the sale and installation of photovoltaic and battery backup systems, (ii) financing the sale of our photovoltaic and battery backup systems, (iii) owning and leasing to third parties through operating leases and power purchase agreements, and (iv) sales of LED systems.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our China operations consist of (i) identifying and procuring solar farm projects for resale to third parties; (ii) performing EPC services for solar farm projects and (iii) operating and maintaining solar farm projects. Our business in China is conducted through our subsidiaries, primarily ZHTH and ZHPV, which we acquired in April 2015, and Jiangsu Honghao, which we formed in September 2015, and their subsidiaries. Through September 30, 2018, our China operations have consisted substantially of identifying, procuring and selling and performing EPC services for solar farm projects, including sales of projects to and performing EPC services for related parties. We are also developing commercial and industry solar projects in China along with developing residential systems for the Chinese market.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We commenced our business in China in 2015, following the acquisition of ZHTH and ZHPV in April 2015, and we did not generate any revenue from that business during 2015. At present, our China operations represent the most significant component of our revenue. Our China operations generated revenue of $45.4 million for the nine months ended September 30, 2018 and revenue of $55.1 million for the year ended December 31, 2017. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our United States operations generated revenue of $22.1 million for the nine months ended September 30, 2018 consisting of solar revenue of $20.2 million, LED revenue of $0.6 million and financing revenue of $1.3 million. Our United States operations generated revenue of $33.8 million for the year ended December 31, 2017 consisting of solar revenue of $27.3 million, LED revenue of $4.5 million and financing revenue of $2.0 million.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Our Corporate Structure</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are a Nevada corporation formed in January 2008. We have three wholly-owned and one 93.75%-owned subsidiaries in the United States, SolarMax Renewable Energy Provider, Inc., SolarMax Financial, LED and SMX Capital. SMX Capital is a 93.75% owned subsidiary, and its financial statements are consolidated with our consolidated financial statements. The 6.25% minority interest is held by a former executive of our PRC operations. The minority interest is reflected as non-controlling interests in the accompanying consolidated financial statements. SMX Capital operates through three limited liability companies in which we have a 30% interest and which we account for using the equity method in our consolidated financial statements.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our wholly-owned subsidiaries outside the United States are Accumulate, SolarMax Hong Kong , Golden SolarMax and SolarMax Cayman. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Accumulate has one wholly-owned subsidiary, Accumulate Hong Kong, which has one wholly-owned subsidiary, ZHPV.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">SolarMax Hong Kong has one wholly-owned subsidiary, SolarMax Shanghai. SolarMax Shanghai is a wholly foreign-owned entity, which is referred to as a WFOE. SolarMax Shanghai has two wholly-owned principal subsidiaries, ZHTH and Jiangsu Honghao. It also has other subsidiaries which are not significant.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The following charts show our corporate structure for our United States and China segments. The chart for our China segment does not include the subsidiaries of ZHTH, ZHPV and Jiangsu Honghao, which are either project subsidiaries or subsidiaries which are formed to perform services for a specific contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakeced42f3-e416-42a7-8ca3-d3f1af1e33d0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">64</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>United States Segment</b>&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="20%" colspan="2"></td> <td valign="top" width="15%" colspan="4"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%" colspan="6"> <p style="MARGIN: 0px" align="center"> SolarMax Technology Inc.</p></td> <td valign="top" width="11%" colspan="3"></td> <td valign="top" width="24%" colspan="4"></td> <td width="4%"></td></tr> <tr height="15"> <td valign="top" width="20%" colspan="2"></td> <td valign="top" width="5%" colspan="2"></td> <td valign="top" width="21%" colspan="4"></td> <td style="BORDER-LEFT: black 1px solid" valign="top" width="5%" colspan="2"></td> <td valign="top" width="7%" colspan="3"></td> <td valign="top" width="11%" colspan="3"></td> <td valign="top" width="7%"></td> <td valign="top" width="10%"></td> <td valign="top" width="10%" colspan="2"></td></tr> <tr height="15"> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="8%"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="25%" colspan="4"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="5%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="16%" colspan="5"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="7%"></td> <td style="BORDER-TOP: black 1px solid" valign="top" width="10%"></td> <td style="BORDER-LEFT: black 1px solid" valign="top" width="10%" colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="20%" colspan="2"> <p style="MARGIN: 0px" align="center">SolarMax Renewable</p> <p style="MARGIN: 0px" align="center">Energy Provider, Inc.</p></td> <td valign="top" width="4%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%" colspan="4"> <p style="MARGIN: 0px" align="center">SolarMax LED Inc.</p></td> <td valign="top" width="5%" colspan="2"></td> <td valign="top" width="4%" colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="17%" colspan="5"> <p style="MARGIN: 0px" align="center">SolarMax Financial Inc.</p></td> <td valign="top" width="7%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="3"> <p style="MARGIN: 0px" align="center">SMX Capital, Inc.<br>(93.75%)</p></td></tr> <tr height="15"> <td width="8%"></td> <td width="11%"></td> <td width="4%"></td> <td width="1%"></td> <td width="8%"></td> <td width="1%"></td> <td width="8%"></td> <td width="3%"></td> <td width="2%"></td> <td width="3%"></td> <td width="1%"></td> <td width="4%"></td> <td width="1%"></td> <td width="5%"></td> <td width="4%"></td> <td width="1%"></td> <td width="7%"></td> <td width="10%"></td> <td width="5%"></td> <td width="4%"></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">China Segment</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td valign="top" width="14%" colspan="7"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="8"> <p style="MARGIN: 0px" align="center">SolarMax Technology, Inc. </p></td> <td valign="top" width="7%" colspan="4"></td> <td valign="top" width="21%" colspan="5"></td> <td valign="top" width="19%" colspan="4"></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td valign="top" width="9%" colspan="4"></td> <td valign="top" width="16%" colspan="7"></td> <td valign="top" width="1%"></td> <td valign="top" width="11%" colspan="4"></td> <td valign="top" width="22%" colspan="7"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="7%"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" valign="top" width="26%" colspan="10"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="10%" colspan="4"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="1%"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" valign="top" width="17%" colspan="6"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="12%" colspan="3"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="8%" colspan="2"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" width="7%" colspan="2"></td> <td width="7%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="15%" colspan="2"> <p style="MARGIN: 0px" align="center">Golden SolarMax</p> <p style="MARGIN: 0px" align="center">Finance. Co. Ltd.</p></td> <td valign="top" width="7%" colspan="3"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="21%" colspan="10"> <p style="MARGIN: 0px" align="center">SolarMax Technology</p> <p style="MARGIN: 0px" align="center">Holdings (Hong Kong) Limited</p></td> <td valign="top" width="1%"></td> <td valign="top" width="8%" colspan="2"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="22%" colspan="7"> <p style="MARGIN: 0px" align="center">Accumulated Investment</p> <p style="MARGIN: 0px" align="center">Co. Ltd. (BVI)</p></td> <td valign="top" width="8%" colspan="2"></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" width="14%" colspan="3"> <p style="MARGIN: 0px" align="center">SolarMax Technology Holdings (Cayman) Limited</p></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="14%" colspan="7"></td> <td valign="top" width="13%" colspan="6"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="19%" colspan="7"></td> <td valign="top" width="11%" colspan="2"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="14%" colspan="7"></td> <td valign="top" width="13%" colspan="6"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="19%" colspan="7"></td> <td valign="top" width="11%" colspan="2"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td id="rspan2" valign="top" rowspan="2" width="15%" colspan="2"></td> <td valign="top" width="3%"></td> <td valign="top" width="2%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="19%" colspan="9"> <p style="MARGIN: 0px" align="center">SolarMax Technology</p> <p style="MARGIN: 0px" align="center">(Shanghai) Co., Ltd.</p></td> <td valign="top" rowspan="2" width="10%" colspan="4"></td> <td valign="top" rowspan="2" width="2%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="22%" colspan="7"> <p style="MARGIN: 0px" align="center">Accumulate Investment Co.,</p> <p style="MARGIN: 0px" align="center">Ltd. (HK)</p></td> <td valign="top" rowspan="2" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="3%"></td> <td valign="top" width="2%"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td valign="top" width="6%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="6%" colspan="4"></td> <td valign="top" width="7%" colspan="4"></td> <td valign="top" width="8%" colspan="3"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="21%" colspan="8"></td> <td valign="top" width="9%"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="6%" colspan="2"></td> <td style="BORDER-TOP: 1px solid" valign="top" width="6%" colspan="4"></td> <td style="BORDER-TOP: 1px solid; BORDER-RIGHT: black 1px solid" valign="top" width="7%" colspan="4"></td> <td valign="top" width="8%" colspan="3"></td> <td valign="top" width="1%"></td> <td style="BORDER-RIGHT: black 1px solid" valign="top" width="21%" colspan="8"></td> <td valign="top" width="9%"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr> <tr height="15"> <td valign="top" rowspan="2" width="15%" colspan="2"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="10%" colspan="5"> <p style="MARGIN: 0px" align="center">Chengdu Zhonghong TianHao Technology Co. Ltd (ZHTH)</p></td> <td valign="top" rowspan="2" width="5%" colspan="3"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="12%" colspan="5"> <p style="MARGIN: 0px" align="center">Jiangsu Honghao Electricity Technology Co. Ltd</p></td> <td valign="top" rowspan="2" width="1%"></td> <td valign="top" width="9%" colspan="3"></td> <td valign="top" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" rowspan="2" width="19%" colspan="5"> <p style="MARGIN: 0px" align="center">Jiangsu Zhonghong Photovoltaic</p> <p style="MARGIN: 0px" align="center">Electric Co. Ltd (ZHPV)</p></td> <td valign="top" rowspan="2" width="11%" colspan="3"></td> <td width="12%" colspan="2"></td></tr> <tr height="15"> <td valign="top" width="9%" colspan="3"></td> <td valign="top" width="1%"></td> <td width="12%" colspan="2"></td></tr> <tr height="15"> <td valign="top" width="15%" colspan="2"></td> <td valign="top" width="15%" colspan="8"></td> <td valign="top" width="12%" colspan="5"></td> <td valign="top" width="1%"></td> <td valign="top" width="8%" colspan="2"></td> <td valign="top" width="22%" colspan="7"></td> <td valign="top" width="8%" colspan="2"></td> <td width="14%" colspan="3"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka403e879-e1e3-40ea-b4cc-cbd6376c12f0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">65</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our principal executive offices are located at 3080 12th Street, Riverside, California 92507. Our telephone number is (951) 300-0788. Our website address is http://www.solarmaxtech.com. The information contained on, or that can be accessed through, our website or any other website is not a part of this prospectus.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Operations in China</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>General</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Through our subsidiaries, we are primarily engaged in the following business activities in China:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol"> &#183; </font></p></td> <td> <p style="MARGIN: 0px">Identifying and procuring solar farm system projects for resale to third party developers and related services in China;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Identifying potential buyers of solar farms;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in">Providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms and rooftop solar systems in China; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Operating and maintaining solar farm projects in China following the completion of our EPC work on the projects.</p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Based on the effective light resource and available land use, we are focusing on provinces with large tracts of available land and solar resources sufficient for the development of solar farms. We look to work with local entities to work with us on the project development. As part of this process we need to discuss the potential development with local government agencies, which may involve discussions with several departments. The local government agencies publish the availability of permits for solar farms, and we need to obtain the permit for the solar farm from the applicable government agency. We may also find the buyer who will own the solar farm. If we find a buyer to operate the solar farm, we would transfer the equity of the project subsidiary related to the solar farm to the buyer. If we identify the buyer, we seek to both obtain the contract to perform the EPC work as well as to operate and maintain the project after completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our business in China is conducted through ZHTH, ZHPV and Jiangsu Honghao. To comply with the local requirements to own and operate the EPC business in China, ZHTH, ZHPV and Jiangsu Honghao establish a number of subsidiaries for different purposes. These special purpose subsidiaries include project subsidiaries which were formed by ZHTH or ZHPV to own the solar farms and the permits to construct and operate solar farms. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">ZHTH is primarily engaged in the business of identifying and procuring solar system projects for resale to third party developers and related services in China. ZHPV&#8217;s core business is to provide EPC services. Jiangsu Honghao performs the operation and maintenance services. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Either ZHTH or ZHPV may establish a project subsidiary to obtain the permit for a project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">When we identify a buyer for a project, the subsidiary that owns the project subsidiary sells all of the equity in the project subsidiary to the buyer, and the buyer of the project engages ZHPV for the EPC work. The purchase price for the project subsidiary is an amount approximating the project subsidiary&#8217;s net assets. Accordingly, we do not generate a material gain or loss from the sale of the project subsidiaries. The sale of the equity in the project subsidiaries is part of our operations in China. Upon completion of the solar farm, Jiangsu Honghao seeks to obtain a contract for the operation and maintenance of the solar farm for a specified term. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakefb4f887-72ff-4725-8d70-5b48d908f275" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">66</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In addition to performing EPC services for buyers who purchase a project subsidiary from us, ZHPV also performs EPC services as a general contractor for a solar farm owner that already owns the permit. Our China subsidiaries also sell residential and commercial systems, although revenue from these sales are not material.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Unlike systems in the United States, which are installations for residential and small business users, the projects in China are generally solar farms, which are constructed on large land areas where multiple ground-mount solar tracking towers are installed. While a typical residential or small business installation in the United States generally generates between 6.5KW and 0.2MW of power, the solar farms can generate in the range of 30MW to 100MW of power.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We presently have agreements for three EPC projects, which are described under &#8220;EPC&#8221; and one agreement for operation and maintenance which is described under &#8220;Operation and Maintenance.&#8221; We do not operate any solar farms as an owner, and we have no present plans to operate solar farms for our own account at least through the end of 2019. To the extent that, in the future, we propose to construct and operate a solar farm for our own account, any decision would be subject to obtaining sufficient financing to enable us to construct and operate the project and complying with government regulations relating to the ownership of a solar farm.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b>Acquisition of ZHTH and ZHPV</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On April 28, 2015, we acquired the ownership of ZHTH, through a share exchange agreement among us, SolarMax Shanghai, and the equity owners of ZHTH. The purchase price for ZHTH consisted of cash of RMB 200,000 (approximately $32,786) and 2,400,000 shares of unvested restricted common stock, to be earned and vested upon achieving specified milestones related to procurement of solar system projects through December 31, 2017. The specified milestones were met as of December 31, 2015, and accordingly, all shares of the common stock related to the transaction were fully vested as of December 31, 2015. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Also, on April 28, 2015, we acquired the ownership of ZHPV through a share exchange agreement among us and the holders of the stock of Accumulate, which, through Accumulate Hong Kong, owned ZHPV. We own all of the stock of Accumulate, which, in turn, through Accumulate Hong Kong, owns all of the stock of ZHPV. The share exchange agreement for ZHPV was amended on May 12, 2016 to revise certain terms, including reducing the total consideration, retroactively to the original acquisition date of April 28, 2015.Pursuant to the share exchange agreement for ZHPV, as amended, the purchase price for ZHPV consisted of 1,000,000 shares of common stock, which are pledged to us pursuant to a stock pledge agreement dated April 28, 2015 among us and the former owners of ZHPV to ensure compliance of certain seller post-closing obligations. The ZHPV share exchange agreement, as amended, also includes a contingency for us to pay the sellers&#8217; liquidated damages of RMB 10,000,000 (approximately $1.6 million) in the event that we fail to take specified action with respect to a public offering by May 12, 2017, which is one year from the effective date of the amendment. We believe that we have satisfied this condition with the confidential submission of this registration statement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Effective on May 12, 2016, in connection with the execution of the amendment to the share exchange agreement for ZHPV, ZHPV entered into a debt settlement agreement with Uonone Group Co., Ltd., one of the former owners of ZHPV. Pursuant to the debt settlement agreement, ZHPV and Uonone agreed to settle a list of pending business transactions entered by them during the period from December 31, 2012 to December 31, 2015. The financial impact of the debt settlement agreement was retroactively adjusted to the acquisition date of April 28, 2015 which reflects a receivable balance from Uonone Group in the amount of $1,570,000. As of September 30, 2018, the receivable balance due from the Uonone Group was approximately $437,000. This receivable balance will be paid when we incur expenditures for which a separate liability for the same amount was established on the acquisition date. At September 30, 2018, no expenditures under the acquired liability have been incurred.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The share exchange agreement for the acquisition of ZHTH also includes a provision whereby the former beneficial owners may request us to arrange for project financing on behalf of ZHTH. However, the share exchange agreement provides that any project financing will be subject to the negotiation of any financing and the share exchange agreement does not confer upon any party or ZHTH any right to obtain financing and none of us, our China subsidiary or ZHTH have any obligation to provide access to funds or direct financing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf19bc701-f75b-4bb4-8d7b-0b790a536d92" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">67</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>EPC</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">ZHPV holds a construction enterprise qualification certificate for Level III of general contractor for power engineering constructor issued on April 29, 2016, which permits ZHPV to conduct business as a contractor in power engineering construction. The certificate is granted by the local government and enables ZHPV to perform its services throughout China. We engage local licensed engineering firms to perform the initial design work through a bidding process. When the engineering firm completes its design proposal, we obtain owner approval prior to procurement and construction. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We purchase the equipment for the project from local suppliers pursuant to a bidding process. Our construction team will remain on site to perform the EPC services, using local licensed subcontractor as needed. Our EPC services include continuing negotiations with local government and utility companies to resolve any issues that may occur on-site until the project is fully connected to the grid.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In February 2016, ZHPV entered into an agreement with a subsidiary of AMD pursuant to which the AMD subsidiary engaged ZHPV to perform the EPC services for its Guizhou Quingshouihe solar farm. The solar farm was initially designed to generate 70MW of power and the contract price, was approximately RMB 518 million (approximately $80 million). Due to the limitation of available land use and zoning regulations, the size of the project was reduced to 55MW, with a contract price of RMB 425 million (approximately $64 million). The project was completed in 2017. We recognize revenue on our EPC services on the percentage of completion basis. Although we do not include VAT as either revenues or cost of revenues, the contract prices to our customers in the PRC include VAT and, accordingly, the prices in this prospectus include VAT.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In October 2016, ZHPV executed an EPC contract with a different subsidiary of AMD for another 50MW solar farm project in Guizhou, China, which is referred to as Guizhou Pu&#8217;an solar farm. The contract price was RMB 280 million (approximately $42.5 million). The project was completed in 2017. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In November 2016, ZHPV executed an EPC contract with Xin Huang Duong Minority Poverty Relief Office, a PRC governmental entity, to construct photovoltaic power stations in 11 villages in Xin Huang Dong Minority autonomous county. The total system size for the 11 sites is 660 kilowatts with a contract value of RMB 5.1 million (approximately $750,000). The retainage for the five-year construction warranty is 10% or RMB 0.5 million, with 20% to be released at the end of each the first five years. Because of its small size and short construction period, this contract will be accounted for under the completed contract method and was completed in 2017. Xin Huang Duong Minority Poverty Relief Office obtained its permit independently of us. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> In December 2017, ZHPV and ZHTH, entered into contracts with Yilong AMD New Energy Co., Ltd., an affiliate of AMD, for EPC services on a 30MW solar farm project in Guizhou Yilong province. In January 2018, an additional 5MW was added to the project pursuant to a separate agreement. The total contract value, excluding VAT, for the 35MW project is approximately RMB 193.6 million (approximately $29.8 million). Construction work on the project started in January 2018. The project was completed during the nine months ended September 30, 2018. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> In August 2018, ZHPV entered into a contract with Ningxia MCC Meili Cloud Energy Co., Ltd., a non-affiliate, to contract a 50MW photovoltaic power station for a total contract price excluding VAT, of RMB 179,000,000 (approximately $26 million) or&nbsp;$0.63 per watt. Construction work on the project started in August 2018. At September 30, 2018, the project was 49% complete, and we expect to complete the project during 2018. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We transfer the equity in the project subsidiary to the owner of the solar farm for a price that is approximately the net worth of the project subsidiary. As a result, we do not generate any significant gain or loss on the sale. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Seasonal weather patterns affect our construction of large scale solar projects. Northern provinces often experience below zero temperatures along with snow storms which could cause a closure of transportation options along with frozen ground which needs to be cleared for solar equipment, all of which can potential cause slowdowns in construction and increase our cost. Our EPC contracts to date have been in the southern provinces where cold weather does not have the same effect although the southern provinces may be subject to other adverse weather conditions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Operation and Maintenance</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">If we enter into a maintenance agreement with the solar farm owner, once the project is fully connected to the grid, we will operate and maintain the project at a price and for a term to be agreed upon. In performing these services, we work with a local maintenance team who is responsible for the daily maintenance work, including one stationmaster and several workers depending on the plant size, subject to our overall supervision, and we may engage a subcontractor with specialized experience for certain maintenance services.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak182d38e1-d2bd-40d6-9d70-5628112f478c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">68</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In June 2016, we entered into a five-year maintenance contract for the Guizhou Qingshuihe project, pursuant to which we are providing operations and maintenance services for which we receive RMB 0.05 per watt per year, with a minimum contract amount of RMB 3.0 million (approximately $451,000) per year.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Competition</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Within the solar farm industry in China we face increasing competition from other project developers and EPC companies. The solar energy industry is very competitive, consisting of state owned enterprises and a large number of private companies.&nbsp;Because China&#8217;s central government has announced a policy in favor of renewable energy sources, solar companies worldwide seek to develop and expand their business in China.&nbsp; We believe the number of new solar&nbsp;farm installation companies entering the industry in China has increased significantly since 2015 when we commenced business. This increased competition has caused some price erosion, which has affected our margins and could result in further reductions in our margins as we may reduce our prices to generate new business and could impair our ability to enter into EPC agreements with non-related parties. As the interest in solar farms in China increases, there is increased competition for permits, and the government entities that issue the permits may prefer Chinese companies over companies that are owned by a United State company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Rooftop solar systems for commercial, industrial and residential use is relatively new in the Chinese market. We believe we can leverage the expertise gained from our United States experience in this sector to market our services in China. The market for this type of system is currently small compared to our solar farm business,&nbsp;and we are seeking to explore, develop and market these services. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Government Subsidies</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The solar investment and the development of the solar industry in China depend on continued government subsidies. Government policies have, and will continue to have, a significant impact on the solar industry in general. Government agencies set the rates that the utility company pays the solar farm owner. In general, the rate set at the beginning of the contract period remains the same during the period, although there is a risk that the rate will be changed. The rate varies from province to province. The government has announced that there will be a yearly decrease in the payment. After 2016, all the solar projects in China are required to be involved with the local government to help alleviate poverty in the region. In addition, solar farm construction needs to be integrated with local agriculture, tourism or animal husbandry, which leads to increases in the cost of our EPC services.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Government </b><b>Regulations</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>Renewable Energy Law and Other Government Directive</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The Renewable Energy Law of PRC, which originally became effective on January 1, 2006 and was amended on December 26, 2009, sets forth policies to encourage the development and on-grid application of renewable energy, including solar energy. Renewable energy under this law refers to non-fossil fuel energy, including wind energy, solar energy, water energy, biomass energy, geothermal energy, ocean energy and other forms of renewable energy. The law also sets forth a national policy to encourage the installation and use of solar energy water heating systems, solar energy heating and cooling systems, photovoltaic systems and other systems that use solar energy. It also provides economic incentives, such as the establishment of national funding, preferential loans provided by financial institutions with financial interest subsidies to certain renewable energy development and utilization projects, and tax preferential treatment for the development of certain renewable energy projects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The PRC Energy Conservation Law, which was amended on October 28, 2007 and July 2, 2016, encourages utilization of energy-saving building materials like new wall materials and energy-saving equipment, and encourage the installation and application of renewable energy use systems such as solar energy. The law also encourages and supports the vigorous development of methane in rural areas, promotes the utilization of renewable energy resources such as biomass energy, solar energy and wind power, develops small-scale hydropower generation based on the principles of scientific planning and orderly development, promotes energy-saving-type rural houses and furnaces, encourages the utilization of non-cultivated lands for energy plants, and energetically develops energy forests such as firewood forests.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On September 4, 2006, the Ministry of Finance, or MOF, and Ministry of Construction jointly promulgated the Interim Measures for Administration of Special Funds for Application of Renewable Energy in Building Construction, pursuant to which the MOF will arrange special funds to support the application of Building Integrated Photovoltaics systems, or BIPV applications, to enhance building energy efficiency, protect the environment and reduce consumption of fossil fuel energy. Under these measures, applications to provide hot water supply, refrigeration, heating and lighting are eligible for such special funds.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On September 26, 2009, the State Council of the PRC approved and circulated the Opinions of National Development and Reform Commission, known as the NDRC, and other Nine Governmental Authorities on Restraining the Production Capacity Surplus and Duplicate Construction in Certain Industries and Guiding the Industries for Healthy Development. These opinions concluded that polysilicon production capacity in China has exceeded demand and adopted a policy to impose more stringent requirements on the construction of new facilities for manufacturing polysilicon in China. These opinions also stated that the government should encourage polysilicon manufacturers to enhance cooperation and affiliation with downstream solar power product manufacturers to expand their product lines. However, these opinions do not provide any detailed measures for the implementation of this policy. As we are not a polysilicon manufacturer and do not expect to manufacture polysilicon in the future, we believe the issuance and circulation of these opinions will not have any material impact on our business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakaa1d0a57-bf51-4e8f-9146-57676fc60770" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">69</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On October 10, 2010, the State Council of the PRC promulgated a decision to accelerate the development of seven strategic new industries. Pursuant to this decision, the PRC government will promote the popularization and application of solar thermal technologies by increasing tax and financial policy support, encouraging investment and providing other forms of beneficial support.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In March 2011, the National People&#8217;s Congress approved the Outline of the Twelfth Five-Year Plan for National Economic and Social Development of the PRC, which includes a national commitment to promoting the development of renewable energy and enhancing the competitiveness of the renewable energy industry. Accordingly, in January 2012, the Ministry of Industry and Information Technology and the Ministry of Science and Technology respectively promulgated the Twelfth Five-Year Special Plans Regarding the New Materials Industry and the High-tech Industrialization to support the development of the PRC solar power industry.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On March 8, 2011, the MOF and the Ministry of Housing and Urban-Rural Development jointly promulgated the Circular on Further Application of Renewable Energy in Building Construction to increase the utilization of renewable energy in buildings.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On March 27, 2011, the NDRC promulgated the revised Guideline Catalogue for Industrial Restructuring which categorizes the solar power industry as an encouraged item. On February 16, 2013, the NDRC promulgated the 2013 revised Guideline Catalogue for Industrial Restructuring to be effective on May 1, 2013, the solar power industry is still categorized as an encouraged item.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In March 2016, the National People&#8217;s Congress approved the Outline of the Thirteenth Five-Year Plan for National Economic and Social Development of the PRC, which mentions a national commitment to continuing to support the development of PV generation industry.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Laws and Regulations Concerning the Electric Power Industry</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The regulatory framework of the PRC power industry consists primarily of the Electric Power Law of the PRC, which became effective on April 1, 1996, as revised effective April 24, 2015, and the Electric Power Regulatory Ordinance, which became effective on May 1, 2005. One of the stated purposes of the Electric Power Law is to protect the legitimate interests of investors, operators and users and to ensure the safety of power operations. According to the Electric Power Law, the PRC government encourages PRC and foreign investment in the power industry. The Electric Power Regulatory Ordinance sets forth regulatory requirements for many aspects of the power industry, including, among others, the issuance of electric power business permits, the regulatory inspections of power generators and grid companies and the legal liabilities for violations of the regulatory requirements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3ef209eb-b12c-40a5-8d2e-055ad6052ffd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">70</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Electric Power Business Permit</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On January 5, 2006, the NDRC promulgated the Administrative Provisions on Renewable Energy Power Generation which set forth specific measures for setting the price of electricity generated from renewable energy sources, including solar, and for allocating the costs associated with renewable power generation. The Administrative Provisions on Renewable Energy Power Generation also delegate administrative and supervisory authority among government agencies at the national and provincial levels and assign partial responsibility to electricity grid companies and power generation companies for implementing the Renewable Energy Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to the Provisions on the Administration of the Electric Power Business Permit, which were issued by the State Electricity Regulatory Commission, known as SERC, and became effective on December 1, 2005, unless otherwise provided by the SERC, no company or individual in the PRC may engage in any aspect of electric power business (including power generation, transmission, dispatch and sales) without first obtaining an electric power business permit from the SERC. These provisions also require that if an applicant seeks an electric power business permit to engage in power generation, it must also obtain in advance all relevant government approvals for the project including construction, generation capacity and environmental compliance.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">However, there are exceptions pursuant to which certain of our photovoltaic power generation projects may not need to obtain an electric power business permit from the SERC. On July 18, 2013, the NDRC issued the Interim Measures for the Administration of Distributed PV Power Generation, which waived the previous requirement to obtain an Electric Power Business Permit for distributed generation projects. On April 9, 2014, the NEA issued the Circular on Clarifying Issues concerning the Administration of Electric Power Business Permit, which waived requirement to obtain an Electric Power Business Permit for those solar power generation projects with installed capacity less than 6MW and any distributed generation projects approved by or filed with the NDRC or its local branches, and required the local NEA to simplify the Electric Power Business Permit application procedure for the solar power generation companies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Grid Connection and Dispatchment</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">All electric power generated in China is distributed through power grids, except for electric power generated by facilities not connected to a grid. The distribution of power to each grid is administered by dispatch centers, which administer and dispatch planned output by power plants connected to the grid. The Regulations on the Administration of Electric Power Dispatch to Networks and Grids, promulgated by the State Council and the former Ministry of Electric Power Industry, effective on November 1, 1993, as amended on January 8, 2011, and its implementation measures, regulate the operation of dispatch centers.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Feed-in Tariff (FIT) Payments</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The Renewable Energy Law of the PRC, as amended on December 26, 2009 and effective on April 1, 2010, sets forth policies to encourage the development and utilization of solar power and other renewable energy. The Renewable Energy Law authorizes the relevant pricing authorities to set favorable prices for electricity generated from solar and other renewable energy sources.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The NDRC further issued the Circular on Promoting the Healthy Development of PV Industry by Price Leverage on August 26, 2013, or the 2013 Circular. Under this circular, the feed-in tariff (&#8220;FIT&#8221;) (including VAT) for solar power projects approved or filed after September 1, 2013 or beginning operation after January 1, 2014 would be RMB0.90 per kilowatt hour (&#8220;kWh&#8221;), RMB0.95 per kWh or RMB1.00 per kWh, depending on the locations of the projects (excluding on-grid solar power projects located in Tibet).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In addition, the 2013 Circular sets forth special rules that entitle distributed generation projects (excluding the projects that have received an investment subsidy from the central budget) to a national subsidy of RMB0.42 per kWh. According to the Circular on Further Implementing Polices Relating to Distributed Generation issued by the NEA on September 2, 2014 and the Circular on Implementation Plans of PV Generation Construction for 2015 issued by the NEA on March 16, 2015, rooftop distributed generation projects that sell electricity directly to consumers or to both consumers and grid enterprises receive a national subsidy of RMB0.42 per kWh plus the local desulphurized coal benchmark electricity price for the electricity sold to the State Grid or a negotiated electricity purchase price for electricity sold directly to consumers. Ground-mounted projects and rooftop distributed generation projects which sell all electricity to grid enterprises are entitled to the FIT of RMB0.90 per kWh, RMB0.95 per kWh or RMB1.00 per kWh, depending on where the project is located (excluding on-grid solar power projects located in Tibet).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdfb2a38b-5751-4567-b761-62ad4d9d2fae" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">71</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On December 22, 2015, the NDRC issued the Circular on Improving the Policies on the On-grid Tariffs of Onshore Wind Power Generation and PV Generation, effective on January 1, 2016, which provides that ground mounted projects, as well as rooftop distributed generation projects that sell all electricity generated to the local grid companies, are entitled to FIT of RMB0.80 per kWh, RMB0.88 per kWh or RMB0.98 per kWh, depending on where the project is located (excluding on grid solar power projects located in Tibet), provided that these projects are filed after January 1, 2016 and fall within the regional scale index of the year, or these projects are filed prior to January 1, 2016 and fall within regional scale index of the year, but do not commence operations prior to June 30, 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The difference between the FIT for solar power projects and the desulphurized coal benchmark electricity price, or the subsidies paid to distributed generation projects, are funded by the renewable energy development funds. The above FIT and subsidy policies are valid for 20 years for each power generation project since its formal operation, in principle.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">On December 30, 2016, the MIIT, NDRC, the Ministry of Science and Technology and MOF jointly promulgated the Development Guide Regarding the New Materials Industry to support and provide details for the development of the PRC solar power industry.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On February 10, 2017, the NEA promulgated the Circular on Printing and Distributing the Guidance on Energy Work in 2017, which promotes the construction of PV and thermal power projects. According to this circular, the PRC government planned to add the new construction scale of 20 million kilowatts and the new installed capacity of 18 million kilowatts in 2017. Although it is the PRC government&#8217;s policy to encourage such construction, it is not clear what specific targets have been fulfilled.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On May 31, 2018, the NEA, Ministry of Finance and NDRC of the PRC jointly promulgated a Notice regarding the Matters of Photovoltaic Power Generation in 2018 (&#8220;2018 PV Power Generation Notice&#8221;). The 2018 PV Power Generation Notice set forth new policies on general and distributed PV power stations. For example, based on the industry practice, no scale for the construction of general photovoltaic power station will be arranged in 2018. Before the issuance of any new rules in respect of the construction of general photovoltaic power stations, no national government subsidies were provided to general photovoltaic power station. There will be a scale of 10 gigawatts for the construction of distributed photovoltaic power station. In general, the feed-in tariff for general photovoltaic power stations will be reduced by RMB 0.05 per kWh.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have been advised by our PRC counsel, that, based on their review of our operations material provided by us and their review PRC laws and regulations, our operations in the PRC, as presently conducted, based on our approved qualifications, comply in all material respects with applicable PRC laws and regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Subsidy Catalog</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On November 29, 2011, the MOF, NDRC and NEA jointly issued the Interim Measures for the Administration of Levy and Use of Renewable Energy Development Fund, which provides that development funds for renewable energy include designated funds arranged by the public budget of national finance, and renewable energy tariff surcharge collected from electricity consumers. Solar power projects can only receive central government subsidies after completing certain administrative and perfunctory procedures with the relevant authorities of finance, price and energy to be listed in the Subsidy Catalog issued by the MOF, NDRC and NEA. These subsidies represent the difference between the FIT for solar power projects and the desulphurized coal benchmark electricity price. In January 2016, the NEA announced that there would be a nation-wide inspection on all solar power projects in operation and under construction, and that fall within the regional scale index of the year would be included in and managed via the Platform for Renewable Energy Power Generation Projects for the purpose of government subsidies application and payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In order to be listed in the Subsidy Catalog, ground-mounted projects submit applications to the relevant provincial authorities; and in accordance with the Circular on Issues Concerning Implementing Electric Quantity-based Subsidy Policy for Distributed Generation Projects issued by the MOF on July 24, 2013, rooftop distributed generation projects submit applications to the grid enterprises in the area where the projects are located. After preliminary review of the applications, the provincial authorities will jointly report to the MOF, NDRC and NEA, and the MOF, NDRC and NEA has final review of such applications to decide whether to list in the Subsidy Catalog.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakddc099a3-8534-49c5-8ba5-60ec263e4fc0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">72</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Development Funds of Renewable Energy</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The Renewable Energy Law provides financial incentives, including national funding for the development of renewable energy projects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to the Interim Measures for the Administration of Designated Funds for the Development of Renewable Energy issued by the MOF and effective on April 2, 2015, the MOF sets up designated funds to support the development and utilization of renewable energy in accordance with the national fiscal budget.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">According to the Implementing Measures for the Administration of Price of Renewable Energy and Cost Sharing Program and the Interim Measures for Adjustment to Additional On-grid Tariff for Renewable Energy issued by the NDRC, the gap between the FIT for solar power projects and the desulphurized coal benchmark electricity price is subsidized by collecting tariff surcharge from the electricity consumers within the service coverage of grid enterprises at or above provincial level.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Mandatory Purchase of Renewable Energy</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The Renewable Energy Law imposes mandatory obligations on grid enterprises to purchase the full amount of on-grid electricity generated by approved renewable energy plants whose power generation projects meet the grid connection technical standards in the areas covered by the grid enterprises&#8217; power grids. Grid enterprises must improve the power grid construction in order to better absorb electricity generated from renewable energy.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to the Measures for the Supervision and the Administration of Purchase of Full Amount of Renewable Energy by Grid Companies issued by the SERC in July 2007, the SERC and its local branches supervise the purchase of the full amount of renewable energy by the grid enterprises. If the grid enterprises do not purchase the full volume of the electricity generated from the renewable energy due to the circumstances such as force majeure or any other circumstance endangering the safety and stability of the power grids, the grid enterprises must promptly notify the renewable energy power generation companies of the details in writing and also submit detailed facts to the competent local branches of the SERC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The Several Opinions on Promoting the Healthy Development of PV Industry also requires the grid enterprises to ensure PV power generation projects&#8217; timely connection to the power grid and purchase the full amount of electricity generated by the PV power generation projects.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On March 20, 2015, the NDRC and NEA issued a directive opinion that emphasizes that the competent provincial authorities must strengthen the implementation of the provisions with regard to the purchase of the full amount of electricity generated by renewable energy and avoid any curtailment of solar power projects. In addition, it also stated that electricity generated by clean energy is encouraged to be sold directly to the consumers in the regions where there is an ample supply of clean energy, and the relevant parities must coordinate the trans-provincial supply of electricity and power transmission capability, in order to maximize the utilization of clean energy. Local governments also announced their intentions to efficiently implement the system regarding the purchase of the full amount of renewable energy, such as the Inner Mongolian Autonomous Government.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On March 24, 2016, the NDRC issued the Measures for the Administration of Guaranteed Purchase of Full Amount of Renewable Energy, to strengthen the administration of, and provide details for, the implementation of the purchase of the full amount of renewable energy by the grid enterprises.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb422b97a-3c06-48a1-abf4-78e292df68eb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">73</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Environmental Protection</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The construction processes of the solar power projects may generate noise, waste water, gaseous emissions and other industrial wastes. Therefore, we are subject to a variety of government regulations related to the storage, use and disposal of hazardous materials and to the protection of the environment of the community. The major environmental regulations applicable to our business activities in the PRC include the Environmental Protection Law of the PRC, the Law on the Prevention and Control of Noise Pollution, the Law on the Prevention and Control of Air Pollution, the Law on the Prevention and Control of Water Pollution, the Law on the Prevention and Control of Solid Waste Pollution, the Environmental Impact Evaluation of Law, and the Regulations on the Administration of Environmental Protection in Construction Projects. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Foreign Investment in Solar Power Business</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The principal regulation governing foreign ownership of solar power businesses in the PRC is the Foreign Investment Industrial Guidance Catalog. Under the current catalog, which was amended in 2017 and effective on July 28, 2017, the construction and operation of new energy power stations (including solar power, wind power, etc.) is classified as an &#8220;encouraged foreign investment industry.&#8221; Foreign-invested enterprises in the encouraged foreign investment industry may be entitled to certain preferential treatment, such as exemption from tariffs on equipment imported for their operations, after obtaining approval from the PRC government authorities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Work Safety</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The Work Safety Law of the PRC, which became effective on November 1, 2002 and was amended on August 31, 2014, is the principal law governing the supervision and administration of work safety for solar power projects. In accordance with the Measures for the Supervision and the Administration of Work Safety of Electricity Industry promulgated by the NDRC, which became effective on March 1, 2015, power plants are responsible for maintaining their safety operations in accordance with the relevant laws, regulations, rules and standards regarding the work safety. The NEA and its local branches supervise and administer the work safety of electricity industry at the national and local level. On April 20, 2015, the NEA and the State Administration of Work Safety jointly promulgated the Circular on Standardizing Safe Production Process for PV Generation Enterprises, which detailed the standards of production process for PV generation enterprises for work safety purpose.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Labor Laws and Social Insurance</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On June 29, 2007, the Standing Committee of the National People&#8217;s Congress, or the SCNPC, promulgated the Labor Contract Law, as amended on December 28, 2012, which formalizes employees&#8217; rights concerning employment contracts, overtime hours, layoffs and the role of trade unions and provides for specific standards and procedures for the termination of an employment contract. In addition, the Labor Contract Law requires the payment of a statutory severance payment upon the termination of an employment contract in most cases, including in cases of the expiration of a fixed-term employment contract. In addition, under the Regulations on Paid Annual Leave for Employees and its implementation rules, which became effective on January 1, 2008 and on September 18, 2008 respectively, employees are entitled to a paid vacation ranging from 5 to 15 days, depending on their length of service and to enjoy compensation of three times their regular salaries for each such vacation day in case such vacation days are deprived by employers, unless the employees waive such vacation days in writing. Although we are currently in compliance with the relevant legal requirements for terminating employment contracts with employees in our business operation, in the event that we decide to lay off a large number of employees or otherwise change our employment or labor practices, provisions of the Labor Contract Law may limit our ability to effect these changes in a manner that we believe to be cost-effective or desirable, which could adversely affect our business and results of operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake9006def-c13e-4222-ad0b-b18bafdbc760" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">74</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Enterprises in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds, namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan, a maternity insurance plan and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their businesses or where they are located. According to the Social Insurance Law, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee of 0.05% of the amount overdue per day from the original due date by the relevant authority. If the employer still fails to rectify the failure to make social insurance contributions within such stipulated deadline, it may be subject to a fine ranging from one to three times the amount overdue. According to Regulations on Management of Housing Fund, an enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory enforcement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Taxation</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>PRC Enterprise Income Tax</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The PRC enterprise income tax is calculated based on the taxable income determined under PRC laws and accounting standards. On March 16, 2007, the National People&#8217;s Congress of China enacted a new PRC Enterprise Income Tax Law, which became effective on January 1, 2008. On December 6, 2007, the State Council promulgated the Implementation Rules to the PRC Enterprise Income Tax Law, or the Implementation Rules, which also became effective on January 1, 2008. On December 26, 2007, the State Council issued the Notice on Implementation of Enterprise Income Tax Transition Preferential Policy under the PRC Enterprise Income Tax Law, or the Transition Preferential Policy Circular, which became effective simultaneously with the PRC Enterprise Income Tax Law. The PRC Enterprise Income Tax Law imposes a uniform enterprise income tax rate of 25% on all domestic enterprises, including foreign-invested enterprises unless they qualify for certain exceptions, and terminates most of the tax exemptions, reductions and preferential treatments available under previous tax laws and regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Moreover, under the PRC Enterprise Income Tax Law, enterprises organized under the laws of jurisdictions outside China with their &#8220;de facto management bodies&#8221; located within China may be considered PRC resident enterprises and therefore subject to PRC enterprise income tax at the rate of 25% on their worldwide income. The Implementation Rules define the term &#8220;de facto management body&#8221; as the management body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In addition, the Circular Related to Relevant Issues on the Identification of a Chinese holding Company Incorporated Overseas as a Residential Enterprise under the Criterion of De Facto Management Bodies Recognizing issued by the State Administration of Taxation on April 22, 2009 provides that a foreign enterprise controlled by a PRC company or a PRC company group will be classified as a &#8220;resident enterprise&#8221; with its &#8220;de facto management bodies&#8221; located within China if the following requirements are satisfied: (i) the senior management and core management departments in charge of its daily operations function mainly in China; (ii) its financial and human resources decisions are subject to determination or approval by persons or bodies in China; (iii) its major assets, accounting books, company seals and minutes and files of its board and shareholders&#8217; meetings are located or kept in China; and (iv) more than half of the enterprise&#8217;s directors or senior management with voting rights reside in China. Although the circular only applies to offshore enterprises controlled by PRC enterprises and not those controlled by PRC individuals or foreigners, the determining criteria set forth in the circular may reflect the State Administration of Taxation&#8217;s general position on how the &#8220;de facto management body&#8221; test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals or foreigners.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>PRC VAT and Business Tax</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Pursuant to the Interim Regulation of the People&#8217;s Republic of China on Value-Added Tax (the &#8220;VAT Regulation&#8221;), which was amended on November 10, 2008 and February 6, 2016, any entity or individual engaged in the sales of goods, provision of specified services and importation of goods into China is generally required to pay a VAT, at the rate of 17% of the gross sales proceeds received, less any deductible VAT already paid or borne by such entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Pursuant to the PRC Provisional Regulations on Business Tax, taxpayers falling under the category of service industry in China are required to pay a business tax at a normal tax rate of 5% of their revenues. In November 2011, the MOF and the State Administration of Taxation promulgated the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax. Pursuant to this plan and relevant notices, from January 1, 2012, the value-added tax has been imposed to replace the business tax in the transport and shipping industry and some of the modern service industries in certain pilot regions, of which Shanghai is the first one. A VAT rate of 6% applies to revenue derived from the provision of some modern services.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak71518350-0cac-410c-830d-2cdbb3af1b59" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">75</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On December 12, 2013, the MOF and SAT issued Notice of the Ministry of Finance and the State Administration of Taxation on Including the Railway Transportation and Postal Industries in the Pilot Program of Replacing Business Tax with Value-Added Tax (2013 Amendment), along with Pilot Implemental Rules of Replacing Business Tax with VAT, which is effective on January 1, 2014 (&#8220;Pilot Rules&#8221;). Pursuant to the Pilot Rules, the unit and individual who provide service in transportation, postal and other modern service industrial shall be obligated to pay VAT. Taxpayers who provide taxable service shall pay VAT instead of the Business Tax. The tax rate for provision of modern service industrial (exclusive of leasing of tangible chattel) is 6%.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On December 16, 2013, the State Administration of Taxation issued the Announcement on Matters concerning the Determination of the Qualification of General VAT Taxpayers under the Pilot Program of Replacing Business Tax with VAT (the &#8220;VAT Announcement&#8221;), which became effective on January 1, 2014. According to the VAT Announcement, a pilot taxpayer who has been determined as a general VAT taxpayer before the implementation of the pilot program and concurrently provides taxable services is not required to apply for the qualification again. The competent tax authority shall prepare and deliver the Notice of Tax-Related Matters and inform the taxpayer. A pilot taxpayer with annual sales amount of taxable services above RMB5.0 million ($0.8 million) before the implementation of the pilot program of VAT in lieu of business tax shall go through the formalities for the qualification of a general VAT taxpayer with the competent tax authority under the State Administration of Taxation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In March 2016, the MOF and the SAT jointly issued the Circular on the Pilot Program for Overall Implementation of the Collection of Value Added Tax Instead of Business Tax, or Circular 36, which took effect in May 2016. Pursuant to the Circular 36, all of the companies operating in construction, real estate, finance, modern service or other sectors which were required to pay business tax are required to pay VAT, in lieu of business tax. In November 2017, PRC State Counsel issued the amendment to Interim Regulations of PRC Value Added Taxes, or the VAT Regulation, pursuant to which entities and individuals that sell goods or labor services of processing, repair or replacement, sell services, intangible assets, or immovables, or import goods within the territory of the PRC are taxpayers of VAT, and shall pay VAT. The tax rate for VAT shall be, among others, (1) 17% for taxpayers engaged in sale of goods, services, lease of tangible movables or importation of goods, unless otherwise stipulated in VAT Regulation; (2) 11% for taxpayers engaged in sale of transportation, postal, basic telecommunications, construction, lease of immovables, sale of immovable, transfer of land use rights, sale or importation of certain types of goods; (3) 6% for taxpayers engaged in sale of services and intangible assets, unless otherwise stipulated in VAT Regulation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Dividend Withholding Tax</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to the PRC Enterprise Income Tax Law and the Implementation Rules, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in China to its foreign investors are subject to a 10% withholding tax, unless any such foreign investor&#8217;s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement.&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Foreign Currency Exchange</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Foreign currency exchange regulation in the PRC is primarily governed by the Regulations on the Administration of Foreign Exchange, and the Provisions on the Administration of Settlement, Sale and Payment of Foreign Exchange. Currently, RMB is convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions. Conversion of RMB for most capital account items, such as direct investment, security investment and repatriation of investment, however, is still subject to registration with the SAFE. Foreign-invested enterprises may buy, sell and remit foreign currencies at financial institutions engaged in foreign currency settlement and sale after providing valid commercial documents and, in the case of most capital account item transactions, obtaining approval from the SAFE. Capital investments by foreign enterprises are also subject to limitations, which include approvals by the NDRC, the Ministry of Construction, and registration with the SAFE.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In August 2008, the SAFE issued the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or the SAFE Circular No. 142, regulating the conversion by a foreign invested enterprise of foreign currency-registered capital into RMB by restricting how the converted RMB may be used. Pursuant to the SAFE Circular No. 142, the RMB capital converted from foreign currency registered capital of a foreign-invested enterprise may only be used for purposes within the business scope approved by the applicable government authority and may not be used for equity investments within the PRC. In addition, the SAFE strengthened its oversight of the flow and use of the RMB capital converted from foreign currency registered capital of foreign-invested enterprises. The use of such RMB capital may not be changed without the SAFE&#8217;s approval, and such RMB capital may not in any case be used to repay RMB-denominated loans if the proceeds of such loans have not been used. Violations may result in severe monetary or other penalties. Furthermore, on March 30, 2015, the SAFE issued the Circular on Reforming the Administration Approach Regarding the Foreign Exchange Capital Settlement of Foreign-invested Enterprises, or SAFE Circular No.19, which became effective on June 1, 2015 and replaced Circular 142. SAFE Circular No.19 provides that, the conversion from foreign currency registered capital of foreign-invested enterprises into the Renminbi capital may be at foreign-invested enterprises&#8217; discretion, which means that the foreign currency registered capital of foreign-invested enterprises for which the rights and interests of monetary contribution has been confirmed by the local foreign exchange bureau (or the book-entry of monetary contribution has been registered) can be settled at the banks based on the actual operational needs of the enterprises. However, SAFE Circular No. 19 does not materially change the restrictions on the use of foreign currency registered capital of foreign-invested enterprises. For instance, it still prohibits foreign-invested enterprises from, among other things, spending RMB capital converted from its foreign currency registered capital on expenditures beyond its business scope.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak48684a69-db2f-447d-ab9d-59688d4e1fbd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">76</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In February 2012, the SAFE promulgated the Notice on the Administration of Foreign Exchange Matters for Domestic Individuals Participating in the Stock Incentive Plans of Overseas Listed Companies, or the Stock Option Notice. Under the Stock Option Notice, domestic individuals who participate in equity incentive plans of an overseas listed company are required, through a PRC agent or PRC subsidiary of such listed company, to register with SAFE and complete certain other bank and reporting procedures. The Stock Option Notice simplifies the requirements and procedures for the registration of stock incentive plan participants, especially in respect of the required application documents and the absence of strict requirements on offshore and onshore custodian banks.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment issued by the SAFE on November 19, 2012 and amended on May 4, 2015 substantially amends and simplifies the foreign exchange procedure. Pursuant to this circular, the opening of various special purpose foreign exchange accounts (e.g. pre-establishment expense accounts, foreign exchange capital accounts, guarantee accounts), the reinvestment of lawful incomes derived by foreign investors in the PRC (e.g. profit, proceeds of equity transfer, capital reduction, liquidation and early repatriation of investment), and purchase and remittance of foreign exchange as a result of capital reduction, liquidation, early repatriation or share transfer in a foreign-invested enterprise no longer require the SAFE&#8217;s approval, and multiple capital accounts for the same entity may be opened in different provinces, which was not possible before. In addition, the SAFE promulgated the Circular on Printing and Distributing the Provisions on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors and the Supporting Documents in May 2013, which specifies that the administration by the SAFE or its local branches over direct investment by foreign investors in the PRC must be conducted by way of registration and banks shall process foreign exchange business relating to the direct investment in the PRC based on the registration information provided by the SAFE and its branches.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On February 13, 2015, the SAFE promulgated the Circular on Further Simplification and Improvement of Foreign Currency Administration Policies on Direct Investment, which became effective on June 1, 2015. This circular aims to further remove or simplify the approval requirements of SAFE upon the direct investment by foreign investors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Dividend Distribution</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The principal regulations governing dividend distributions of wholly foreign-owned enterprises include:</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="3%"></td> <td valign="top" width="3%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the Company Law (2013 Amendment;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the Wholly Foreign-Owned Enterprise Law (2000 Amendment); and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">the Wholly Foreign-Owned Enterprise Law Implementing Rules (2001 Amendment).</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Under these regulations, wholly foreign-owned enterprises in the PRC may pay dividends only out of their accumulated profits as determined in accordance with PRC accounting standards and regulations.&nbsp;&nbsp;In addition, each of our wholly foreign-owned enterprises is required to set aside at least 10% of its accumulated after-tax profits each year, if any, to fund certain reserve funds, until the aggregate amount of such fund reaches 50% of its registered capital.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka8f01905-2a9c-466f-9e4f-c0c37c9ad46a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">77</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Regulations Relating to Internet Information Security and Privacy Protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Internet information in China is regulated from a national security standpoint. The National People&#8217;s Congress, or the NPC, enacted the Decisions on Preserving Internet Security in December&nbsp;2000, as amended in August&nbsp;2009, which subject violators to potential criminal punishment in China for any attempt to: (i)&nbsp;gain improper entry into a computer or system of strategic importance; (ii)&nbsp;disseminate politically disruptive information; (iii)&nbsp;leak state secrets; (iv)&nbsp;spread false commercial information; or (v)&nbsp;infringe intellectual property rights. The Ministry of Public Security of the PRC, or the MPS, has promulgated measures that prohibit use of the internet in ways which, among other things, result in a leak of state secrets or a spread of socially destabilizing content. If an internet information service provider violates these measures, the MPS and its local branches may revoke its operating license and shut down its&nbsp;websites.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The Standing Committee of China&#8217;s National People&#8217;s Congress passed the CSL, China&#8217;s first cybersecurity law, which took effect in June 2017. The CSL is the first Chinese law that systematically lays out the regulatory requirements for cybersecurity and data protection, and any individual or organization using the network must comply with the PRC constitution and applicable laws, follow the public order and respect social moralities, and must not endanger cyber security, or engage in activities by making use of the network that endanger the national security, honor and interests, or infringe on the fame, privacy, intellectual property and other legitimate rights and interests of others. Usually, a network is broadly defined and includes, but is not limited to, the Internet. The costs of compliance with, and other burdens imposed by, CSL may limit the use and adoption of our products and services and could have an adverse impact on our business. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><em><b>Qualification of Construction Enterprise</b></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">According to the Construction Law of the PRC issued by the Standing Committee of the National People&#8217;s Congress on November 1, 1997, effective on March 1, 1998, and as amended on April 22, 2011, building construction enterprises, survey units, design units and project supervision units that engage in building operations shall have the following qualifications: (1) a registered capital conforming to state provisions; (2) specialized technical personnel with qualifications for legal operations that commensurate with the building operations being engaged in; (3) technical equipment for engaging in related building operations; and (4) other qualifications as may be prescribed by laws and administrative regulations. In addition, building construction enterprises, survey units, design units and project supervision units that engage in building operations shall be classified into different grades of quality in accordance with such quality qualifications as the registered capital, specialized technical personnel, technical equipment in their possession and achievements in construction projects completed, and may engage in building operations within the scope permitted by their respective quality grades on acquisition of the corresponding grade quality certificates upon passing qualification examination.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Pursuant to the Administration Rules Regarding Qualification of Construction Enterprise issued by the Ministry of Construction of the PRC on June 26, 2007, and effective on September 1, 2007, a construction enterprise may conduct its construction business after the receipt of a qualification which is classified into three categories, with each category having several grades.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Regulations on Overseas Listing</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In August 2006, six PRC regulatory agencies jointly adopted the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors, or the M&amp;A Rule.&nbsp;&nbsp;As amended in 2009, this rule requires that, if an overseas company established or controlled by PRC domestic companies or citizens intends to acquire equity interests or assets of any other PRC domestic company affiliated with the PRC domestic companies or citizens, such acquisition must be submitted to the Ministry of Commerce, rather than local regulators, for approval.&nbsp;&nbsp;In addition, this regulation requires that an overseas company controlled directly or indirectly by PRC companies or citizens and holding equity interests of PRC domestic companies needs to obtain the approval of the China Securities Regulatory Commission (&#8220;CSRC&#8221;) prior to listing its securities on an overseas stock exchange.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">While the application of the M&amp;A Rule remains unclear, based on our understanding of current PRC laws, regulations, and additional procedures announced by the CSRC on September&nbsp;21, 2006, we believe it is not applicable to us since we are not an overseas company controlled by PRC domestic companies or natural persons.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">If, conversely, it is determined that CSRC approval is required for this offering, we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek CSRC approval for this offering.&nbsp;&nbsp;These sanctions may include fines and penalties on our operations in the PRC, delays or restrictions on the repatriation into the PRC of the proceeds from this offering, restrictions on or prohibition of the payments or remittance of dividends by our PRC subsidiary, or other actions that could have a material adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our common stock.&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7704ca8a-cc49-48a5-84d2-7d0539315e5a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">78</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Regulations on Stock Incentive Plans</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On December 25, 2006, the People&#8217;s Bank of China promulgated the Administrative Measures of Foreign Exchange Matters for Individuals, setting forth the respective requirements for foreign exchange transactions by individuals (both PRC or non-PRC citizens) under either the current account or the capital account.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On February 15, 2012, SAFE issued the Notices on Issues concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly-Listed Company, or the Stock Incentive Plan Rules. The purpose of the Stock Incentive Plan Rules is to regulate foreign exchange administration of PRC domestic individuals who participate in employee stock holding plans and stock option plans of overseas listed companies. According to the Stock Incentive Plan Rules, if PRC &#8220;domestic individuals&#8221; (both PRC residents and non-PRC residents who reside in China for a continuous period of not less than one year, excluding the foreign diplomatic personnel and representatives of international organizations) that participate in any stock incentive plan of an overseas listed company, a PRC domestic qualified agent, which could be the PRC subsidiary of such overseas listed company, shall, among others things, file, on behalf of such individual, an application with SAFE to conduct the SAFE registration with respect to such stock incentive plan, and obtain approval for an annual allowance with respect to the purchase of foreign exchange in connection with stock holding or stock option exercises. In addition, SAFE Circular No. 37 also provides certain requirements and procedures for foreign exchange registration in relation to an equity incentive plan of a special purpose vehicle before listing. In this regard, if a non-listed special purpose vehicle grants equity incentives to its directors, supervisors, senior officers and employees in its domestic subsidiaries, the relevant domestic individual residents may register with SAFE before exercising their rights.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The Stock Incentive Plan Rules and SAFE Circular 37 were promulgated only recently and many issues require further interpretation. Although, based on advice of our PRC counsel we do not believe that we are subject to these rules, we cannot assure your that SAFE will not come to a different conclusion. If we are subject to these rules and we or our PRC employees fail to comply with the Stock Incentive Plan Rules, we and our PRC employees may be subject to fines and other legal sanctions. In addition, the General Administration of Taxation has issued several circulars concerning employee stock options, and, under these circulars, our employees working in China who exercise stock options would be subject to PRC individual income tax. Our PRC subsidiary would have obligations to file documents related to employee stock options with relevant tax authorities and withhold individual income taxes of those employees who exercise their stock options. If our employees fail to pay and we fail to withhold their income taxes, we may face sanctions imposed by tax authorities or other PRC government authorities</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b>United States Operations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Solar Energy Systems</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We design, install and sell or finance high performance photovoltaic solar energy systems and, commencing in the third quarter of 2016, backup battery systems. A photovoltaic system generates electricity directly from sunlight via an electric process that occurs naturally in certain types of materials. A system consists of one or more photovoltaic modules and an inverter. Photovoltaic modules, which are manufactured in different sizes and shapes, generate direct current (DC) electricity. The electricity current is then fed through an inverter to produce the alternating current (AC) electricity that can be used to power residences and commercial businesses. The major components of our solar energy systems include solar panels that convert sunlight into electrical current, inverters that convert the DC electrical output from the panels to AC current compatible with the electric grid, racking that attaches the solar panels to the roof or ground and electrical hardware that connects the solar energy system to the electric grid. The backup battery system is an optional system that is used by some of our clients who want to store solar power and use it when there is a disruption in electricity power for any reason. We currently install solar systems only in California. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We provide and install both grid-tied and off-grid systems. Grid-tied systems remain connected to the electric grid, so that the energy generated by the system is sent back to the grid during the day and power is drawn back at night. The electric grid thus serves as a &#8220;storage device&#8221; for photovoltaic-generated power. If consumers use more power than is generated by their solar energy system, they can purchase power from the regional utility company. If consumers use less power than the system generates, they can sell the electricity back to their local utility companies and receive a credit on their electric bills. In order to sell power back to the utility company, the owners need to make an application to the utility company and the utility company then gives the owners a standard agreement covering the purchase of the excess power. Grid-tied systems generally represent the most common, affordable and feasible option for urban and suburban residences.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Off-grid systems are not connected to the utility grid and therefore require battery backup. Off-grid solutions are less common and are mostly employed for residences that do not have the option of connecting to the utility grid. Almost all of our installations are grid-tied systems. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak008f6053-48aa-4c9b-8a79-27a88caa99f8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">79</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em><u>Our Sale and Installation Process</u></em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our system sale and installation process consists of five stages &#8212; feasibility, design, permitting, procurement and installation. In addition, when a customer requests additional services, we will enter into post-installation maintenance agreements with customers who own the systems.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We market to our customers using print ad, internet, radio and television adverting along with customer referrals. We are in the process of shifting our focus from traditional radio advertisements to sponsorships and other public relation initiatives. After the initial contact with a prospective customer, our construction and solar engineers visit the customer to conduct an on-site evaluation and assess the customer&#8217;s electricity needs. The site assessment includes a shading analysis, roof inspection and review of any existing mechanical systems. Additionally, we review the customer&#8217;s recent utility bills so that we can present a proposal designed to meet the customer&#8217;s energy requirements and answer the customer&#8217;s questions. At this stage, the customer has not made any commitment to purchase a system from us. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">At the design stage, we analyze the information obtained during the feasibility stage to design a proposed solar energy solution, based on the customer&#8217;s stated energy needs, financial means and the specifics of the building location. Upon completion of the design stage, we present the customer with a detailed written proposal outlining the components of the system, the proposed timeline of the system implementation, the estimated price and estimated energy savings as well as the expected return on the investment based on existing rate information. Approved customers who purchase our systems sign a purchase agreement and tender to us a down payment equal to the lesser of 10% of the overall cost or $1,000, which can be refunded within three days.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The period of time between the initial customer contact at the feasibility stage and the signing of the contract upon the completion of the design stage (the negotiation period) may range from less than a month to more than a year, with six to nine months being the average negotiation period for larger commercial projects. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Before installing any solar or backup battery system, we must obtain required permits and approvals from the local fire department and the department of building and safety and other applicable state and local agencies, as well as from utility companies. We prepare a full permitting package and apply for these permits on behalf of the customer. We may also assist the customer with necessary paperwork to apply for and obtain the tax rebates and incentives. The permitting process typically takes four to eight weeks. Upon completion of this stage, we require customers paying to pay 40% of the total purchase price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Once the customer orders the system, we order products, parts and materials necessary to implement the project. Upon delivery of the materials to the customer&#8217;s site, we require an additional 40% of the purchase price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Finally, we assemble and install the system at the customer&#8217;s site. Once installation is complete, we meet with the customer to conduct a final walk-through of the system and review its components. Upon the final walk-through and sign-off by the city inspector, the system becomes fully operational, and we require the remaining 20% of the purchase price. The payment schedules do not apply to customers for whom we are providing financing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka18bd786-22a0-4169-aa43-170cb46e8fba" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">80</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em><u>Source of Supply</u></em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our largest supplier, Jiangsu Qilan I&amp;E Co., Ltd., accounted for purchases of $20.3 million, or 30% of our purchases for 2017. In 2016, our largest supplier accounted for purchases of approximately $21.1 million, or 35% of our purchases for all solar system related components such as panels, inverters, railings and mounts. We also have access to all commercially available solar panels and associated equipment by using a large number of other suppliers. There are multiple alternative suppliers of solar panels and associated products, except that Li-Max is our sole supplier of the FLEX backup battery system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our supply agreement with Sunspark covers purchases by both our United States and China operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On July 29, 2016, we entered into a distribution agreement with Li-Max Technology, Inc. with an effective date of June 9, 2016. The agreement has a five-year term during which we are the exclusive worldwide (except for Asia) distributor of Li-Max Energy Storage System. We believe this product will complement our existing solar systems and commercial LED lighting in the United States. The agreement contains an initial purchase commitment of 375 units, which is approximately $1.1 million, of Li-Max Energy System within the first six months of the term of the agreement. In the event that we fail to purchase 60% of this commitment within the six-month period, Li-Max can require us to purchase the shortfall within 60 days. If we don&#8217;t meet this commitment Li-Max has the right to terminate the agreement. The agreement also contains a warranty provision for all the systems purchased from Li-Max for a period of ten years. As of September 30, 2018, we had not met the minimum purchase commitment due to (i) the vendor&#8217;s inability to obtain the UL certificate of its products since July 2017 and (ii) the inability of the system to meet the California requirements for qualification for energy storage incentives under the California Self-Generation Incentive Program. On October 8, 2018, we entered into an amendment to our agreement with Li-Max, pursuant to which Li-Max agreed to redesign the system so that it qualifies for the California home battery rebate. Additionally, the minimum purchase requirements were suspended until the Redesign Date. Our obligation to purchase the Li-Max system commences on the Redesign Date and the six-month period referred to above shall mean the six-month period commencing six months from the Redesign Date. The term of the agreement was extended to five years from the Redesign Date. The parties shall negotiate in good faith the initial purchase commitment, which shall not exceed 375 units and the base price shall be adjusted to reflect changes in Li-Max&#8217; costs as well as the anticipated market price</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em><u>Warranty Obligations; Production Guarantee</u></em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">All parts of the system provided by us are under manufacturers&#8217; warranties, typically for 25 years for the panels and inverters. The manufacturer&#8217;s warranty on the solar energy systems&#8217; components, which is typically passed-through to the customers, ranges from one to ten years. We provide a limited installation services warranty that warrants the installation services related to the system owner&#8217;s photovoltaic modules and inverters to be free from defects in the installation services under normal application, use and service conditions for a period of 10 years from the first date of the original installation services. Our agreement with our customers provides that we are not responsible for damage resulting from natural disasters, such as hurricanes, or other weather conditions. For leased systems we require the customer to maintain insurance covering these risks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Prior to 2015, we entered into power purchase agreements that have a term of up to 20 years. We own and maintain the systems and sell the power generated by the systems to commercial customers pursuant to the power purchase agreement. Revenue from power purchase agreements is not material.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Commencing in 2015, our standard contract for residential systems provides for a production guarantee, which means that we guarantee that the system will generate a specified minimum solar energy during a given year. The agreements generally have a ten-year term. In our standard form of contract, we specify a minimum annual production and provide that if the power generated by the system is less than 95% of the estimate, we will reimburse the owner for the cost of the shortfall. Because our obligations are not contingent upon external factors, such as sunlight, changes in weather patterns or increases in air pollution, these factors could affect the amount of solar power that is generated and could increase our exposure under the production guarantee. Although our obligations under these agreements have not been significant through September 30, 2018, we cannot assure you that in the future any obligations we have under these agreements will not have a material adverse effect upon our revenue and the results of our operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 45px">In 2017, we incurred unanticipated increased warranty costs of $354,000 for systems we installed for a leasing company with which we worked until February 2017. These costs resulted from production guarantees for equipment that we installed for the leasing company&#8217;s customers that were configured based on the assumption that the system would operate under ideal or near-ideal conditions rather than production guarantees that were based on the actual design of the specific system. Furthermore, the leasing company did not have an obligation to review, and did not review, the contracts containing the production guarantee against the system design, and we did not conduct any independent review or make any modifications. We believe that we have addressed the problems that resulted in the unanticipated warranty costs; however we cannot assure you that we will not incur other expenses relating to systems that do not meet the required production, whether because of the system design, changes in weather patterns or other reasons.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> From December 2011 to February 2017, we were party to an agreement with Sunpower pursuant to which we performed EPC services for systems leased by Sunpower. The leases contained a performance guarantee for the power to be generated by the system. Sunpower received claims from certain leasees regarding production shortfalls on solar systems installed by us and Sunpower then communicated those claims to us. Although we believe that we are under no legal obligation, we have agreed with Sunpower to settle in cash or otherwise fix the underperforming systems. We developed and determined that our total liability to Sunpower is approximately $354,000 for costs both incurred and anticipated, and we accrued an charge in $354,000 in 2017.We believe the reasons for the production shortfall were: </p> &nbsp; <font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td></tr></table> </font></font></font></font> <p style="MARGIN: 0px">&nbsp;</p><td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> Inadequate training concerning the inputs of system design that determine system performance and the system&#8217;s ability to comply with production guarantees. In some cases, system performance was determined based on a system designed for ideal or near-ideal conditions rather a production guarantee based on the actual design of the system. As a result, the production guarantee was greater than the system was designed to produce. </p></td><tr height="15"><td></td><td></td><td>&nbsp; </td></tr><tr height="15"><td> <p style="MARGIN: 0px">&nbsp;</p></td><td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"><font style="FONT-FAMILY: Symbol"> &#183; </font></p> <p style="MARGIN: 0px">&nbsp;</p></td><td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> Neither Sunpower nor we reviewed the production guarantee against the system design, and no modification of the production guarantee was made to reflect the final system design. Sunpower did not have an obligation to review, and did not review, the design, and we mistakenly believed Sunpower had done so. As a result, we installed systems that were not designed to meet the production guarantee. </p></td></tr></font> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> We believe these issues have been corrected through the following actions which we took after the formal production guarantee program was put in place in early 2017: </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol"> &#183; </font></td> <td valign="top"> Implementation of new personnel and training policies. </td></tr> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="top"><font style="FONT-FAMILY: Symbol"> &#183; </font></td> <td valign="top"> Modification of systems to provide production guarantee that are consistent with the system design. </td></tr> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="top"><font style="FONT-FAMILY: Symbol"> &#183; </font></td> <td valign="top"> Establishment of a contract standard for production guarantees based on a U.S. Department of Energy calculation (for SolarMax owned leases). </td></tr> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <tr> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="top"><font style="FONT-FAMILY: Symbol"> &#183; </font></td> <td valign="top"> Implementation of a policy to reviews production guarantees against system designs and to modify guarantees as final system design warrants. </td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> We no longer sell and install systems for Sunpower. All of our systems for leasing customers are sold to Sunrun. Sunrun establishes its own production guarantees, conducts its own reviews of those guarantees in conjunction with system design, and modifies its contracts accordingly. </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> Although we believe we have taken steps designed to prevent a misalignment of system designs and production guarantees, we cannot assure you that we will not be subject to unanticipated liability based on the failure of our systems to meet production guarantees. </p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify"> &nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> Our only production guarantees are pursuant to agreements with our customers, and we believe that our current procedures are designed to enable us to correct the deficiencies that resulted in the unanticipated liability under the Sunpower contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdbfcac86-9c19-44ba-ae44-7912ef0866c0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">81</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><u><em>Leasing Agreements</em></u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Prior to 2014, we leased systems primarily to commercial customers through our subsidiaries and three entities in which we have a 30% interest. These leases are operating leases and we own the systems, which we lease primarily to commercial customers. Although we no longer lease new systems, we continue to own the equipment subject to the existing leases. The leases do not include a production guarantee. At the end of the lease, the customer has an option to purchase the equipment at its then fair market value. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We have not leased systems for our account after 2014. Instead, we use a third-party leasing company. In January 2015, we entered into a channel agreement with Sunrun pursuant to which Sunrun appointed us as its sales representative to solicit orders for Sunrun&#8217;s products in portions of southern California. Pursuant to this agreement, we introduce potential leasing customers to Sunrun. Sunrun pays us for our services in connection with the projects. Upon a customer signing a Sunrun lease, we purchase the equipment from Sunrun or another vendor from a list of preapproved equipment by Sunrun. We then perform the design and EPC work until the system receives the permit to operate. Sunrun pays us 80% of the purchase price of the system after the system receives the city sign off and the final 20% after receiving the permit to operate. Similar to the solar systems that we sell directly to residential and commercial customers, we recognize the revenue on the solar systems sold to Sunrun when the permit to operate is received. Sunrun owns the equipment, leases the equipment and services the lease. When we complete the installation of the system, Sunrun performs an inspection to ensure the system meets Sunrun&#8217;s quality standards, and we are required to fix any issues identified by Sunrun that are caused by us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The channel agreement had an initial term that expired January 2018 and, by its terms was automatically extended for 36 months, and now expires in January 2021. Sunrun may terminate the agreement if we fail to meet specified minimum volume requirements. Sunrun also has the right to terminate certain incentives contained in the agreement at any time. Sunrun was the largest customer of our United States segment during the nine months ended September 30, 2018, and the years ended December 31, 2017 and 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Our relationship with Sunrun&#8217;s residential customers is only during the sales and installation process, although we continue to have obligations under our ten-year warranty that relates to the EPC services that we perform. We have no warranty obligation with respect to the equipment, which is provided by the equipment manufacturer, or any production guarantee. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em><u>Power Purchase Agreements</u></em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">Although we no longer offer power purchase agreements, prior to 2015 we entered into solar power purchase agreements with some commercial customers, and many of these agreements remain in effect. Pursuant to these agreements, we were responsible for the design, permitting, financing and installation of a solar energy system on a customer&#8217;s property after which we sell the power generated to the customer at an agreed upon rate. To the extent that we do not generate sufficient power to meet our obligations, we may have to purchase power from a local utility company, which will be a cost of revenues. We receive the income from the sales of electricity pursuant to these agreements as well as any tax credits and other incentives generated from the system, and we are responsible for the operation and maintenance of the system for the duration of the agreement. At the end of the term, a customer may extend the agreement, have us remove the system or buy the solar energy system from us. We have generated nominal revenue from power purchase agreements. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em><u>Seasonality</u></em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Since the inception of our business in 2008, we have experienced different levels of seasonality for our residential sales, small commercial and large commercial projects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our residential sales are prone to seasonal fluctuations. It has been our experience that we generate a larger percentage of sales in March and April, when residential customers focus on possible tax advantages of solar energy, and in the summer months of July and August, when utility rates and bills typically increase. We believe that the increase in residential sales during March and April results from consumers&#8217; increased awareness of the tax benefits of solar energy system systems. We believe that the higher volume of sales in the summer months results from typically higher electrical bills in the summer, when electricity use is highest, which we think heightens consumers&#8217; awareness of the opportunity to reduce their energy costs in the future through the use of solar energy.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf6c91d3b-b5f4-4cfa-b422-e5ea273cb9ea" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">82</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We have historically experienced a slight increase for small commercial projects during the summer season. As with residential sales, we attribute higher volume in small commercial sales to small business owners&#8217; reaction to the generally higher electricity bills during the summer months.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We have generally not experienced any significant seasonal fluctuations for our large commercial projects in the United States. We suspect that customers committing to large commercial purchases or leases of solar energy systems have generally made more studied decisions and are therefore less sensitive to seasonal variations or immediate market conditions. The negotiation period for larger projects may range from a couple of months to a year or more. We therefore believe that the timing of the execution of large commercial deals depends largely on the progress of contract negotiations.</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><em>Financing Activities</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We generate financing revenue from the interest on loans that were made to our customers by SolarMax Financial to assist them in the purchase of our solar systems, and from installment sale contracts, financing sales of solar systems, backup battery systems and LED systems. SolarMax Financial is licensed in California as a finance lender pursuant to the California Finance Lenders Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our ability to generate revenue from our financing activities is dependent upon our ability to generate installment sales contracts and our ability to provide either debt or equity financing for SolarMax Financial.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table sets forth customer loan receivables as September 30, 2018 and December 31, 2017 and 2016 (in thousands):</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b>&nbsp;&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Customer loan receivable, gross</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,302</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,576</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">38,027</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less, allowance for loan losses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(771</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(780</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(694</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Customer loans receivable, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32,531</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32,796</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,333</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less, current portion, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,241</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,186</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,339</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Customer loans receivable, long-term</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26,290</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26,610</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">31,994</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Because we believe the high cost of buying and installing solar energy systems remains a major barrier for a typical residential customer, we have developed financing programs to enable customers who meet our credit standards to finance the purchase of our solar energy systems through SolarMax Financial. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Before providing financing to potential customers, we evaluate the suitability of customers for participation in our financing program based on our assessment of the customer&#8217;s ability to make payments, a verification of the customers&#8217; income, the likelihood that the customer will continue to make payments, the customer&#8217;s credit history, the amount of the down payment and security we will receive and such other factors as we may deem appropriate. Since we have recently developed our financing business, and we do not have a history of successful financing operations, we anticipate that, on an ongoing basis we will refine our procedures and criteria to reflect our experience. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Based on our evaluation of the customer&#8217;s response, we either approve the application, conditionally approve the application, reject the application or defer a decision pending receipt of additional information.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If we approve the application, we will notify the applicant and send the applicant a financing contract for signature.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If we approve the application conditionally (that is, on terms different from the terms of requested by the applicant), we send the applicant a proposal amortization table as well as an Adverse Action Notice and Risk Based Pricing Disclosure, as required by the Fair and Accurate Credit Transactions Act.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If we reject the application, we notify the applicant within ten days of the decision.</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">If additional information is required to make a decision on an application, we defer the application. The decision process will be completed if and when the additional information is received. If we do not receive the information within a reasonable time, we treat the application as abandoned by the applicant.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Finally, we prepare the contract and payment schedule based on the anticipated completion date. The first contract payment would usually be due on the first of the month following 30 days after the completion date.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">To manage our financial risks, we have developed a pricing matrix for setting the interest rate percentages based on the applicant&#8217;s FICO score and the down payment percentage. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake443baab-ade5-4869-8b53-e2d94bdda631" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">83</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>LED Systems</em></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We provide LED products that help commercial customers save money by lowering electricity costs through the advanced technology of LED light bulbs. The energy-saving incandescent bulbs use approximately 25% less energy than traditional varieties, while the LED light bulbs use approximately 75% less energy, last 40 times longer, and are considered safer to use. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify">We have relationships with a number of LED system manufacturers that provide us with access to a variety of high performance products and ultimately enables us to meet customers&#8217; energy needs and budgets. Our LED streetlight system has an exclusive ETL Mark under our company name, which is evidence that our product complies with North American safety standards and is a requirement for contracts with municipal customers.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">There are several steps to completing an LED installation with a customer. The first step is to review the customer&#8217;s previous year&#8217;s power bill and to look at their financial statements for the last three years. The next step is to conduct a lighting survey to effectively present an energy saving proposal to the potential customer. We typically offer financing services similar to our solar system financing. Some commercial projects require us to engage a third-party vendor to help install the LED lighting systems for our clients while other projects customers choose to be responsible for the installation of the system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We are working to establish contracts with various public and private entities. On June 14, 2016, we were awarded the LED Luminaires bid program from the California Department of Transportation in the amount of approximately $4.3 million. On July 15, 2016, we received the purchase order for the specified LED products pursuant to the award with a completion date on or before July 18, 2017. The project was completed on time. The products are required to comply with the design, performance, technical and quality requirements outlined in the purchase order. We are required to provide a warranty against loss of performance and defects in materials and workmanship for the luminaires for a period of 84 months after acceptance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Marketing</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We have an in-house sales and marketing staff of 51 people, of which 46 market solar and battery backup projects and five market LED products and systems. While we use a variety of marketing and advertising tools, we believe that word of mouth is one of our most effective marketing strategies. We estimate that approximately 40% of our sales are generated through referrals by our customers.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We also participate in industry trade shows, use telemarketing, radio, television and Internet advertising as well as participating in local community events such as local festivals and door-to-door sales. We are in the process of shifting our focus from traditional radio advertisements to sponsorships and other public relation initiatives. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Personal meetings with prospective customers and site visits at the feasibility stage are also part of our advertising budget. In our experience, on average, we make three to four visits at the feasibility stage before we can generate a contract from the customer. As we expand the breadth of our operations, we plan to hire additional professionals and general sales personnel to market our systems to a larger number of prospective customers. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Our marketing effort includes our ability to offer financing in connection with purchases of our systems. We do not have a separate marketing staff for our financing activities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7a58cbd7-935c-45b5-8f55-e9daaac3cd61" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">84</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Competition</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Solar energy systems in general compete with both the local or regional providers of electricity as well as a number of independent companies that offer to provide electricity at prices that are lower than the regional utility company. Our primary competition is with the local utility companies that supply power to our potential customers. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Within the solar energy industry, we face intense and increasing competition from other solar energy system providers. The solar energy industry is highly fragmented, consisting of many small, privately-held companies with limited resources and operating histories, and we believe that no solar energy provider has a significant percentage of the California market. We also compete with major companies, as well as a large number of smaller companies. We have experienced price erosion as a result of increased competition which has affected our gross margin. Because California has much sun and little rain, solar power companies seek to market in California rather than in states with less sun and more rain. We believe that the number of new solar energy installation companies that have entered the industry in California has increased significantly since 2008 when we commenced business, and the increased competition is reflected in lower margins as we may have to reduce our prices to generate business. We expect additional companies to enter the business in the future, considering that the entry barrier in this industry is relatively low and the government incentives currently remain high.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">We believe that competition is primarily based on price and, if financing is required, the availability and terms of financing, and, to a lesser extent, the ability to schedule installation to meet the customer&#8217;s schedule. Some of our competitors may offer financing with payments over a longer period and with either a lower down payment or no down payments, which may make them more attractive to potential customers. Although we intend to offer terms which we believe are competitive, if we maintain our proposed underwriting criteria, we may lose business to companies whose standards are less strict. If we reduce our underwriting criteria to meet competition we may suffer an increase in the reserve for loan losses.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><em>Government Regulation</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Although we are not a regulated utility company, our operations are subject to regulation, supervision and licensing under various federal, state and local statutes, regulations and ordinances. Additionally, our business is materially affected by federal and state programs and policies related to financial incentives for solar energy users and providers. Local utility companies work with all solar companies to connect their systems to the grid. Title 24 of the California Code of Regulations governs energy savings and efficiency standards for new and remodeled construction for indoor and outdoor lighting requirements.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><em>Construction Licenses and Permits</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">As a company performing general contractor and design work, we must ensure that our employees obtain and timely renew appropriate general contractor and other required licenses. In connection with each installation, we are required to obtain building permits and comply with local ordinances and building codes for each project. Our operations are also subject to generally applicable laws and regulations relating to discharge of materials into the environment and protection of the environment. We are also subject to federal and state occupational health and safety regulations. We may also be subject to federal or state wage requirements, at least in connection with any solar projects on government land or buildings or other public works projects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><em>Consumer Protection Laws</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In negotiating and entering into contracts with our residential customers, we must comply with state and federal consumer protection laws. In conducting our marketing campaigns, we must comply with the federal Telemarketing and Consumer Fraud and Abuse Prevention Act, and Telemarketing Sales Rule promulgated by the Federal Trade Commission, as well as state regulations governing telemarketing and door-to-door sales practices. In negotiating and entering into contracts with our residential customers, we must comply with a number of state regulations governing home solicitation sales, home improvement contracts and installment sales contracts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><em>Consumer Financing Regulations</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">SolarMax Financial operates in California as a California finance lender pursuant to a license issued by the California Department of Corporations, which regulates and enforces laws relating to consumer finance companies. SolarMax Financial must comply with regulations pertaining to consumer financing. Such rules and regulations generally provide for licensing of consumer finance companies, limitations on the amount of financing provided, duration and charges, including finance charge rates, for various categories of contracts, requirements as to the form and content of the loans and other documentation, and restrictions on collection practices and creditors&#8217; rights. As a licensed finance lender, SolarMax Financial will be subject to periodic examination by state regulatory authorities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6756dcc9-f959-4ee9-8245-728f1a76ae16" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">85</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">SolarMax Financial is also subject to extensive federal regulation, including the Truth in Lending Act, the Equal Credit Opportunity Act, Fair Debt Collection Practices Act and the Fair Credit Reporting Act. These laws require SolarMax Financial to provide certain disclosures to prospective customers and protect against discriminatory lending practices and unfair credit practices. The principal disclosures required under the Truth in Lending Act include the terms of repayment, the total finance charge and the annual percentage rate charged on each contract. The Equal Credit Opportunity Act prohibits creditors from discriminating against loan applicants on the basis of race, color, sex, age, or marital status, among other things. Pursuant to Regulation B promulgated under the Equal Credit Opportunity Act, lenders are required to make certain disclosures regarding consumer rights and advise consumers whose credit applications are not approved of the reasons for the rejection. The Fair Credit Reporting Act requires SolarMax Financial to provide certain information to consumers whose applications were not approved or were conditionally approved on terms materially less favorable than the most favorable terms normally offered on the basis of a report obtained from a consumer-reporting agency.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In addition, SolarMax Financial is subject to the provisions of the federal Gramm-Leach-Bliley financial reform legislation, which imposes additional privacy obligations on SolarMax Financial with respect to our applicants and our customers. SolarMax Financial has appropriate policies in place to comply with these additional obligations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><em>Government Subsidies and Incentives</em></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The solar energy industry depends on the continued effectiveness of various government subsidies and tax incentive programs existing at the federal and state level to encourage the adoption of solar power. Government policies, in the form of both regulation and incentives, have accelerated the adoption of solar technologies by businesses and consumers. We and our customers benefit from these regulations in the form of federal tax incentives, state utility rebates and depreciation. Because of the high cost of installing solar energy systems, the existence of tax incentives as well as regulations requiring utility companies to purchase excess power from solar energy systems connected to the grid are important incentives to the installation of a solar energy system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><u>Federal Tax Incentive.</u> The American Recovery and Reinvestment Act gives effect to the Residential Renewable Energy Tax Credit and the Business Energy Investment Tax Credit programs. The Residential Renewable Energy Tax Credit is described as a personal tax credit, whereas the Business Energy Investment Tax Credit is identified as a corporate tax credit. These programs may allow the owner of the system a federal income tax credit of up to 30% of the approved cost of the installation of a solar energy system. This tax credit is now available to homeowners in some form through 2021. The tax credit remains at 30% of the cost of the system for 2016 through 2019. Owners of new residential and commercial solar can deduct 26% of the cost of the system from their taxes in 2020. This percentage decreases to 22% in 2021 and 10% in 2022.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><u>State Incentives and Utility Company Rebates.</u> In addition to federal income tax credit, utility companies in California and other states offer various incentives and rebate programs. Capital cost rebates provide funds to customers based on the cost and size of a customer&#8217;s solar energy system. The value of the rebate is subtracted from the total purchase price, resulting in a net adjusted cost for the purpose of determining the value of the federal tax credit. Performance-based rebates provide funding to customers based on the energy produced by their systems. Under a feed-in tariff subsidy, the government sets prices that regulated utility companies are required to pay for renewable electricity generated by end-users. Under that subsidy program, prices are set above market rates and may be differentiated based on system size or application. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The building standard approved by the California Energy Commission in May 2018 mandates the installation of solar arrays on new single-family residences and on multi-family buildings of up to three stories starting in 2020. This new standard will be reviewed by the California Building Standards Commission, which is expected in the fall of 2018. Although the Building Standards Commission traditionally accepts California Energy Commission recommendations without change, we cannot assure you that the Building Standards Commission will approve this standard or that the standard will survive any legal challenges which may be brought in opposition to the standard.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka33bfea6-c747-4216-8823-76e4cdf8b171" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">86</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><u>Depreciation.</u> Solar projects typically qualify for a five-year accelerated depreciation, which provides a major financial incentive for our commercial customers. The depreciation of these systems can be up to 50% of the purchase price in the first year and 12.5% in each of the succeeding four years. In December 2015, Congress passed a five-year extension of bonus depreciation, including a phase-out that is structured as follows: 2015-2017: 50% bonus depreciation; 2018: 40%; 2019: 30%, 2020 and beyond: 0%.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><u>Tariffs and Trade Policies.</u> The solar energy industry has recently experienced decreasing prices in solar panels, a principal component in any solar energy system. Most solar panels are imported and the price of the solar panels is impacted by trade policies, such as tariffs and quotas. The U.S. government has imposed tariffs on solar cells, solar panels and aluminum that is used in solar panels manufactured overseas. Based on determinations by the U.S. government under the 2012 solar trade case, the anti-dumping and countervailing tariff rates range from approximately 33%-255%. Such anti-dumping and countervailing tariffs are subject to annual review and may be increased or decreased. These tariffs have increased the price of solar panels containing China-manufactured solar cells. We do not purchase panels from China or Taiwan for our United States operations. The purchase price of solar panels containing solar cells manufactured in China reflects these tariff penalties. While solar panels containing solar cells manufactured outside of China are not subject to these tariffs, the prices of these solar panels are, and may continue to be, more expensive than panels produced using Chinese solar cells, before giving effect to the tariff penalties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On January 23, 2018, the United States placed tariffs on imported solar cells and modules for a period of four years with an effective date of February 7, 2018. The tariff level was set at 30%, with a 5% declining rate per year for the four- year term of the tariff. The tariff includes a 2.5 GW exemption for cells per year, which does not include any sub quotas for individual countries. Additionally, the only countries excluded from the tariff are those that the U.S. government deems as developing nations, with the exception of the Philippines and Thailand, that are eligible for the U.S. Generalized System of Preferences program.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">While the state and federal incentives benefit our industry by making solar energy systems more affordable and attractive to consumers, they also expose the industry to the risk of negative consequences should these incentives be discontinued or reduced. The market for solar energy products is, and will continue to be, heavily dependent on public policies that support growth of solar energy. There can be no assurances that such policies will continue. Decreases in the level of rebates, incentives or other governmental support for solar energy would materially and adversely affect the demand for solar energy products, including our business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><i>California Consumer Privacy Act</i></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In June 2018, California passed the CCPA, which becomes effective in 2020.&nbsp; As a practical matter, companies need to have their data tracking systems in place by the start of 2019, since the law gives consumers the right to request all the data a company has collected on them over the previous 12 months. This law covers all companies that serve California residents and have at least $25 million in annual revenue.&nbsp; Under the law, any California consumer has a right to demand to see all the information a company has saved on the consumer, as well as a full list of all the third parties that data is shared with.&nbsp; The consumer also has the right to request that the company delete the information it has on the resident. The CCPA broadly defined broadly defines &#8220;protected data.&#8221;&nbsp;The CCPA also has specific requirements for companies subject to the law. For example, the law specifies that companies must have a clear and conspicuous link on their websites to a page from which consumers may exercise their right to opt out of data sharing. The CCPA provides for a private right of action for unauthorized access, theft or disclosure of personal information in certain situations, with possible damage awards of $100 to $750 per consumer per incident, or actual damages, whichever is greater. The CCPA also permits class action lawsuits. Because the law was recently adopted, we have not been able to determine the extent to which the law applies to us, our website and our privacy policies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak90da7c22-3435-4f41-91dd-d93aba5ae131" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">87</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Intellectual Property</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We do not have any intellectual property that is material to our business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b>Legal </b><b>Proceedings</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On May 23, 2018, we commenced an action in the Superior Court of California in Riverside County against Act One Investments, Inc., Daniel Shih, the former chief executive officer of Act One Investments, Forland Industrial, Inc., Christine Lien, Peter Lien and Annie Lien, who are former employees of our subsidiary, SolarMax LED, and other named individuals believed to be affiliated with Act One Investments, alleging<b>,</b>&nbsp;among other claims, breach of contract, fraud, and misappropriation of trade secrets.&nbsp; The claims arose out of (i)&nbsp;our purchase of the assets of Act One Investments and its subsidiaries pursuant to an asset purchase agreement dated May 31, 2013 pursuant to which we acquired the business which is now our LED business, (ii) the wrongful conduct of defendants as inducement for us to enter into the asset purchase agreement and (iii) wrongful conduct by certain of the individual defendants as our employees. We are seeking&nbsp;return of the 250,000 shares of common stock that we issued pursuant to the asset purchase agreement, monetary damages and other relief,&nbsp;including rescission of the&nbsp;asset purchase agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In July 2018, Act One Investments and certain of the individual defendants filed a cross-complaint against us and certain of our United States subsidiaries alleging, among other claims,&nbsp;unpaid overtime (arising out of alleged misclassification of the individual cross-complainants as &#8220;exempt&#8221; from overtime pay) and wrongful termination and retaliation in violation of the California labor laws, that the noncompetition covenants in the asset purchase agreement are unenforceable under California law and that we engaged in fraudulent conduct in violation of certain federal laws, including violation of the Department of the Treasury&#8217;s 1603 Renewable Energy Grant program regulations.&nbsp; We believe that the cross-complaint is&nbsp;without merit and we intend to vigorously defend these allegations. The litigation is in its initial stages. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">In the ordinary course of our business, we are involved in various legal proceedings involving contractual relationships, product liability claims, and a variety of other matters. We do not believe there are any such pending legal proceedings that will have a material impact on our financial position or results of operations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b>Employees</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify"> On  September 30, 2018, we had 161 employees in the United States, of which ten are executive, 43 are in sales and marketing, 64 are in operations and installation and 44 are in accounting and administrative, and we had 45 employees in China, of which three are executives, seven are in sales and marketing, 18 are in operations and engineering and 17 are in accounting and administrative. None of our employees are represented by a labor union. We consider our employee relations to be good. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Property</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We do not own any real property. The following table sets forth information as to the real property leased by us:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Location</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Square Feet</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Current Annual Rent</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="center"> <p style="MARGIN: 0px" align="center"><b>Expiration date</b></p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">3080 12th Street, Riverside, CA (1)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">101,556</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,007,940</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">12/31/26</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">3230 Fallow Field Dr., Diamond Bar, CA (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,928</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">236,124</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">10/31/26</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">8825 Production Avenue, San Diego, CA</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,271</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">42,858</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">9/30/19</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Room 1108 Cheng Xin Building No. 885 Cheng Xin Rd ., Nanjing ,China</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,800</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,346</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">10/14/19</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Room 402, Floor 4, No. 558 Tongxie Rd., Shanghai, China </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,920</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">89,731</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">12/31/20</p></td> <td width="1%">&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakea8a4c6a-1c53-478b-8458-4ddaab71bb43" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">88</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify">1</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">This property is owned by SMX Properties, LLC. The owners and principal management group of SMX Properties consist of David Hsu, our chief executive officer and a director, Simon Yuan, a director, and Ching Liu, our executive vice president, chief strategy officer and treasurer and a director. The lease is subject to an annual 2.99% increase in the base rent and provides us with one option to renew the lease for a five-year term at the then current base rent with a 2.99% escalation in each year. </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify">2</p></td> <td valign="top"> <p style="MARGIN: 0px">This property is owned by Fallow Field, LLC, which is owned and managed by Mr. Hsu and Ms. Liu and one other stockholder who is not a 5% stockholder. The lease provides for annual increase of 2.99%. We have the right to renew the lease for one five-year period upon the expiration of the current term.</p></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="MANAGEMENT">MANAGEMENT</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Executive Officers and Directors </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Set forth below is certain information with respect to our directors and executive officers: </p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Name</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Age</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="center"> <p style="MARGIN: 0px" align="left"><b>Position</b></p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">David Hsu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="10%" align="right"> <p style="MARGIN: 0px" align="center">55</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="45%"> <p style="MARGIN: 0px">Chief executive officer and director</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Stephen Brown</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">59</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Chief financial officer</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Ching Liu</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">50</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Executive vice president, chief strategy officer, treasurer and director</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Simon Yuan</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">63</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Director</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Edwin Chan, MD</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">63</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Director</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Wei Yuan Chen</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">58</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Director</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Jinxi Lin</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px" align="center">58</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Director</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">ChungJen Tsai</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;68</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Director</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">David Hsu, together with Simon Yuan and Ching Liu, are our founders. Mr. Hsu has served as our chief executive officer and a director since our organization in February 2008. Mr. Hsu has more than 20 years of experience in sales, international business development and management in the automotive and energy industries. Before starting SolarMax in 2008, Mr. Hsu served as a consultant to China Sunergy a leading photovoltaic panel manufacturer and solar energy company. Mr. Hsu&#8217;s solar energy industry experience and his relationships with industry experts qualify him to serve as a director.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">Stephen&nbsp;Brown has served as our chief financial officer since May 2017. From 2013 until April 2017, he was chief financial officer of STAAR Surgical Company. Mr. Brown was vice president, global finance of Bausch &amp; Lomb from 2008 until 2013 and chief financial officer of Hoya Surgical Optics from 2007 to 2008. He served in various capacities over a 13-year period with Johnson &amp; Johnson including chief financial officer of the Advanced Sterilization Products division. His 35-year business career also includes the founding of Degree Baby Products, a privately held company that was sold after six years of operations to Johnson&nbsp;&amp; Johnson. Mr.&nbsp;Brown holds a M.B.A. degree from University of California, Los Angeles Anderson School of Management and earned a B.A degree in Business Administration from California State University, Fullerton.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">Ching Liu, one of our founders, has served as executive vice president and a director since February 2008. Ms. Liu has served as chief strategy officer and treasurer since October 2016. Ms. Liu has more than 20 years of experience in global private equity investments. In April 2000, she became vice president of wealth management at Merrill Lynch. From 1994 to 2000, she was the vice president and premier banking manager of the Asian segment at Wells Fargo Bank. Ms. Liu has experience in asset-based financing and asset management for both private investors and Asian-based institutions. Ms. Liu has extensive experience in U.S. Non-Resident Alien investment vehicles and has worked with high net worth Asian clients with complex non-resident alien taxation issues. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd05d803b-a24d-4d43-80c2-57aba82237ae" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">89</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Simon Yuan, one of our founders, served as a director since February 2008 and chief financial officer from February 2007 until May 2017. In 1989, Mr. Yuan founded Simon &amp; Edward, LLP, a PCAOB registered public accounting firm of which he has been managing partner since its founding. Prior to founding Simon &amp; Edward, Mr. Yuan was employed by Wells Fargo Bank as a senior internal auditor and by the State of California as a tax auditor. Mr. Yuan was also a supervising senior auditor with the international accounting firm of Moore Stephens. Mr. Yuan&#8217;s professional experience encompasses more than 30 years of public accounting, with expertise in a broad range of business accounting and auditing, and international taxation, estate planning, business merger and acquisition, and general business consulting. Mr. Yuan is an active leader, officer and participant of many professional and charitable organizations. He is a director of the Sino-American Certified Public Accountants Association and also served as its president in 1998. Mr. Yuan received a Masters of Accountancy from Ohio State University. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Edwin Chan MD has served as a director since January 2011. Dr. Chan earned his MD degree from the Taipei Medical University, Taiwan, and did his residency in a transitional program at The University of Texas, Medical School of Houston, and his residency in Brazos Valley Family Practice at the Texas A&amp;M Medical School. During his 35 years in medical practice, Dr. Chan has served as chief of medical staff, division of neurology, department of internal medicine at Min-Shen General Hospital in Taiwan and as a visiting research fellow at UCLA neurophysiology laboratory. Dr. Chan has been in private practice since 2001. Dr. Chan brings to us his experience in the medical field and his dedication to renewable energy resources in pursuit of clean and sustainable living.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Wei Yuan Chen has served as a director since April 2010. Mr. Chen, who is semi-retired, was the chief designer and director for Xing Rong Project Management Company, Shanghai, China, a position he held from 1990 to 2010. In 2002, Mr. Chen received the &#8220;Design and Build&#8221; of the year award for designing the headquarters of Applied Material, Shanghai, China. Mr. Chen earned his degree from the College of Urban Planning and Public Affairs, Illinois, in 2003. Mr. Chen brings to us his project management knowledge and 20 years of experience of implementation and integration of renewable sources into his architectural designs.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Jinxi Lin has served as a director since 2014. Mr. Lin serves as the chairman and chief executive officer of AMD, a publicly traded solar panel manufacturer in Asia and the Middle East and one of our major stockholders. Mr. Lin founded AMD in 2006 and has served as its chairman and chief executive officer since its formation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">ChungJen Tsai has served as a director since January 2011. Mr. Tsai is the president of Max Group Corporation, a position he has held since 1985. Mr. Tsai graduated from National Tsing Hua University Nuclear Engineering Department, specializing in Nuclear Power Plants and related energy fields. While in the United States, Mr. Tsai founded, Max Group Corporation, an information technology distribution company. As the president of Max Group Corporation, he supervises in sales channel, warehousing, logistics, and inventory control. Mr. Tsai brings to us his broad experience in the field of energy and information technology.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Information about the Board of Directors</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our board of directors oversees our business and affairs and monitors the performance of management. In accordance with corporate governance principles, the board does not involve itself in day-to-day operations. The directors keep themselves informed through discussions with our chief executive officer, other key executives, by reading the reports and other materials that we send them, and by participating in board and committee meetings. Our directors hold office for a term of one year and until their successors have been elected and qualified unless the director resigns or by reasons of death or other cause is unable to serve in the capacity of director.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak09cd6151-6a19-4e01-abca-42b393ee1e1f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">90</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Director Independence</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">We believe that three of our directors, Mr. Chen, Dr. Chan and Mr. Tsai, are independent directors using the NASDAQ definition of independence. Under NASDAQ rules, independent directors must comprise a majority of a listed company&#8217;s board of directors within twelve months of initial listing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Committees of the Board of Directors</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Upon completion of this offering, the board intends to create three committees - the audit committee, the compensation committee and the nominating and corporate governance committee.&nbsp; Each of the committees will have a charter which meets the NASDAQ requirements and will be composed of three independent directors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Audit Committee</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The audit committee will be comprised of Mr. Tsai, Dr. Chan and Mr. Chen. Our audit committee consists entirely of directors who will qualify as independent directors. At least one member of our audit committee will be an &#8220;audit committee financial expert.&#8221; We will include on the audit committee at least one member who will qualify as an &#8220;audit committee financial expert&#8221; as defined by the SEC. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The audit committee will oversee, review, act on and report on various auditing and accounting matters to the board, including: the selection of our independent accountants, the scope of our annual audits, fees to be paid to the independent accountants, the performance of our independent accountants and our accounting practices. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Compensation Committee</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The compensation committee will oversee the compensation of our chief executive officer and our other executive officers and review our overall compensation policies for employees generally. If so authorized by the board, the compensation committee may also serve as the granting and administrative committee under any option or other equity-based compensation plans which we may adopt. The compensation committee will not delegate its authority to fix compensation; however, as to officers who report to the chief executive officer, the compensation committee will consult with the chief executive officer, who may make recommendations to the compensation committee. Any recommendations by the chief executive officer are accompanied by an analysis of the basis for the recommendations. The committee will also discuss compensation policies for employees who are not officers with the chief executive officer and other responsible officers. The compensation committee has the responsibilities and authority relating to the retention, compensation, oversight and funding of compensation consultants, legal counsel and other compensation advisers. The compensation committee members will consider the independence of such advisors before selecting or receiving advice from such advisors.&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Nominating and Corporate Governance Committee</em></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The nominating and corporate governance committee will identify, evaluate and recommend qualified nominees to serve on our board; develop and oversee our internal corporate governance processes; and maintain a management succession plan. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Compensation Committee Interlocks and Insider Participation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">None of our executive officers serve on the board of directors or compensation committee of a company that has an executive officer that serves on our board or compensation committee. No member of our board is an executive officer of a company in which one of our executive officers serves as a member of the board of directors or compensation committee of that company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Code of Business Conduct and Ethics</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Prior to the completion of this offering, our board of directors will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable U.S. federal securities laws and the NASDAQ regulations. Any waiver of this code may be made only by our board of directors and will be promptly disclosed as required by applicable federal securities laws and the NASDAQ corporate governance rules.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak84cdbe26-cd2b-44c1-a1a7-805d0518c1ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">91</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="EXECUTIVE COMPENSATION">EXECUTIVE COMPENSATION</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The following table sets forth information regarding the compensation awarded to, earned by, or paid to our chief executive officer and the two most highly paid executive officers other than the chief executive officer during the years ended December&nbsp;31, 2017 and 2016. These three officers are referred to as our &#8220;Named Executive Officers.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Summary Compensation Table</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Non-qualified&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Non-Equity&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Deferred&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Stock&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Option&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Incentive&nbsp;Plan</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Compensation&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>All&nbsp;Other&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Name&nbsp;and&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Salary&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Bonus&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Awards&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Awards&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Compensation&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Earnings&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Compensation&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>principal&nbsp;position</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="center"> <p style="MARGIN: 0px" align="center"><b>Year</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>($)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">David Hsu, Chief executive officer<sup>1</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">600,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">146736</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">342,380</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">1,089,116</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">240,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">58,808</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,350,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,648,808</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Ching Liu, Executive vice president<sup>2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">560,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">120,056</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">280,130</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">960,186</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">210,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">50,406</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">1,260,406</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Simon Yuan, Chief financial officer<sup>3</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">40,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">40,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">120,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">600,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">720,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Stephen Brown, Chief financial officer<sup>4</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">253,301</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">154,715</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">408,016</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">________&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px"><sup>1 </sup></p></td> <td valign="top"> <p style="MARGIN: 0px">Pursuant to his employment agreement, Mr. Hsu earned a bonus of $489,113 for 2017, of which 70%, or $342,380, was payable in stock, which was valued at $5.00 per share, and 30% was payable in cash. The bonus is payable in 2018. The 68,476 shares of common stock were issued to Mr. Hsu in August 2018. In 2016, Mr. Hsu received a restricted stock grant of 1,350,000 shares of common stock which were issued in 2016 pursuant to the 2016 Long-Term Incentive Plan and were issued subject to the forfeiture provisions described under &#8220;Management &#8211; Employee Benefit Plans.&#8221; We accrued compensation of $1,350,000 for 2016 relating to this grant. The value of the shares, based on the price paid in the October/November private placement, is $6,750,000.</p></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px"><sup>2 </sup></p></td> <td valign="top"> <p style="MARGIN: 0px">Pursuant to her employment agreement, Ms. Liu earned a bonus of $400,186 for 2017, of which 70%, or $280,130, was payable in stock, which was valued at $5.00 per share, and 30% was payable in cash. The bonus is payable in 2018. The 56,026 shares were issued to Ms. Liu in August 2018. In 2016, Ms. Liu received a restricted stock grant of 1,000,000 shares of common stock which were issued in 2016 pursuant to the 2016 Long-Term Incentive Plan and were issued subject to the forfeiture provisions described under &#8220;Management &#8211; Employee Benefit Plans.&#8221; We accrued compensation of $1,000,000 for 2016 relating to this grant. The value of the shares, based on the price paid in the October/November private placement, is $5,000,000.</p></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px"><sup>3</sup></p></td> <td valign="top"> <p style="MARGIN: 0px">In 2016, Mr. Yuan received a restricted stock grant of 600,000 shares of common stock which were issued in 2016 pursuant to the 2016 Long-Term Incentive Plan and were issued subject to the forfeiture provisions described under &#8220;Management &#8211; Employee Benefit Plans.&#8221; We accrued compensation of $600,000 for 2016 relating to this grant. The value of the shares, based on the price paid in the October/November private placement, is $3,000,000. Mr. Yuan resigned as chief financial officer in May 2017.</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px"><sup>4</sup></p></td> <td valign="top"> <p style="MARGIN: 0px">Mr. Brown was appointed chief financial officer in May 2017.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak432ded50-1118-4b58-b907-cda08d06d0dc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">92</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Employment Agreements</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On October 7, 2016, we entered into an employment agreement with David Hsu pursuant to which we agreed to employ Mr. Hsu as our chief executive officer for a five-year term commencing January 1, 2017 and continuing on a year-to-year basis unless terminated by us or Mr. Hsu on not less than 90 days&#8217; notice prior to the expiration of the initial term or any one-year extension. We agreed to include Mr. Hsu as a nominee of the board of directors for election as a director during the term of his agreement, and, upon his election as a director, Mr. Hsu is to serve as chairman of the board. The agreement provides for an annual salary, commencing January 1, 2017 of $600,000, with an increase of not less than 3% on January 1st of each year, commencing January 1, 2018. Mr. Hsu&#8217;s current salary is $618,000. Mr. Hsu is entitled to an annual bonus, commencing with the year ending December 31, 2017, based on consolidated revenues for the year in accordance with the following table:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px" align="justify"><b>Revenue </b></p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px" align="justify"><b>Bonus </b><b><b>in Dollars or Percentage of Revenues</b></b></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less than $30 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">$0</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $30 million but less than $50 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">$250,000</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $50 million but less than $100 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">0.55%</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $100 million but less than $200 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">0.60%</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $200 million but less than $300 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">0.75%</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $300 million</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">1.00%</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">70% of the bonus payable for any calendar year shall be paid in restricted stock and 30% shall be paid in cash and shall be paid no later than the earlier of (i) 30 days following the issuance of our audited financial statements for the calendar year in which the bonus is earned or (ii) the last business day of December of such next following calendar year. Our audited financial statements shall be deemed to be issued on the date we file our annual report on Form 10-K; provided, that if we are not a reporting company, our financial statements are deemed issued on the date of the auditors&#8217; report. The equity component of the bonus shall be based on the average closing market price of the common stock on the principal exchange or market on which our common stock is traded for the period beginning on the first day of the quarter in which the bonus is payable and ending on the third trading day prior to the date payment is made; except that, if our common stock is not publicly traded, the common stock shall be valued at the most recent price at which the common stock was sold in a private placement to non-affiliated investors. The restricted stock will vest immediately on issuance. For the year ended December 31, 2017, Mr. Hsu&#8217;s bonus was comprised of 68,476 shares of common stock, valued at $342,380, and cash of $146,736. Mr. Hsu is eligible for restricted stock grants or stock options, which shall not exceed 1.5% of our outstanding common stock prior to the grant. The agreement also provides Mr. Hsu with $2 million of life insurance, medical and dental insurance and long-term disability insurance providing monthly benefits of not less than $25,000. In the event of Mr. Hsu&#8217;s termination in the event of his disability or death, we will pay Mr. Hsu or his beneficiary severance payments or death benefits equal to his highest compensation, which is his salary plus bonus, during the three calendar years prior to the year in which the termination of employment for disability or death occurs, multiplied by the number of full years Mr. Hsu has been employed by us. Mr. Hsu&#8217;s employment commenced in February 2008. These termination payments shall be made in annual installments each equal to one year&#8217;s total compensation. In the event of a termination not for cause, by Mr. Hsu for good cause or termination of employment within 18 months of a change of control, we shall pay Mr. Hsu, a lump sum termination payment equal to two times his highest annual compensation for the three years preceding the year in which the termination of employment occurs multiplied by the number of full years that Mr. Hsu was employed by us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">On October 7, 2016, we entered into an employment agreement with Ching Liu pursuant to which we agreed to employ Ms. Liu as our executive vice president, chief strategy officer and treasurer for a five-year term commencing January 1, 2017 and continuing on a year-to-year basis unless terminated by us or Ms. Liu on not less than 90 days&#8217; notice prior to the expiration of the initial term or any one-year extension. We agreed to include Ms. Liu as a nominee of the board of directors for election as a director during the term of her agreement, and, upon her election, she is to serve as vice chair of the board. The agreement provides for an annual salary of $560,000, with a 3% increase on January 1st of each year, commencing January 1, 2018. Ms. Liu&#8217;s current salary is $576,800. Ms. Liu in entitled to an annual bonus, commencing with the year ended December 31, 2017, based on consolidated revenues in accordance with the following table:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak793de26e-8bb9-49fd-8d2e-580dbbc07b49" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">93</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Revenue </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"><b>Bonus in Dollars or as a Percentage of Revenues</b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less than $30 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $30 million but less than $50 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">200,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $50 million but less than $100 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.45</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $100 million but less than $200 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.50</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $200 million but less than $300 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.65</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $300 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.90</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">70% of the bonus payable for any calendar year shall be paid in restricted stock and 30% shall be paid in cash and no later than the earlier of (i) 30 days following the issuance of our audited financial statements for the calendar year in which the bonus is earned or (ii) the last business day of December of such next following calendar year. The equity component of the bonus shall be based on the average closing market price of the common stock on the principal exchange or market on which our common stock is traded for the period beginning on the first day of the quarter in which the bonus is payable and ending on the third trading day prior to the date payment is made; except that, if our common stock is not publicly traded, the common stock shall be valued at the most recent price at which the common stock was sold in a private placement to non-affiliated investors. The restricted stock will vest immediately on issuance. For the year ended December 31, 2017, Ms. Liu&#8217;s bonus was comprised of 56,026 shares of common stock, valued at $280,130 and cash of $120,056. Ms. Liu is eligible for restricted stock grants or stock options, which shall not exceed 1.0% of the outstanding common stock prior to the grant. The agreement also provides Ms. Liu with $2 million of life insurance, medical and dental insurance and long-term disability insurance providing monthly benefits of not less than $25,000. In the event of Ms. Liu&#8217;s termination in the event of her disability or death, we will pay Ms. Liu or her beneficiary severance payments or death benefits equal to her highest compensation during the three years prior to the year in which the termination of employment for disability or death occurs, multiplied by the number of full years Ms. Liu has been employed by us. Ms. Liu&#8217;s employment commenced in February 2008. The termination payments shall be made in annual installments each equal to one year&#8217;s compensation. In the event of a termination not for cause, a termination by Ms. Liu for good cause or a termination within 18 months of a change of control, we shall pay Ms. Liu, a lump sum termination payment equal to two times her highest annual compensation for the three years preceding the year in which the termination of employment occurs multiplied by the number of full years that Ms. Liu was employed by us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><b>Employee Benefit Plans</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In October 2016, our board of directors adopted, and in November 2016, our stockholders approved, the 2016 Long-Term Incentive Plan,&nbsp;pursuant to which a maximum of 6,500,000 shares of common stock may be issued pursuant to restricted stock grants, incentive stock options, non-qualified stock options and other equity-based incentives may be granted. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In October 2016, the board of directors granted 3,816,000 shares, of which 3,050,000 shares were granted to officers and directors. The following table set forth information relating to the restricted stock grants.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Name</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px"><b>No. of </b><b>Restricted</b></p> <p style="MARGIN: 0px"><b>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">David Hsu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="15%" align="right">1,350,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Ching Liu</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,000,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Simon Yuan</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">600,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">ChungJen Tsai</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">100,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Others</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">766,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,816,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The grantees of the restricted stock grants have all rights of ownership with respect to the shares, including the right to vote the shares and to receive dividends and distributions with respect to the shares until and unless a forfeiture event shall occur; provided, however, that prior to a forfeiture termination event, (i) the grantees shall have no rights to sell, encumber or otherwise transfer the shares, and (ii) any shares of any class or series of capital stock which are issued to the grantee as a holder of the shares as a result of a stock dividend, stock split, stock distribution, reverse split, recapitalization, or similar event, shall be subject to the same forfeiture provisions as the shares. A forfeiture termination event shall mean such date as is six months following a public stock event, which is the vesting date with respect to the shares. The definition of a public stock event includes the effectiveness of the registration statement of which this prospectus is a part. The shares are forfeited and are to be conveyed to us for no consideration if a public stock event has not occurred by December 31, 2018, although the board of directors has the right to extend that date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdb444ee9-6ce4-4cc8-99ed-dbaf9444ba43" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">94</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">In October 2016, the board of directors also granted non-qualified stock options to purchase 1,950,000 shares and incentive stock options to purchase 325,500 shares at an exercise price of $5.00 per share.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Outstanding Equity Awards at December 31, </b><b>2017</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">None of the Named Executive Officers held any outstanding equity awards as December 31, 2017, except to the extent that the stock grants in 2016 under the 2016 Long-Term Incentive Plan may be deemed outstanding awards because of the forfeiture provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Director Compensation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The following table sets forth information as to the compensation paid to our directors in 2017, other than those named in the Summary Compensation Table:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Name</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Cash Compensation</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Stock Awards </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Wei Yuan Chen</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Dr. Edwin Chan</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Jinxi Lin</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Chunglen Tsai</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">--</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</a></b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">On January 3, 2012, Clean Energy Center entered into a loan agreement with us pursuant to which Clean Energy Center agreed to make a loan to us in an amount not to exceed $45,000,000. The proceeds of the loan are advanced in increments of $2,500,000 and Clean Energy Center may determine in its sole and absolute discretion a lesser amount. The loan accrues interest at a fixed interest rate of 3% per annum, payable quarterly in arrears. Each advanced principal amount is due and payable 48 months from the advance date, although the lenders have the right to extend the loan as necessary to meet the immigration investor visa requirement, and the payments initially due in 2018 were extended to 2019. The principal loan balance was $45,000,000 at September 30, 2018 and December 31, 2017. The Form I-829 relates to a loan to us made pursuant to United States Citizen and Immigration EB-5 program which is designed to stimulate the U.S. economy through job creation and capital investment by foreign investors. The Form I-829 petition is filed by the immigrant investor and is the final step of the EB-5 visa process for immigrant investors to become lawful permanent residents of the United States. The I-829 petition includes evidence that the immigrant investor successfully met all United States Citizenship and Immigration Services requirements of the EB-5 program. Once the I-829 is approved, the investor&#8217;s conditional residency restriction is removed so that the investors, their spouse and their unmarried children under the age of 21 can live in the United States permanently. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify">On August 26, 2014, Clean Energy Funding II entered into a loan agreement with us for up to $13,000,000. The proceeds of the loan will be used by our LED subsidiary for its operations. The loan accrues interest at a fixed interest rate of 3% per annum, payable quarterly in arrears. Principal is due and payable in 48 months, although the lenders have the right to extend the loan as necessary to meet the immigration investor visa requirement. The principal loan balance was $10,500,000 at September 30, 2018 and December 31, 2017.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">On December 29, 2015, ZHPV entered into an unsecured loan agreement with Changzhou Holysolar Technology, Co., Ltd., one of our equity-method investees in which we have a 22.5% equity interest. Under the agreement, ZHPV can borrow up to $308,086 (RMB 2 million) from Changzhou SolarMax Technology, an entity in which we have a 30% equity interest, with a 6% fixed annual interest rate for three months. The outstanding balance on the loan was RMB 1.5 million (approximately $231,064) as of December 31, 2015. An additional RMB 500,000 (approximately $77,021) was drawn down on January 10, 2016. The entire loan was repaid on March 10, 2016 in the total amount of RMB 2,022,917 (approximately $311,616) including principal and interest.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdc83e1db-e20b-45de-986f-5f86fb0a06f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">95</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We provide asset management and accounting services to three joint ventures (Alliance Capital 2, LLC, Alliance Capital 3, LLC and Alliance Capital 4, LLC) in which we have a 30% equity interest pursuant to management contract and business services agreement dated January 20, 2011 between us and one of these entities, pursuant to which we are to receive 3% of revenues collected from Solar Renewable Energy Certificate (SREC) and payments from public utility companies received by the three entities. The 70% interest in these entities is held by a Chinese public company that is not affiliated with us. The agreement covers services rendered for all three entities, although there is no written agreement executed by two of these entities. Total fees earned by us from these three included in consolidated revenues was $15,120 for the nine months ended September 30, 2018 and $20,280 for the year ended December 31, 2017.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">From time to time, we made advances for expenses related to the three Alliance entities. We had a receivable related to expenses paid on behalf of Alliance 1 of $17,202 at September 30, 2018 and a receivable of $113,665 at December 31, 2017.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">David Hsu, our chief executive officer and a director, Ching Liu, our executive vice president, chief strategy officer and treasurer and a director and Simon Yuan, a director and our former chief financial officer, are also the principal management group of SMX Properties, LLC and Inland Empire Renewable Energy Regional Center and its subsidiaries: Clean Energy Center, Clean Energy Funding, LP, and Clean Energy Funding II, LP. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On November 28, 2012, we entered into a lease agreement with SMXP for our corporate headquarters in Riverside, California. The lease term has a term of four years commencing on January 1, 2013, with an annual base rent of $603,876. In September 2016, we entered into a new lease for our corporate headquarters effective January 1, 2017 for a 10-year term with one five-year renewal option at then current rental plus an annual 2.99% increase. The initial annual base rent under the new lease is $978,672 and is subject to a 2.99% annual escalation. The current annual rent is $1,007,940.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">On January 2, 2015, we, through two of our consolidated subsidiaries, entered into two lease agreements for our Diamond Bar, California office with Fallow Field LLC, each for a five-year term commencing January 1, 2015 at a total annual base rent of $177,600 with a 2% base rent increase each year for the two leases. On September 1, 2016, we entered into two new lease agreements which amended the existing lease agreements with Fallow Field. The amended terms commenced on November 1, 2016 and are for ten years with one five-year renewal option at an initial annual base rent of $229, 272 plus our share of utilities. The base rent is subject to an annual increase of 2.99%. The current annual rent is $236,124. Fallow Field is owned and managed by the Mr. Hsu, Ms. Liu and one of our stockholders who is not a 5% stockholder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Total related party rental expense included in general and administrative expenses was $1,032,366 for the nine months ended September 30, 2018 and $1,373,851 for the year ended December 31, 2017. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">ZHTH, acquired, through a subsidiary, the rights to construct a solar farm in Guizhou, China. Guizhou is one of the southern provinces in China. In February 2016, we entered into an agreement to sell 100% of our equity interest in the subsidiary to a company owned by AMD, a related party, for $152,000. AMD, a publicly-traded company in China, is one of our principal stockholders and Jinxi Lin, one of our directors, is chairman and chief executive officer of AMD. In February 2016, we signed an agreement with AMD pursuant to which AMD engaged ZHPV to perform the EPC services for its Guizhou Quingshouihe solar farm. The solar farm was initially designed to generate 70MW of power and the contract price, inclusive of VAT, was approximately RMB 518 million (approximately $80 million). Due to the limitation of available land use, the size of the project was reduced to 55MW, with a contract price of RMB 425 million (approximately $64 million).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbf70eb00-73a7-42d4-955e-a9d5cbc2efc7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">96</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In October 2016, ZHPV executed an EPC contract with a different subsidiary of AMD for a 50MW solar farm project in Guizhou, China, which is the Guizhou Pu&#8217;an project. The contract price is RMB 322.5 million (approximately $49 million). In connection with this contract, we sold the equity in a different project subsidiary to the AMD subsidiary for approximately $150,000.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"> Revenue from subsidiaries or affiliates of AMD, accounted for 69% of the revenue of our China segment for the nine months ended September 30, 2018 and 100% of our revenue of our China segment for the years ended December 31, 2017 and 2016. Revenue from AMD and its subsidiaries and affiliates accounted for approximately 46% of our consolidated revenues for the nine months ended September 30, 2018, 62% of our consolidated revenue for the year ended December 31, 2017 and 61% of our consolidated revenue for the year ended December 31, 2016. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="PRINCIPAL STOCKHOLDERS">PRINCIPAL STOCKHOLDERS</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The following table sets forth information with respect to the beneficial ownership of our common stock as of December 20, 2018, and as adjusted for the sale of the 3,000,000 shares offered hereby, assuming the underwriters do not exercise their option to purchase additional shares, by:</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="3%"></td> <td valign="top" width="3%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">each person known to us to beneficially own more than 5% of common stock;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">each member of our board of directors;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">each of our Named Executive Officers; and</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">all of our directors and executive officers as a group.</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">All information with respect to beneficial ownership has been furnished by the respective 5% or more stockholders, directors or executive officers, as the case may be. Unless otherwise noted, the mailing address of each listed beneficial owner is 3080 12th Street, Riverside, California 92507.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage<sup>1</sup></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Name of Beneficial Owner</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares Beneficially Owned</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Prior to Offering</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>After Offering</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">David Hsu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,318,476</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 11.4 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Jinxi Lin<sup>2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,571,428</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 7.6 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Changzhou Almaden Co. Ltd.<sup>2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,571,428</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 7.6 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Ching Liu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,456,026</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 7.4 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Dong Pu<sup>3</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6.4 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Simon Yuan</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,800,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6.4</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6.0 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Wei Yuan Chen</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,760,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3.8 </td> <td valign="bottom" width="1%"> % </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Dr. Edwin Chan</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">400,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">ChungJen Tsai<sup>4</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">150,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">All officers and directors as a group<sup>2,4</sup> (seven individuals owning stock)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,455,930</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39.9</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 37.4 </td> <td valign="bottom" width="1%"> % </td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakece8bd38-f423-4729-bcc2-3b0de19517bc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">97</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">________&nbsp;&nbsp;</p> <p style="MARGIN: 0px">* Less than 1%</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><sup>1</sup> The percentages are based on 43,728,429 shares of common stock outstanding, which includes the 3,816,000 shares held subject to forfeiture under certain conditions as described under &#8220;Management - Employee Benefit Plans.&#8221; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><sup>2</sup> The shares beneficially owned by Jinxi Lin represent the 3,571,428 shares owned by AMD, of which Mr. Lin is chairman and chief executive officer and has the right to vote and dispose of the shares. The address for Mr. Lin and AMD is No. 639, Qinglong East Road, Changzhou, Jiangsu, China. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><sup>3</sup> The address for Dong Pu is Room 2001, 20th Floor, Suhe Yihao, Hengfeng Road No.638, Jing&#8217;an District, Shanghai. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><sup>4</sup> Includes 50,000 shares owned by Mr. Tsai&#8217;s wife, as to which Mr. Tsai disclaims beneficial ownership.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Except as otherwise indicated each person has the sole power to vote and dispose of all shares of common stock listed opposite his name. Each person is deemed to own beneficially shares of common stock that are issuable upon exercise of warrants or upon conversion of convertible securities if they are exercisable or convertible within 60 days of December 20 2018. None of the persons named in the table owns any options or convertible securities. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="DESCRIPTION OF CAPITAL STOCK">DESCRIPTION OF CAPITAL STOCK</a></b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Our authorized capital stock consists of 15,000,000 shares of preferred stock, par value $0.001 per share, and 500,000,000 shares of common stock, par value $0.001 per share. As of the date of this prospectus there were no shares of preferred stock and 43,728,429 shares of common stock outstanding, including 3,816,000 shares which were issued as restricted stock grants. After giving effect to the sale of the 3,000,000 shares offered hereby, without giving effect to any shares issued pursuant to the underwriters&#8217; over-allotment option, there will be 46,728,429 shares of common stock outstanding. </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">The following summary of the capital stock and our articles of incorporation and bylaws does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to our articles of incorporation and bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"><b>Common Stock</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Voting Rights.</em>&nbsp;Holders of shares of common stock are entitled to one vote per share held of record on all matters to be voted upon by the stockholders. The holders of common stock do not have cumulative voting rights in the election of directors. Our bylaws provide that one-third of the outstanding shares constitutes a quorum.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Dividend Rights.</em>&nbsp;Holders of shares of our common stock are entitled to ratably receive dividends when and if declared by our board of directors out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><em>Liquidation Rights.</em>&nbsp;Upon our liquidation, dissolution, distribution of assets or other winding up, the holders of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the liquidation preference of any of our outstanding shares of preferred stock.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"><em>Other Matters.</em>&nbsp;The shares of common stock have no preemptive or conversion rights and are not subject to further calls or assessment by us. No redemption or sinking fund provisions are applicable to the common stock. All outstanding shares of our common stock, including the common stock offered in this offering, are fully paid and non-assessable.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><b>Preferred Stock</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our articles of incorporation give our board of directors the power to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our outstanding voting stock. We have no present plans to issue any shares of preferred stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak463d46b9-61f6-49a6-9b67-b51fadf5f746" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">98</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Nevada Anti-Takeover Provisions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Nevada law, NRS Sections 78.411 through 78.444, regulate business combinations with interested stockholders. Nevada law defines an interested stockholder as a beneficial owner (directly or indirectly) of 10% or more of the voting power of the outstanding shares of the corporation. Pursuant to Sections NRS 78.411 through 78.444, combinations with an interested stockholder remain prohibited for three years after the person became an interested stockholder unless (i)&nbsp;the transaction is approved by the board of directors or the holders of a majority of the outstanding shares not beneficially owned by the interested party, or (ii)&nbsp;the interested stockholder satisfies certain fair value requirements. NRS 78.434 permits a Nevada corporation to opt-out of the statute with appropriate provisions in its articles of incorporation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">NRS Sections 78.378 through 78.3793 regulates the acquisition of a controlling interest in an issuing corporation. An issuing corporation is defined as a Nevada corporation with 200 or more stockholders of record, of which at least 100 stockholders have addresses of record in Nevada and does business in Nevada directly or through an affiliated corporation. NRS Section 78.379 provides that an acquiring person and those acting in association with an acquiring person obtain only such voting rights in the control shares as are conferred by a resolution of the stockholders of the corporation, approved at a special or annual meeting of the stockholders. Stockholders who vote against the voting rights have dissenters&#8217; rights in the event that the stockholders approve voting rights. NRS Section 378 provides that a Nevada corporation&#8217;s articles of incorporation or bylaws may provide that these sections do not apply to the corporation. Our articles of incorporation provides that these sections do not apply. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><b>Articles of Incorporation and </b></b><b>Bylaw Provisions </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Provisions of our articles of incorporation and bylaws may delay or discourage transactions involving an actual or potential change in control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px">Among other things, our articles of incorporation or bylaws:</p></td></tr> <tr height="15"> <td width="4%"></td> <td width="4%"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">permit our board of directors to issue up to 15,000,000 shares of preferred stock, with such rights, preferences and privileges as the board may designate;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that the authorized number of directors may be changed only by resolution of the board of directors;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum, and not by the stockholders;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">eliminate the personal liability of our directors for damages as a result of any act or failure to act in his or her capacity as a director or officer except as described below;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that stockholders can only call a special meeting if the request is made by the holders of two-thirds of the entire capital entitled to vote;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font><font face="Symbol"></font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that, if a matter is to be brought before a meeting of stockholders which is not specified in the notice of meeting or brought at the direction of the board of directors, it can only be brought up at the meeting if brought by stockholders of record holding two-thirds of the outstanding stock;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font><font face="Symbol"></font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that our bylaws may be amended only by either the affirmative vote of two-thirds of the stockholders entitled to vote or by the board of directors;</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font><font face="Symbol"></font></p></td> <td valign="top"> <p style="MARGIN: 0px">provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also specify requirements as to the form and content of a stockholder&#8217;s notice; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">do not provide for cumulative voting rights, therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election if they should so choose.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakab0182b1-c0a7-4f38-9213-f6f519913c9b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">99</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our bylaws also provide that any person who acquires equity in us shall be deemed to have notice and consented to the forum selection provision of our bylaws, which require actions to be brought only in Riverside County, California, where our executive offices are located.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Further, NRS Section 78.335 provides that any director or one or more of the incumbent directors may be removed from office by the vote of stockholders representing not less than two-thirds of the voting power of the issued and outstanding stock entitled to vote. Our bylaws have a similar provision.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Limitation of Liability and Indemnification</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our articles of incorporation provide that, except as otherwise provided by law, a director or officer is not individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that, (a) the director&#8217;s or officer&#8217;s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and (b) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our articles of incorporation provide that we shall provide indemnification to our directors and officers to the maximum extent permitted by law. We shall pay advancements of expenses in advance of the final disposition of the action, suit, or proceedings upon receipt of an undertaking by or on behalf of the director or officer to repay the amount even if it is ultimately determined that he or she is not entitled to be indemnified by the corporation. Our bylaws also provide for indemnification of our directors and officers. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Pursuant to Nevada law, NRS 78.7502, a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if the person (i) is not liable pursuant to Nevada law; (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and (iii) with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding, the corporation shall indemnify him or her against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him or her in connection with the defense. Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or omissions that occurred prior to any such amendment, repeal or modification.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak72e02df1-6477-4bfe-83c2-3956b43c16e8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">100</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to NRS 78.751, any discretionary indemnification, unless ordered by a court or advanced by the Corporation in a matter as permitted by Nevada law, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made (i) by the stockholders; (ii) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding; (iii) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or (iv) if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">We intend to enter into indemnification agreements with each of our current and future directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Nevada law against liability that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Transfer Agent </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The transfer agent for our common stock is American Stock Transfer &amp; Trust Company,  620115th Ave, Brooklyn, NY 11219 . </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"><b>Listing</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We intend to apply to list our common stock for quotation on The NASDAQ Global Market under the symbol &#8220;SMXT&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="SHARES ELIGIBLE FOR FUTURE SALE1">SHARES ELIGIBLE FOR FUTURE SALE </a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Prior to this offering, there has been no public market for our common stock. Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect the market price of our common stock prevailing from time to time. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">Upon completion of this offering, we will have outstanding an aggregate of 46,728,429 shares of common stock, or 47,178,429 shares if the over-allotment option is exercised in full. Of these shares, all of the 3,000,000 shares of common stock to be sold in this offering, or 3,450,000 shares if the underwriters&#8217; overallotment option is exercised in full, will be freely tradable without restriction or further registration under the Securities Act, unless the shares are held by any of our &#8220;affiliates&#8221; as such term is defined in Rule 144 under the Securities Act. All of the remaining 43,728,429 shares of common stock held by existing stockholders, which constitute approximately 93.6% of the outstanding shares of common stock, assuming the over-allotment option is not exercised, will be deemed &#8220;restricted securities&#8221; as such term is defined under Rule 144. The restricted securities were issued and sold by us in private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an exemption from registration, including exemptions provided by Rule 144 or Rule 701 under the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakba00ed2c-0b8d-4075-9098-d39c60f3a055" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">101</td></tr> <tr></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr> <tr> <td><i>&nbsp;</i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">As a result of the lock-up agreements described below and the provisions of Rule 144 and Rule 701 under the Securities Act, the shares of our common stock (excluding the shares to be sold in this offering) that will be available for sale in the public market are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="3%"></td> <td valign="top" width="3%"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px">no shares will be eligible for sale on the date of this prospectus or prior to 90 days after the date of this prospectus;</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px"> [xxx,xxx] shares will be eligible for sale pursuant to Rule 144 commencing 90 days from the date of this prospectus; and</p></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px"><font face="Symbol">&#183;</font></p></td> <td valign="top"> <p style="MARGIN: 0px"> [xx,xxx,xxx] shares held by officers, directors and certain stockholders subject to lock-up agreements shares will be eligible for sale upon the expiration of the lock-up agreements, beginning six months after the date of this prospectus and when permitted under Rule 144 or Rule 701, with the managing underwriter having the right to permit shares to be sold during such six-month period.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In addition, as of the date of this prospectus, a total of 2,984,000 shares of common stock are subject to options or may be issued pursuant to the 2016 Long-Term Incentive Plan. We intend to register the sale of these shares on a Form S-8.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Lock-up Agreements</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">All of our directors and officers and certain of our stockholders have agreed not to sell any common stock for a period of 180 days from the date of this prospectus. See &#8220;Underwriting&#8221; for a description of these lock-up provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b>Rule 144</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">In general, under Rule 144 of the Securities Act as currently in effect, once we have been subject to the public company reporting requirements for at least 90 days, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for a least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person (who has been unaffiliated for at least three months prior to the sale) who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding shares of our common stock or the average weekly trading volume of our common stock reported by The NASDAQ Global Market during the four calendar weeks preceding the filing of notice of the sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">No shares may be sold pursuant to Rule 144 until we have been subject to the reporting requirements of the Securities Exchange Act for at least 90 days. We will become subject to these reporting requirements on the effective date of the registration statement of which this prospectus forms a part.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak07b68d73-1b9f-42d9-bdb4-6ec087d926ef" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">102</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="UNDERWRITING">UNDERWRITING</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">ViewTrade Securities, Inc. is serving as book-running manager of the offering and as representative of the underwriters named below. Subject to the terms and conditions of the underwriting agreement, the underwriters named below have severally agreed to purchase from us on a firm commitment basis the following respective number of shares of common stock at a public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus:</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp; </p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px"><b>Underwriter</b></p></td> <td width="5%"></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN: 0px"><b>Number of Shares</b></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">ViewTrade Securities, Inc.</p></td> <td></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"> Total </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> 3,000,000 </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The underwriting agreement provides that the obligations of the underwriters to purchase the shares included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the shares (other than those covered by the over-allotment option described below) if they purchase any of the shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover page of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $x.xx per share. If all of the shares are not sold at the initial offering price, the underwriters may change the offering price and the other selling terms. The Representative has advised us that the underwriters do not intend to make sales to discretionary accounts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify">If the underwriters sell more shares than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to 450,000 additional shares at the initial public offering price less the underwriting discount. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional shares approximately proportionate to that underwriter&#8217;s initial purchase commitment. Any shares issued or sold under the option will be issued and sold on the same terms and conditions as the other shares that are the subject of this offering.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Prior to this offering, there has been no public market for our securities. Consequently, the initial public offering price for the shares was determined by negotiations between us and the Representative.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">The determination of our per share offering price was determined by negotiations between us and the Representative and does not necessarily bear any relationship to our book value, results of operations, cash flows or other indicia of value. Among the factors considered in determining the initial public offering price were our history and prospects, our management, our capital structure, and currently prevailing general conditions in equity securities markets, including current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that the price at which the shares will sell in the public market after this offering will not be lower than the initial public offering price or that an active trading market in our shares will develop and continue after this offering.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">We have applied for the listing of our common stock on the NASDAQ Global Market under the symbol &#8220;SMXT.&#8221; </p> <p style="MARGIN: 0px">&nbsp; &nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak07de2bed-1471-4166-961d-f4b191857dca" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">103</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify">The following table shows the underwriting discounts and commissions payable to the underwriters by us in connection with this offering (assuming both the exercise and non-exercise of the over-allotment option that we have granted to the underwriters):</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Per Share</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total Without Exercise of Over-Allotment Option</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total With Exercise of Over-Allotment Option</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Public offering price</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Underwriting discounts and commissions<sup>(1)</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 0.36 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,080,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="3%"> <p style="MARGIN: 0px">(1)</p></td> <td valign="top"> <p style="MARGIN: 0px">Does not include (i) the warrant to purchase shares of our common stock equal to 8% of the number of shares sold in the offering, (ii) a 1% non-accountable expense allowance or (iii) certain out-of-pocket expenses, each as described below.&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.75pt" align="justify">We have agreed to issue warrants to the Representative to purchase a number of shares of common stock equal to 8% of the total number of shares sold in this offering at an exercise price equal to 120% of the public offering price of the shares sold in this offering,. We refer to these warrants as the underwriter warrants These warrants will be exercisable upon issuance, will have a cashless exercise provision and will terminate on the fifth anniversary of the effective date of the registration statement of which this prospectus is a part.</p> <p style="MARGIN: 0px 0px 0px 0.35pt; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 33.4pt">The underwriter warrants and the underlying shares may be deemed to be compensation by FINRA, and therefore will be subject to FINRA Rule 5110(g)(1). In accordance with FINRA Rule 5110(g)(1), neither the underwriter warrants nor any of our shares issued upon exercise of the underwriter warrants may be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which the underwriter warrants are being issued, subject to certain exceptions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"> We estimate that our portion of the total expenses of this offering payable by us will be $ 620,000 , excluding underwriting commissions and the non-accountable expense allowance . </p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> No </b><b> Sales of Similar Securities </b></p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 35.3pt" align="justify"> We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any common stock or any securities convertible into or exercisable or exchangeable for common stock or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction is to be settled by delivery of common stock or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days from the effective date of the registration statement of which this prospectus is a part; provided, that this restriction does not affect ou r  right to grant options or restricted stock grants under an equity incentive plan or to issue common stock upon exercise of any  option . </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 34.95pt" align="justify"> In addition, our directors, executive officers and holders of more than 5% of our common stock will enter into lock-up agreements with the  R epresentative prior to the commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days from the effective date of the registration statement of which this prospectus is a part, agree not to: (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any common stock or any securities convertible into, exercisable or exchangeable for or that represent the right to receive common stock (including common stock which may be deemed to be beneficially owned by such person in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant) whether now owned or hereafter acquired; (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the foregoing securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to, the registration of any common stock or any security convertible into or exercisable or exchangeable for common stock; or (4) publicly disclose the intention to do any of the foregoing ; except that we may file a registration statement on Form S-8 to permit the exercise of  options  granted under an equity incentive plan . </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> The lock-up restrictions described in the immediately preceding paragraph do not apply with respect to any transfer: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (i) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> as a bona fide gift or gifts, </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (ii) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> to any trust for the direct or indirect benefit of the holder or the immediate family of the holder, </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (iii) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> if the holder is a corporation, partnership, limited liability company, trust or other business entity (1) transfers to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate of the holder or (2) distributions of our common stock or any security convertible into or exercisable for our common stock to limited partners, limited liability company members or stockholders  or other equity holders  of the holder, </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (iv) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> if the holder is a trust, transfers to the beneficiary of such trust, </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (v) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> by testate succession or intestate succession; or </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="8%"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in"> (vi) </p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in"> pursuant to the underwriting agreement; </p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"> provided, in the case of clauses (i)-(v), that (x) such transfer will not involve a disposition for value and (y) the transferee agrees in writing with the representative to be bound by the terms of a lock-up agreement, and (z) no filing by any party under Section 16(a) of the Exchange Act  which is not  required will be made voluntarily in connection with such transfer. Furthermore, notwithstanding the foregoing, the holder may transfer common stock in a transaction not involving a public offering or public resale; provided that (x) the transferee agrees in writing with the representative to be bound by the terms of a lock-up agreement, and (y) no filing by any party under Section 16(a) of the Exchange Act  which is not  required  will be  voluntarily  made  in connection with such transfer. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> Electronic Offer, Sale and Distri </b><b> bution of Securities </b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of common stock to selling group members for sale to their online brokerage account holders. The common stock to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters, and should not be relied upon by investors. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> Price Stabilization, Short Positions and Penalty Bids </b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under option to purchase additional shares. The underwriters can close out a covered short sale by exercising the over-allotment option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the option to purchase additional shares. The underwriters may also sell shares in excess of the option to purchase additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering. </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka91c1c0d-47bc-4637-b36f-25653851e759" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">104</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1.05pt; TEXT-INDENT: 34.95pt" align="justify"> The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our common stock in this offering because the underwriters repurchase those shares in stabilizing or short covering transactions. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1.4pt; TEXT-INDENT: 34.6pt" align="justify"> Finally, the underwriters may bid for, and purchase, our common stock in market making transactions, including &#8220;passive&#8221; market making transactions as described below. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt; TEXT-INDENT: 35.3pt" align="justify"> These activities may stabilize or maintain the market price of our common stock at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the NASDAQ Capital Market, in the over-the-counter market, or otherwise. </p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> Passive Market Making </b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify"> In connection with this offering, the underwriters may engage in passive market making transactions in our common stock on the NASDAQ  Global  Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker&#8217;s bid, then that bid must then be lowered when specified purchase limits are exceeded. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> Potential Conflicts of Interest </b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. </p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b> Selling Restrictions </b></p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> The underwriters are expected to make offers and sales both in and outside the United States through their respective selling agents. Any offers and sales in the United States will be conducted by broker-dealers registered with the SEC. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"><b><i> Hong Kong </i></b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> The common stock may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 622, Laws of Hong Kong), or (ii) to &#8220;professional investors&#8221; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a &#8220;prospectus&#8221; within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"><b><i> People&#8217;s Republic of China </i></b></p> <p style="MARGIN: 0px 0px 0px 0.5in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in"> This prospectus has not been and will not be circulated or distributed in China, and common stock may not be offered or sold, and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of China except pursuant to applicable laws and regulations of China. For the purpose of this paragraph, China does not include Taiwan, and the special administrative regions of Hong Kong and Macau. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="LEGAL MATTERS1">LEGAL MATTERS </a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The validity of the issuance of the common stock offered by us in this offering will be passed upon for us by Ellenoff Grossman and Schole, LLP, New York, New York. The underwriters have been represented by K&amp;L Gates LLP, New York, New York. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="EXPERTS1">EXPERTS </a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Our audited consolidated financial statements for the years ended December 31, 2017 and 2016 have been included herein in reliance upon the report of Marcum LLP, independent registered public accounting firm and upon the report of such firm given upon the authority of said firm as experts in accounting and auditing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt">Certain information concerning the laws of the PRC is included in this prospectus in reliance of the opinion of AllBright Law Offices, Shanghai, China, who are licensed attorneys in the PRC.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak83449466-fe2e-49c9-b121-764e68d01fed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">105</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="WHERE YOU CAN FIND MORE INFORMATION">WHERE YOU CAN FIND MORE INFORMATION</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;The SEC maintains&nbsp;an Internet site&nbsp;at www.sec.gov that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">As a result of this offering, we will become subject to information requirements of the Exchange Act. We will fulfill our obligations with respect to such requirements by filing periodic reports and other information with the SEC. We intend to furnish our stockholders with annual reports containing financial statements certified by an independent public accounting firm.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak894c093e-7770-4cf0-9f8f-3bf3c5f875a6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">106</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#TABLE OF CONTENTS">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="INDEX">SolarMax Technology, Inc</a></b></p> <p style="MARGIN: 0px" align="center"><b><a name="Toc11">Index to Consolidated Financial Statements</a></b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="9%"> <p style="MARGIN: 0px" align="center"><b>Page</b></p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM">Report of Independent Registered Accounting Firm</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-2</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#BS">Consolidated balance sheets as of September 30, 2018 (unaudited), and December 31, 2017 and 2016</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-3</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#SO">Consolidated statements of operations for the nine months ended September 30, 2018 and 2017 (unaudited) and the years ended December 31, 2017 and 2016</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-5</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#CI">Consolidated statements of comprehensive income (loss) for the nine months ended September 30, 2018 and 2017 (unaudited) and the years ended December 31, 2017 and 2016</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-6</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#EQity">Consolidated statements of changes in stockholders&#8217; equity for the years ended December 31, 2017 and 2016 and for the nine months ended September 30, 2018 (unaudited)</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-7</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#CF">Consolidated statements of cash flows for the nine months ended September 30, 2018 and 2017 (unaudited) and the years ended December 31, 2017 and 2016</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-8</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#Notes">Notes to consolidated financial statements for the nine months ended September 30, 2018 and 2017&nbsp;(unaudited)&nbsp;and the years ended December 31, 2017 and 2016</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-10</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="#par">Condensed financial information of Parent</a></p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">F-62</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak462809eb-d644-4ce3-9dc2-68234f646204" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-1</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"> <img src="solarmax_s1img1.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u> REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> To the Stockholders and Board of Directors of </p> <p style="MARGIN: 0px" align="justify"> SolarMax Technology, Inc. and Subsidiaries </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b> Opinion on the Financial Statements </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> We have audited the accompanying consolidated balance sheets of SolarMax Technology, Inc. and Subsidiaries (the &#8220;Company&#8221;) as of December 31, 2017 and December 31, 2016, the related consolidated statements of operations, comprehensive income (loss), changes in stockholders&#8217; equity, and cash flows for each of the two years in the period ended December 31, 2017, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and December 31, 2016 and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b> Explanatory Paragraph &#8211; Restatements </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> As discussed in Restatements of the Consolidated Financial Statements in Note 2 to the financial statements, the 2017 and 2016 financial statements have been restated to correct a misstatement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b> Basis for Opinion </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> We conducted our audit<b>s </b>in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit<b>s </b>to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit<b>s </b>we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b> Report on Supplemental Information </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> The accompanying Condensed Financial Information of Parent has been subjected to audit procedures performed in conjunction with the audit of the Company&#8217;s financial statements. The Condensed Financial Information of Parent is the responsibility of the Company&#8217;s management. Our audit procedures included determining whether the Condensed Financial Information of Parent reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Condensed Financial Information of Parent. In forming our opinion on the Condensed Financial Information of Parent, we evaluated whether the Condensed Financial Information of Parent, including its form and content, is presented in conformity with the requirements of Regulation S-X 12-04 of the Securities and Exchange Act of 1934 adopted by the Securities and Exchange Commission. In our opinion, the Condensed Financial Information of Parent is fairly stated, in all material respects, in relation to the financial statements as a whole. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <img src="solarmax_s1img2.jpg"> </p> <p style="MARGIN: 0px" align="justify"> Marcum LLP </p> <p style="MARGIN: 0px" align="justify"> We have served as the Company&#8217;s auditor since 2015. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> Costa Mesa, CA </p> <p style="MARGIN: 0px"> March 21, 2018, except for the Restatements of Consolidated Financial Statements in Note 2, as to which the date is November 13, 2018 </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <img src="solarmax_s1img5.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak47ac423a-6b40-4cec-8592-5f1850edbbf7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-2</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="BS">SolarMax Technology, Inc. and Subsidiaries</a></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Consolidated Balance Sheets</b></p><b> <p style="MARGIN: 0px" align="center"><b>As of&nbsp; September 30, 2018 (Unaudited) and December 31, 2017 and 2016</b></p></b>&nbsp; <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Current assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Cash and cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">18,039,660</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">19,967,613</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">13,140,003</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Restricted cash, current </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,551,840</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,915,216</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,607,772</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Bankers' acceptance</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,310,368</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Accounts receivable, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,009,356</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,634,943</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,629,420</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Unbilled receivables on completed contracts (related party)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,393,281</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Costs and estimated earnings in excess of billings and cash advances on uncompleted contracts (related party)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19,774,634</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,209,480</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Customer loans receivable, current</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,241,203</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,185,826</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,338,646</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Advances to suppliers</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,800,917</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">561,277</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,689,404</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Inventories, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,613,836</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,940,676</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,353,653</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Other receivables and current assets, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">4,511,800</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,224,073</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,287,868</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total current assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">64,853,614</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">54,822,905</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">48,256,246</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Property and equipment</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Automobiles</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,146,308</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,235,555</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,070,980</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Furniture and equipment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,259,094</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,229,376</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,143,751</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Solar systems leased to customers</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,136,628</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,321,357</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,351,082</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Leasehold improvements</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,263,366</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,182,524</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,168,689</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Total property and equipment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,805,396</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,968,812</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,734,502</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Less: accumulated depreciation and amortization</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(5,159,631</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(4,720,502</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(4,378,424</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Property and equipment, net</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,645,765</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,248,310</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">3,356,078</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Goodwill</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,807,298</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,240,305</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,743,247</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Intangible assets, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">364,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,014,119</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Investments in unconsolidated joint ventures</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">603,529</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,027,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,696,634</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Customer loans receivable, noncurrent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26,289,629</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26,610,741</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">31,993,841</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Deferred tax assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">33,455</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">92,664</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">657,069</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Restricted cash, noncurrent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">225,796</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">225,325</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">210,080</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Other assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,191,537</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,206,537</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,544,146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">102,650,623</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">94,838,086</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">98,471,460</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to consolidated financial statements.</i></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak21a36d30-a565-488f-8896-f8480631248c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b>&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Consolidated Balance Sheets</b></p><b> <p style="MARGIN: 0px" align="center"><b>As of&nbsp; September 30, 2018 (Unaudited) and December 31, 2017 and 2016 (Continued)</b></p></b>&nbsp; <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Liabilities and Stockholders&#8217; Equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Current liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Notes and accounts payable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">18,802,226</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,537,154</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">17,194,930</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Bank and auto loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,756,903</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,775,195</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,599,010</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Short term loan </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Loans from related parties, current</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Accrued expenses and other payables</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,981,672</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,057,468</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,384,881</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total current liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">51,040,801</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">37,869,817</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">32,178,821</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Loans from related parties, noncurrent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">43,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">43,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">46,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Other liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,996,707</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,909,605</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,652,499</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">97,037,508</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">83,779,422</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">81,331,320</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Commitments and Contingencies (Note 14)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Stockholders&#8217; equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Preferred stock, par value $0.001 per share; 15,000,000 shares authorized, none issued and outstanding as of September 30, 2018, and December 31, 2017 and 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Common stock, par value $0.001 per share; 500,000,000 shares authorized, 40,912,429 shares issued as of September 30, 2018, 39,787,927 shares issued as of December 31, 2017 and 2016, 39,912,429 shares outstanding as of September 30, 2018, 38,787,927 shares outstanding as of December 31, 2017 and 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40,913</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Additional paid-in capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54,915,459</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49,376,407</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49,137,261</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Less: stock subscriptions receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(196,468</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,269,998</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Less: treasury stock at cost &#8211; 1,000,000 shares </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Accumulated deficit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(46,187,032</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(35,743,558</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(23,810,191</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Accumulated other comprehensive loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,242,748</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(583,270</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,262,828</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total stockholders&#8217; equity attributable to stockholders of the Company</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,726,592</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,092,899</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,034,032</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Noncontrolling interest </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(113,477</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(34,235</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">106,108</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total stockholders&#8217; equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,613,115</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,058,664</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">17,140,140</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total liabilities and stockholders&#8217; equity </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">102,650,623</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">94,838,086</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">98,471,460</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i style="MARGIN: 0px">See accompanying notes to consolidated financial statements. </i></p><i style="MARGIN: 0px">&nbsp; <table id="pagebreak3f20a7ee-486a-4c2f-9c9d-1d244a92cbdf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></i> <p style="MARGIN: 0px" align="center"><a name="SO"><b>SolarMax Technology, Inc. and Subsidiaries</b></a></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Consolidated Statements of Operations</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>And For the Years ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Nine Months Ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Year Ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Revenue</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">United States operations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">22,124,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">23,322,946</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,813,357</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">30,699,881</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">China operations </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 22.5pt" align="justify">Related party </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">31,330,634</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,737,524</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54,957,787</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48,117,776</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 22.5pt" align="justify">Unrelated party </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">14,091,980</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">159,106</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 22.5pt" align="justify">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45,422,614</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,737,524</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55,116,893</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48,117,776</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total revenues</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">67,547,273</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">68,060,470</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">88,930,250</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">78,817,657</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Cost of revenue</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">60,241,450</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">60,264,063</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">78,347,920</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">64,865,089</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Gross profit</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,305,823</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,796,407</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10,582,330</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">13,952,568</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Operating expenses</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">General and administrative</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,411,812</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12,630,833</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,477,276</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14,514,520</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Selling and marketing</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,690,295</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,561,616</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,321,802</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,283,882</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Asset impairment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">548,729</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">605,114</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Total operating expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">14,650,836</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">15,192,449</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">19,404,192</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">17,798,402</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Operating income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(7,345,013</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(7,396,042</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,821,862</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(3,845,834</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Other income (expense)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Interest income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">245,120</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">213,095</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">448,305</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">120,027</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Interest expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,415,208</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,367,401</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,850,513</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,368,648</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Equity in (loss) income of unconsolidated joint ventures</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(423,770</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(130,973</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,277,335</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(269,029</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Other income (expense), net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,131,471</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">184,149</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">502,567</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(384,716</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Total other income (expense)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(2,725,329</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,101,130</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(2,176,976</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(2,902,366</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Income (loss) before income taxes</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,070,342</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,497,172</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,998,838</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,748,200</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Income tax (benefit) provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">452,374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">191,052</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,074,872</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">862,324</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Net income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,522,716</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,688,224</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(12,073,710</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,610,524</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Net income (loss) attributable to noncontrolling interest </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(79,242</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(57,063</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(140,343</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(73,912</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Net income (loss) attributable to stockholders of the Company </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(10,443,474</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(8,631,161</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(11,933,367</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(7,536,612</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Net income (loss) per share attributable to stockholders of the Company</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Basic and diluted </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.27</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.22</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.31</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.20</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Weighted average shares </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Basic and diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,198,886</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,473,646</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;<i style="MARGIN: 0px">See accompanying notes to consolidated financial statements.</i></p> <p style="MARGIN: 0px">&nbsp;</p><i style="MARGIN: 0px"> <p style="MARGIN: 0px"> <table id="pagebreak11d27c69-1cd8-48d9-908b-030f326cc693" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-5</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p></i> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><a name="CI"><b>Consolidated Statements of Comprehensive Income (Loss)</b></a></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>And For the Years Ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Nine Months Ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Year Ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Net income (loss) </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,522,716</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,688,224</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(12,073,710</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,610,524</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Other comprehensive income (loss) </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 10pt" align="justify">Foreign currency translation adjustments </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(659,478</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">438,553</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">679,558</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(632,799</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Total comprehensive income (loss) </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,182,194</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,249,671</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,394,152</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,243,323</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Comprehensive income (loss) attributed to noncontrolling interest </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(79,242</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(57,063</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(140,343</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(73,912</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Comprehensive income (loss) attributable to stockholders of the Company </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(11,102,952</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(8,192,608</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(11,253,809</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(8,169,411</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to consolidated financial statements.</i></p> <p style="MARGIN: 0px"><em></em>&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6eba1ec0-7079-41ee-bd0f-5f58a2587a48" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-6</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="EQity">SolarMax Technology, Inc. and Subsidiaries</a></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="SSE">Consolidated Statements of Changes in Stockholders&#8217; Equity</a></b></p> <p style="MARGIN: 0px" align="center"><b>For Years Ended December 31, 2017 and 2016 and</b></p><b><b> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 (Unaudited) </b></p></b></b>&nbsp; <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Preferred Stock </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Common Stock </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Additional</b></p> <p style="MARGIN: 0px" align="center"><b>Paid-in</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Equity Subscription </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Treasury Stock </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accumulated </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accumulated Other Comprehensive </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Non-controlling </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Capital </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Deficit </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Loss </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Interest </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at January 1, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="4%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="4%" align="right">38,087,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">38,088</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">40,459,392</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">(5,509,998</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="4%" align="right">(1,000,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">(16,273,579</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">(630,029</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="4%" align="right">180,020</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="4%" align="right">16,463,894</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Subscription received and adjustment of 2015 placement</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(50,000</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">240,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">190,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Share issuance</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,700,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,700</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">8,498,300</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">8,500,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Stock-based compensation </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">229,569</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">229,569</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(7,536,612</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(73,912</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(7,610,524</td> <td valign="bottom">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation adjustments</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(632,799</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(632,799</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Balance at December 31, 2016 (Restated)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">39,787,927</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">39,788</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">49,137,261</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(5,269,998</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(1,000,000</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(1,800,000</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(23,810,191</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(1,262,828</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">106,108</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">17,140,140</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Subscription received</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,073,530</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,073,530</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Stock-based compensation</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">239,146</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">239,146</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(11,933,367</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(140,343</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(12,073,710</td> <td valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation adjustments</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">679,558</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">679,558</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Balance at December 31, 2017 (Restated)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">39,787,927</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">39,788</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">49,376,407</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(196,468</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(1,000,000</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(1,800,000</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(35,743,558</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(583,270</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">(34,235</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">11,058,664</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Private sale of common shares</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,000,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,000</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,012,529</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,013,529</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Equity subscription receivable adjustment</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(196,468</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">196,468</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Stock-based compensation</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">100,606</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">100,606</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Issuance of bonus shares</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">124,502</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">125</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">622,385</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">622,510</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(10,443,474</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(79,242</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(10,522,716</td> <td valign="bottom">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation adjustments</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(659,478</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(659,478</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Balance at September 30, 2018 (Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">40,912,429</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">40,913</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">54,915,459</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(1,000,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(1,800,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(46,187,032</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(1,242,748</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(113,477</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">5,613,115</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to consolidated financial statements.</i>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakba49c4ff-bf3e-43e5-b65d-c8060210cfd4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-7</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="CF">SolarMax Technology, Inc. and Subsidiaries</a></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Consolidated Statements of Cash Flows</b></p> <p style="MARGIN: 0px" align="center"><b><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></b></p> <p style="MARGIN: 0px" align="center"><b>and For the Years Ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> Nine Months Ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> Year Ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2018 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2017 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2017 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2016 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="left"><b> Cash flows from operating activities </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Net income (loss) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (10,522,716 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (8,688,224 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (12,073,710 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (7,610,524 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Equity in loss (income) of investment in excess of distribution received </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 423,770 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 130,974 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 265,958 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 140,627 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Impairment of equity method investments </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,011,377 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 128,402 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Loss on disposal of equity interest in unconsolidated joint venture and consolidated PRC subsidiary </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 218,231 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> (Gain) loss on disposal of property and equipment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (17,507 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 15,974 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 74,727 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 125,039 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Depreciation and amortization expense (including amortization of backlog to cost of revenue) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 527,498 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,183,393 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,084,472 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,395,343 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Asset impairments </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 548,729 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 605,114 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Provision for bad debts and loan losses </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 18,999 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,363,800 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,522,079 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 573,225 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Provision for excess and obsolete inventories </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6,348 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 85,901 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 132,013 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 583,020 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Provision for warranty, customer care and production guaranty </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 315,998 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 684,029 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 610,728 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 539,269 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Deferred income taxes (benefit) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 55,264 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 135,397 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 564,405 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 684,649 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Stock-based compensation expense </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 100,606 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 177,337 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 239,146 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 229,568 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Accrued contract loss </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 914,382 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Deferred costs expensed </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 464,144 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Impact of exchange (gains) losses and other </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,027,711 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (181,901 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (387,948 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Changes in operating assets and liabilities: </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Receivables and current assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,054,080 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,313,693 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (3,748,610 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,467,361 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Bankers' acceptance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,381,367 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Unbilled receivables </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6,393,281 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (6,393,281 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Costs and estimated earnings in excess of billings on uncompleted contracts </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (20,853,828 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,943,667 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,209,480 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (4,209,480 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Advances to suppliers </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,306,088 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,645,711 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,128,127 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,907,981 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Inventories </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 272,439 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (5,587,098 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (149,156 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,084,650 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Customer loans receivable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 184,439 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,919,133 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,806,191 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,658,797 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Other assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (42,597 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,226,034 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,337,612 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (224,688 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Notes and accounts payable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 8,516,105 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (3,890,126 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (7,037,033 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 12,737,525 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Accrued expenses and other payables </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,626,268 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,798,595 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,669,594 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,066,671 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Other liabilities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,334,001 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (133,702 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,051,468 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 154,037 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Intercompany receivables/payable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Net cash (used in) provided by operating activities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> (13,386,569 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> (7,732,671 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> (5,477,247 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 4,510,759 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr></table></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to consolidated financial statements.</i>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakeda6681c-9dfa-42ac-b6b0-7c2b9e4cf6ac" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-8</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Consolidated Statements of Cash Flows</b></p> <p style="MARGIN: 0px" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>and For the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px"><b>&nbsp;</b></p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> Nine Months Ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b> Year Ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2018 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2017 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2017 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> 2016 </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b> (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="left"><b> Cash flows from investing activities </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Proceeds from sale of Chinese subsidiaries and unconsolidated PRC investment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 148,026 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Loan repayments (issued) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,000,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,000,000 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,000,000 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Payments received pursuant to the debt settlement agreement with seller related to acquisition (Note 3) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,133,130 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,183,812 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Return of investments in unconsolidated joint ventures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 392,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 392,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,341 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Proceeds from disposal of property and equipment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 26,049 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 133,534 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 133,829 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Purchase of property and equipment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (132,833 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (222,211 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (281,325 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (318,072 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Net cash provided by (used in) investing activities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 893,216 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 436,453 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 428,316 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> (165,705 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"><b> Cash flows from financing activities </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Proceeds from equity issuances </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,904,493 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,073,530 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,073,530 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 8,690,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Proceeds from new borrowings </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 6,093,137 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 99,241 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,849,241 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 19,630,555 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Principal repayment on borrowings </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (20,240 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (44,164 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (5,872,839 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (18,691,123 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Proceeds from loans from related parties </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,000,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,000,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,500,000 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Repayment of related party loan </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (237,847 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Refundable vendor bid deposits received </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,141,120 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,612,905 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Refundable vendor bid deposits paid </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,317,720 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,073,555 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,132,020 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (1,598,038 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Payable to seller for payment received related to pre-acquisition period (Note 13) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,732,835 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Capitalized offering expense paid </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (198,953 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Net cash (used in) provided by financing activities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 10,800,790 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 10,787,887 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 8,917,912 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 13,707,499 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px" align="left"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Effect of exchange rate </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (598,295 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 589,275 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 1,281,318 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> (186,828 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Net increase (decrease) in cash and cash equivalents and restricted cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> (2,290,858 </td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,080,944 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5,150,299 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 17,865,725 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"><b> Cash and cash equivalents and restricted cash, beginning of period </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 27,108,154 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 21,957,855 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 21,957,855 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 4,092,130 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"><b> Cash and cash equivalents and restricted cash, end of period </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 24,817,296 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 26,038,799 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 27,108,154 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> 21,957,855 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Supplemental disclosures of cash flow information: </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Interest paid in cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,416,277 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,363,621 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 1,745,331 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,358,012 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Income taxes paid (received) in cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,800 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 80,377 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> (57,739 </td> <td valign="bottom" width="1%"> ) </td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Non-cash activities for investing and financing activities: </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Receivable from related party for sale of subsidiary </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 148,655 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Deferred costs accrued but unpaid </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 106,719 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Settlement of advance to supplier with note </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 735,351 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"> Issuance of shares of common stock for 2017 bonuses </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 622,510 </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px"> &nbsp; </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to consolidated financial statements.</i> <em></em>&nbsp; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc8fdb0c6-854d-4a5f-899a-f45cdd8470c6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-9</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><a name="Notes"><b>SolarMax Technology, Inc. and Subsidiaries</b></a></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="left">&nbsp;</p> <p style="MARGIN: 0px"><b>1. Description of Business </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Technology, Inc. (&#8220;SolarMax&#8221; or the &#8220;Company&#8221;) is a Nevada corporation formed in January 2008, with headquarters located in Riverside, California. Currently, the Company operates its business in the United States and the People&#8217;s Republic of China (&#8220;China&#8221; or the &#8220;PRC&#8221;). In the United States, the Company has three wholly-owned and one 93.75% owned subsidiaries as follows: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Renewable Energy Provider, Inc., a California corporation (&#8220;SREP&#8221;)</p> <p style="MARGIN: 0px">SolarMax Financial, Inc., a California corporation (&#8220;SolarMax Financial&#8221;) </p> <p style="MARGIN: 0px">SolarMax LED, Inc., a California corporation (&#8220;LED&#8221;)</p> <p style="MARGIN: 0px">SMX Capital, Inc., a New Jersey corporation (&#8220;SMX Capital&#8221;) </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX Capital is a 93.75% owned subsidiary of the Company, and its financial statements are consolidated in the Company&#8217;s consolidated financial statements. The 6.25% minority interest is held by a former executive of the Company&#8217;s operations in China. The minority interest is reflected as non-controlling interests in the accompanying consolidated financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company&#8217;s wholly-owned subsidiaries outside the United States are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Accumulate Investment Co. Ltd. (&#8220;Accumulate&#8221;), a British Virgin Islands corporation. The Company acquired Accumulate as part of its acquisition of Jiangsu Zhonghong Photovoltaic Electric Co., Ltd. (&#8220;ZHPV&#8221;) in April 2015.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in">SolarMax Technology Holdings (Hong Kong) Limited (&#8220;SolarMax Hong Kong&#8221;), which was established under the laws of Hong Kong on October 27, 2014.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Golden Solarmax Finance Co., Ltd., (&#8220;Golden SolarMax&#8221;), which was organized under the laws of the PRC on June 1, 2015.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p>Accumulate has one wholly-owned subsidiary, Accumulate Investment Co., Limited (HK), an entity organized under the laws of Hong Kong (&#8220;Accumulate Hong Kong&#8221;). Accumulate Hong Kong has one wholly-owned subsidiary, ZHPV. <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Hong Kong has one wholly-owned subsidiary, SolarMax Technology (Shanghai) Co., Ltd. (&#8220;SolarMax Shanghai&#8221;), organized under the laws of the PRC and formed on February 3, 2015. SolarMax Shanghai is a wholly foreign-owned entity, referred to as a WFOE.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SolarMax Shanghai has two wholly-owned subsidiaries, Chengdu Zhonghong Tianhao Technology Co., Ltd., (&#8220;ZHTH&#8221;), acquired in April 2015, and Jiangsu Honghao Electricity Technology Co. Ltd. (&#8220;Jiangsu Honghao&#8221;), organized on September 21, 2015. Jiangsu Honghao is engaged in the project operation and maintenance business and forms a subsidiary for each project for which it provides the project operation and maintenance service. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd4d8d0ca-dcc3-48d7-b64c-0b0e7344d4b9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-10</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On May 8, 2017, Solarmax Technology Holdings (Cayman) Limited (&#8220;Solarmax Cayman&#8221;) a Cayman Islands limited company, was formed with 1,000,000,000 shares at a par value of United States dollars of $0.01 for an authorized capital of United States dollars $10.0 million. Solarmax Cayman is a 100% owned direct subsidiary of the Company and was created to serve as an intermediate holding company for the Company&#8217;s PRC operations. When completed Solarmax Cayman would be the direct parent of SolarMax Hong Kong and Accumulate. At September 30, 2018, the entity reorganization of the PRC operations under Solarmax Cayman is in process. The entity reorganization has no impact on the Company&#8217;s business or operations. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px">ZHTH is engaged in project development and its core business is to provide engineering, procurement and construction (&#8220;EPC&#8221;) services.&nbsp; When a buyer of a project is identified, the subsidiary that owns the subsidiary holding the permit (a &#8220;project subsidiary&#8221;) sells to the buyer the equity in the project subsidiary for that specific solar farm project, and the buyer of the project engages ZHPV for the EPC services.&nbsp; The purchase price for the project subsidiary is an amount approximating the subsidiary&#8217;s net assets.&nbsp; Accordingly, the Company does not generate any material gain or loss from the sale of the project subsidiaries.&nbsp; The sale of the equity in the project subsidiaries is part of the normal course of the Company&#8217;s operations in China.&nbsp; Because government regulations prohibit the sale of the permit related to a solar farm, it is necessary for the Company to sell the equity in the project subsidiary to effectuate the transfer of the ownership of a solar farm permit to buyer.&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On April 28, 2015, the Company acquired the ownership of ZHTH, through a share exchange agreement among the Company, SolarMax Shanghai and the equity owners of ZHTH. ZHTH was formed on March 21, 2014 and ZHTH became a wholly-owned subsidiary of SolarMax Shanghai as a result of the acquisition. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Also on April 28, 2015, the Company acquired the ownership of ZHPV through a share exchange agreement between the Company and the holders of the stock of Accumulate.&nbsp; After the acquisition, the Company owns all of the stock of Accumulate, which, in turn, through Accumulate Hong Kong, owns all of the stock of ZHPV.&nbsp; ZHPV was formed on December 31, 2009.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, the Company&#8217;s major subsidiaries and the related core business consist of the following:</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">SREP was established on July 19, 2011 and is engaged in the business of selling and installing integrated photovoltaic systems and energy storage systems for residential and commercial customers in the United States.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">SolarMax Financial was established on September 9, 2009 and is engaged in the business of providing secured installment financing to purchasers of residential and commercial photovoltaic systems, and servicing installment sales for SREP customers in the United States.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">SMX Capital was acquired by the Company in June 2011. SMX Capital is engaged in the business of owning and funding renewable energy projects in the United States and operates its business through operating leases and power purchase agreements primarily in the commercial markets. Its business is conducted directly and indirectly through a 30% equity interest in three companies. SMX Capital has not been engaged in leasing new systems since 2014 and its primary business is the ownership and maintenance of systems under existing leases.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">LED was established on July 15, 2013 in connection with the 2013 acquisition of Act One and is engaged in the business of LED light integration in the United States.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">ZHTH is engaged in the business of identifying, procuring and marketing solar energy farms and other roof top solar energy projects in the PRC.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">ZHPV is engaged in the EPC business for solar energy farms and other roof top solar energy projects in the PRC.</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><font face="Symbol">&#183;</font></p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Jiangsu Honghao was organized on September 21, 2015 and is engaged in the business of operating and maintaining solar farms in the PRC.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table id="pagebreak87ad7a82-fcbc-466e-a268-a7dc2b5bd55b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-11</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left">&nbsp; </p><b> <p style="MARGIN: 0px" align="justify"><b>2. Basis of Presentation and Summary of Significant Accounting Policies</b> </p></b>&nbsp;&nbsp; <p style="MARGIN: 0px"><b><u>Basis of Accounting</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The accompanying consolidated financial statements of the Company include the consolidated operations of its wholly-owned and controlled subsidiaries within and outside the United States.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). With respect to the unaudited financial statements as of September 30, 2018 and for the nine months ended September 30, 2018 and 2017, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Use of Estimates</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. &nbsp;Significant accounting estimates reflected in the Company&#8217;s consolidated financial statements include the percentage of completion of long-term construction contracts, the anticipated costs with respect to long-term contracts, the collectability of accounts receivable and loans receivable, the useful lives and impairment of property and equipment, goodwill and intangible assets, the fair value of stock options granted and stock-based compensation expense, the fair value of assets acquired and liabilities assumed in a business combination, warranty and customer care reserve, the valuation of deferred tax assets, inventories and provisions for income taxes. Actual results could differ materially from those estimates.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b><u>Restatements of Consolidated Financial Statements</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">During the preparation of the&nbsp;six months ended June 30, 2018 financial statements, the Company reassessed its original probability assessment on the performance condition related to equity awards with vesting contingent upon an initial public offering (&#8220;IPO&#8221;). Based on the Company&#8217;s reassessment, the performance condition related to an IPO is determined to be outside the control of the Company and therefore the <font size="3">event </font>would not be considered probable until an IPO event occurs. As a result, the Company reversed the previously recognized stock compensation expense related to equity awards with vesting contingent on an IPO event for the periods impacted. The adjustment resulted in a decrease to the reported net loss of $8, 804,509 , $8,575,695 and $5,567,741 for the nine months ended September 30, 2017 and the years ended December 31, 2017 and 2016, respectively; and a decrease to the reported accumulated deficit of $14,143,436 and $5,567,741 as of December 31, 2017 and 2016, respectively. </p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">The Company has restated its consolidated balance sheets at December&nbsp;31, 2017 and 2016, and the consolidated statements of operations, changes in stockholders' equity, comprehensive income (loss), and cash flows for the years then ended, as well as the consolidated statements of operations, changes in stockholders&#8217; equity, comprehensive income (loss), and cash flows for the nine months ended September 30, 2017.</p> <p style="MARGIN: 0px 0px 0px 0.35pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak7223f472-c60b-4561-81c0-55d751929770" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-12</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The restatement adjustments recorded are summarized below:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine Months Ended September 30, 2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Year Ended December 31, 2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Year Ended December 31, 2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>Stock-based compensation in statement of changes in stockholders' equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,276,379</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,335,772</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,037,233</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(6,106,203</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">239,146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">229,569</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>General and administrative expenses</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">21,435,342</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">24,052,971</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">20,082,261</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,804,509</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,575,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">12,630,833</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">15,477,276</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">14,514,520</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(17,492,733</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(20,649,405</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(13,178,265</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,804,509</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,575,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,688,224</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(12,073,710</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(7,610,524</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss) attributable to stockholders of Company</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(17,435,670</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(20,509,062</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(13,104,353</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,804,509</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,575,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,631,161</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(11,933,367</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(7,536,612</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss) per share attributable to stockholders of Company - basic and diluted</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.45</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.53</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.35</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.22</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.31</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.20</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Other assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,206,537</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,082,608</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(538,462</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,206,537</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,544,146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total stockholders' equity attributable to stockholders of the Company</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,092,899</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">17,572,494</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(538,462</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,092,899</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">17,034,032</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total stockholders' equity </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,058,664</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">17,678,602</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(538,462</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,058,664</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">17,140,140</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Additional paid-in capital</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">63,519,843</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">55,243,464</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(14,143,436</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(6,106,203</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">49,376,407</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">49,137,261</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Retained earnings (accumulated deficit)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(49,886,994</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(29,377,932</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">14,143,436</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">na </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(35,743,558</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(23,810,191</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total comprehensive income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(17,054,180</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(19,969,847</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(13,811,064</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,804,509</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,575,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,249,671</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(11,394,152</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,243,323</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Comprehensive income (loss) attributable to stockholders of Company</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Previously reported</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(16,997,117</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(19,829,504</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(13,737,152</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amount reversed</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,804,509</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8,575,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,567,741</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Restated amount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,192,608</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(11,253,809</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,169,411</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><u><b>Principles of Consolidation</b></u> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The accompanying consolidated financial statements have been prepared in conformity with GAAP and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. In accordance with the provisions of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 810,&nbsp;<i>Consolidation</i>, the Company consolidates any variable interest entity, or VIE, of which it is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. ASC 810 requires a variable interest holder to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE&#8217;s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with all the VIEs on an ongoing basis to ensure that it continues to be or becomes the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakab385b16-2fe0-498c-8e2a-0522a6b72f0e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-13</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left"><b>&nbsp; </b></p> <p style="MARGIN: 0px">The accompanying consolidated financial statements include the accounts of SolarMax and its wholly-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Variable Interest Entity Not Consolidated</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company evaluated its involvement with SMX Property, LLC (&#8220;SMXP&#8221;) under the requirements of ASC 810, <i>Variable Interest Entities</i>, and as discussed below, determined that the Company is not the primary beneficiary and, therefore, has not consolidated the financial information of SMXP. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company is the lessee under an operating lease of its Riverside, CA headquarters facility with SMXP (see Note 13 - Other Related Party Transactions). SMXP is a private entity owned by the Company&#8217;s founders who are also executives of the Company. The lease term was initially for four years expiring on December 31, 2016, and was extended in September 2016 for a ten-year term, with one five-year renewal option. The Company does not have any ownership interest in SMXP. Other than the common ownership and the operating lease, the Company does not have any economic arrangements with SMXP such that the Company will have an obligation to support the operations of SMXP. Further, the Company does not have the power to direct and control the activities of SMXP as such power to direct and control resides with SMXP&#8217;s principals. Accordingly, the Company is not considered to be the primary beneficiary of SMXP and has not consolidated SMXP. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, SMXP reported total assets of $13.2 million, $12.9 million and $12.6 million, total liabilities of $13.1 million, $13.2 million and $13.2 million, respectively. For the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017 and 2016, SMXP reported net income (loss) of $443,616, $169,544, $289,740 and $(24,377), respectively, of which $755,955, $489,336, $978,672 and $540,972 represented lease income from the Company, respectively (amounts are unaudited).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Liquidity</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018 and December 31, 2017, the Company&#8217;s principal sources of liquidity consisted of approximately $18.0 million and $20.0 million, respectively, of cash and cash equivalents, and future cash generated from operations. The Company believes its current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet its working capital requirements for at least one year from the date of the issuance of the accompanying consolidated financial statements. The Company continues to control its cash expenses as a percentage of expected revenue on an annual basis and thus may use its cash balances in the short-term to invest in revenue growth. Based on current internal projections, the Company believes it has and/or will generate sufficient cash for its operational needs, including any required debt payments, for at least one year from the date of issuance of the accompanying consolidated financial statements. Management is focused on growing the Company&#8217;s existing product offering, as well as its customer base, to increase its revenues. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying consolidated financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Long-term Construction Contracts</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Long-term construction contracts are primarily related to the Company&#8217;s operation in the PRC. In any given financial reporting period, the Company generally has five or fewer active contracts under construction, each of which typically span a duration of six months to a year. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd64a998b-6233-4e4b-b7d0-28bcb4345cc2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-14</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September <font style="BACKGROUND-COLOR: white">30</font>, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company generally recognizes revenues on EPC contracts using the percentage of completion method, as outlined in ASC 605-35, <i>Revenue Recognition, Construction-Type and Production-Type Contracts</i>. The Company reviews contract price and cost estimates periodically as the work progresses, and recognizes changes in estimates of contract revenues, costs and profits for contracts accounted for under the percentage of completion method using the cumulative catch-up method of accounting. The cumulative catch-up method of accounting is an acceptable alternative as described in ASC 605-35-25-82 through 25-84. This method recognizes current period cumulative effects for changes in estimates related to current and prior periods. Hence, the effect of the changes in estimates of contract performance is recognized in the current period as if the revised estimate had been used since contract inception.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Each quarter, the Company performs an analysis of each EPC contract to determine the estimated revenue and cost at completion, and the percentage of completion of each contract, which determines the amount of revenue and cost recognized in the current period on a contract-by-contract basis. To determine the estimates at completion, the Company makes numerous estimates for revenue and costs that may be revised for a variety of reasons, including approved and unapproved change orders.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">During the nine months ended September 30, 2017 and the year ended December 31, 2017, the Company revised its cost estimate for Guizhou Puan project as a result of additional costs incurred for an additional sub-station to be installed necessitated by the noncontiguous project site caused by insufficient land use rights obtained. There was no material impact to the Company&#8217;s revenue for the nine months ended September 30, 2017 and the year ended December 31, 2017 because the change in cost estimates occurred in the first quarter of 2017 when the project was only 10% completed.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018 and December 31, 2017 and 2016, and during the nine months ended September 30, 2018 and 2017, and the years ended December 31, 2017 and 2016, the Company&#8217;s construction and other operating activities consisted of the following projects:&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" rowspan="2"></td> <td valign="bottom"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"></td> <td valign="bottom"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="5"> <p style="MARGIN: 0px" align="center"><b>% Complete as of</b></p></td> <td valign="bottom"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="4"> <p style="MARGIN: 0px" align="center"><b>Revenue Recognized (USD in Million)</b></p></td> <td>&nbsp;</td></tr> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Customer</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Mega Watts ("MW")</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Contract Value Excluding VAT (RMB in Million)</b></p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>9</b><b>/30/18 (Unaudited)</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>12/31/2017</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>12/31/2016</b></p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Nine</b><b> Months Ended </b><b>9</b><b>/30/18 (Unaudited)</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Nine</b><b> Months Ended </b><b>9</b><b>/30/17 (Unaudited)</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Year Ended 12/31/17</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Year Ended 12/31/16</b></p></td> <td></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>Scheduled Completion</b></p></td> <td>&nbsp;</td></tr> <tr height="15"> <td valign="bottom"> <p style="MARGIN: 0px" align="left"><i style="MARGIN: 0px"><u>Long-term Construction Contracts</u></i></p></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="6%"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="6%"></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="5%"></td> <td width="1%"></td> <td valign="bottom" width="6%"></td> <td width="1%">&nbsp;</td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">Guizhou Qingshuihe (1)</p></td> <td> <p style="MARGIN: 0px" align="center">AMD</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">58.0</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">384.0</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">78.1%</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.00 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$11.40 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$12.24 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$44.80 </p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">Completed</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">Guizhou Puan (2) (3)</p></td> <td> <p style="MARGIN: 0px" align="center">AMD</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">55.6</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">303.0</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">7.8%</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.00 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$33.10 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$41.69 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$3.10 </p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">Completed</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">Guizhou Yilong</p></td> <td> <p style="MARGIN: 0px" align="center">AMD</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">35.0</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">200.6</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$31.1 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">Completed</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">Hunan Xinhuang</p></td> <td> <p style="MARGIN: 0px" align="center">Government</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">0.7</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">4.6</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">100.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">0.0%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.71 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.00 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">Completed</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="bottom"> <p style="MARGIN: 0px">Ningxia Meili Cloud</p></td> <td> <p style="MARGIN: 0px" align="center">Meili Cloud Energy</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">50.0</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">179.0</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">48.5%</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$13.30 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">2018</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="bottom"> <p style="MARGIN: 0px"><i><u>Other </u></i></p></td> <td valign="bottom"></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td></td> <td></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">Shandong Zaozhuang (rooftop) (4)</p></td> <td> <p style="MARGIN: 0px" align="center">AMD</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">5.5</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.00 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">Na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.59 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">2018</p></td> <td>&nbsp;</td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">Tianjin Zhonglianda (5)</p></td> <td> <p style="MARGIN: 0px" align="center">Uonone</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.05 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.16 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">Operation and maintenance </p></td> <td> <p style="MARGIN: 0px" align="center">AMD </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">$0.28 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.00 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.44 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">$0.20 </p></td> <td></td> <td> <p style="MARGIN: 0px" align="center">na</p></td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">___________&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="78%"> <p style="MARGIN: 0px">(1) Total contract value at completion increased by RMB 2.0 million based on a mutual agreement.</p></td></tr> <tr height="15"> <td valign="bottom" width="78%"> <p style="MARGIN: 0px">(2) A change order was entered into in September 2017 to increase the system size by another 5 megawatts. Final system size at completion increased from 55MW to 55.6MW.</p></td></tr> <tr height="15"> <td valign="bottom" width="78%"> <p style="MARGIN: 0px">(3) A change order was entered into in February 2017 to reduce the price per watt including VAT from RMB 6.45 to RMB 6.25.</p></td></tr> <tr height="15"> <td valign="bottom" width="78%"> <p style="MARGIN: 0px">(4) Revenues earned on rooftop projects are accounted for based on the number of roofs completed and accepted, similar to the U.S. segment rooftop revenues.</p></td></tr> <tr height="15"> <td valign="bottom" width="78%"> <p style="MARGIN: 0px">(5) Fee revenue only, no construction revenue since the project was assigned to Uonone. </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px">The customers for certain projects are subsidiaries of Changzhou Almaden Co., Ltd. (&#8220;AMD&#8221;). AMD is a related party as it owns more than 5% of the Company&#8217;s common stock and its chairman and chief executive officer is a director of the Company. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In December 2017, the Company, through its PRC subsidiaries, entered into contracts with Yilong AMD New Energy Co., Ltd., an affiliate of AMD for EPC services on a 30MW solar farm project in Guizhou Yilong province. In January 2018, additional 5MW was added to the project pursuant to a separate agreement. The total contract value excluding tax for the 35MW project is approximately RMB 200.6 million (approximately $31.5 million). Construction work on the project did not start until January 2018 and the project is expected to be complete in 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In November 2016, the Company, through its PRC subsidiary, entered into a contract with Xin Huang Minority Poverty Relief Office, a PRC governmental entity, to construct photovoltaic power stations at 11 villages in the Hunan province. The total system size is 660 kilowatts with a contract value excluding tax of RMB 4.6 million (approximately $708,000). The construction warranty on this project is five years with 20% of the retainage (10% of the contract value) to be released each year. The Company commenced construction of this project in late 2017 and the project was completed during the nine months ended September 30, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreak478ae6ea-5bb9-497e-99b9-7f8fbb1e4585" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-15</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Information concerning long-term construction contracts at September 30, 2018, December 31, 2017 and 2016 from inception of the contract to completion, accounted for on the percentage of completion method of accounting is as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Costs incurred on contracts (from inception to completion)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">40,859,842</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">81,363,591</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">39,906,642</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Estimated earnings thereon </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,522,817</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">11,434,562</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,055,352</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,382,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">92,798,153</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47,961,994</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Add: Value Added Tax (&#8220;VAT&#8221;) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,485,043</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,198,259</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,400,021</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Less: billings to date - EPC project</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(21,170,327</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(77,457,308</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(42,478,962</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: billings to date - VAT</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,387,252</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(10,198,259</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(5,400,021</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net underbilling </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">26,310,123</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">15,340,845</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,483,032</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net underbilling </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">26,310,123</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">15,340,845</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,483,032</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Billings in excess of costs and estimated earnings </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Billed but unpaid - retainage receivables</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,241,808</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,137,281</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: cash received in excess of billings</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,464,095</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,209,881</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Effect of exchange rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,071,394</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">504,125</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(136,271</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Costs and estimated earnings in excess of billings and cash advances on uncompleted contracts or unbilled receivables on completed contract</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">19,774,634</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,393,281</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,209,480</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Operation and Maintenance Revenue</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In the PRC, the Company provides operation and maintenance service on solar farm projects after the projects are completed, pursuant to separate operation and maintenance contracts. Revenue is recognized as earned over the term of the underlying contract which is generally quoted based on a specific amount per watt per year. The Company may be entitled to additional performance incentives if specified performance targets are met, which will be recognized when those targets are achieved.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Solar Energy Systems and Components Sales</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In the United States and the PRC, for solar energy systems and components sales for which customers pay the full purchase price upon delivery of the system, the Company recognizes revenue, net of any applicable governmental sales taxes, in accordance with ASC&nbsp;605, <i>Revenue Recognition</i><i>&#8212;</i><i>Overall</i>. The Company recognizes revenue when (1)&nbsp;persuasive evidence of an arrangement exists, (2)&nbsp;delivery has occurred or services have been rendered, (3)&nbsp;the sales price is fixed or determinable and (4)&nbsp;collection of the related receivable is reasonably assured. Components are comprised of photovoltaic panels and solar energy system monitoring hardware and may include FLEX Energy Storage System (applicable only in the United States). The Company recognizes revenue when the Company installs a solar energy system and it passes inspection by the utility or the authority having jurisdiction and the permit to operate has been issued, provided all other revenue recognition criteria have been met. Costs incurred on installations before the solar energy systems are completed are included in inventories as work in progress in the Company&#8217;s consolidated balance sheets.</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreakcde03f3b-4dbd-43b7-a5e7-9a3d93337644" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-16</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For solar energy systems sold under an installment contract in the United States, the Company completes an extensive review of the customer&#8217;s credit history prior to approving the customer for an installment sale which provides the Company with reasonable assurance of the collectability of the related installment sale receivable over the installment term. Accordingly, the Company recognizes the revenue from the instaent sale of a solar energy system when the Company delivers a system that has passed inspection by the utility or the authority having jurisdiction and the permit to operate has been issued.</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><i>Operating Leases and Power Purchase Agreements</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">From 2010 to 2014, the Company constructed and offered built-to-suit commercial-grade photovoltaic systems for certain commercial and not-for-profit customers in California, Hawaii, Colorado and New Jersey; under long-term leases and power purchase agreements, with terms of up to 20 years. Under these arrangements, the Company owns the systems and receives the 30% federal grant, as well as any applicable state and utility company rebates on the systems it owns. Upfront grants, rebates and incentives were applied to reduce the cost of the systems. All other annual rebates and performance-based incentive rebates are recognized in revenue when received. In connection with the Company&#8217;s ownership of solar systems primarily in New Jersey, the Company owns a number of Solar Renewable Energy Certificates (&#8220;SREC&#8221;). There is currently no assigned monetary value to an SREC and the prices are ultimately determined by market forces within the parameters set forth by the state. The Company recognizes the revenue of the SREC when it is sold. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Under the long-term leases, the Company is the lessor of solar energy systems, which are accounted for as operating leases in accordance with ASC&nbsp;840,&nbsp;Leases, since the lease does not provide for the ownership transfer to the lessee at the end of lease, the lease does not contain a bargain purchase option, the lease term does not exceed 75% of the economic life of the underlying solar system which is typically 35-40 years, and the net present value of the lease payments does not exceed 90% of the original investment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For solar energy systems where customers purchase electricity from the Company under power purchase agreements, the Company determined that these agreements should be accounted for, in substance, as operating leases pursuant to ASC&nbsp;840 since the power purchase agreement does not provide for the ownership transfer to the other party at the end of lease, the power purchase agreement does not contain a bargain purchase option, the term of the power purchase agreement does not exceed 75% of the economic life of the underlying solar system which is typically 35-40 years, and the net present value of the payments under the power purchase agreement does not exceed 90% of the original investment. The Company recognizes revenue based upon the amount of electricity delivered at rates specified under the contracts, assuming all other revenue recognition criteria are met.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company capitalizes initial direct costs from the origination of solar energy systems leased to customers (the incremental cost of contract administration, referral fees and sales commissions) as an element of solar energy systems, leased and to be leased, and subsequently amortize these costs over the term of the related lease or power purchase agreement, which generally ranges from 10 to 20 years.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Subsequent to 2014, the Company did not enter into any direct leases for solar systems. All current leasing transactions are conducted by an independent leasing company. The Company has a channel agreement with an independent leasing company to which the Company refers potential lease customers and to whom the Company sells the system, as discussed under &#8220;Solar Energy Systems and Components Sales.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><i>Third-Party Leasing Arrangements</i></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company no longer enters into leases for solar systems. In January 2015, the Company entered into a three-year channel agreement with Sunrun, Inc. pursuant to which Sunrun appointed the Company as its sales representative to solicit orders for Sunrun&#8217;s products in portions of southern California. Pursuant to this agreement, the Company introduces potential leasing customers to Sunrun and Sunrun pays the Company for its services in connection with the projects. Upon a customer signing a Sunrun lease, the Company purchases the equipment from Sunrun or another vendor from a list of preapproved equipment vendors provided by Sunrun. The Company then performs the design and EPC services until the system receives the permit to operate. Sunrun pays the Company 80% of the purchase price of the system after the system receives the city sign off and the final 20% after receiving the permit to operate. Similar to solar systems sold directly to residential and commercial customers, the Company recognizes the revenue on the solar systems sold to Sunrun when the permit to operate is received. Sunrun owns the equipment, leases the system and also services the lease. The Company&#8217;s relationship with the residential customer is only during the sales and installation process. The Company provides its standard warranty for its EPC services to Sunrun. The agreement with Sunrun prohibited the Company from marketing, selling or constructing solar systems to be leased to customers other than through Sunrun. These restrictions did not affect the Company&#8217;s financing operations. The agreement with Sunrun was amended on March 22, 2018 to eliminate the exclusivity requirement. Sunrun may terminate the agreement if the Company fails to meet specified minimum volume requirements. Sunrun also has the right to terminate certain incentives contained in the agreement at any time.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak56181f3d-3f04-431a-b44b-8c6eb2edb4c9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-17</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Upon the completion of the system, Sunrun performs the inspection to ensure the system meets Sunrun&#8217;s quality standards, and the Company is responsible to fix any issues as identified by Sunrun if they are caused by the Company. Sunrun covers all manufacturer component warranty issues with the system and may also contract with the Company to perform the work to fix any potential future issues with the system. <i><u></u></i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The channel agreement had an initial term that expired January 2018. Pursuant to the terms of the agreement, upon expiration of the initial term, the agreement continues for an additional 36 months unless either party gives notice of non-renewal at least 30 days before the initial expiration date. As a result, the agreement has been automatically renewed for a 36 month term which ends in January 2021. Sunrun was the Company&#8217;s largest customer in the United States segment during the nine months ended September 30, 2018, and the years ended December 31, 2017 and 2016.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><i>LED Projects</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company&#8217;s revenue recognition policy as related to LED products and services is in accordance with ASC 605-10-S99, <i>Revenue Recognition-Overall-SEC Materials</i>. The Company recognizes revenue when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable and (4) collection of the related receivable is reasonably assured. The Company recognizes its LED revenue upon the delivery of the products and/or completion of the installation and the final acceptance from the customer, provided all other revenue recognition criteria have been met. Prior to the delivery/completion and the final acceptance, all costs incurred are included in inventories as work in progress in the Company&#8217;s consolidated balance sheet.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Financing Loan Contracts</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In the United States, the Company provides installment financing to qualified customers to purchase residential or commercial photovoltaic systems, FLEX Energy Storage Systems, as well as LED products and projects. Customer loans receivable are classified as held-for-investment based on management&#8217;s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and are reduced by an allowance for estimated credit losses as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, using the interest method. The interest method is applied on a loan-by-loan basis when collectability of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Loans are transferred from held-for-investment to held-for-sale when management&#8217;s intent is not to hold the loans for the foreseeable future. Loans held-for-sale are recorded at the lower of cost or fair value. There were no loans held-for-sale at September 30, 2018, December 31, 2017 and 2016.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Summary of Revenues</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table summarizes the Company&#8217;s revenue by business line for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Solar energy systems</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Sales on installment basis </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,728,125</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,695,704</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,139,754</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,641,113</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Sales on non-installment basis </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,649,999</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,658,184</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,923,987</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,319,089</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Third-party leasing arrangements </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,632,100</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,760,744</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,985,423</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,743,673</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Operating lease revenues </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">86,934</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">87,369</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">115,706</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">87,406</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Power purchase agreement revenues </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">85,411</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">298,024</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">181,001</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">172,060</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total solar energy systems </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,182,569</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19,500,025</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27,345,871</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27,963,341</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">LED </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">617,131</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,340,780</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,506,604</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">513,447</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Financing related </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,324,959</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,482,141</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,960,882</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,223,093</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total revenue of US Segment </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">22,124,659</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">23,322,946</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">33,813,357</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">30,699,881</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm projects </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,382,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,473,099</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53,922,571</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47,961,994</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Roof top projects </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">711,838</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">593,953</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Operation and maintenance and other </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">328,117</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">264,425</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">600,369</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">155,782</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total revenue of PRC Segment </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">45,422,614</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">44,737,524</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">55,116,893</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">48,117,776</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total revenues </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">67,547,273</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">68,060,470</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">88,930,250</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">78,817,657</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreak80d12621-8ed6-44f6-af22-da225c8a21db" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-18</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Cost of Revenue</i></b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><i>Solar Energy Systems and Components Sales and LED </i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Cost of revenue includes material and component costs, subcontractor costs, labor and related labor benefits costs, sale commissions and bonuses, operation and finance commissions and bonuses, freight, insurance allocated to operations and installations, warranty expense, inventory reserve, and other overhead costs allocated to operations, installation and warehouse.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">During the year ended December 31, 2016, cost of revenue includes an expected contract loss of $914,382 related to a significant LED contract, for which the contract sale price to the customer is below the purchase price of the product paid by the Company. Revenues on this contract were recognized when the products were delivered to and accepted by the customer during the year ended December 31, 2017. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Solar Farm Projects</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In applying the percentage of completion method, the Company uses the actual costs incurred relative to the total estimated costs (including module costs but excluding VAT) in order to determine the progress towards completion and calculates the corresponding amount of revenue and profit to recognize. Costs incurred include direct materials, solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor and supplies. The Company recognizes direct material and solar module costs as incurred when the direct materials and solar modules have been installed in the project. The Company considers direct materials and solar modules to be installed when they are permanently placed or affixed to a PV solar power system as required by engineering designs. Solar modules owned by the Company that will be used in the Company&#8217;s systems remain within inventory until such modules are installed in a system.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The percentage of completion method of revenue recognition requires the Company to make estimates of net contract revenues and costs to complete the projects. In making such estimates, management judgments are required to evaluate significant assumptions including the amount of net contract revenues, the cost of materials and labor, expected labor productivity, the impact of potential variances in schedule completion, and the impact of any penalties, claims, change orders, or performance incentives. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts, including penalties, claims, change orders, performance incentives, anticipated losses, and others are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. The effect of the changes on future periods are recognized as if the revised estimates had been used since revenue was initially recognized under the contract. Such revisions could occur in any reporting period, and the effects may be material depending on the size of the contracts or the changes in estimates.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Concentration Risks</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Major Customers</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table provides information as to sales greater than 10% of revenues for the nine months ended September 30, 2018:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Revenue </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Revenue</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts</b></p> <p style="MARGIN: 0px" align="center"><b>Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer E (1)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">31,052,179</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">46</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,303,662</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer D (1)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,330,480</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">243,337</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake1f965fe-1db4-405d-b393-905249968162" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-19</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table provides information as to sales greater than 10% of revenues for the nine months ended September 30, 2017:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Revenue </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Revenue</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts</b></p> <p style="MARGIN: 0px" align="center"><b>Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Receivable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer C (1)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,081,066</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,925,089</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer A (1)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,656,458</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,479,142</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">29</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table provides information as to sales greater than 10% of revenues for the year ended December 31, 2017:<b><i></i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Revenue </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of <br>Total Revenue</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts <br>Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Receivable</b> </p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Customer C (1)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">41,687,291</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,247,699</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">92</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top">Customer A (1)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,235,280</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">256,833</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3</td> <td valign="bottom" width="1%">%</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table provides information as to sales greater than 10% of revenues for the year ended December 31, 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Revenue </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of </b></p> <p style="MARGIN: 0px" align="center"><b>Total Revenue</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts <br>Receivable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Receivable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top" width="52%">Customer A (1)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">44,798,696</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">57</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,976,348</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">25</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top">Customer B (2)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">10,953,467</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">14</td> <td valign="bottom">%</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">72,685</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1</td> <td valign="bottom">%</td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0.35pt">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">(1) Customers A, C, D and E are affiliates of AMD and affiliates of supplier A under the Major Suppliers table.</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">(2) Customer B is a customer of the US segment. Customer B is Sunrun, the third party leasing company described under "Third Party Leasing Arrangement" in Note 2.</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Customer B (Sunrun) is the customer of the United States segment with whom the Company has entered into a three-year channel agreement in January 2015. Under this agreement, Sunrun appoints the Company as its sales representative to solicit orders for its products in portions of southern California, whereby the Company introduces potential leasing customers to Sunrun. Sunrun pays the Company for EPC services in connection with the projects. Pursuant to the terms of the agreement, upon expiration of the initial term in January 2018, the agreement continues for an additional 36 months unless either party gives notice of non-renewal at least 30 days before the initial expiration date. As a result, the agreement has been automatically renewed for a 36 month term which ends in January 2021. The summary of revenue and cost of revenue related to Sunrun for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Revenue </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,817,846</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,808,708</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,977,406</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,953,467</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cost of revenue </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,105,070</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,727,694</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,620,294</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,792,645</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> With respect to the systems sold to Sunrun, the Company is required to install Sunrun meters which are only available for purchase through a subsidiary of Sunrun. For the nine months ended September 30, 2018 and 2017, and the years ended December 31, 2017 and 2016, Sunrun meters purchased from a subsidiary of Sunrun amounted to $59,828, $54,663, $74,686 and $132,818, respectively. There was no accounts payable balance owed to this supplier as of September 30, 2018, December 31, 2017 and 2016. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc02e632a-34e6-45e9-bff5-64950669bde8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-20</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Major Suppliers</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table provides information as to purchases over 10% for the nine months ended September 30, 2018:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Purchase </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Purchase</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts Payable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Payable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="14" align="center"> <p style="MARGIN: 0px">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier G (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,250,742</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7,826,690</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Supplier C (4)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,722,044</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,443,366</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier H (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,323,197</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,101,004</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table provides information as to purchases over 10% for the nine months ended September 30, 2017:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Purchase </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Purchase</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts Payable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Payable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="14" align="center"> <p style="MARGIN: 0px">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier D (3)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,890,179</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Supplier B (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,372,756</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,767,532</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table provides information as to purchases over 10% for the year ended December 31, 2017:</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Purchase </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of <br>Total Purchase</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts<br>Payable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Payable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier D (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">20,251,911</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,171,745</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Supplier A (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,029,897</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier C (4)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,143,617</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">807,819</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Supplier B (3)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7,839,020</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,855,097</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">31</td> <td valign="bottom" width="1%">%</td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb22912b0-32b0-4b99-acad-4cf957d7fc16" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-21</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">The following table provides information as to purchases over 10% for the year ended December 31, 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Purchase </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of <br>Total Purchase</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accounts <br>Payable </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percentage of Total Accounts Payable</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Supplier A (2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">21,149,920</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,028,494</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Supplier B (3)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,688,582</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,050,700</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="82%" colspan="2"> <p style="MARGIN: 0px">(2) Suppliers A, D, F, G and H are material suppliers of the EPC projects for SolarMax PRC segment.</p></td></tr> <tr height="15"> <td width="82%" colspan="2"> <p style="MARGIN: 0px" align="justify">(3) Supplier B is a subcontractor of the EPC projects for SolarMax PRC segment.</p></td></tr> <tr height="15"> <td width="62%" colspan="2"> <p style="MARGIN: 0px">(4) Suppliers C and E are the material suppliers for SolarMax US segment.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b><u>Cash and Cash Equivalents</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Cash and cash equivalents consist of deposit accounts and highly liquid investments purchased with an original maturity of three months or less. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The standard insurance coverage for non-interest bearing transaction accounts in the United States is $250,000 per depositor under the general deposit insurance rules of the Federal Deposit Insurance Corporation. The standard insurance coverage for non-interest bearing transaction accounts in the PRC is RMB 500,000 (approximately $72,000) per depositor per bank under the applicable Chinese general deposit insurance rules. As of September 30, 2018, December 31, 2017 and 2016, insured and uninsured cash including the balance classified as restricted cash were as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30,</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">US Segment</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Insured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,515,091</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,011,613</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,616,216</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Uninsured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">12,610,814</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,428,846</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,349,930</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">14,125,905</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">11,440,459</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,966,146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">China Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Insured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">459,779</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">506,830</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">495,775</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Uninsured cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,231,612</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">15,160,865</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">11,495,934</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,691,391</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">15,667,695</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">11,991,709</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total cash and cash equivalents &amp; restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24,817,296</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27,108,154</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">21,957,855</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash and cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">18,039,660</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">19,967,613</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">13,140,003</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,777,636</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">7,140,541</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,817,852</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak597ae8bb-10d8-4234-9a30-8f720f6717da" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-22</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Restricted Cash</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Restricted cash at September 30, 2018, December 31, 2017 and 2016 consisted of:&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30,</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Deposit held by a PRC financial institution as collateral for commercial loan to SolarMax &#8211; PRC Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,551,840</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,915,216</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,759,730</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Deposits held by a PRC financial institution for bank notes &#8211; PRC Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,848,042</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Deposit held by a US financial institution as collateral for business credit cards &#8211; US Segment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">225,796</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">225,325</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">210,080</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,777,636</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,140,541</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,817,852</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less: current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(6,551,840</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(6,915,216</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,607,772</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Noncurrent portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">225,796</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">225,325</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">210,080</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Bankers&#8217; Acceptance</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, the Company held bankers&#8217; acceptance in the amount of RMB 9,000,000 (approximately $1.3 million) with various original maturities ranging from three months to six months. A banker&#8217;s acceptance is a promised future payment which is accepted and guaranteed by a bank and drawn on a deposit at the bank. A banker&#8217;s acceptance is a negotiable financial instrument and can be exchanged for cash at a discount prior to its maturity date. During the nine months ended September 30, 2018, the Company accepted bankers&#8217; acceptance as payments on the PRC solar farm projects.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Accounts Receivable, net </u></b></p> <p style="MARGIN: 0px">&nbsp;</p>Accounts receivable are reported at the outstanding principal balance due from customers. In the PRC segment, accounts receivable represent the amounts billed under the contracts but uncollected on completed construction contracts and construction contracts in process. Under certain arrangements with customers in the U.S. segment, the customers may assign the collection of incentive rebates due from government agencies or utility companies to the Company, however the customers would remain accountable for the ultimate payment if the amount of incentive rebates are not collectible from such government agencies or utility companies. Accounts receivable are recorded at net realizable value. <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company maintains allowances for the applicable portion of receivables, including accounts receivable, government rebate receivables and other receivables, when collection becomes doubtful. The Company estimates anticipated losses from doubtful accounts based upon the expected collectability of all receivables, which takes into account the number of days past due, collection history, identification of specific customer exposure, and current economic trends. Once a receivable is deemed to be uncollectible, it is written&nbsp;off against the allowance. The bad debt expense related to rebates receivable are recorded as a reduction to revenues. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The activity of the allowance for bad debts for accounts receivable for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance &#8211; beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">352,593</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">216,606</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">216,606</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">187,421</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Provision for bad debts</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(62,297</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">94,286</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">125,921</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">98,819</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Receivables written off </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,549</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,346</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(18,087</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(68,042</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Effect of exchange rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,575</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,622</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">28,153</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,592</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance &#8211; end of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">280,172</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">311,168</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">352,593</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">216,606</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak46aff846-9b26-4314-9c62-45f2c035b87d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-23</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><u>Retainage Receivables</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Certain of the Company&#8217;s EPC contracts for solar farm projects contain retainage provisions. Retainage refers to the portion of the contract price earned by the Company for work performed but held for payment by the customer until the Company meets certain milestones, typically for a duration of up to twelve months after the substantial completion of the project. The amount withheld is typically about 5% of the contractual amount. The Company considers whether collectability of such retainage is reasonably assured in connection with its overall assessment of the collectability of amounts due or that will become due under the EPC contracts. Retainage expected to be collected within 12 months is classified within &#8220;other current assets&#8221; on the consolidated balance sheets. Retainage expected to be collected after 12 months is classified within &#8220;other assets&#8221; on the consolidated balance sheets. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, total retainage related to the PRC solar projects due from AMD (a related party) and unrelated party were $1,615,806, $2,584,919 and $1,101,618, respectively. Such amounts were included in current assets or other assets at September 30, 2018, December 31, 2017 and 2016. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Customer Loans Receivable</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In the United States segment, the Company offers its customers who meet the Company&#8217;s credit eligibility standards the option to finance the purchase of solar energy systems through installment loans provided by SolarMax Financial. All loans are secured by the solar energy systems or other projects being financed. The outstanding customer loan receivable balance is presented net of an allowance for loan losses. In determining the allowance for loan losses, the Company identifies significant customers with known disputes or collection issues and considers its historical level of credit losses and current economic trends that might impact the level of future credit losses. Customer loans receivable that are individually impaired are charged off against the allowance for loan losses. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The activity in the allowance for loan losses for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance &#8211; beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">779,630</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">694,016</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">694,016</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">439,834</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Provision for loan losses </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">81,296</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">607,202</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">729,729</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">474,406</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Recoveries </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">46,900</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">86,952</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">86,950</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,690</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Chargeoffs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(136,961</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(660,054</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(731,065</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(231,914</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance &#8211; end of period </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">770,865</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">728,116</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">779,630</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">694,016</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Advances to Suppliers</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Advances to suppliers consist primarily of advance payments to suppliers for the purchases of solar panels, inverters and components, and LED products. At December 31, 2016, the advances included an amount to one LED supplier of approximately $2.5 million, related to major purchases of LED products that were received by the Company during 2017 to fulfill a major LED purchase contract from a customer.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8f90b960-e1ee-435b-8b00-e795e847ff93" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-24</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><u>Inventories, net</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Inventories consist of (a) work in progress representing costs incurred prior to completion of systems or projects and (b) components principally consisting of photovoltaic modules, inverters, construction and other materials, and LED products, all of which are stated at the lower of cost or net realizable value under the first-in first-out method. The Company reviews its inventories periodically for possible excess and obsolescence to determine if any reserves are necessary. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The estimate for excess and obsolete inventories is based on historical sales and usage experience together with a review of the current status of existing inventories. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The activity in the reserve for excess and obsolete inventories for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">218,156</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">213,693</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">213,693</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">86,076</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Provision for excess and obsolete inventories</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,348</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">85,901</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">132,013</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">583,020</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Inventories write off and adjustments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(8,230</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(71,780</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(127,550</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(455,403</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; end of period </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">216,274</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">227,814</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">218,156</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">213,693</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Business Combinations</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company accounts for acquisitions using the acquisition method of accounting in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 805 - Business Combinations. Under the acquisition method of accounting, the total purchase consideration of an acquisition is allocated to the tangible assets, identifiable intangible assets and liabilities assumed based on their fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from customer relationships, acquired patents and developed technology and discount rates. Management&#8217;s estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Goodwill and Intangible Assets</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. The Company&#8217;s goodwill at September 30, 2018, December 31, 2017 and 2016 was derived from the acquisition of ZHTH and ZHPV in April 2015.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The indefinite-lived intangible asset represents a license to operate the Company&#8217;s LED business in the United States segment. The definite-lived intangible asset consists of permit backlog, acquired through the acquisition of ZHTH for the PRC segment and had been amortized as the revenues on the backlog are earned.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak45c1e325-3c4a-4c98-b061-2c03cb376f6e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-25</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">The Company reviews indefinite-lived intangible assets including goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount may be impaired. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company performs its annual impairment test of goodwill in the fourth quarter of each year or whenever events or circumstances change or occur that would indicate that goodwill might be impaired. When assessing goodwill for impairment, the Company early adopted the new FASB guidance in ASU 2017-04. <i>Intangibles - Goodwill and Other</i>, for its annual testing in December 2017, which simplifies the accounting for goodwill impairment under FASB ASC Topic 350,&nbsp;<i>Goodwill</i>. In determining the reporting unit&#8217;s fair value, the Company considers the underlying enterprise value and if necessary, the reporting unit&#8217;s discounted cash flow, which involves assumptions and estimates, including the reporting unit&#8217;s future financial performance, weighted-average cost of capital and interpretation of currently enacted tax laws. Circumstances that could indicate impairment and require the Company to perform a quantitative impairment test include a significant decline in the reporting unit&#8217;s financial results, a significant decline in the reporting unit&#8217;s enterprise value relative to its net book value, an unanticipated change in competition or market share and a significant change in the reporting unit&#8217;s strategic plans. For the Company&#8217;s goodwill annual testing, management determines that its reporting units are the same as its operating segments. Accordingly, the reporting unit for the goodwill annual testing is the PRC segment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Based on the Company&#8217;s annual impairment testing, management determined the estimated fair value of its PRC reporting unit substantially exceeds the carrying value. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">During the nine months ended September 30, 2018, the Company recognized an impairment loss of $364,000 on the UL license, an indefinite-lived intangible asset, as a result of the Company&#8217;s LED operations in the United States segment no longer pursuing residential LED projects for which the original UL license was designated. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Property and Equipment</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Property and equipment is initially stated at cost less accumulated depreciation and amortization. The costs of additions and betterments are capitalized and expenditures for repairs and maintenance are charged to operations as incurred. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Leasehold improvements and solar systems leased to customers are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. The estimated useful lives of the major classification of property and equipment are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="bottom" width="30%"> <p style="MARGIN: 0px">Automobiles</p></td> <td valign="bottom" width="47%"> <p style="MARGIN: 0px" align="right">4-5 years</p></td></tr> <tr height="15"> <td valign="bottom" width="30%"> <p style="MARGIN: 0px">Furniture and equipment</p></td> <td valign="bottom" width="47%"> <p style="MARGIN: 0px" align="right">5-10 years</p></td></tr> <tr height="15"> <td valign="bottom" width="30%"> <p style="MARGIN: 0px">Leasehold improvements</p></td> <td valign="bottom" width="47%"> <p style="MARGIN: 0px" align="right">Shorter of the asset&#8217;s useful life or lease term </p></td></tr> <tr height="15"> <td valign="bottom" width="30%"> <p style="MARGIN: 0px">Solar systems leased to customers</p></td> <td valign="bottom" width="47%"> <p style="MARGIN: 0px" align="right">Lease term, 10-20 years</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, depreciation expense was $527,498 and $706,352, respectively. For the years ended December 31, 2017 and 2016, depreciation expense was $605,568 and $2,231,269, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Impairment of Long-Lived Assets</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company&#8217;s long-lived assets include property and equipment which include solar energy systems leased to customers, and intangible assets acquired through business combinations. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In accordance with ASC 360,&nbsp;Property, Plant, and Equipment, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of a long-lived asset, or group of assets, as appropriate, may not be recoverable. If the aggregate undiscounted future net cash flows expected to result from the use and the eventual disposition of a long-lived asset is less than its carrying value, then the Company would recognize an impairment loss based on the excess of the carrying value over the fair value.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc2fcec2a-ad29-48fc-b490-ccfc33524fec" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-26</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company recorded impairment losses of $184,729 and $605,114, respectively on solar energy systems leased to customers for the United States segment, for which the carrying values exceed the estimated fair values. There were no impairment losses recorded for the nine months ended September 30, 2017 and the year ended December 31, 2016.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Investments in Unconsolidated Joint Ventures</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company&#8217;s unconsolidated investments are held directly by the Company as well as through its subsidiary, SMX Capital, and consist of investments in United States-based solar limited liability companies: Alliance Solar Capital 1, LLC (&#8220;A#1&#8221;), Alliance Solar Capital 2, LLC (&#8220;A#2&#8221;), and Alliance Solar Capital 3, LLC (&#8220;A#3&#8221;). The Company also has an investment in a PRC-based panel manufacturer, Changzhou Holysolar Technology, Co., Ltd, which was renamed to &#8220;Changzhou Hongyi New Energy Technology Co., Ltd&#8221; on March 10, 2017 (&#8220;Changzhou&#8221;). </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For these investments, the Company does not have the controlling interests but it has the ability to exercise significance influence over the operations and the financial decisions of the investees under the respective operating agreements. In each of the investments, the investee also maintains a separate capital account for each of its investors and accordingly, the Company has a separate capital account at each of the investees. Since the Company has the ability to exercise significant influence over the investees, the Company accounts for each of these investments using the equity method of accounting, under which the Company records its proportionate share of the investee&#8217;s profit or loss based on the specified profit and loss percentage. Distributions received from equity method investees are accounted for as returns on investment and classified as cash inflows from operating activities, unless the Company&#8217;s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed cumulative equity in earnings recognized by the Company. When such an excess occurs, the current year distribution up to this excess would be considered a return of investment and classified as cash inflows from investing activities.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px">Since the Company&#8217;s investments include privately-held companies where quoted market prices are not available and as a result, the cost method, combined with other intrinsic information, is used to assess the fair value of the investment. If the carrying value is above the fair value of an investment at the end of any reporting period, the investment is reviewed to determine if the impairment is other than temporary. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the years ended December 31, 2017 and 2016, the Company recorded impairment losses related to its investments in unconsolidated joint ventures under the United States segment of $1,011,377 and $128,402, respectively, for which the carrying value of the investment was determined to be in excess of its fair value and such decline in value was determined to be other-than-temporary. There were no impairment losses related to the Company&#8217;s investments during the nine months ended September 30, 2018 and 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Bank Notes</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">From time to time, ZHPV issues notes to suppliers and subcontractors, which are guaranteed by various banks in the PRC. The terms of these notes vary depending on the negotiations with the suppliers. Typical terms are in the range of three to six months.&nbsp;&nbsp;Prior to the expiration dates of the notes, the note holders can present these notes to the bank to draw on the note amounts. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At December 31, 2016, ZHPV had outstanding multiple bank notes issued to its vendors and subcontractors in the total amount of approximately RMB19.8 million (approximately $2.8 million) through a PRC financial institution. The notes had a six-month term and were due on various dates from January to May 2017. ZHPV deposited cash in the amount of the bank notes as the collateral for the notes, which is reflected as restricted cash. All the outstanding bank notes were paid during the year ended December 31, 2017 and the cash collateral for the bank notes was withdrawn by the bank to settle the notes. There were no bank notes outstanding as of September 30, 2018 and December 31, 2017</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb7172e88-0bbd-4c84-8ff5-5c5210a0b0dd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-27</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Warranty and Production Guaranty Liability</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In the United States segment, all parts of the system installed by the Company are covered under manufacturers&#8217; warranties, typically for 25 years for the panels and inverters, and for 10 years on energy storage systems. Such warranties are passed-through to the customers who purchase the systems. Accordingly, the Company does not provide any warranty to cover the manufacturer components of the solar systems. Currently, the Company provides separate warranties to cover its installation services on solar and battery storage systems for 20 years, and product performance on LED products for 7 years. The warranty reserve is currently established based on 0.25% of sales revenue of the systems sold by the United States segment. Additionally, the Company provides for an additional $200 per solar system as additional reserve for customer care for the United States segment.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Since March 2015, the Company has been providing a 10-year production guarantee on all residential solar energy systems that guarantees certain specified minimum solar energy production output. The Company monitors the solar energy systems to determine whether these outputs are being achieved on an annual basis. The Company evaluates the output to determine whether any payments are due to its customers and makes any payments periodically as specified in the customer contracts. As of September 30, 2018, December 31, 2017 and 2016, the Company has not provided any specific accrual for this output guarantee since the amounts due to the customers were not material, and the Company believes that the existing warranty accrual for installation service is adequate to cover the Company&#8217;s obligations related to the systems that are subject to this output guarantee. Management continues to monitor the amounts payable under this program, and as more data becomes available, the Company may develop a separate estimate for this output guarantee.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For one commercial solar system, the Company entered into a long-term commitment contract to maintain and clean the solar systems for a period of 20 years. The liability under this commitment included in warranty liability is $69,300, $72,600 and $77,550 at September 30, 2018, December 31, 2017 and 2016, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As a result of the bankruptcy of a Chinese panel supplier, the Company has reclassified the remaining unpaid amount that was held back from the supplier to warranty liability in the amount of $650,963 as of December 31, 2016 as such component warranty could become the obligation of the Company if any claims arise from the past customers. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the PRC segment, the Company provides construction quality warranty on the EPC services generally ranging from one to five years following completion. The Company currently provides a reserve for such potential liabilities based on a nominal percentage of project revenues for the PRC segment in the amount of $211,000, $138,000 and $120,000 as of September 30, 2018, December 31, 2017 and 2016, respectively, which is included in accrued expenses. Management will continue to monitor the future claims and make adjustments as appropriate to such reserve as information on claims is available.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The activity of the warranty liability recorded under accrued expenses and other liabilities for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,447,765</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,380,589</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,380,589</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,033,878</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">315,998</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">684,029</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">610,728</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">539,269</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Expenditures and adjustments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(157,347</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(209,088</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(552,117</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(188,673</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Effect of exchange rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(11,220</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">7,042</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,565</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,885</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; end of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,595,196</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,862,572</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,447,765</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,380,589</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak20ce4d28-0fae-4ca1-a5fe-723192067184" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-28</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><u>Deferred Revenues</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company records as deferred revenue any advance payments collected from customers, primarily related to lease prepayments, until the earnings process has been completed. As of September 30, 2018, December 31, 2017 and 2016, deferred revenue included in other liabilities related to two customer lease prepayments, amounted to $608,313, $694,413 and $754,702, respectively. Such lease prepayments are recognized over the weighted average remaining lease terms of 10.4 years, 11.1 years and 12.1 years, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Income Taxes</u></b><b><i></i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company accounts for income taxes pursuant to the FASB ASC Topic 740. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. The Company accounts for the investment tax credits under the flow-through method which treats the credits as a reduction of federal income taxes of the year in which the credit arises or is utilized. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On December 22, 2017, the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;) which changed the United States corporate income tax laws became effective. The impact of the Tax Act includes, but is not limited to, the tax expense associated with the one-time transition tax for the Company&#8217;s PRC segment and the changes to the Company&#8217;s deferred tax assets and the valuation allowance, resulting from the reduction of the corporate income tax rate to 21%. These impacts are included in the Company&#8217;s consolidated financial statements as of and for the nine months ended September 30, 2018, and as of and for the year ended December 31, 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. The Company has determined it is more likely than not that its deferred tax assets related to its United States operation will not be realizable and has recorded a full valuation allowance against its deferred tax assets. In the event the Company is able to realize such deferred income tax assets in the future in excess of the net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Topic 740-10 clarifies the accounting for uncertainty in income taxes recognized in the Company&#8217;s consolidated financial statements in accordance with GAAP. The calculation of the Company&#8217;s tax provision involves the application of complex tax rules and regulations within multiple jurisdictions. The Company&#8217;s tax liabilities include estimates for all income-related taxes that the Company believes are probable and that can be reasonably estimated. To the extent that the Company&#8217;s estimates are understated, additional charges to the provision for income taxes would be recorded in the period in which the Company determines such understatement. If the Company&#8217;s income tax estimates are overstated, income tax benefits will be recognized when realized.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company recognizes interest and penalties related to unrecognized tax positions as income tax expense. For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, the Company did not incur any related interest and penalties.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company does not record U.S. income taxes on the undistributed earnings of its foreign subsidiaries based upon the Company&#8217;s intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the United States. As of September 30, 2018 and December 31, 2017, the Company&#8217;s foreign subsidiaries operated at a cumulative deficit for U.S. earnings and profit purposes. In the event the Company is required to repatriate funds from outside of the United States, such repatriation would be subject to local laws, customs, and tax consequences. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Fair Value Measurements</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">ASC Topic 820, <i>Fair Value Measurements and Disclosures </i>(&#8220;ASC 820&#8221;), defines a framework for determining fair value, establishes a hierarchy of information used in measuring fair value, and enhances the disclosure information about fair value measurements. ASC 820 provides that the &#8220;exit price&#8221; should be used to value an asset or liability, which is the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale at the measurement date. ASC 820 also provides that relevant market data, to the extent available and not internally generated or entity specific information, should be used to determine fair value.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak12c069a6-c7be-44c8-aac8-dff0e9eef39f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-29</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">ASC 820 requires the Company to estimate and disclose fair values on the following three-level hierarchy that prioritizes market inputs.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in"><i>Level 1</i>: Quoted prices in active markets for identical assets or liabilities.</p> <p style="MARGIN: 0px 0px 0px 0.5in"><i>Level 2</i>: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p> <p style="MARGIN: 0px 0px 0px 0.5in"><i>Level 3</i>: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The carrying amount of cash and cash equivalents, accounts receivable, inventories, other current assets, accounts payable, deposits, taxes payable, warranty liability and accrued payroll and expenses approximates fair value because of the short maturity of these instruments. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table presents the fair value and carrying value of the Company&#8217;s cash equivalents, bankers acceptance, loans receivable and borrowings as of September 30, 2018 (unaudited):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>Fair Value</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Carrying</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level 1</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;2</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;3</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Value</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><u>Assets </u></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,752,078</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,752,078</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Bankers acceptance</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,278,409</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,310,368</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer loans receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,434,177</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">32,530,832</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><u>Liabilities</u></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Bank and auto loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,850,527</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,850,527</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Loans from related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">49,537,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">55,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Short term loan</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table presents the fair value and carrying value of the Company&#8217;s cash equivalents, loans receivable and borrowings as of December 31, 2017:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>Fair Value</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Carrying</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level 1</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;2</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;3</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Value</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;Assets</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">14,357,262</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">14,357,262</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer loans receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">32,796,567</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">32,796,567</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Bank and auto loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,708,129</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,775,195</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Loans from related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">51,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">55,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The following table presents the fair value and carrying value of the Company&#8217;s cash equivalents, loans receivable and borrowings as of December&nbsp;31, 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>Fair Value</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Carrying</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level 1</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;2</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Level&nbsp;3</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Value</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,392,188</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,392,188</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer loans receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">37,332,487</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">37,332,487</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Bank and auto loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,400,529</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,599,010</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Loans from related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">45,400,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">50,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakfcb2066a-6e11-45da-8436-b6d238a8d171" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-30</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash equivalents &#8211; Cash equivalents consist of money market accounts and are carried at their fair value.</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px">Bankers acceptance &#8211; The fair value of bankers acceptance is determined using the discount rate in the PRC used to negotiate the bankers acceptance for exchange into cash.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Customer loans receivable &#8211;&nbsp;The fair value of customer loans receivable is calculated based on the carrying value and unobservable inputs which include the credit risks of the customers, the market interest rates and the contractual terms. The Company&#8217;s underwriting policies for the customer loans receivable have not changed significantly since the origination of these loans. The overall credit risk of the portfolio&nbsp;also has not significantly fluctuated as evidenced by the minimal historical write-offs, and lastly the market interest rates have remained relatively consistent since the origination of the loans.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Bank loan , auto loans and short term loan &#8211; The fair value of such loans payable had been determined based on the variable nature of the interest rates and the proximity to the issuance date. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Loans from related parties &#8211; The related party loans were issued at the fixed annual interest rates of 3.0% in the United States Segment, and the fair value of the loans has been estimated by applying the prevailing borrowing annual interest rates for a comparable loan term which the Company estimated to be 7.75% to the estimated cash flows through the maturities of the loans. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company follows ASC Subtopic 825-10 (&#8220;ASC 825-10&#8221;), <i>Fair Value Option</i>. ASC 825-10 permits entities to elect to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value options for any assets or liabilities, which were not previously carried at fair value. Accordingly, the adoption of ASC 825-10 had no impact on the Company&#8217;s consolidated financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Non-recurring Fair Value Measurement </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">For the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017 and 2016, the Company recorded impairment charges related to the owned solar systems of $548,720, $0, $605,114 and $0, respectively, under the US Segment. The adjustments fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine the fair values. The fair values were determined using a discounted cash flow method, and the amount and timing of future cash flows within the analysis were based on the stipulated lease payments and management&#8217;s estimate of the value of electricity the asset will generate beyond the lease term. The fair values of the impaired solar assets at September 30, 2018 and December 31, 2017 included in property and equipment were determined to be $0 and $714,914, respectively. </p> <p style="MARGIN: 0px 0px 0px 0.35pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For the years ended December 31, 2017 and 2016, the Company recorded impairment charges related to its investments in unconsolidated joint ventures of $1,011,377 and $128,402, respectively, under the US Segment. The adjustments fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine the fair values. The fair values were determined using a discounted cash flow method, and the amount and timing of future cash flows within the analysis were based on the stipulated lease payments and management&#8217;s estimate of the value of electricity the asset will generate beyond the lease term. The fair values of the impaired investments at December 31, 2017 and 2016 included in investments in unconsolidated joint ventures were determined to be $1,027,299 and $704,086, respectively.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Advertising Costs</u></b><b><i></i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company charges advertising and marketing costs related to radio, internet and print advertising to operations as incurred. Advertising and marketing costs for the nine months ended September 30, 2018 and 2017 were $2,690,295 and $2,561,616, respectively, and for years ended December 31, 2017 and 2016 were $3,321,802 and $3,283,882, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Stock-Based Compensation</u></b><u></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company accounts for stock-based compensation costs under the provisions of ASC&nbsp;718, <i>Compensation</i><i>&#8212;</i><i>Stock Compensation</i>, which requires the measurement and recognition of compensation expense related to the fair value of stock-based compensation awards that are ultimately expected to vest. Stock-based compensation expense recognized includes the compensation cost for all share-based payments granted to employees and non-employees, net of estimated forfeitures, over the employee requisite service period or the non-employee performance period based on the grant date fair value estimated in accordance with the provisions of ASC 718. ASC 718 is also applied to awards modified, repurchased, or canceled during the periods reported. The Company also early adopted ASU 2017-09, <i>Compensation </i><i>&#8211;</i><i> Stock Compensation (Topic 718) Scope of Modification Accounting</i>, with respect to changes on terms and conditions of a share-based payment award that occurred in the third and fourth quarter of 2017.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Foreign Currency</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Amounts reported in the consolidated financial statements are stated in United States dollars, unless stated otherwise. The Company&#8217;s subsidiaries in the PRC use the Chinese renminbi (RMB) as their functional currency and all other subsidiaries use the United States dollar as their functional currency. For subsidiaries that use the local currency as the functional currency, all assets and liabilities are translated to United States dollars using exchange rates in effect at the end of the respective periods and the results of operations have been translated into United States dollars at the weighted average rates during the periods the transactions were recognized. Resulting translation gains or losses are recognized as a component of other comprehensive income (loss). </p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreakedb40b28-225c-4873-afce-370755d8ba98" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-31</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">In accordance with ASC 830, Foreign Currency Matters, the Company translates the assets and liabilities into United States dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into United States dollar are recorded in stockholders&#8217; equity as part of accumulated other comprehensive income. Further, foreign currency transaction gains and losses&nbsp;are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. Gains and losses on those foreign currency transactions are included in Other Income, net for the period in which exchange rates change.</p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b><u>Comprehensive Income (Loss)</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company accounts for comprehensive income (loss) in accordance with ASC&nbsp;220, <i>Comprehensive Income</i>. Under ASC&nbsp;220, the Company is required to report comprehensive income (loss), which includes net income (loss) as well as other comprehensive income (loss). The only significant component of other comprehensive income (losses) as of September 30, 2018, December 31, 2017 and 2016 is the currency translation adjustment. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Segment Information</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company&#8217;s chief operating decision maker is the executive team, which is comprised of the chief executive officer and the chief financial officer. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined that it has two operating and reporting segments (United States and PRC) as of September 30, 2018, December 31, 2017 and 2016, and for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Net Income (Loss) Per Share</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company calculates net income (loss) per share by dividing earnings (losses) allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted weighted average shares is computed using basic weighted average shares plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities are excluded from the computation of dilutive earnings per share for the nine months ended September 30, 2018 and 2017 and for the years ended December 31, 2017 and 2016 since the effect would be antidilutive. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><u>Recent Accounting Standards </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">As an emerging growth company (&#8220;EGC&#8221;), the Company has elected to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Securities and Exchange Act of 1934.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt">In June 2018, the FASB issued ASU 2018-07, <i>Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. </i>'These amendments expand the scope of Topic 718, Compensation&#8212;Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity&#8212;Equity-Based Payments to Non-Employees. ASU 2018-07 is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company&#8217;s adoption date of Topic 606, Revenue from Contracts with Customers. The Company does not currently expect the adoption to have any significant impact on the Company&#8217;s financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt">In February 2018, the FASB issued ASU 2018-03, <i>Technical Corr</i><i>ections and Improvements to Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, that clarifies the guidance in ASU No. 2016-01, Financial Instruments&#8212;Overall (Subtopic 825-10), </i>These amendments clarify the guidance in ASU No. 2016-01, Financial Instruments&#8212;Overall (Subtopic 825-10). ASU 2018-03 is effective upon the adoption of ASU 2016-01 which has already been effective as of January 1, 2018. Such adoption has no significant impact on the Company&#8217;s financial statements. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In February 2018, the FASB issued ASU 2018-02, <i>Income Statement&#8212;Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. </i>These amendments provide financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The ASU requires financial statement preparers to disclose: (a) a description of the accounting policy for releasing income tax effects from AOCI; (b) whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and (c) information about the other income tax effects that are reclassified. The amendments affect any organization that is required to apply the provisions of Topic 220, Income Statement&#8212;Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. ASU 2018-02 is effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company is currently evaluating the impact of the adoption on its financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In August 2017, the FASB issued ASU 2017-12,&nbsp;<i>Derivatives and Hedging (Topic 815) </i><i>&#8211;</i><i> Targeted Improvements to Accounting for Hedging Activities</i>, to simplify certain aspects of hedge accounting for both non-financial and financial risks and better align the recognition and measurement of hedge results with an entity&#8217;s risk management activities. ASU 2017-12 also amends certain presentation and disclosure requirements for hedging activities and changes how an entity assesses hedge effectiveness. ASU 2017-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. The Company does not currently expect ASU 2017-12 to have any significant impact as the Company does not currently have any derivatives and hedging activities.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8f04f39f-5f3d-4d66-8630-9505b94b1e93" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-32</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px">In January 2017, the FASB issued ASU 2017-01, &#8220;<i>Business Combinations</i> <i>(Topic 805): Clarifying the Definition of a Business</i>.&#8221; The amendments in this update provide guidance to assist entities with evaluating when a group of transferred assets and activities (collective referred to as a "set") is a business. This new guidance provides for a "screen", which requires a determination that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This guidance is effective for public entities for interim and annual periods beginning after December 15, 2017. The Company expects to adopt this new standard on future business combinations consummated after December 31, 2017. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In October 2016, the FASB issued ASU 2016-16,&nbsp;<i>Intra-Entity Transfers of Assets Other Than Inventory</i>, which requires entities to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. As a result, a reporting entity would recognize the tax expense from the sale of assets in the seller&#8217;s tax jurisdiction when the transfer occurs, even though the pre-tax effects of the transaction are eliminated in the consolidated financial statements. Any deferred tax asset that arises in the buyer&#8217;s jurisdiction would also be recognized at the time of the transfer. The ASU is effective for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. The ASU is applied on a modified retrospective basis generally through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU beginning on January 1, 2018 does not have any impact on the Company&#8217;s consolidated financial statements since the Company has not had any intra-entity transfers within the scope of this guidance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In June 2016, the FASB issued ASU No. 2016-13, "<i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>&nbsp;<i>("ASU 2016-13"</i>), which amends the current accounting guidance and requires the use of the new forward-looking &#8220;expected loss&#8221; model, rather than the &#8220;incurred loss&#8221; model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. ASU 2016-13 is effective for public entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is currently assessing the effect of this guidance on the Company&#8217;s consolidated financial statements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In February 2016, the FASB issued ASU 2016-02,&nbsp;<i>Leases (Topic 842)</i>, to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. Since the Company is a private entity preparing for a Form S-1 filing as an emerging growth company (EGC) under the JOBS Act, the Company has elected to utilize the relief provided to EGCs, that would allow for the adoption date on the timeline afforded a private company which will be on January 1, 2019 for the Company. The Company is currently evaluating the impact ASU 2016-02 and subsequent updates that ASU 2018-10 will have on its consolidated financial statements and associated disclosures.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify">In May 2014, the FASB issued FASB ASU No. 2014-09<i>, &#8220;Revenue from Contracts with Customers (Topic 606)</i>,&#8221; which supersedes the revenue recognition requirements in ASC 605, &#8220;Revenue Recognition&#8221;. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-09 requires disclosures enabling users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued <i>FASB ASU No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#8221;</i>, which deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued <i>FASB ASU No. 2016-08, &#8220;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)&#8221;</i>. ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued <i>ASU No. 2016-10, &#8220;Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.&#8221;</i> ASU 2016-10 clarifies the implementation guidance in Topic 606 for identifying performance obligations and determining when to recognize revenue on licensing agreements for intellectual property. In May 2016, the FASB issued <i>ASU No. 2016-11, &#8220;Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.</i>&#8221; ASU 2016-11 rescinds certain SEC staff comments previously made in regard to these ASU&#8217;s. In May 2016, the FASB issued <i>ASU No. 2016-12, &#8220;Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&#8221; that provide guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. ASU 2014-09 (including all related ASU&#8217;s) is effective for public reporting entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, using one of two retrospective application methods. Since the Company intends to file a registration statement as an EGC under the JOBS Act, the Company has elected to utilize the relief provided to EGCs, that would allow for the adoption date on the timeline afforded a private company which will be on January 1, 2019 for the Company. The Company is currently evaluating the effect that the adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016- 10, ASU 2016-11, ASU 2016-12, ASU 2016-20, ASU 2017-13 and ASU 2017-14 will have on our consolidated financial statements.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak8e1de59d-f079-450e-8ee1-6b5033405004" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-33</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b>3. </b><b>Acquisition Contingencies</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Effective on May 12, 2016, in conjunction with the execution of the amendment to the share exchange agreement for ZHPV related to the April 2015 business combination, ZHPV entered into a debt settlement agreement (the &#8220;Debt Settlement Agreement&#8221;) with one of the former owners of ZHPV, Uonone Group Co., Ltd., (&#8220;Uonone Group&#8221;), pursuant to which ZHPV and Uonone Group agreed to settle a list of pending business transactions from December 31, 2012 to December 31, 2015, pursuant to which Uonone Group agreed to pay ZHPV a total amount of RMB 8,009,716 on or before November 30, 2016. Additional contingent liability related to estimated costs of projects prior to the Company&#8217;s acquisition of ZHPV of approximately RMB 3.0 million (approximately $461,014 as of December 31, 2017) was also included as a receivable from Uonone Group (Note 7) with the corresponding liability recognized by the Company on the date of acquisition. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">In December 2016, ZHPV and Uonone Group entered into a supplemental agreement to the debt settlement agreement, pursuant to which Uonone Group agreed to provide and endorse to ZHPV a commercial bill, which is a third party note, due in August 2017 and guaranteed by Uonone, in the amount of RMB 4.0 million (approximately $576,000), and to pay 50% of the balance or RMB 2.0 million (approximately $288,000) in March 31, 2017, and the remaining balance of RMB 2.0 million (approximately $288,000) by September 30, 2017. During the year ended December 31, 2017, the Company received the payment of RMB 4.0 million (approximately $600,000) from Uonone Group under the agreement, the payment under a third party note of RMB 4.0 million (approximately $600,000). The remaining unpaid receivable of RMB 3.0 million (approximately $453,000) would be paid when the Company incurs the expenditures for which a separate liability for the same amount that was established on the acquisition date. At September 30, 2018, no expenditures under the acquired liability have been incurred.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">In addition, Uonone Group has agreed to reimburse ZHPV for any expenditures incurred related to projects completed prior to the business combination up to RMB 3.0 million. Such contingent reimbursement was recorded as a receivable by the Company and the corresponding payable of the same amount was also established for the liability assumed on the acquisition date. As of September 30, 2018, the Company has not incurred any expenditures related to the liability assumed.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>4. </b><b>Sale of Chinese Subsidiaries</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In the course of the Company&#8217;s business in the PRC, ZHTH or ZHPV may acquire permits to operate solar farms in the PRC. ZHTH and ZHPV will acquire permit through a project subsidiary, which holds the right to the solar farm. A separate project subsidiary is formed for each permit. Since the permit may not be transferred, the subsidiary that owns the project subsidiary sells the equity in the project subsidiary to the buyer, who becomes the owner of the solar farm project and ZHPV seeks to obtain the EPC contract for the project from the project owner. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On April 18, 2016, ZHTH entered into an agreement to sell its 100% ownership of the subsidiary that holds the permit relating to the Guizhou Qingshuihe solar farm project to a company owned by AMD, a related party, for a total consideration of RMB 1.0 million (approximately $152,000). Effective upon completion of the transfer of the ownership of the project subsidiary, which became owned by a subsidiary of AMD, ZHPV was engaged to be the EPC contractor of the Guizhou Qingshuihe solar farm project. The project owner subsequently entered into an operation and maintenance agreement with Jiangsu Honghao with respect to the project. The legal transfer of the sale of the project subsidiary was completed on June 8, 2016 and the consideration was paid on April 25, 2016.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In October 2016, ZHPV entered into an agreement to sell its 100% ownership of the subsidiary that holds the permit relating to the Guizhou Pu&#8217;an solar farm project to a subsidiary of AMD, for a total consideration of RMB 1.0 million (approximately $146,000) which was received on April 25, 2017. Effective upon completion of the transfer of the ownership of the project subsidiary, which became a subsidiary of AMD, ZHPV was engaged to be the EPC contractor of the Guizhou Pu&#8217;an solar farm project. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb79e4061-07e3-4d64-b7d1-69b6be2b768c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-34</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">The assets and liabilities of the two entities disposed of during the year ended December 31, 2016 are as follows as of the disposition dates:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">84,950</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Inventories</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">574,034</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Other current liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(367,008</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Net assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">291,976</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Consideration </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">298,239</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Gain on sale</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">6,263</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5. </b><b>Customer Loans Receivable</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company provides financing to qualified customers to purchase residential or commercial photovoltaic systems, as well as other products the Company offers in the United States. Depending on the credit rating of customers, the interest rate generally ranges from 0.00% (for financing under a very short term) to 10.99% per annum with financing terms ranging from three to fifteen years. At September 30, 2018, December 31, 2017 and 2016, the Company&#8217;s loan portfolio with a 0% interest rate is less than 1%. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The Company acquires security interests in the photovoltaic systems and other products financed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Customer loans receivable consist of the following as of September 30, 2018, December 31, 2017 and 2016:</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer loans receivable, gross</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,301,697</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,576,197</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">38,026,503</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: allowance for loan losses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(770,865</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(779,630</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(694,016</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer loans receivable, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32,530,832</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32,796,567</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,332,487</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Current portion </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,241,203</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,185,826</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,338,646</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Non-current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">26,289,629</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">26,610,741</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">31,993,841</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Principal maturities of the customer loans receivable at September 30, 2018 are summarized as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Period ending December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount (Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2018 (remaining months)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,654,865</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,023,263</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,354,381</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,765,580</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,177,560</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,326,048</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total loans receivable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">33,301,697</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake750819b-a3cc-4648-9514-b8a2a573c78b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-35</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">Principal maturities of the customer loans receivable at December 31, 2017 are summarized as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Period ending December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,185,826</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,551,723</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,790,672</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,165,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,448,823</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,433,854</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total loans receivable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">33,576,197</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company is exposed to credit risk on the customer loans receivable. Credit risk is the risk of loss arising from the failure of customers to meet the terms of their contracts with the Company or otherwise fail to perform as agreed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Total interest income on the customer loans receivable included in revenues, was $1,314,724 and $1,475,385 for the nine months ended September 30, 2018 and 2017, respectively, and $1,947,066 and $2,210,088 for the years ended December 31, 2017 and 2016, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>6. </b><b>Inventories, net</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Inventories consisted of the following as of September 30, 2018, December 31, 2017 and 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Work-in-process</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">935,583</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,205,154</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">763,635</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar panels, inverters and components</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,303,004</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,299,685</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,764,432</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">FLEX energy storage system</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">145,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">183,468</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">265,418</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">LED lights</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">445,558</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">470,525</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,773,861</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Reserve for excess and obsolete inventories</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(216,274</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(218,156</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(213,693</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total inventories, net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,613,836</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,940,676</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">4,353,653</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak811943f9-0cae-499e-a504-3ca993575980" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-36</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7. </b><b>Other Receivables and Current Assets, Net</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Other receivables and current assets, net consisted of the following at September 30, 2018, December 31, 2017 and 2016:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Receivable from Seller (Uonone Group) (See Note 3) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">436,789</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">461,014</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,583,926</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Pre-acquisition customer receivables, net of reserve</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">569,961</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">797,887</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,934,561</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred project costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">116,477</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">130,476</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">597,437</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Retainage receivables (see Note 2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,553,593</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,584,919</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Notes receivable (including accrued interest)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">775,029</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,802,533</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Receivable from AMD for sale of subsidiary (See Note 3)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">143,993</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Prepaid expenses and deposits</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">809,716</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">553,351</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">554,015</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Accrued interest on customer loans receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">96,681</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">99,436</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">121,358</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Income tax and VAT tax receivable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">153,554</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">794,457</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">352,578</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">4,511,800</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">7,224,073</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">5,287,868</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Receivable from Seller (Uonone Group)</i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">During the year ended December 31 2017, ZHPV received payments under the December 2016&#8217;s debt settlement agreement with Uonone Group (see Note 3) totaling RMB 8.0 million. The outstanding unpaid receivable of RMB 3.0 million (approximately $ 437 ,000) represents contingent receivable from Uonone Group related to the Ningxia project and would be payable by Uonone Group to ZHPV only when the payment under the contingent liability (specifically the land rental payment) is paid by ZHPV. As of September 30, 2018, December 31, 2017 and 2016, such payment has not been made by ZHPV.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>Pre-acquisition Receivables</i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The receivables were substantially related to receivables owed by Enfie on the Ningxia project (completed prior to the acquisition date), which was acquired in conjunction with the April 2015 acquisition of ZHPV. The receivables included the unpaid retainage for the quality warranty due in October 2017, unpaid construction billings, and other unpaid project reimbursements. The Company began pursuing collection with Enfie in October 2017 and such negotiation is ongoing and is expected to be completed by year-end 2018 or early 2019 . Based on passage of time, management established a reserve since the third quarter of 2017 of RMB 4,503,611 and the reserve remained at the same RMB amount as of September 30, 2018 and December 31, 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>Deferred Project Costs</i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, deferred project costs comprise of prepaid permit and other project-related costs which would be amortized over the construction period.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreaka2859e95-e4ed-4997-92ea-8ac9036827c6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-37</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><i>Notes Receivable</i></p> <p style="MARGIN: 0px">Notes receivable consist of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in" align="justify">(1) $1,000,000 loan to Sun Co. Investment, LLC for working capital in February 2017, for a one-year term, due on February 28, 2018, with interest only payment due quarterly in arrears at the prime rate plus 1% (Sun Co. Investment, LLC is owned by Ma Kung-Fu, a shareholder of the Company, and the note is secured by 321,000 shares of the Company&#8217;s common stock that he holds as collateral pursuant to a pledge agreement). The receivable and accrued interest were repaid in full in April 2018.</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 36.35pt" align="justify">(2) Note receivable (RMB 5,061,624) plus accrued interest (RMB 205,764) from Changzhou Yifu Electric Co., Ltd (&#8220;YIFU&#8221;) related to inventory advances for which inventories were not delivered by specified time. In June 2017, the advances were converted to a note due on December 31, 2017, with a fixed interest rate of 4.35% per annum. In January 2018, an extension agreement was executed to extend the due date of the note to March 31, 2018. In May 2018, the Company further extended the due date on 50% of the note to June 30, 2018 and the remaining 50% to December 31, 2018. In September 2018, another extension agreement was executed to extend the due date of the entire note to December 31, 2018 with an agreement to pay accrued interest through September 30, 2018 of RMB 262,027 by October 12, 2018. The interest payment of RMB 262,027 was paid on October 12, 2018. Based on the payment of accrued interest and recent discussions with Yifu indicating positive business events that would improve cash flow allowing Yifu to repay the note on or before December 31, 2018, the Company determined the note remains collectible.</p> <p style="MARGIN: 0px 0px 0px 0.5in" align="justify">&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px" align="justify">Total unpaid accrued interest receivable and interest income on the notes receivable as of and for the year ended December 31, 2017 was $27,042 and $27,042, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><font size="2"><em>VAT Taxes (See Note 13)</em> </font> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8. </b><b>Goodwill and Intangible Assets, Net </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Goodwill and intangible assets, net consisted of the following components:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><i>Definite-lived intangible assets</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Permit backlog</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Gross carrying value</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,340,498</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,340,498</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,256,074</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Accumulated amortization</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,340,498</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(1,340,498</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(605,955</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net carrying value</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">650,119</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Indefinite-lived intangible assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">UL license</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">364,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">364,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total intangible assets, net </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">364,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">1,014,119</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Goodwill </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">7,807,298</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">8,240,305</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">7,743,247</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Activity of goodwill for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 is as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,240,305</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7,743,247</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7,743,247</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,260,219</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Addition</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Impairment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Effect of exchange rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(433,007</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">322,644</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">497,058</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(516,972</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance &#8211; end of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">7,807,298</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,065,891</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,240,305</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">7,743,247</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Permit Backlog</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On the acquisition date, ZHTH held a number of permits for the approved solar farm projects. The permit backlog valued on the acquisition date at $1,430,000 represents a total of 120MW of contract backlog that existed as of the acquisition date that ZHPV anticipated to materialize and receive future cash flows through 2017. The permit backlog intangible asset was amortized proportionately with the cash flows to be earned from these permits through December 2017. For the years ended December 31, 2017 and 2016, the amortization expense related to the permit backlog recorded under cost of revenue was $828,785 and $625,571, respectively. The permit backlog intangible was fully amortized as of December 31, 2017 since the related projects were completed.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9348388b-915f-46e2-a66f-ee1519ca0e17" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-38</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b>9. </b><b>Investments in Unconsolidated Joint Ventures</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, the Company has the following unconsolidated joint ventures accounted under the equity method of accounting: </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">Investee</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Equity Investment Ownership</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Profit rate of distribution</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">A#2</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#3</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changzhou</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22.5</td> <td valign="bottom" width="1%">%</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Activity in investments on unconsolidated joint ventures for the nine months ended September 30, 2018 consisted of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">Investee</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, 2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Distribution / Decrease in Investment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Share of Investee&#8217;s Net Income (loss) </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">348,988</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(133,140</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">215,848</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">A#2</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">404,516</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(82,471</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">322,045</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#3</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">87,126</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(38,581</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48,545</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changzhou</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">186,669</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(169,578</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">17,091</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,027,299</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(423,770</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">603,529</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Activity in investments on unconsolidated joint ventures for the nine months ended September 30, 2017 consisted of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">Investee</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, 2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Distribution / Decrease in Investment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Share of Investee&#8217;s Net Income (loss) </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">704,086</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(272,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(36,136</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">395,950</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">A#2</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,055,461</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,373</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,064,834</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#3</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">375,793</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(120,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,250</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">264,043</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changzhou</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">561,294</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(112,460</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">448,834</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,696,634</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(392,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(130,973</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,173,661</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1fdf4c22-0fd2-4f44-83c3-cd7fa9f65460" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-39</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">Activity in investments on unconsolidated joint ventures for the year ended December 31, 2017 consisted of the following: </p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">Investee</p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, <br>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Distribution / Decrease in Investment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Share of Investee&#8217;s Net Income(loss) </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,<br>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">704,086</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(272,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(83,098</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">348,988</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">A#2</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,055,461</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(650,945</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">404,516</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#3</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">375,793</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(120,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(168,667</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">87,126</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changzhou</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">561,294</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(374,625</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">186,669</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,696,634</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(392,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(1,277,335</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,027,299</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Activity in investments on unconsolidated joint ventures for the year ended December 31, 2016 consisted of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="left">Investees</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,<br>2015</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Distribution / Decrease in Investment</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Share of Investee&#8217;s Net Income(loss) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, <br>2016</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">886,254</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(182,168</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">704,086</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">A#2</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,048,126</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">7,335</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,055,461</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A#3</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">358,214</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">17,579</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">375,793</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changzhou</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">897,425</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(224,356</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)*</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(111,775</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">561,294</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,190,019</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(224,356</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(269,029</td> <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,696,634</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">______________&nbsp;</p> <p style="MARGIN: 0px" align="justify">*On January 5, 2016, the ownership of Changzhou was adjusted as a result of the addition of a new stockholder, who is the chief executive officer of Changzhou and the president of the Company&#8217;s PRC operations. No consideration was received as a result of the ownership change. As a result of the ownership change, the Company&#8217;s ownership percentage was reduced from 30.0% to 22.5%. All major decisions concerning the operations of Changzhou continue to be based upon the ownership interest of each stockholder. The Company recognized a loss in connection with the reduction of its ownership in the amount of $224,356 which is included in equity in income (loss) from unconsolidated joint ventures for the year ended December 31, 2016.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">During the years ended December 31, 2017 and 2016, the Company recognized impairment losses related to its investments in unconsolidated joint ventures of $1,011,377 and $128,402, based on the excess of the carrying value over the fair value of the related investment, as management had determined that the decline in the value of the investments is other than temporary. There were no impairment losses during the nine months ended September 30, 2018 and 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the years ended December 31, 2017 and 2016, the Company&#8217;s share of investee&#8217;s net income (loss) for each period includes the impact of the basis adjustments related to Alliance 1 that resulted in a reduction of the net loss attributed to the Company of approximately $276,000. Such impact for the nine months ended September 30, 2018 and 2017 was $55,962 and $82,584, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakf8e081cb-93d1-40e5-8032-9e39c9eac4e2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-40</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>&nbsp;Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following tables present the summary of the unaudited condensed combined financial statements for the Company&#8217;s unconsolidated joint ventures as of and for the nine months ended September 30, 2018 and 2017, and as of and for the years ended December 31, 2017 and 2016:&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><i><b>Balance Sheets </b></i></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,218,724</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,706,627</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,413,407</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Non-current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,051,902</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,991,863</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,943,006</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">6,270,626</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,698,490</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,356,413</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,025,870</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,039,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,080,465</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Members&#8217; capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,244,756</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,658,702</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,275,948</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Liabilities and members&#8217; capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">6,270,626</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">7,698,490</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">11,356,413</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10. </b><b>Other Assets</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Other assets consisted of the following as of September 30, 2018, December 31, 2017 and 2016:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred project costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">979,417</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,033,738</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">943,209</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Retainage receivables (see Note 2)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">62,213</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,101,618</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred transaction cost</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">306,129</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Other deposits and receivables</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">149,906</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">172,799</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">193,190</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">1,191,536</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">1,206,537</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">2,544,146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakad11f700-b4ec-48be-b2b7-34c8b1601484" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-41</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">At September 30, 2018, December 31, 2017 and 2016, deferred project costs consist of prepaid permit costs and land costs for projects that have not yet started. Such costs would be amortized to cost of revenue based on the percentage of completion of the projects when the construction commences. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In connection with a planned public offering transaction, the Company incurred and deferred $306,129 of costs with respect to the transaction as of December 31, 2016. Such costs include legal, audit, tax and other professional fees. Since the Company did not complete the transaction as of June 30, 2017, it elected to expense the amount previously deferred during the year ended December 31, 2017. Additional expenses incurred during the nine months ended September 30, 2018 and the year ended December 31, 2017 in connection with the planned transaction have been expensed as incurred.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>11. </b><b>Financing Arrangements</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018, December 31, 2017 and 2016, the Company had the following borrowings:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left">$5,750,000 secured term loan payable to China Everbright Bank, interest due quarterly in arrears at 3.0% per annum, maturing October 10, 2018. </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,750,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,750,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">A RMB 38.5 million secured term loan payable to China Everbright Bank, interest at 3.8% per annum and matured October 23, 2017. </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,543,740</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Short-term loan payable from unaffiliate, interest at 6% per annum and matured October 18, 2018 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Various auto loans payable, interest accrues at 4.19% per annum with maturities through 2022. </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">98,092</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">98,399</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">55,270</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,848,092</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,848,399</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,599,010</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: current portion </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,756,903</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,775,195</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,599,010</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Noncurrent portion (under other liabilities) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">91,189</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">73,204</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> On October 24, 2016, the Company entered into a loan agreement with China Everbright Bank, to borrow RMB 38.5 million (approximately $5.6 million) for a one-year term, due on October 23, 2017. The interest rate was 3.8% per annum and payable quarterly in arrears. The loan was secured by a fixed deposit held at the bank in the amount of RMB 40 million placed by an indirect subsidiary of ZHTH. The loan was repaid on October 24, 2017. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On October 9, 2017, the Company entered into a loan agreement with China Everbright Bank, a PRC-based financial institution, to borrow $5,750,000 in United States currency for a one-year term, due on October 10, 2018. The interest rate is 3.00% per annum and interest is payable quarterly in arrears. The loan is secured by a fixed deposit held at the bank in the amount of RMB 45.0 million (approximately $6.9 million) placed by Shanghai Cichang New Energy Technology Co., Ltd., an indirect subsidiary of ZHTH, using funds collected in May 2017 from the proceeds from the private placement by the Company of its common stock in October 2015. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify"> On September 18, 2018, the Company received a 30 day loan from Novus Magna Investments, LLC, a company affiliated with a minority stockholder of the Company for $6,000,000 at a 6% per annum interest rate. On October 10, 2018, the Company used the proceeds of this loan to pay the China Everbright loan of $5,750,000 plus accrued interest. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> On October 11, 2018, the Company entered into a loan agreement with China Everbright Bank, a PRC-based financial institution, to borrow $6,100,000 in United States currency for a one-year term, due on October 10, 2019. The interest rate is 3.8% per annum and interest is payable quarterly in arrears. The loan is secured by a fixed deposit held at the bank in the amount of RMB 45.0 million (approximately $6.9 million) placed by Shanghai Cichang New Energy Technology Co., Ltd., an indirect subsidiary of ZHTH. </p>&nbsp; <table id="pagebreaka924757f-6f1e-440d-a3ca-273f2b306dc2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-42</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px">On January 22, 2016, the Company repaid $1,000,000 of the outstanding principal balance on the Cathay Bank term loan with the proceeds from the revolver loan from Cathay Bank. The remaining balance of the term loan was fully repaid as of September 30, 2016. The balance of the revolver loan was fully repaid in December 2016. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On October 19, 2015, ZHPV entered into a line of credit agreement with an unrelated party to borrow up to a maximum amount of RMB 50 million (approximately $7.7 million). The line of credit bore a fixed interest rate at 12% per annum and matured originally on June 30, 2016. RMB 30 million was drawn down from the line of credit and was repaid on December 31, 2015. During 2016, the maturity date of the line of credit was extended to October 2016 with respect to RMB 40 million, and to January 2017 with respect to RMB 10 million. The line of credit was guaranteed by AMD, a related party. The Company drew down the entire amount of the line of credit during the year ended December 31, 2016 and repaid the loan prior to December 31, 2016. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On November 15, 2015, ZHPV entered into a term loan agreement with the same unrelated party above to borrow RMB 20.4 million (approximately $3.1 million). The maturity date of the loan was June 30, 2016 and the loan was non-interest bearing and was repaid on April 19, 2016.</p><b><i></i></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><em><b>Related party </b></em><b><i>financings</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company&#8217;s borrowings from related party consisted of the following as of September 30, 2018, December 31, 2017 and 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">$45.0 million loan from Clean Energy Funding, LP </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">45,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">45,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">45,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">$13.0 million loan from Clean Energy Funding II, LP </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10,500,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10,500,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,500,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Current portion </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Noncurrent portion </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">43,000,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">43,000,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">46,500,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On January 3, 2012, Clean Energy Fund, LP (&#8220;CEF&#8221;) entered into a loan agreement with SREP, a wholly-owned subsidiary of the Company. Under the loan agreement, CEF agreed to make loans to SREP in an amount not to exceed $45,000,000, to be used to finance the installment purchases for customers of the solar energy systems. The proceeds of the loans are advanced in increments of $2,500,000 and CEF may determine in its sole and absolute discretion to advance a lesser amount. The loan accrues interest at a fixed interest rate of 3% per annum, payable quarterly in arrears. Each advanced principal amount is due and payable 48 months from the advance date or the U.S. Immigration Form I-829 approval date if longer. The I-829 petition includes evidence that the immigrant investors successfully met all United States Citizenship and Immigration Services requirements of the EB-5 program. As of September 30, 2018, December 31, 2017 and 2016, the principal loan balance was $45,000,000. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On August 26, 2014, Clean Energy Funding II, LP (&#8220;CEF II&#8221;) entered into a loan agreement with LED, a wholly-owned subsidiary of the Company, for up to $13,000,000. The proceeds of the loan would be used by LED for its operations. The loan accrues interest at a fixed interest rate of 3.0% per annum, payable quarterly in arrears. Principal is due and payable in 48 months or the U.S. Immigration Form I-829 approval date if longer. In 2016, LED borrowed an additional $4,500,000 under the loan, the proceeds of which were used to fulfill the purchases required related to the new $4.3 million LED contract. During the year ended December 31, 2017, the Company drew down an additional $5,000,000 under the loan. As of September 30, 2018, December 31, 2017 and 2016, the remaining undrawn amount under the loan was $2.5 million, $2.5 million and $7.5 million, respectively. </p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak144b08ef-563f-4118-a868-5e1dab0dcc8f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-43</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px">The general partner of CEF and CEF II is Inland Empire Renewable Energy Regional Center (&#8220;IERE&#8221;). The principal owners and managers of IERE consist of the Company&#8217;s chief executive officer, its executive vice president and its director. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On December 29, 2015, ZHPV entered into an unsecured loan agreement with Changzhou, one of the equity method investees of the Company. Under the agreement, ZHPV can borrow up to RMB 2 million (approximately $308,086) from Changzhou with a 6% fixed annual interest rate for three months. The outstanding balances on the loan were $0 as of December 31, 2016. Another RMB 0.5 million (approximately $77,021) was drawn down on January 10, 2016. The entire loan was repaid on March 10, 2016 in the total amount of RMB 2,022,917 (approximately $311,616) including principal and interest and no additional amounts were drawn since.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Interest Expense</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, interest expense incurred on related party loans was $ 1,245,329, $1,302,015 , $1,594,037 and $1,429,607, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Total interest expense incurred (including interest on related party loans) was $1,415,208, $1,367,401, $1,850,513 and $2,368,648, for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, respectively. The weighted average interest rates on loans outstanding were 3.0% as of September 30, 2018, and 3.4% and 3.5% as of December 31, 2017 and 2016, respectively. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Principal maturities for the financing arrangements as of September 30, 2018 are as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Period ending December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Auto Loans </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Bank and Other Loans </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Related Party Loans </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2018 (remaining months)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,903</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,750,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">12,256,903</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22,330</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,522,330</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23,297</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,023,297</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24,320</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,024,320</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,081</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,520,081</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,161</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,161</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">98,092</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">11,750,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">55,500,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">67,348,092</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>12. </b><b>Other Related Party Transactions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Revenue and Advances</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, the Company recognized revenue of $31.4 million, $44.5 million, $54.9 million and $48.1 million, respectively, related to the EPC contracts and the operation and maintenance contracts on the solar farm projects in PRC with affiliates of AMD, a related party. AMD is a related party since it owns more than 5% of the Company&#8217;s common stock and its chairman and chief executive officer is a director of the Company.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakd787f9e9-5829-4b49-9edd-a88c9dc037fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-44</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company provides asset management and accounting services to the three unconsolidated Alliance joint ventures under the management contract and business services agreement dated January 20, 2011 between Alliance Solar Capital I, LLC and the Company, pursuant to which the Company is to receive 3% of revenues collected from SREC and payments from public utilities received by the Alliance entities. The provisions of this agreement also extend to services rendered for Alliance Solar Capital II, LLC and Alliance Solar Capital III, LLC, however, there is no formal agreement executed for the two entities. Total fees earned by the Company from the Alliance entities included in other income were $15,120, $19,400, $20,280 and $23,524 for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, respectively. </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">From time to time, the Company made advances for expenses on behalf of the three Alliance entities and SMXP&#8217;s tenant. At September 30, 2018, December 31, 2017 and 2016, the Company had a receivable (payable) for the expenses paid (advanced) on behalf of these entities in the amount of $17,202 , $113,665 and $56,336, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Lease Agreements</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On November 28, 2012, the Company entered into a lease agreement with SMXP to lease its headquarters in Riverside, California. The lease term was for four years commencing on January 1, 2013 and ending on December 31, 2016, with an annual base rent of $603,867. In September 2016, the Company executed a new lease, effective January 1, 2017. The new lease term is for ten years with one five-year renewal option. The annual base rent under the new lease is $978,672 plus the Company&#8217;s share of the utilities. The base rent is subject to an annual escalation of 2.99%. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On January 2, 2015, the Company, through its consolidated subsidiaries entered into two lease agreements for its Diamond Bar office with Fallow Field, LLC. Fallow Field, LLC is owned and managed by the Company&#8217;s chief executive officer, executive vice president and a minority stockholder of the Company. The lease term was for five years commencing on January 1, 2015 and ending on December 31, 2019, with an annual base rent of $177,600. In September 2016, the Company entered into a lease amendment related to its two leases at the Diamond Bar office. The amended lease commenced on November 1, 2016 and has a ten year term with one five-year renewal option. The initial annual base rent is $229,272 plus the Company&#8217;s share of utilities. The base rent is subject to an annual escalation of 2.99%. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, total related party rental expenses included in general and administrative expenses for the Riverside, California corporate headquarters and the Diamond Bar, California office, were $1,032,366 and $1,027,487, respectively, and $1,373,851 and $919,621, respectively. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>13. </b><b>Accrued Expenses and Other Payables</b></p> <p style="MARGIN: 0px 0px 0px 0.25in; TEXT-INDENT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Accrued expenses and other payables consisted of the following as of September 30, 2018, December 31, 2017 and 2016: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px"><b>September 30,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accrued compensation expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,786,478</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,657,477</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">507,224</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Accrued operating expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,182,184</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">903,509</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,546,450</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer deposits (including unearned revenues)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">984,803</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,166,277</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">584,975</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Retainage payable to vendors</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,237,926</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,134,255</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">699,556</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Refundable vendor bid deposits</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">349,519</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">403,355</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,562,327</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">VAT tax payable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,212,555</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">699,137</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">484,349</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Income taxes payable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">445,382</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Accrued warranty expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">210,945</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">139,995</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Preacquisition liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,017,262</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Payable to Uonone Group</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">508,081</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">7,981,672</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">7,057,468</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">5,384,881</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak24c2352a-2fbd-418a-9bab-3e79c4a5294e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-45</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><i>Customer Deposits</i></p> <p style="MARGIN: 0px">Customer deposits represent customer down payments and progress payments received prior to the completion of the Company&#8217;s earnings process. The amounts paid by customers are refundable during the period which, under applicate state and federal law, the customer&#8217;s order may be cancelled and the deposit refunded. Once the cancellation period has expired, the customer still may cancel the project but the Company is entitled to retain the deposit payments for work that was completed and materials that were delivered. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Retainage Payable to Vendors</i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In connection with the ordinary course of the EPC business, the Company holds back certain vendor and subcontractor billed amounts until specified contractual milestones are achieved, typically for a duration of six to twelve months. At September 30, 2018, the payable amount relates to an amount held back on the project that was subcontracted to Uonone. At December 31, 2017, the payable amount relates to two completed solar farm projects and one project under construction which has been repaid during the nine months ended September 30, 2018. At December 31, 2016, the payable amount relates to one solar farm project that was under construction and the amount was repaid during the year ended December 31, 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>Refundable Vendor Bid Deposits</i></p> <p style="MARGIN: 0px">Vendor bid deposits represent cash deposits received by ZHPV on sealed bids from trade contractors who are proposing to work on the EPC construction projects. Vendor bid deposits are 100% refundable when the bid process is concluded if the bid is not accepted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em><u>VAT Taxes</u></em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company recognizes its revenue in the PRC net of value-added taxes (&#8220;VAT&#8221;). The Company is subject to VAT which is levied on the procurement cost for materials purchased and collected at the invoiced value of sales provided to customers. The Company accounts for VAT on a net basis at the entity level. The contractual amount related to the designing and construction and installation services is subject to 3% sales and other taxes for the amount invoiced before May 1, 2016 which is included as part of cost of revenue. VAT tax receivable generally is available to offset future VAT tax liabilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>Preacquisition Liability</i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As part of the April 2015 acquisition of ZHPV, the Company acquired liability associated with the Ningxia project estimated at RMB 5,786,863 ($874,000) consisting of reimbursement of project expenses to Enfie including reimbursement of certain land rental expenses, all of which were included in accounts payable during the years ended December 31, 2017 and 2016. During the nine months ended September 30, 2018, the Company identified additional potential expenses related to land use taxes for which management accrued an additional RMB 1.2 million ($179,000). Such liability was originally assessed on the acquisition date to be immaterial and accordingly no amount was accrued on the acquisition date. At September 30, 2018, the total liability associated with the preacquisition period was RMB 6,986,863 ($1.0 million) and was classified as preacquisition liability under accrued expenses. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>Uonone Group Subcontract Agreement</i></p> <p style="MARGIN: 0px">During the year ended December 31, 2017, ZHPV entered into an agreement with Uonone Group, under which Uonone is acting as a full service EPC subcontractor on a 19MW rooftop project that ZHPV has signed with CGN Lianda Renewables with a contract value of RMB 115,042,200 ($17.7 million). Under the agreement, Uonone will perform the EPC services on behalf of ZHPV, and receives payments under the original EPC contract ZHPV has with the customer, subject to the following provisions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">ZHPV shall receive payment of RMB 1,650,422 ($254,000) in technical consulting fee and service fee from Uonone,</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">ZHPV shall withhold customer payments of RMB 2,399,844 ($369,000) as vendor security deposits until the expiration of the customer warranty period,</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">ZHPV shall withhold an amount of RMB 3,451,266 ($530,000) for VAT tax payable to be remitted to tax authorities, and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any remaining amount received from customer after deducting the amounts above, shall be remitted to Uonone promptly.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of and for the year ended December 31, 2017, the Company received total customer payments of RMB 10,807,818 ($1.66 million) and recorded revenues of RMB 1,075,211 ($159,106), unearned revenues (including in customer deposits) of RMB 575,211 ($88,000), retainage payable of RMB 2,399,844 ($369,000), VAT tax payable of RMB 3,451,266 ($530,361) and the remaining balance as payable to Uonone of RMB 3,306,286 ($508,081). There were no additional payments from customers during the nine months ended September 30, 2018. During the nine months ended September 30, 2018, the Company recorded revenues of RMB 323,564 ($49,662) related to the fees earned from Uonone subcontract agreement.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakfe11e2fd-f59a-40ad-ad3a-6094b75c8431" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-46</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b>14. </b><b>Commitments and Contingencies</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Operating Leases</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company has operating leases for office facilities and office equipment both in the United States and in the PRC. The lease payments are fixed for the initial term of the leases. Future minimum lease commitments for office facilities and equipment as of September 30, 2018, are as follows: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Period ending December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Related Parties</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Others</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2018 (remaining months)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">312,194</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">79,818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">392,012</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,282,476</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">201,504</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,483,980</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,320,816</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42,068</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,362,884</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360,310</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">214</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360,524</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,400,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,400,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,720,446</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,720,446</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">11,397,234</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">323,604</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">11,720,838</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Future minimum lease commitments for office facilities and equipment as of December 31, 2017, are as follows: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><b>Period ending December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Related Parties</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Others</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,244,722</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">180,199</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,424,921</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,309,476</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">65,968</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,375,444</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2020</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,320,816</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,320,816</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360,310</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,360,310</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,400,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,400,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Thereafter</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,942,706</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,942,706</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">12,579,022</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">246,167</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">12,825,189</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, rent expense for office facilities and equipment (including rental expense for related party leases &#8211; see Note 12) was $1,288,047, $1,558,766, $1,801,802 and $1,383,351, respectively.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak4424eae9-603b-4bcf-9d47-b49c121ac073" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-47</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Panel Purchase </em>Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In June 2016, the Company entered into a supply agreement with Sunspark Technology, Inc. (&#8220;Sunspark&#8221;), a United States-based panel supplier and a subsidiary of a PRC-based public company, which was amended in January 2017. Pursuant to the agreement, the Company agreed that it and its subsidiaries will purchase 150 megawatts of solar panels over a three-year period at a price to be negotiated, but not to exceed 110% of the preceding three-month rolling average market price per watt. Based on the price paid by the Company on its most recent purchase order from Sunspark in 2016, which was $0.56 per watt, the estimated total commitment would be approximately $84.0 million. The agreement stipulates annual minimum purchases of 30 megawatts. Based upon a purchase price of $0.56 per watt, the minimum annual commitment would be $16.8 million. The first year is the year beginning on June 1, 2016. In April 2017, the Company, through one of its PRC subsidiaries purchased 50 megawatts under this agreement and met the minimum commitment for the first year by May 31, 2017. The Company has been making purchases under the commitment in both the United States and in the PRC and expects to meet its minimum commitment for the second year by December 31, 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Energy Storage System Distribution Agreement </i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On July 29, 2016, the Company entered into a distribution agreement with Li-Max Technology, Inc. with an effective date of June 9, 2016. The agreement has a five-year term during which the Company would be the exclusive distributor of Li-Max Energy Storage System within all countries and other areas of the world, other than Asia (including but not limited to the Republic of China and the Peoples&#8217; Republic of China). The agreement contains an initial purchase commitment of 375 units, of Li-Max Energy System, which is approximately $1.1 million within the first six months of the term of the agreement. In the event that the Company fails to purchase 60% of this commitment within such six month period, Li-Max can require the Company to procure within 60 days. Failing this commitment Li-Max has the right to terminate the agreement. The agreement also contains a warranty provision for all the systems purchased from Li-Max for a period of ten years. Subsequent to the distribution agreement, Li-Max recognized the need to redesign its energy system in order that the system qualifies for the California home battery rebate. As of December 31, 2017, Li-Max had not yet redesigned its energy system and our obligations and Li-Max&#8217; right to terminate the agreement were suspended until the energy system is redesigned so that it qualifies for the California home battery rebate program. On October 8, 2018, a letter agreement was signed to amend Section 3.2 of the distribution agreement governing the minimum purchase requirements, to extend the commencement date of the 60 days to start on the date Li-Max completes the redesign of the system to meet the additional requirements, as defined in the letter agreement. Accordingly, as of September 30, 2018, December 31, 2017 and 2016, the Company is not subject to any minimum purchase requirements under this distribution agreement.</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b><i>Stock Acquisition Agreements</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In June 2016 and as amended in January 2017, the Company entered into agreements with three stockholders of the Hong Kong based parent company of Sunspark, pursuant to which the Company agreed to acquire from the three stockholders an aggregate of 9,650,000 shares of the common stock of their holdings of Sunspark&#8217;s parent. The three stock acquisition agreements were cancelled in their entirety on June 23, 2017.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt"><b><i>Loan Guarantee Commitment to the Company</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In June 2016, the Company obtained a loan guarantee commitment from Beijing Yinggu Xinhua Investment Company, an unrelated party, which is an affiliate of the PRC-based public company (the &#8220;Guarantor&#8221;). The PRC-based company has agreed to provide a guarantee to a PRC-based bank that enables the Company to obtain a line of credit of up to RMB 65,000,000 from a PRC-based bank. The Guarantor provided such guarantee for a period of five years and the Company will pay a 2% annual guarantee fee to the Guarantor based on the outstanding loan balance. The agreement was replaced in December 2016 in its entirety with a new agreement below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On December 29, 2016, the Company entered into a loan guarantee agreement with Beijing Huaxing Hengye Investment Company (the &#8220;New Guarantor&#8221;), another unrelated party. The New Guarantor has agreed to provide a guarantee that will enable the Company to secure a line of credit with a PRC-based financial institution of up to RMB 65,000,000. &nbsp;Under the agreement, the New Guarantor will provide the guarantee for a period of five years which is expected to be the term of the line of credit when secured. The Company will in turn pay a 2% annual guarantee fee to the New Guarantor based on the then outstanding loan balance. As of September 30, 2018, December 31, 2017 and 2016, the Company has not committed to obtain such line of credit from any PRC&#8211;based financial institution pursuant to this arrangement.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Employment Agreements</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">On October 7, 2016, the Company entered into employment agreements with its chief executive officer and its executive vice president (collectively, the &#8220;Executives&#8221;), each for a five-year term commencing on January 1, 2017 and continuing on a year-to-year basis unless terminated by the Company or the Executive on not less than 90 days&#8217; notice prior to the expiration of the initial term or any one-year extension. The agreements provide for an annual salary of $600,000 and $560,000, respectively, with an increase of not less than 3% on January 1st of each year, commencing January 1, 2018, and an annual bonus payable in restricted stock and cash, commencing with the year ending December 31, 2017, equal to a specified percentage of consolidated revenues for each year. The bonus is based on a percentage of consolidated revenue in excess of $30 million, ranging from $250,000 and $200,000, respectively, for revenue in excess of $30 million but less than $50 million, to 1.0% and 0.9%, respectively, of revenue in excess of $300 million. The agreements provide for severance payments equal to one or two times, depending on the nature of the termination, of the highest annual total compensation of the three years preceding the year of termination, multiplied by the number of whole years the Executive has been employed by the Company. The employment of both Executives commenced in February 2008. For the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company accrued $942,547 and $887,711, respectively, related to the annual bonuses pursuant to the agreements. During the nine months ended September 30, 2018,the Company issued 124,502 shares of common stock with a value of $622,385 as part of the bonus for 2017 <font size="+0">pursuant to</font> &nbsp;the employment agreements.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp; <table id="pagebreakb28f0277-5288-4025-a4e7-a73b32fa5410" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-48</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>Legal Matters</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On May 23, 2018,&nbsp;SolarMax Technology, Inc. commenced an action in the Superior Court of California in Riverside County&nbsp;against Act One Investments, Inc., Daniel Shih, the former chief executive&nbsp;officer of Act One Investments, Forland&nbsp;Industrial, Inc., Christine Lien, Peter&nbsp;Lien and Annie Lien, who are former employees of our subsidiary, SolarMax LED, and&nbsp;other named individuals believed to be affiliated with Act One Investments,&nbsp;alleging,&nbsp;among&nbsp;other&nbsp;claims, breach of contract, fraud, and misappropriation of trade secrets.&nbsp;The claims arose out of (i) the Company&#8217;s purchase of&nbsp;the assets of Act One&nbsp;Investments and its subsidiaries pursuant to an asset purchase agreement&nbsp;dated&nbsp;May 31, 2013 pursuant to which the Company acquired the business which is now the LED&nbsp;business, (ii) the wrongful conduct of&nbsp;defendants as inducement for the Company to enter into the asset purchase agreement and&nbsp;(iii) wrongful&nbsp;conduct by certain of the individual defendants as the Company&#8217;s employees.&nbsp;The Company is seeking return of the 250,000 shares of common stock that were issued&nbsp;pursuant to the asset purchase agreement,&nbsp;monetary damages and other relief,&nbsp;including rescission of the asset purchase agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In July 2018, Act One&nbsp;Investments and certain of the individual defendants filed a cross-complaint&nbsp;against the Company and certain of the Company&#8217;s United States subsidiaries alleging, among other claims,&nbsp;unpaid overtime (arising out&nbsp;of alleged&nbsp;misclassification of the individual cross-complainants as &#8220;exempt&#8221; from&nbsp;overtime pay) and wrongful termination and retaliation in violation of the&nbsp;California labor laws, that the noncompetition covenants in the&nbsp;asset purchase&nbsp;agreement are unenforceable under California law and that the Company engaged in&nbsp;fraudulent conduct in violation of certain federal laws, including violation of&nbsp;the Department of the Treasury&#8217;s 1603 Renewable&nbsp;Energy Grant program&nbsp;regulations. &nbsp;Management believes the cross-complaint&nbsp;is&nbsp;without merit and intends to&nbsp;vigorously defend these allegations.&nbsp;The&nbsp;litigation is in its initial stages.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">On June 24, 2015, the Company&#8217;s former chief financial officer, filed a lawsuit against the Company, its chief executive officer, its then-current chief financial officer, and its executive vice president with various claims related to violation of California labor code, discrimination based on national origin, ancestry, ethnicity and race, retaliation, harassment based on national origin, ancestry, ethnicity and race, failure to take all reasonable steps to prevent discrimination and harassment, wrongful termination in violation of public policy, failure to pay wages and intentional infliction of emotional distress and included allegations of financial improprieties and fraudulent and illegal activities. Management of the Company denies all claims.&nbsp; The matter was resolved and settled on March 24, 2017 by the Company and its insurance carrier resulting in no loss to the Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In the ordinary course of its business, the Company is involved in various legal proceedings involving contractual relationships, product liability claims, and a variety of other matters. The Company does not believe there are any pending legal proceedings that will have a material impact on the Company&#8217;s financial position or results of operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15. </b><b>Stockholders&#8217; Equity </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><em>Restated Articles of Incorporation; Preferred </em></b>Stock</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On December 1, 2016, the Company amended and restated its articles of incorporation. The amended and restated articles provide for the creation of a class of preferred stock, par value $0.001 per share, consisting of 15,000,000 shares with the directors having the ability to designate one or more series of preferred stock and to set forth the rights, preferences, privileges and limitations of the holders of each such series of preferred stock. As of September 30, 2018, December 31, 2017 and 2016, there was no preferred stock issued and outstanding.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak4b92e1e6-847d-47bd-9ffb-fc0f64931878" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-49</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b><i>2015 Private Equity Placement</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">During the third quarter of 2015, the Company raised equity through a private placement to issue up to 3,000,000 shares of its common stock at a purchase price of $3.50 per share. As of December 31, 2016, the Company had received subscriptions for 2,100,000 shares for a total price of $7,350,000, of which $2,080,002 has been paid or adjusted and the balance of $5,269,998 is reflected as stock subscription receivable at December 31, 2016. In May 2017, the Company received payments totaling $5,073,530 and the remaining balance of $196,468 was expected to be collected prior to June 30, 2018. During the nine months ended September 30, 2018 the remaining balance of $196,468 was adjusted to additional paid-in capital.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b><i>2016 Stock Sales</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In October and November 2016, the Company entered into stock purchase agreements with 10 separate investors to sell 3,900,000 shares of the Company&#8217;s common stock at a purchase price of $5.00 per share of which $8.5 million had been received as of December 31, 2016 resulting in the issuance of 1,700,000 shares as of December 31, 2016. The unpaid balance of $11.0 million from two separate investors had not been received as of December 31, 2017. In June 2017 the Company cancelled the subscription agreement for 200,000 shares with one of the investors and as of December 31, 2017 the underlying shares of 2,000,000 shares would be issued when payments were received. In May 2018, the Company received $5.0 million for 1,000,000 shares of its common stock. The Company did not engage a broker or placement agent in connection with the private placement. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><b><i> <p style="MARGIN: 0px" align="justify"><b><i>2016 Long-Term Incentive Plan </i></b></p></i></b>&nbsp; <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">In October 2016, the Company&#8217;s board of directors adopted and in November 2016 the stockholders approved the 2016 Long-Term Incentive Plan, pursuant to which a maximum of 6,500,000 shares of common stock may be issued pursuant to restricted stock grants, incentive stock options, non-qualified stock options and other equity-based incentives may be granted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>2016 Restricted Stock Grants</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Pursuant to the 2016 Long-Term Incentive Plan, the board of directors granted 3,816,000 shares in October 2016, of which 3,050,000 shares were granted to officers and directors as restricted stock grants. The grantees of the restricted stock grants have all rights of ownership with respect to the shares, including the right to vote the shares and to receive dividends and distributions with respect to the shares until and unless a forfeiture event shall occur; provided, however, that prior to a forfeiture termination event, (i) the grantees shall have no rights to sell, encumber or otherwise transfer the shares, and (ii) any shares of any class or series of capital stock which are issued to the grantee as a holder of the shares as a result of a stock dividend, stock split, stock distribution, reverse split, recapitalization, or similar event, shall be subject to the same forfeiture provisions as the shares. A forfeiture termination event shall mean such date as is six months following a public stock event. The definition of a public stock event includes, among other events, the effectiveness of a registration statement relating to an underwritten public offering by the Company. The board of directors has the right to defer the date of a forfeiture event to a later date. The shares are forfeited and are to be conveyed to the Company for no consideration if a public stock event had not occurred by September 30, 2018 which date&nbsp;was deferred by the board of directors to December 31, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakb3114c25-fe3c-4c00-bdb5-d6f53c199d28" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-50</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b><i>Advisory Agreement</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">On October 7, 2016, the Company entered into an advisory services agreement in October 7, 2016 with a consultant who has been providing services to the Company including, among other things, business planning, financial strategy and implementation and corporate structure related to the Company&#8217;s business development, financing and acquisition transactions. The term of the service commenced on June 1, 2016 and has been extended pursuant to an amendment entered into during the fourth quarter of 2017 to June 30, 2018 from the original term which ended on June 30, 2017. During the second quarter of 2018, the term of service was further extended to September 30, 2018. As compensation for the service, the Company issued to the consultant 200,000 shares of restricted stock valued at $5.00 per share based on the then current fair value of the common share, subject to forfeiture if the public stock event has not occurred by June 30, 2018. During the second quarter of 2018, the date by which the shares were subject to forfeiture was further extended to December 31, 2018. The restricted stock was granted on October 7, 2016 pursuant to the 2016 Long-Term Incentive Plan and is subject to restrictions and forfeiture provisions that are applicable to other restricted stock grants pursuant to the plan as described under the caption &#8220;2016 Restricted Stock Grants.&#8221;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">None of the shares granted above pursuant to the 2016 Long-Term Incentive Plan have vested and not considered to have been issued under the requirement of U.S. GAAP since the shares are subject to vesting and forfeiture provisions of the agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, the compensation cost that has been charged to general and administrative expenses related to restricted stock was zero for all periods. As of September 30, 2018, December 31, 2017 and 2016, total unrecognized compensation costs for outstanding restricted stock awarded was estimated at $19,080,000 for all periods based on the estimate of the current stock price of $5.00 per share. Such cost would be recognized beginning when the public stock event, as defined, occurs.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The table below summarizes the activity of the restricted stock shares:&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Number of Shares</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Weighted Average Grant Date Fair Value per Share </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> - </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,816,000 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 5.00 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; <table id="pagebreak31e8c02d-e470-48cc-820c-73a8001953e3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-51</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"><b><i>Stock Options </i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">From time to time, the Company grants non-qualified stock options to its employees and consultants for their services. Option awards are generally granted with an exercise price equal to the estimated fair value of the Company&#8217;s stock at the date of grant; those option awards generally vest between 18 months and 36 months of continuous service and have contractual terms of seven years. The vested options are exercisable for three months after the termination date unless (i) termination is due to optionee&#8217;s death or disability, in which case the option shall be exercisable for 12 months after the termination date, or (ii) the optionee is terminated for cause, in which case the option will immediately terminate. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i><u>October 7, 2016 Option Grants</u></i><u></u></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">On October 7, 2016 pursuant to the 2016 Long-Term Incentive Plan, the board of directors granted to employees non-qualified stock options to purchase 1,950,000 shares and incentive stock options to purchase 325,000 shares, at an exercise price of $5.00 per share. The options are exercisable cumulatively as to (a) 50% of the shares of common stock initially subject to the option on the later to occur of (i) six months after a public stock event, or (ii) October 7, 2017 (the &#8220;Initial Exercise Date&#8221;), provided that the option holder is employed or engaged by the Company or an affiliate of the Company on the Initial Exercise Date, and (b) the remaining 50% of the shares of common stock initially subject to the option on the first anniversary of the Initial Exercise Date. Further, without the consent of the Company, the option cannot be exercised prior to the date that an S-8 registration statement covering the shares issuable pursuant to the 2016 long term incentive plan becomes effective. In the event that a public stock event does not occur by the expiration date of the options, the options will expire. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018, December 31, 2017 and 2016, the Company had issued options to purchase 2,077,000 shares, 2,077,000 shares and 1,677,000 shares, respectively, and cancelled options to purchase 200,000 shares, 150,000 shares and zero shares, respectively, under the 2016 Long-Term Incentive Plan. At September 30, 2018, December 31, 2017 and 2016, option shares issued and outstanding were 1,877,000 shares, 1,927,000 shares and 1,677,000 shares, respectively. At September 30, 2018, 398,000 shares were available for issuance under the 2016 Long-Term Incentive Plan.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i><u>Valuation of Stock Options</u></i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company estimates the fair value of stock options using a Black-Scholes option pricing model. The model requires input of assumptions regarding the expected term, expected volatility, dividend yield, and a risk- free interest rate. Options were granted at the fair value of the Company&#8217;s common stock on grant dates and a simplified method was used to estimate the expected term of the options granted. Assumptions used to compute the grant date fair value of employee stock option grants for the years ended December 31, 2017 and 2016 are as follows: </p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>For the year ended December 31,</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>&nbsp;2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>&nbsp;2016</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Expected term (years)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">4.5</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4.6</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Expected volatility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">63.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">55.0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Risk-free interest rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">2.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.2</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Dividend yield</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp; <table id="pagebreak9efb887d-c1cd-4159-9ec4-77edff9a9e3a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-52</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">There were no stock options granted during the nine months ended September 30, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i>Expected Volatility</i>. The expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the solar industry in a similar stage of development to the Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Expected Term</i>. The Company elected to utilize the &#8220;simplified&#8221; method for &#8220;plain vanilla&#8221; options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Risk-free Interest Rate</i>. The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company&#8217;s stock option grants. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Expected Dividend Yield</i>. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Forfeitures are accounted for as actual forfeitures occur.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">A summary of option activity is as follows:&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Number of Options</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Weighted Average Exercise Price</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Weighted Average Remaining Contractual (years)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Aggregate Intrinsic Value</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">332,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.07</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6.0</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">142,800</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">207,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.43</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6.6</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">15,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercisable as of December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">124,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2.47</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">127,800</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,677,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5.00</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6.5</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercised</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cancelled or forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(12,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.60</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,997,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.79</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6.5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">588,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,817,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.88</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6.7</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">220,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercisable as of December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">180,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2.96</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.4</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">368,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">400,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5.00</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7.0</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercised</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cancelled or forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(160,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.91</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at December 31, 2017 </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,237,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.75</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.7</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">565,800</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of December 31, 2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,987,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.95</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.9</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">90,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercisable as of December 31, 2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">250,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.07</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.9</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">483,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercised</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cancelled or forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(290,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.35</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Outstanding at September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,947,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.77</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.9</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">455,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Nonvested as of September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,627,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.00</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5.1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exercisable as of September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">320,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.58</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3.9</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">455,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak41926b81-558c-4442-b33e-ac5121259f84" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-53</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The aggregate intrinsic value represents the total pretax intrinsic value. The aggregate intrinsic values as of September 30, 2018 and December 31, 2017 are based upon the value per share of $5.00, used in the latest sale of the Company&#8217;s common stock in May 2018. There were no sales of common stock during the year ended December 31, 2017.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i><u>Non-vested Option Awards</u></i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table summarizes the Company&#8217;s nonvested option awards activity for the years ended December 31, 2017 and 2016, and the nine months ended September 30, 2018:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Shares</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance at December 31, 2015</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">207,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,677,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Replaced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(67,500</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance at December 31, 2016</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,817,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">400,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Replaced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(80,000</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(150,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance at December 31, 2017</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,987,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Replaced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Vested</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(105,000</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(255,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Balance at September 30, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,627,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, the compensation cost that has been charged to general and administrative expenses related to stock options was $100,606, $177,337, $239,146 and $229,569,&nbsp;respectively. During the nine months ended September 30, 2018, and the years ended December 31, 2017 and 2016, vested options to purchase 35,000 shares, 10,000 shares and 12,000 shares, respectively, of common stock were cancelled. During the nine months ended September 30, 2018 and the year ended December 31, 2017, nonvested options to purchase 255,000 shares and 150,000 shares of common stock were cancelled, respectively. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018 and December 31, 2017, total unrecognized compensation costs for outstanding unvested options awarded was $3,811,268 and $3,955,654, respectively. Such cost is expected to be recognized over a weighted-average period of 1.2 years as of September 30, 2018. The total fair value of options vested during the nine months ended September 30, 2018, and the years ended December 31, 2017 and 2016, were $525,000, $400,000 and $337,500, respectively.</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><i></i>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><i> Stock Issuance Pursuant to Employment Agreements </i></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> During the nine months ended September 30, 2018, the Company issued  124,502 shares of common stock with a value of $622,385  pursuant to the Company&#8217;s employment agreements with its chief executive officer and executive vice president. See Note 14. </p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak8711b4c4-f20d-414f-808d-44b30ff4b285" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-54</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b>16. </b><b>Income Taxes</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On December 22, 2017, the U.S. government enacted comprehensive tax legislation (the &#8220;Tax Act&#8221;), which significantly revises the ongoing U.S. corporate income tax law by lowering the U.S. federal corporate income tax rate from 35% to 21%, implementing a territorial tax system, imposing a one-time tax on foreign unremitted earnings and setting limitations on deductibility of certain costs (e.g., interest expense), among other changes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Due to the complexities involved in accounting for the recently enacted Tax Act, the U.S. Securities and Exchange Commission&#8217;s Staff Accounting Bulletin 118 (&#8220;SAB 118&#8221;) requires that the Company include in its financial statements the reasonable estimate of the impact of the Tax Act on earnings to the extent such reasonable estimate has been determined. Accordingly, the Company recorded the following reasonable estimates of the tax impact in its earnings for the year ended December 31, 2017.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="3%"> <p style="MARGIN: 0px" align="justify">(a)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">For the year ended&nbsp;December&nbsp;31, 2017, the Company estimated that it would not be subject to the one-time transition tax because its foreign subsidiaries operated at a deficit in earnings and profits for US tax purposes.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="3%"> <p style="MARGIN: 0px" align="justify">(b)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">For the year ended December 31, 2017, the Company recorded a decrease in its deferred tax assets and valuation allowance of $4,197,060 stemming from the Tax Act&#8217;s reduction of the U.S. federal tax rate from 35% to 21%, and the disallowance of certain incentive based compensation tax deductibility under Internal Revenue Code Section 162(m). </p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Tax Act also includes a provision to tax global intangible low-taxed income (&#8220;GILTI&#8221;) of foreign subsidiaries and a base erosion anti-abuse tax (&#8220;BEAT&#8221;) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. The Company may be subject to the GILTI and BEAT provisions effective beginning January 1, 2018 and is in the process of analyzing their effects, including how to account for the GILTI provision from an accounting policy standpoint.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The final impact on the Company from the Tax Act&#8217;s provisions may differ from the Company&#8217;s estimate due to the complexity of calculating and supporting with primary evidence such U.S. tax attributes as accumulated foreign earnings and profits, foreign tax paid, and other tax components involved in foreign tax credit calculations for prior years back to 1986. Such differences could be material, due to, among other things, changes in interpretations of the Tax Act, future legislative action to address questions that arise because of the Tax Act, changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to estimate the impact of the Tax Act on the Company&#8217;s taxes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Pursuant to SAB118, the Company is allowed a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. Accordingly, the Company will continue to evaluate the impact of the Tax Act on its taxes and will record any resulting tax adjustments during 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Because of the complexity of the new global intangible low taxed income, known as GILTI, the base-erosion and anti-abuse tax, known as BEAT, and foreign derived intangible income, known as FDII, provisions of the Tax Act, the Company continues to evaluate the associated accounting under ASC 740. Accordingly, the Company may elect an accounting policy to (i) record taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the &#8220;period cost method&#8221;) or (ii) factor such amounts into its measurement of deferred income taxes (the &#8220;deferred method&#8221;). The Company&#8217;s election of an accounting policy with respect to the new GILTI tax provisions will depend, in part, on analyzing our global income to determine whether the Company expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the effect is expected to be. Because the Company&#8217;s future U.S. inclusions in taxable income related to GILTI depend on its organizational structure, the Company&#8217;s estimates of future operating results, and also the Company&#8217;s intent and ability to modify its organizational structure and/or its operations, the Company is not yet able to reasonably estimate the effects of this provision of the Tax Act. As a result, the Company did not record any adjustments related to potential GILTI taxes for the nine months ended September 30, 2018&nbsp;and did not make a policy election regarding whether to record deferred income taxes on GILTI.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakf7e78f95-00fc-45de-988e-189abe24d6d3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-55</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The BEAT provisions of the Tax Act impose a minimum tax related to certain deductible payments made to related foreign persons. In addition, the Tax Act disallows certain interest and royalty deductions for payments made to related parties depending on their countries&#8217; tax treatment of the payments. The new FDII provision allows a U.S. corporation to deduct&nbsp;37.5%&nbsp;of its foreign-derived intangible income. The Company&#8217;s evaluation of the income tax effects of these items and the provisional amounts recorded for the nine months ended September 30, 2018&nbsp;requires additional analysis of historical records and further interpretation of the Tax Act from yet to be issued U.S. Treasury regulations and guidance from state tax authorities about the application of these new tax laws.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The United States and PRC components of the Company&#8217;s income (loss) before income taxes for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016 are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Domestic (U.S. Segment) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px 0px 0px 0in" align="right"> (11,068,424 </p></td> <td valign="bottom" width="1%"> ) </td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(9,487,789</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(12,485,043</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(9,544,344</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Foreign (PRC Segment) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">998,082</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">990,617</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">1,486,205</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,796,144</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(10,070,342</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(8,497,172</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(10,998,838</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(6,748,200</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The components of the Company&#8217;s provision (benefit) for income taxes for the nine months ended September 30, 2018 and 2017 consist of:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Nine months ended September 30, 2018 (Unaudited) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Federal </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>State </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Foreign </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">372,906</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">376,906</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Deferred </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,069,212</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(955,116</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,150,913</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,175,241</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,069,212</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">955,116</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,226,381</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,250,709</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">448,374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">452,374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Nine months ended September 30, 2017 (Unaudited) (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Federal </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>State </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Foreign </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">51,653</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">55,653</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Deferred </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(3,222,868</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(532,087</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">135,397</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(3,619,558</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,222,868</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">532,087</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,754,955</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">187,050</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">191,050</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px">The components of the Company&#8217;s provision (benefit) for income taxes for the year ended December 31, 2017 and 2016 consist of:</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 0in"><b>Year ended December 31, 2017 (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Federal </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>State </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Foreign </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Current </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">506,468</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">510,468</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Deferred </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(29,757</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,206,895</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">173,885</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,062,767</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">29,757</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,206,895</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">390,519</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,627,171</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">4,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,070,872</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,074,872</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak16b491ca-409e-4069-a8f4-88623d8b7f25" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-56</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 0in"><b>Year ended December 31, 2016 (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Federal </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>State </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Foreign </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Current </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(78,400</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">256,075</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">177,675</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Deferred </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,090,238</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(229,869</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">684,649</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,635,458</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,090,238</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">229,869</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,320,107</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(78,400</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">940,724</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">862,324</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Significant components of the deferred tax assets and liabilities for federal income taxes as of September 30, 2018, December 31, 2017 and 2016 consisted of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016 </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Deferred tax assets </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Investment credit </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,037,362</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,037,362</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,037,362</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Net operating loss carry-forward </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,201,933</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,221,191</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,756,837</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Stock compensation and accrued bonus </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">638,340</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">637,860</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">277,488</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Depreciation </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">82,727</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Other </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,684,545</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,556,990</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,201,771</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16,644,907</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,453,403</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11,273,458</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(16,611,452</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(11,360,739</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(9,733,568</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Deferred tax assets (liability) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">33,455</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">92,664</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,539,890</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Deferred tax liability </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Depreciation </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(698,375</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Intangible asset </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(184,446</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred tax, net </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">33,455</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">92,664</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">657,069</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">A 100% valuation allowance was provided for the deferred tax assets related to the United States segment as of September 30, 2018, December 31, 2017 and 2016 due to the uncertainty surrounding the timing of realizing the benefits of the favorable tax attributes in future tax returns. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table reconciles the United States statutory rates to the Company&#8217;s effective tax rate for the nine months ended September 30, 2018 and 2017:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="14" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine Months ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2018 (Unaudited)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>2017 (Unaudited) (Restated) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Tax rate </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Tax amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Tax rate </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Tax amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">US statutory rate </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">21.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,122,060</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">34.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,889,039</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">State taxes </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7.5</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(754,164</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6.1</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(526,273</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Foreign rate differential </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-0.8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">81,479</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(89,156</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Permanent items </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-0.1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,992</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-7.0</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">594,268</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">NOL true-up </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,247,408</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Return to provision true-up </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(653,705</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Prior year tax liability adjustment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-0.9</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">87,056</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-53.5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,401,479</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-44.2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,754,955</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Effective tax </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-4.6</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">452,374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-2.4</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">191,050</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak208c5d77-d7f0-45b4-92a9-c48062df404f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-57</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px">The following table reconciles the United States statutory rates to the Company&#8217;s effective tax rate for the years ended December 31, 2017 and 2016:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="14" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Year ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>2017 (Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>2016 (Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Tax rate </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Tax amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Tax rate </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>Tax amount </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">US statutory rate </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">34.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(3,739,605</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">34.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,294,388</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">State taxes </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">5.8</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(632,427</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">8.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(556,436</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Foreign rate differential </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.2</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(133,758</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.7</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(251,653</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Permanent items </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-5.4</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">596,186</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-2.8</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">187,921</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Return to provision true-up </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">7.6</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(839,755</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-21.6</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,456,773</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Change in valuation allowance </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-14.8</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,627,171</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-34.4</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,320,107</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Change in deferred tax rate </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-38.2</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,197,060</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Effective tax </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-9.8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,074,872</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">-12.9</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">%&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">862,324</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">As of September 30, 2018, federal and state income tax NOL carryforwards was $37.8 million and $38.0 million, respectively. As of December 31, 2017, federal and state income tax NOL carryforwards were $27.7 million and $27.9 million, respectively. Such NOL will expire at various dates from 2031 through 2036. Additionally, the Company has investment tax credits of $1,037,362 as of September 30, 2018, December 31, 2017 and 2016, for building qualifying energy properties and projects under IRC section 48, which will expire at various dates from 2033 through 2034 . The use of net operating loss and tax credit carryforwards may be limited under Sections 382 and 383 of the Internal Revenue Code in certain situations where changes occur in the stock ownership of a company. In the event that the Company has had a change in ownership, utilization of the carryforwards could be restricted. As of September 30, 2018 and December 31, 2017, the Company had unused net operating loss carryforwards from its PRC subsidiaries in the amount of approximately $ 10.6 million and $1.8 million, respectively, which may be applied against future taxable income which begin to expire after the year of 2019.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company is subject to income tax in the U.S. Federal and certain state jurisdictions. The Company has completed a corporate income tax return audit by the U.S. Federal government for the year ended December 31, 2013. A $607,565 taxable income adjustment was proposed by the U.S. Federal government in connection with the audit and no adjustment was made on the current and deferred tax provision and deferred tax assets based on the full valuation allowance status the Company had as of December 31, 2013. The Company is no longer subject to federal or state examinations by tax authorities for years prior to 2013.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company&#8217;s PRC subsidiaries are subject to a 25% statutory income tax rate according to the income tax laws of the PRC. Tax regulations are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. All tax positions taken, or expected to be taken, continue to be more likely than not ultimately settled at the full amount claimed. The Company&#8217;s tax filings are subject to the PRC tax bureau&#8217;s examination for a period up to five years. The Company is not currently under any examination by the PRC tax bureau.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb1bcc646-53e6-41d1-974e-143976852efd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-58</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b>17. </b><b>Net Income (Loss)</b></p> <p style="MARGIN: 0px 0px 0px 0.25in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The following table presents the calculation of the Company&#8217;s basic and diluted loss per share for the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016:</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31, </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Unaudited) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Numerator</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net loss attributable to stockholders of SolarMax Technology, Inc.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,443,474</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,631,161</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,933,367</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(7,536,612</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Denominator</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,198,886</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38,787,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,473,646</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Basic and diluted net loss per share</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.27</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.22</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.31</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.20</td> <td valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, outstanding options of 2,162,000 shares, 2,187,000 shares, 2,237,000 shares and 1,997,000 shares, respectively, were excluded from the computation of diluted net loss per share as the impact of including those option shares would be anti-dilutive. For the nine months ended September 30, 2018 and 2017, and for the years ended December 31, 2017 and 2016, 3,816,000 outstanding nonvested shares of restricted stock were excluded for both periods from the computation of diluted net loss per share as the impact of including those nonvested shares would be anti-dilutive.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>18. </b><b>Segment Reporting </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company uses the management approach for segment reporting disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of our reporting segments. For the nine months ended September 30, 2018 and 2017, and the years ended December 31, 2017 and 2016, the Company operates under two operating segments on the basis of geographical areas: The United States and the PRC. Operating segments are defined as components of an enterprise about which separate financial information is available and that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak739dc5f4-fe6e-4a94-ac2b-10738bcaeeac" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-59</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company evaluates performance based on several factors, including revenue, cost of revenue, operating expenses, and income from operations. The following tables show the operations of the Company&#8217;s operating segments for the nine months ended September 30, 2018 and 2017, and the years ended December 31, 2017 and 2016: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30, 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>Nine months ended September 30, 2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="10" align="center"> <p style="MARGIN: 0px">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="10" align="center"> <p style="MARGIN: 0px">(Unaudited) (Restated)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="left"><i>Revenue from external customers </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm projects </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">44,382,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">44,382,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">44,473,099</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">44,473,099</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left">Solar energy systems </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,182,569</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">711,838</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,894,407</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19,500,025</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19,500,025</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Finance revenue </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,324,959</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,324,959</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,482,141</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,482,141</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Other </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">617,131</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">328,117</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">945,248</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,340,780</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">264,425</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,605,205</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22,124,659</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45,422,614</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">67,547,273</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23,322,946</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44,737,524</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">68,060,470</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Cost of revenue </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Solar farm projects </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42,271,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42,271,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41,233,397</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41,233,397</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Solar energy systems </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,407,889</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,407,889</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16,071,223</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16,071,223</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Other </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">453,144</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">108,451</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">561,595</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,776,973</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">182,470</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,959,443</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,861,033</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42,380,416</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">60,241,450</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18,848,196</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41,415,867</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">60,264,063</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Depreciation and amortization expense </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">392,626</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">134,872</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">527,498</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">539,826</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,643,567</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,183,393</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Interest (expense) income, net </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,344,176</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">174,088</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,170,088</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,298,271</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">143,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,154,306</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equity in (losses) of unconsolidated ventures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(423,770</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(423,770</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(130,973</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(130,973</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">(Benefit) provision for income taxes </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">448,374</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">452,374</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">187,052</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">191,052</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,072,425</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">549,710</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(10,522,716</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">803,565</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(9,491,789</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8,688,224</td> <td valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>September 30, 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, 2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="10" align="center"> <p style="MARGIN: 0px">(Unaudited)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="10" align="center"> <p style="MARGIN: 0px">(Restated)</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Investments in unconsolidated ventures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">603,529</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">603,529</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,027,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,027,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Capital expenditures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(105,599</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(27,234</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(132,833</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(181,709</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(99,616</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(281,325</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Long-lived assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">28,088,735</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,708,273</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37,797,008</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30,213,034</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,802,147</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40,015,181</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total reportable assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52,830,440</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49,820,182</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">102,650,623</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55,570,118</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,267,968</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">94,838,086</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak39c79eb6-08c6-4f83-93ae-a8ccebe2cf14" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-60</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. and Subsidiaries</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Notes to Consolidated Financial Statements</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>For the Nine Months Ended September 30, 2018 and 2017 (Unaudited)</b></p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="center"><b>and for the Years Ended December 31, 2017 and 2016 (Continued)</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31, 2017 </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10"> <p style="MARGIN: 0px" align="center"><b>Year ended December 31, 2016</b></p></td> <td valign="bottom"></td></tr> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Total</b> </p></td> <td valign="bottom"></td></tr> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="10"> <p style="MARGIN: 0px" align="center">(Restated) </p></td> <td></td> <td></td> <td colspan="10"> <p style="MARGIN: 0px" align="center">(Restated)</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Revenue from external customers </i></p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar farm projects </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">53,922,571</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">53,922,571</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">47,961,994</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">47,961,994</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar energy systems </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">27,345,871</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">593,953</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">27,939,824</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">27,963,341</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">27,963,341</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Finance revenue </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,960,882</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,960,882</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,223,093</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,223,093</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other </p></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">4,506,604</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">600,369</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">5,106,973</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">513,447</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">155,782</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">669,229</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">33,813,357</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">55,116,893</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">88,930,250</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">30,699,881</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">48,117,776</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">78,817,657</p></td> <td valign="bottom" width="1%"></td></tr> <tr height="15" bgcolor="#ffffff"> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cost of revenue </i></p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar farm projects </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">50,414,097</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">50,414,097</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">41,300,432</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">41,300,432</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Solar energy systems </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">22,218,491</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">429,080</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">22,647,571</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">21,981,870</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">21,981,870</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other </p></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">5,023,545</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">262,707</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">5,286,252</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,481,116</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">101,671</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,582,787</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">27,242,036</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">51,105,884</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">78,347,920</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">23,462,986</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">41,402,103</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">64,865,089</p></td> <td valign="bottom" width="1%"></td></tr> <tr height="15" bgcolor="#ffffff"> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Depreciation and amortization expense </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">380,095</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">225,473</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">605,568</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,060,185</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">187,970</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,248,155</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Interest (expense) income, net </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(1,750,489</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">348,281</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(1,402,208</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(1,472,420</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(776,201</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(2,248,621</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Equity in (losses) of unconsolidated ventures </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(1,277,335</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(1,277,335</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(269,029</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(269,029</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">(Benefit) provision for income taxes </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">4,000</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,070,872</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,074,872</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(78,400</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">940,724</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">862,324</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net income (loss) </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(12,489,044</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">415,334</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(12,073,710</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(9,465,944</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,855,420</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(7,610,524</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10"> <p style="MARGIN: 0px" align="center"><b>December 31, 2017</b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10"> <p style="MARGIN: 0px" align="center"><b>December 31, 2016 </b></p></td> <td valign="bottom"></td></tr> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Total </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>US </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>PRC </b></p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Total</b> </p></td> <td valign="bottom"></td></tr> <tr height="15"> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="10"> <p style="MARGIN: 0px" align="center">(Restated)</p></td> <td valign="bottom"></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="10"> <p style="MARGIN: 0px" align="center">(Restated)&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Investments in unconsolidated ventures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,027,299</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">1,027,299</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,696,634</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">-</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">$</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">2,696,634</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Capital expenditures </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(181,709</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(99,616</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(281,325</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(3,701</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(310,030</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">(313,731</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">)</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Long-lived assets </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">30,213,034</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">9,802,147</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">40,015,181</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">39,078,066</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">11,675,610</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">50,753,676</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total reportable assets </p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">55,570,118</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">39,267,968</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">94,838,086</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">62,091,621</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">36,379,839</p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom" width="9%"> <p style="MARGIN: 0px" align="right">98,471,460</p></td> <td valign="bottom" width="1%"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>19. </b><b>Subsequent Events</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p>The Company has evaluated subsequent events through March 21, 2018, the date the 2017 consolidated financial statements were available to be issued and except as disclosed in Note 2 and Note 7, noted no other events require adjustment of, or disclosure in, the consolidated financial statements. <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><i><u>Subsequent events (unaudited)</u></i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">The Company has evaluated subsequent events through&nbsp; December 21, 2018, the date the September 30, 2018 consolidated financial statements were issued&nbsp;and , except as disclosed in Notes 11 and 14 and below, noted no other events require adjustment of, or disclosure in, the consolidated financial statements.</p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> On December 11, 2018, the Company received a short-term loan of $1,000,000 from  a company  that  is owned by a minority stockholder of the Company . The loan  is payable  on April 12, 2019 and bears interest at 6.00% per annum. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf3a4a2bb-9aff-48e3-892f-4085b608ed56" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-61</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc.</b></p> <p style="MARGIN: 0px" align="center"><b><a name="par">Condensed Financial Information of Parent </a></b></p> <p style="MARGIN: 0px" align="center"><b>Condensed Balance Sheets</b></p> <p style="MARGIN: 0px" align="center"><b>For the Years Ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><b>December 31, </b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><b>Assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash and cash equivalents</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">660,920</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,416,451</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,215,407</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,418,002</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,876,327</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,834,453</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Investments in and receivables from affiliates </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17,181,900</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,798,288</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other long-term assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">415,609</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">625,122</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19,473,836</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">24,257,862</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><b>Liabilities and Stockholders&#8217; Equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Current liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,567,881</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">769,516</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Long-term debt, current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,780,717</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,574,457</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total current liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,348,598</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,343,973</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other long-term liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,032,339</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">879,857</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,380,937</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,223,830</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Stockholders&#8217; equity</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Preferred stock</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Common stock</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Additional paid-in capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">49,376,407</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">49,137,261</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less: equity subscription receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(196,468</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,269,998</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less: treasury stock at cost </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,800,000</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Accumulated deficit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(35,743,558</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(23,810,191</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Accumulated other comprehensive loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(583,270</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,262,828</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total stockholders&#8217; equity </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">11,092,899</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">17,034,032</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total liabilities and stockholders&#8217; equity</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">19,473,836</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">24,257,862</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to condensed financial information of parent</i></p> <p style="MARGIN: 0px" align="center"><em></em>&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakca0fed43-2449-4f69-a094-c149589f52ca" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-62</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc.</b></p> <p style="MARGIN: 0px" align="center"><b>Condensed Financial Information of Parent </b></p> <p style="MARGIN: 0px" align="center"><b>Condensed Statements of Operations </b></p> <p style="MARGIN: 0px" align="center"><b>For the Years Ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>2017</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><b>2016</b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"><b>(Restated)</b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Revenue</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,780,646</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,373,076</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Management fee income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,393,142</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,088,059</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total revenues</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8,173,788</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9,461,135</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cost of revenue</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(4,679,252</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,403,665</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">General and administrative expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(4,698,469</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,249,219</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Interest income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">64,937</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">33,359</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Interest expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(245,767</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(72,394</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Other income (expense), net</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(248,925</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(394,532</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Income (loss) before equity in earnings (losses) of affiliates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,633,688</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">374,684</td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Equity in earnings (losses) of affiliates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(<font size="+0">10,299,678</font></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(<font size="+0">7,902,296</font></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Income (loss) before income taxes</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(<font size="+0">11,933,367</font></td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"> <p style="MARGIN: 0px">&nbsp;</p></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right">(<font size="+0">7,527,612</font></td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Provision (benefit) for income taxes</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">9,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(<font size="+0">11,933,367</font></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">(<font size="+0">7,536,612</font></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to condensed financial information of parent.</i></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak6bce88f5-1fd8-4fdb-b9b3-8cca02090b15" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-63</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom" width="100%"> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc. </b></p></td></tr> <tr> <td valign="bottom" width="100%"> <p style="MARGIN: 0px" align="center"><b>Condensed Financial Information of Parent</b></p></td></tr> <tr> <td valign="bottom" width="100%"> <p style="MARGIN: 0px" align="center"><b>Condensed Statements of Cash Flows</b></p></td></tr> <tr> <td valign="bottom" width="100%"> <p style="MARGIN: 0px" align="center"><b>For the Years Ended December 31, 2017 and 2016</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2016</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>(Restated)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) operating activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(11,244,834</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,277,744</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) investing activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">209,514</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(892,274</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash flow from financing activities:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Long-term debt issued</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,750,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,660,435</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Long-term debt repaid</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,543,740</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,635,661</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Equity proceeds received</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">5,073,530</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">9,228,463</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net cash provided by (used in) financing activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,279,790</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,253,237</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net increase (decrease) in cash and cash equivalents and restricted cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(5,755,531</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(6,083,219</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash and cash equivalents and restricted cash, beginning of year</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">6,416,451</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">333,232</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Cash and cash equivalents and restricted cash, end of year</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">660,920</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right">6,416,451</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Supplemental disclosures of cash flow information:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Interest paid</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">245,767</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">74,930</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">Income taxes paid (refunded)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(57,739</td> <td valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px"><i></i>&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>See accompanying notes to condensed financial information of parent.</i>&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd2957c03-9bd2-4213-adb6-bdf294e61973" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-64</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Notes to Condensed Financial Information of Parent</b></p> <p style="MARGIN: 0px" align="center"><b>For the Years Ended December 31, 2017 and 2016</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Note 1. Basis of Presentation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The accompanying condensed financial statements of SolarMax Technology, Inc. (&#8220;Parent&#8221;) should be read in conjunction with the consolidated financial statements and notes thereto of SolarMax Technology, Inc. and Subsidiaries (the &#8220;Company&#8221;). Parent&#8217;s significant accounting policies are consistent with those of the Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Note 2. Related Party Transactions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Intercompany Sales </i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Parent&#8217;s revenues include sales of solar panels, LED components, as well as certain battery storage system components to its subsidiaries. Parent does not have any sales to external customers.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Management Fee Income</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">At a board of directors meeting in July 2016, the board discussed charging management fees from Parent to each United States subsidiary. Subsequently, executive directors implemented a management fee for 2017 and 2016 based on 10% of the subsidiary&#8217;s revenue to compensate for Parent&#8217;s management of each United States subsidiary. </p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><i>Headquarter Rent Expense Allocation</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">During the years ended December 31, 2017 and 2016, the total rent expense of the headquarters was $1,107,262 and $635,354, respectively, of which $852,819 and $432,743, respectively, was allocated to United States subsidiaries, based on the estimated square feet occupied by employees and other personnel assigned to such subsidiaries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Intercompany receivables and payables</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Currently, Parent does not have any plans to settle the receivables from and payables to its various subsidiaries. Accordingly, Parent reports the balances in the receivables from and payables to subsidiaries in its investments in subsidiaries.</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreakdc268adf-d6b3-48b4-808e-e31d86e0065b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">F-65</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td><i><a href="#Toc11">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> 3,000,000 Shares </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><font size="3"> <b>SolarMax Technology, Inc.</b> </font></p> <p style="MARGIN: 0px" align="center"><b><font size="3"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"> Common Stock </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> PROSPECTUS </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b> ViewTrade Securities, Inc. </b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019 </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8d02f5c6-7fc3-4521-9271-f59c517e899e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>PART II &#8212; INFORMATION NOT REQUIRED IN PROSPECTUS</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p><b><b style="MARGIN: 0px"><b>Item&nbsp;13.&nbsp;Other Expenses of Issuance and Distribution</b>&nbsp;</b></b> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">The following table sets forth an itemized statement of the amounts of all expenses (excluding underwriting discounts and commissions and non-accountable expense allowance) payable by us in connection with the registration of the common stock offered hereby. With the exception of the SEC registration fee, the FINRA filing fee and the NASDAQ initial listing fee, the amounts set forth below are estimates. </p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">SEC registration fee</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> $ </td> <td id="ffcell" valign="bottom" width="9%" align="right"> 3,171.32 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 11.25pt" align="justify">FINRA filing fee</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 2,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">NASDAQ initial listing fee </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 150,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">Transfer agent fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 4,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">Accounting fees and expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 270,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">Legal fees and expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 130,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">Printing and engraving expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" valign="bottom" width="9%" align="right"> 15,000.00 </td> <td valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify"> Other Expenses </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> 45,828.68 </td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 12pt" align="justify">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double" valign="bottom" width="1%"> $ </td> <td id="ffcell" style="BORDER-BOTTOM: 3px double" valign="bottom" width="9%" align="right"> 620,000.00 </td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font size="+0"><font> <p style="MARGIN: 0px">&nbsp;</p> </font></font></font></font></font></font></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Item&nbsp;14.&nbsp;Indemnification of Directors and Officers </b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Our restated articles of incorporation provides that we shall provide indemnification to our directors and officers to the maximum extent permitted by law. We shall pay advancements of expenses in advance of the final disposition of the action, suit, or proceedings upon receipt of an undertaking by or on behalf of the director or officer to repay the amount even if it is ultimately determined that he or she is not entitled to be indemnified by the corporation. Our by-laws also provides for indemnification of our directors and officers. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Under Nevada law, NRS 78.7502, a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if the person (i) is not liable pursuant to Nevada law; or acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding, the corporation shall indemnify him or her against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him or her in connection with the defense. Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or omissions that occurred prior to any such amendment, repeal or modification.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak19c24e2f-80db-4244-ad32-a64ada6b8165" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Pursuant to NRS 78.751, any discretionary indemnification, unless ordered by a court or advanced by the Corporation in a matter as permitted by Nevada law, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made (i) by the stockholders; (ii) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding; (iii) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or (iv) if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">We intend to enter into indemnification agreements with each of our current and future directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Nevada law against liability that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><b style="MARGIN: 0px"><b><b style="MARGIN: 0px"><b> <p style="MARGIN: 0px" align="justify"><b>Item&nbsp;15.&nbsp;Recent Sales of Unregistered Securities </b></p></b></b></b></b> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The following is a summary of the issuances of unregistered securities during the past three years.</p><b style="MARGIN: 0px"><b><b style="MARGIN: 0px"><b> <p style="MARGIN: 0px" align="justify">&nbsp;</p></b></b></b></b> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">1. In 2015, we sold a total of 2,100,000 shares of common stock at a purchase price of $3.50 per share, to six individuals, as follows.</p><b style="MARGIN: 0px"><b><b style="MARGIN: 0px"><b> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">&nbsp; </p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><u>Name</u></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">Shares</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">Purchase Price</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Li Jun Pan*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">964,285</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,374,997</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Xiao Ying Liu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">300,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,050,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Guangxing Zhu*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">300,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,050,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Li Sun</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">285,714</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Hsu-Tsun Chen</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">200,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">700,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Richard Lin Yang*</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">50,001</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">175,003</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,100,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">7,350,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">___________&nbsp;</p></b></b></b></b> <p style="MARGIN: 0px" align="justify">* Although the subscription agreement was signed in 2016, payment was made, and the stock was issued, in 2016.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak8386a39c-a4c7-43d0-aa6c-93b9de92e9d7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr><b style="MARGIN: 0px"><b> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-2</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></b></b></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">The issuance of these shares was exempt from registration pursuant to Regulation S of the SEC. All purchasers were residents of the PRC and the purchase agreements were signed in the PRC. None of the purchasers is a U.S. Person, as defined in Rule 902. The shares were acquired for investment and not with a view to the sale or distribution thereof. No broker or underwriter was involved in the sales and no brokers&#8217;, finders&#8217; or other commission was paid in connection.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">2. On October 7, 2016, our board of directors issued 3,816,000 shares of common stock as restricted stock grants pursuant to our 2016 long-term incentive plan. Pursuant to the restricted stock agreement, (i) the grantees have the right to vote the shares and to receive dividends with respect to the shares, and the shares are subject to forfeiture if a public stock event, which includes the effective date of this registration statement, has not occurred by December 31, 2018. The shares were issued as follows:</p> <p style="MARGIN: 0px">&nbsp;</p><b style="MARGIN: 0px"><b><b><b style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><u>Name</u></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">No. of Restricted Shares</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">David Hsu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,350,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Ching Liu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Simon Yuan</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">600,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">ChungJen Tsai</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">100,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Others</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">766,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,816,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></b></b></b></b> <p style="MARGIN: 0px" align="justify">The issuance of the shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act with respect to the shares issued to the five individuals named in the table. The issuance of the shares to the others was exempt from registration pursuant to Section 4(a)(2) and/or Rule 701 under the Securities Act with respect to the other.</p><b style="MARGIN: 0px"><b>&nbsp;</b></b> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">3. In October and November 2016, we entered into subscription agreement covering 3,900,000 shares of common stock at a purchase price of $5.00 per share to ten investors, as follows:</p> <p style="MARGIN: 0px">&nbsp;</p><b style="MARGIN: 0px"><b><b style="MARGIN: 0px"><b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="90%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Name</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">Shares</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">Purchase Price</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Meiying Li</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Allied Commerce Limited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Gold Embrace Limited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Zhimei Yun</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Chunyong Dai</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">200,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,000,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Liren Yang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">100,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Zhengrong Liu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">200,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Yan Zhang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">200,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Hungkun Liang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Jianghu Wang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">50,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Total </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,900,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">19,500,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">__________</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="left">*</p></td> <td> <p style="MARGIN: 0px">The 2,000,000 shares subscribed to by Allied Commerce Limited and Gold Embrace Limited were not issued. These entities assigned the right to the shares to Xin Yue Xu, who is an accredited investor and resident of the PRC. Mr. Xu purchased 1,000,000 shares for $5.00 in May 2018. The balance of the subscription agreements has been canceled. Of the 3,900,000 shares subscribed for, we issued 1,900,000 shares for $9,500,000 in October and November 2016 and 1,000,000 shares were issued in May 2018.</p></td></tr></table></p></b></b></b></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The issuance of the shares was exempt from registration pursuant to Rule 506(b) and/or Regulation S under the Securities Act. The shares were acquired for investment and not with a view to the sale or distribution thereof. No broker or underwriter was involved in the sales and no brokers&#8217;, finders&#8217; or other commission was paid in connection.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p>4.&nbsp;During 2014, 2015 and 2016, we granted non-qualified stock options to purchase a total of 280,000 shares of common stock pursuant to instruments of stock option grant to five key employees, including one officer. The grant of the options was exempt pursuant to Rule 701. <b style="MARGIN: 0px"><b> <p style="MARGIN: 0px" align="justify">&nbsp;</p></b></b> <p style="MARGIN: 0px" align="justify">5.<b style="MARGIN: 0px"><b> </b></b>On October 7, 2016, we granted non-qualified stock options to purchase 1,950,000 shares of common stock and incentive stock options to purchase 325,000 shares of common stock to our employees and consultants. The exercise price of the options is $5.00 per share. The grant of the options is exempt from registration pursuant to Rule 701. The options agreements provide that they are exercisable only if the issuance is made pursuant to a registration statement on Form S-8.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">6. During the nine months ended September 30, 2018, we issued 68,476 shares of common stock to David Hsu and 56,026 shares of common stock to Ching Liu pursuant to their employment agreements. The issuance of the shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak1168ce45-cd82-44e1-9d93-1e2e6f48dec8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr><b style="MARGIN: 0px"><b><b><b style="MARGIN: 0px"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-3</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></b></b></b></b></table></p> <p style="MARGIN: 0px">&nbsp;</p><b style="MARGIN: 0px"><b><b><b style="MARGIN: 0px"> <p style="MARGIN: 0px" align="justify"><b>Item&nbsp;16.&nbsp;Exhibits and Financial Statement Schedules </b></p> <p style="MARGIN: 0px 0px 0px 36.7pt; TEXT-INDENT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">(a) Exhibits</p></b></b></b></b>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" width="9%"> <p style="MARGIN: 0px" align="center"><b>Exhibit&nbsp;number</b></p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="left"><b>Description</b></p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"> * 1.1</p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Form of underwriting agreement</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex21.htm">2.1</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex21.htm">Share exchange agreement dated April 28, 2015, by and among each entity listed under the caption &#8220;JZH Holder&#8221; on Exhibit A and the Company.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex22.htm">2.2</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex22.htm">Acknowledgement and amendment dated May 12, 2016 to share exchange agreement among the JZH Holders and the Company.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex23.htm">2.3</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex23.htm">Share exchange agreement among the entities listed as CZH Holders, the persons lists as CSH. Transferors, the Company and its subsidiary Shanghai Hongguam Solar Technology Limited.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex31.htm">3.1</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex31.htm">Restated articles of incorporation.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex32.htm">3.2</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex32.htm">Bylaws.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">*4.1</p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Form of common stock certificate</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"> *4.2 </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"> Form of underwriter warrant &nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">*5.1</p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Opinion of Ellenoff Grossman &amp; Schole LLP as to the legality of the securities being registered</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex52.htm">5.2</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex52.htm">Opinion of AllBright Law Officers<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex101.htm">10.1</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex101.htm">Channel agreement dated January 21, 2015 between Sunrun, Inc. and SolarMax Renewable Energy Provider, Inc.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex102.htm">10.2</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex102.htm">Dealer participation agreement dated August 1, 2014 between SolarMax Renewable Energy Provider, Inc. and SunPower, Inc.<sup> 1 </sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex103.htm">10.3</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex103.htm">Solar modular supply agreement dated June 1, 2016 between Sunspark Technology, Inc. and the Company, as amended on June 17, 2016.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex104.htm">10.4</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex104.htm">Employment agreement dated October 7, 2016 between the Company and David Hsu.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex105.htm">10.5</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex105.htm">Employment agreement dated October 7, 2016 between the Company and Ching Liu.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex106.htm">10.6</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex106.htm">English translation of employment agreement between Shanghai SolarMax Technology Co. Ltd. and Gu Yu-Min.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex107.htm">10.7</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex107.htm">Form of restricted stock agreement.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.8</p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"> Omitted </p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex109.htm">10.9</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex109.htm">2016 Long-term incentive plan.&#8224;<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1010.htm">10.10</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1010.htm">Distribution agreement dated effective June 9, 2016 between Li-Max Technology, Inc. and the Company.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1011.htm">10.11</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1011.htm">Loan agreement dated August 26, 2014, between Clean Energy Funding II, LP and SolarMax LED, Inc.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1012.htm">10.12</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1012.htm">Loan agreement dated January 3, 2012, between Clean Energy Funding, LP and SolarMax Renewable Energy Provider, Inc.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1013.htm">10.13</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1013.htm">English summary of loan agreement dated October 24, 2016 between the Company and China Everbright Bank.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1014.htm">10.14</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1014.htm">Lease dated September 16, 2016 between SMX Property, LLC, and the Company.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1015.htm">10.15</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1015.htm">Lease dated September 1, 2016 between Fallow Field, LLC and the Company.<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1016.htm">10.16</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1016.htm">Lease dated as of September 1, 2016 between Fallow Field, LLC and SolarMax LED, Inc. (U.S.A.).<sup>1</sup></a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1017.htm">10.17</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1017.htm">Form of subscription agreement for October/November 2016 private placement.<sup>1</sup></a></p></td></tr></table></p>&nbsp;<b style="MARGIN: 0px"><b> <p style="MARGIN: 0px"> <table id="pagebreaka4e44f0a-8fdb-4a00-8691-60264d8db464" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-4</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></b></b><td> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td width="8%"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1018.htm">10.18</a></p></td> <td width="2%"></td> <td> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1018.htm">Amendment dated February 6, 2017 between the Company and Sunspark Technology, Inc.<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1019.htm">10.19</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1019.htm">English translation of EPC agreement with Pu&#8217;an Zhonghong New Energies Co., Ltd.<sup>1</sup></a></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1020.htm">10.20</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1020.htm">English translation of loan agreement dated October 24, 2016 between the Company and Shanghai Putuo Subbranch of China Everbright Bank.<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1021.htm">10.21</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1021.htm">English translation of EPC agreement with Xingyi Zhonghong New Energies Co., Ltd.<sup>1</sup></a></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1022.htm">10.22</a></p></td> <td></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1022.htm">Form of non-qualified stock option grant.<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1023.htm">10.23</a></p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1023.htm">Master Solar Facility Turnkey Contract with Sunrun<sup>1</sup></a></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1024.htm">10.24</a></p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1024.htm">Amendment No. 1 to Master Solar Facility Turnkey Contract with Sunrun<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1025.htm">10.25</a></p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1025.htm">Amendment No. 2 to Master Solar Facility Turnkey Contract with Sunrun<sup>1</sup></a></p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1026.htm">10.26</a></p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1026.htm">Amendment No. 3 to Master Solar Facility Turnkey Contract with Sunrun<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1027.htm">10.27</a></p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify"><a href="solarmax_ex1027.htm">Amendment No. 1 to Sunrun Channel Agreement<sup>1</sup></a></p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1028.htm">10.28</a></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1028.htm">Amendment No. 2 to Sunrun Channel Agreement<sup>1</sup></a></p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1029.htm">10.29</a></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1029.htm">Amendment dated October 8, 2018 to Li-Max distribution agreement<sup> 1<b style="MARGIN: 0px"></b> </sup></a></p></td></tr></table></td><tr bgcolor="#cceeff"><td> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td valign="top" width="8%"><a href="solarmax_ex1030.htm">10.30</a></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><a href="solarmax_ex1030.htm">English translation of agreement dated August 13, 2018 between Ningxia MCC Meili Cloud New Energy Co., Ltd. and Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.<sup> 1 </sup></a></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1031.htm"> 10.31 </a></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1031.htm"> English translation of liquidity l oan  contract  dated  October 11 , 2018 between the Company and China Everbright Bank <sup> 1 </sup> </a></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1032.htm"> 10.32 </a></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><a href="solarmax_ex1032.htm"> Note dated December 11, 2018 by the Company from the Company to Sunco Investments, LLC<sup>1</sup> </a></p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"><a href="solarmax_ex1032.htm">21.1 </a></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><a href="solarmax_ex211.htm">List of Subsidiaries.<sup>1</sup></a></td></tr> <tr bgcolor="#cceeff"> <td valign="top"><a href="solarmax_ex231.htm">23.1 </a></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><a href="solarmax_ex231.htm">Consent of Marcum LLP<sup> 1 </sup></a></td></tr> <tr bgcolor="#ffffff"> <td valign="top">*23.2 </td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">Consent of Ellenoff Grossman &amp; Schole, LLP (included as part of Exhibit 5.1 hereto)</td></tr> <tr bgcolor="#cceeff"> <td valign="top">23.3</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">Consent of AllBright Law Offices (included as part of Exhibit 5.2)<sup>1</sup></td></tr> <tr bgcolor="#ffffff"> <td valign="top">24.1 </td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">Power of Attorney<sup>1</sup></td></tr></table></td></tr><b><b>__________ <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify">*</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">To be filed by amendment.</p></td></tr> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify"><sup>1</sup></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> Filed herewith </p></td></tr> <tr height="15"> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify">&#8224;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Compensatory plan or arrangement.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></b></b> <p style="MARGIN: 0px">(b) Financial Statement Schedules. Financial statement schedules are omitted because the required information is not applicable, not required or included in the financial statements or the notes thereto included in the prospectus that forms a part of this registration statement.</p><b style="MARGIN: 0px"><b><b><b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Item&nbsp;17. Undertakings</b></p> <p style="MARGIN: 0px">&nbsp;</p></b></b></b></b> <p style="MARGIN: 0px">The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</p><b style="MARGIN: 0px"><b><b><b> <p style="MARGIN: 0px">&nbsp;</p></b></b></b></b> <p style="MARGIN: 0px">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The undersigned registrant hereby undertakes that:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p> <p style="MARGIN: 0px">&nbsp;</p><b style="MARGIN: 0px"><b> <p style="MARGIN: 0px"> <table id="pagebreak2cde4783-ea0a-4a7a-b194-c6e73cf6b003" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-5</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p></b></b>&nbsp; <p style="MARGIN: 0px" align="center"><b>SIGNATURES </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the&nbsp;City of Riverside, State of California, on&nbsp; December&nbsp; &nbsp;, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><b style="MARGIN: 0px"><b><b><b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="50%"></td> <td width="3%"></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="12%"></td></tr> <tr height="15"> <td valign="top"></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="left">By:&nbsp;&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="justify"><em>/s/ David Hsu</em></p></td> <td></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">David Hsu</p></td> <td></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Chief Executive Officer </p></td> <td></td></tr></table></b></b></b></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints David Hsu and Ching Liu, and each of them acting singly, his true and lawful&nbsp;attorney-in-fact&nbsp;and agent with full power of substitution, for him and in his name, place, and stead, in any and all capacities, to sign (1) any and all amendments (including post-effective&nbsp;amendments) to this Registration Statement, and (2) any registration statement or post-effective amendment thereto to be filed with the Securities and Exchange Commission pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority, granting unto each said&nbsp;attorney-in-fact&nbsp;and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact&nbsp;and agents or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof. </p> <p style="MARGIN: 0px" align="left">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated:&nbsp;</p><b style="MARGIN: 0px"><b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="30%"> <p style="MARGIN: 0px" align="justify"><b>Signature</b></p></td> <td width="5%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="30%"> <p style="MARGIN: 0px" align="justify"><b>Title</b></p></td> <td width="5%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="30%"> <p style="MARGIN: 0px" align="center"><b>Date</b></p></td></tr> <tr height="15"> <td>&nbsp;</td> <td></td> <td>&nbsp;</td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ David Hsu</u></p> <p style="MARGIN: 0px" align="justify">David Hsu </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="left">Chief executive officer and director (principal executive officer)</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td>&nbsp;</td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ Stephen Brown </u></p> <p style="MARGIN: 0px" align="justify">Stephen Brown</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Chief financial officer (principal financial officer)</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December 21 , 2018</p></td></tr> <tr height="15"> <td valign="top">&nbsp;</td> <td></td> <td valign="top"></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ Dee Balch</u></p> <p style="MARGIN: 0px" align="justify">Dee Balch</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="left">Senior vice president and chief accounting officer (principal accounting officer)</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td valign="top">&nbsp;</td> <td></td> <td valign="top"></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/&nbsp;Ching Liu</u></p> <p style="MARGIN: 0px" align="justify">Ching Liu</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td>&nbsp;</td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ Simon Yuan&nbsp; </u></p> <p style="MARGIN: 0px" align="justify">Simon Yuan</p></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>&nbsp;/s/ Jinxi Lin</u></p> <p style="MARGIN: 0px" align="justify">Jinxi Lin</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>&nbsp;/s/ Wei Yuan Chen</u></p> <p style="MARGIN: 0px" align="justify">Wei Yuan Chen</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td>&nbsp;</td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ Dr. Edwin Chan</u></p> <p style="MARGIN: 0px" align="justify">Dr. Edwin Chan</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr> <tr height="15"> <td>&nbsp;</td> <td></td> <td></td> <td></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>/s/ ChungJen Tsai </u></p> <p style="MARGIN: 0px" align="justify">ChungJen Tsai</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Director</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"> December&nbsp;21, 2018 </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">II-6</p></td></tr></table></p>&nbsp;</b></b><b><b style="MARGIN: 0px"></b></b></tr></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>solarmax_ex21.htm
<DESCRIPTION>EX-2.1
<TEXT>
<html><head><title>solarmax_ex21.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 2.1</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>EXECUTION VERSION</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SHARE EXCHANGE AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">by and among</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>EACH ENTITY LISTED UNDER THE CAPTION<br>&#8220;JZH HOLDER&#8221; ON <u>EXHIBIT A</u>,</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Dated as of April 28, 2015</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5a9b1a9b-f621-44d0-969d-29c714433d21" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u><b>TABLE OF CONTENTS</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px"><b>Page</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article I<br>DEFINITIONS</p></td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td width="8%">Section 1.1 </td> <td valign="top" width="80%"> <p style="MARGIN: 0px">Definitions.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article II<br>SHARE EXCHANGE; CERTAIN RESTRICTIONS</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 2.1 </td> <td valign="top"> <p style="MARGIN: 0px">Terms of the Share Exchange.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 2.2 </td> <td valign="top"> <p style="MARGIN: 0px">Closing.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 2.3 </td> <td valign="top"> <p style="MARGIN: 0px">Closing Deliveries.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">7</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article III<br>REPRESENTATIONS AND WARRANTIES OF THE JZH HOLDERS</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.1 </td> <td valign="top"> <p style="MARGIN: 0px">Organization and Qualification.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">9</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.2 </td> <td valign="top"> <p style="MARGIN: 0px">Ownership.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">9</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.3 </td> <td valign="top"> <p style="MARGIN: 0px">Authorization.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">9</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.4 </td> <td valign="top"> <p style="MARGIN: 0px">No Conflict.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">9</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.5 </td> <td valign="top"> <p style="MARGIN: 0px">Governmental Filings.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.6 </td> <td valign="top"> <p style="MARGIN: 0px">No Payments.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.7 </td> <td valign="top"> <p style="MARGIN: 0px">Litigation.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.8 </td> <td valign="top"> <p style="MARGIN: 0px">Brokers and Finders.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.9</td> <td valign="top"> <p style="MARGIN: 0px">Acquisition for Investment.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.10</td> <td valign="top"> <p style="MARGIN: 0px">Restricted Securities.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">11</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.11</td> <td valign="top"> <p style="MARGIN: 0px">Legends.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">12</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.12 </td> <td valign="top"> <p style="MARGIN: 0px">Additional Compliance Representations.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">13</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 3.13</td> <td valign="top"> <p style="MARGIN: 0px">Reliance on Representations.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">13</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr style="MARGIN: 0px" bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article IV<br>REPRESENTATIONS AND WARRANTIES OF THE JZH HOLDERS CONCERNING THE GROUP</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.1 </td> <td valign="top"> <p style="MARGIN: 0px">Organization and Qualification.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">14</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.2 </td> <td valign="top"> <p style="MARGIN: 0px">Capitalization.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">14</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.3 </td> <td valign="top"> <p style="MARGIN: 0px">Financial Statements.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">16</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.4 </td> <td valign="top"> <p style="MARGIN: 0px">No Undisclosed Liabilities.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">16</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.5 </td> <td valign="top"> <p style="MARGIN: 0px">Taxes.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">16</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.6 </td> <td valign="top"> <p style="MARGIN: 0px">Litigation.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">18</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.7 </td> <td valign="top"> <p style="MARGIN: 0px">Compliance with Laws.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">18</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.8 </td> <td valign="top"> <p style="MARGIN: 0px">Key Employees.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">19</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.9 </td> <td valign="top"> <p style="MARGIN: 0px">Labor.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">19</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.10 </td> <td valign="top"> <p style="MARGIN: 0px">Employee Benefit Plans.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">20</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.11 </td> <td valign="top"> <p style="MARGIN: 0px">Permits.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">20</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.12 </td> <td valign="top"> <p style="MARGIN: 0px">Real Property.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">20</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.13 </td> <td valign="top"> <p style="MARGIN: 0px">Personal Property.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">21</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.14 </td> <td valign="top"> <p style="MARGIN: 0px">Environmental Matters.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">21</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7d6bd831-4dbd-42c7-9006-b17a56576a35" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">i</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="8%">Section 4.15 </td> <td valign="top" width="80%"> <p style="MARGIN: 0px">Material Contracts.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.16 </td> <td valign="top"> <p style="MARGIN: 0px">No Breach of Contract.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">24</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.17 </td> <td valign="top"> <p style="MARGIN: 0px">Intellectual Property.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">24</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.18 </td> <td valign="top"> <p style="MARGIN: 0px">Insurance.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">25</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.19 </td> <td valign="top"> <p style="MARGIN: 0px">Brokers and Finders.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.20 </td> <td valign="top"> <p style="MARGIN: 0px">No Payments.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.21 </td> <td valign="top"> <p style="MARGIN: 0px">Related Party Transactions.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 4.22 </td> <td valign="top"> <p style="MARGIN: 0px">Circular 37 Registration.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article V<br>REPRESENTATIONS AND WARRANTIES OF SOLARMAX</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.1 </td> <td valign="top"> <p style="MARGIN: 0px">Organization and Qualification.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.2 </td> <td valign="top"> <p style="MARGIN: 0px">Authorization.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">26</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.3 </td> <td valign="top"> <p style="MARGIN: 0px">No Conflict.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.4 </td> <td valign="top"> <p style="MARGIN: 0px">Government Filings.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.5 </td> <td valign="top"> <p style="MARGIN: 0px">Brokers and Finders.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.6 </td> <td valign="top"> <p style="MARGIN: 0px">Due Issuance of SolarMax Shares.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.7 </td> <td valign="top"> <p style="MARGIN: 0px">Investment Company.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 5.8 </td> <td valign="top"> <p style="MARGIN: 0px">Restricted Shares.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">27</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article VI<br>COVENANTS</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.1 </td> <td valign="top"> <p style="MARGIN: 0px">Publicity.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">28</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.2 </td> <td valign="top"> <p style="MARGIN: 0px">Commercially Reasonable Efforts.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">28</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.3 </td> <td valign="top"> <p style="MARGIN: 0px">Fees and Expenses.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">28</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.4 </td> <td valign="top"> <p style="MARGIN: 0px">Notification.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">29</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.5 </td> <td valign="top"> <p style="MARGIN: 0px">Non-Compete; Non-Solicitation.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">29</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.6 </td> <td valign="top"> <p style="MARGIN: 0px">Governmental Filings for Issuance of the SolarMax Shares.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">30</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.7 </td> <td valign="top"> <p style="MARGIN: 0px">Project Finance.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">30</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.8 </td> <td valign="top"> <p style="MARGIN: 0px">IPO.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">31</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.9 </td> <td valign="top"> <p style="MARGIN: 0px">Circular 37 Registration.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">31</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 6.10 </td> <td valign="top"> <p style="MARGIN: 0px">Tax Matters.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">31</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article VII<br>CONDITIONS OF CLOSING</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 7.1 </td> <td valign="top"> <p style="MARGIN: 0px">Conditions to Obligations of the Parties.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">32</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 7.2 </td> <td valign="top"> <p style="MARGIN: 0px">Additional Conditions to Obligations of SolarMax.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">32</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 7.3 </td> <td valign="top"> <p style="MARGIN: 0px">Additional Conditions to Obligations of the JZH Holders.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">33</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article VIII<br>TERMINATION</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 8.1 </td> <td valign="top"> <p style="MARGIN: 0px">Termination of Agreement.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">33</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 8.2 </td> <td valign="top"> <p style="MARGIN: 0px">Effect of Termination.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">34</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> &nbsp; <table id="pagebreak028587f8-a952-4a6f-ae77-e81092cb4841" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">ii</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article IX<br>LIMITS OF LIABILITY AND INDEMNIFICATION</p></td></tr> <tr> <td width="8%"></td> <td width="80%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 9.1 </td> <td valign="top"> <p style="MARGIN: 0px">Survival of Representations and Warranties.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">34</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 9.2</td> <td> <p style="MARGIN: 0px">Indemnification</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">35</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 9.3 </td> <td valign="top"> <p style="MARGIN: 0px">Tax Indemnity.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">35</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="6"> <p style="MARGIN: 0px" align="center">Article X<br>MISCELLANEOUS</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.1 </td> <td valign="top"> <p style="MARGIN: 0px">Assignment; Binding Effect.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">36</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.2 </td> <td valign="top"> <p style="MARGIN: 0px">Governing Law.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">36</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.3 </td> <td valign="top"> <p style="MARGIN: 0px">Notices.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">36</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.4 </td> <td valign="top"> <p style="MARGIN: 0px">Headings.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">36</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.5 </td> <td valign="top"> <p style="MARGIN: 0px">Entire Agreement.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">37</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.6 </td> <td valign="top"> <p style="MARGIN: 0px">Interpretation.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">37</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.7 </td> <td valign="top"> <p style="MARGIN: 0px">Third-Party Beneficiaries.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">38</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.8 </td> <td valign="top"> <p style="MARGIN: 0px">Specific Performance.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">38</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.9 </td> <td valign="top"> <p style="MARGIN: 0px">Severability.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">38</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td>Section 10.10 </td> <td valign="top"> <p style="MARGIN: 0px">Counterparts; Facsimile Signatures; Delivery of Signature Pages.</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">38</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>&nbsp; <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><u>LIST OF EXHIBITS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15" bgcolor="#ffffff"> <td valign="top" width="9%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit A</p></td> <td valign="top" width="91%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">JZH Holders and Record Owners</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit B-1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Form of PRC Legal Opinion</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit B-2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Form of BVI Legal Opinion</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit C</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Stock Pledge Agreement</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit D</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Disclosure Schedules</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak21011a43-d796-40c1-b48e-f8cea83d1844" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">iii</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SHARE EXCHANGE AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS SHARE EXCHANGE AGREEMENT is made and entered into and effective as of April 28, 2015 (this &#8220;<b>Agreement</b>&#8221;), by and among each entity listed under the caption &#8220;JZH Holder&#8221; on <u>Exhibit A</u> (each, a &#8220;<b>JZH Holder</b>&#8221; and collectively, the &#8220;<b>JZH Holders</b>&#8221;) and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;, and, together with the JZH Holders, collectively, the &#8220;<b>Parties</b>&#8221;, and each, individually, a &#8220;<b>Party</b>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>RECITALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the JZH Holders own 50,000 shares, par value US$1.00 per share (the &#8220;<b>BVI Shares</b>&#8221;), of Accumulate Investment Co., Ltd, a company organized under the laws of the British Virgin Island (&#8220;<b>BVI HoldCo</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, BVI HoldCo owns beneficially and will own of record 10,000 ordinary shares (the &#8220;<b>HK Shares</b>&#8221;), of Accumulate Investment Co., Limited, a company organized under the Laws of Hong Kong SAR (&#8220;<b>HK Intermediate HoldCo</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, HK Intermediate HoldCo owns beneficially and will own of record 100% of the share interests in Jiangsu Zhonghong Photovoltaic Electric Co., Ltd. a limited company organized under the Laws of the PRC (the &#8220;<b>Company</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Company is engaged in the business of engineering, procuring and constructing solar systems in the PRC (the &#8220;<b>Business</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHERAS, the JZH Holders desire to transfer the BVI Shares to SolarMax in exchange for 1,600,000 shares (the &#8220;<b>SolarMax Shares</b>&#8221;) of the Common Stock of SolarMax to be issued by SolarMax to the JZH Holders;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, SolarMax desires to issue the SolarMax Shares to the JZH Holders in exchange for the BVI Shares owned by the JZH Holders;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the foregoing, the representations, warranties, covenants and agreements set forth in this Agreement, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article I<br><u>DEFINITIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 1.1 <u>Definitions</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The following terms, when used in this Agreement, shall have the meanings assigned to them in this Section 1.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka7615828-1330-4968-af6d-31ffc159b3f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Affiliate</b>&#8221; means, with respect to any Person, (i) a director, officer or controlling stockholder or other equity owner of such Person, (ii) a spouse, parent, sibling or child of such Person or the spouse, parent, sibling or child of any director or executive officer of such Person, and (iii) any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Approved Auditor</b>&#8221; shall mean BDO China Shu Lun Pan Certified Public Accountants LLP, independent certified public accountants.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Audited Financial Statements</b>&#8221; means (i) the audited consolidated balance sheet of the Group as of December 31, 2014 and 2013 and (ii) the related audited consolidated income statement, changes in shareholders&#8217; equity and consolidated statement of cash flows of the Group for the two years in the period ended December 31, 2015 and with report(s) thereon (with no exception or qualification from GAAP thereto) of the Approved Auditor, in each case including the related notes and schedules thereto. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Business Day</b>&#8221; means a day other than a Saturday, or Sunday or any other day on which commercial banks are not open for business in the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>BVI</b><b>Articles</b>&#8221; shall mean the Memorandum and Articles of Association of BVI HoldCo adopted on February 11, 2015.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Circular 37</b>&#8221; means the SAFE Circular Relating to Foreign Exchange Administration of Offshore Investment, Financing and Return Investment by Domestic Residents Utilizing Special Purpose Vehicles issued by SAFE on July 14, 2014.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Circular 37 Security Holder</b>&#8221; means any &#8220;Domestic Resident&#8221; as defined in Circular 37.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Company Subsidiary</b>&#8221; means any Person of which a majority of the outstanding share capital, voting securities or other equity interests are owned, directly or indirectly, by the Company. For purposes of this Agreement, the Company Subsidiaries shall include any joint venture or other Person in which the Company holds, directly or indirectly, at least a fifty percent (50%) interest or otherwise has the right to control the operation or management of the joint venture or other Person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Encumbrance</b>&#8221; means and includes any security interest, mortgage, lien, pledge, charge, easement, reservation, restriction, cloud, equity, right of way, option, claim, right of first refusal, spousal right, and all other encumbrances, whether or not relating to the extension of credit or the borrowing of money.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc9dd9c4e-4c14-4873-92a8-1383d186e818" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Environmental Laws</b>&#8221; means any and all Laws concerning public health and safety, worker health and safety, and pollution or protection of the environment, including without limitation all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control or cleanup of any hazardous materials, substances or wastes, chemical substances or mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls, medical waste, noise or radiation, and other harmful or deleterious substances, each as amended and as now or thereafter in effect.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Exchange Act</b>&#8221; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>GAAP</b>&#8221; means generally accepted accounting principles in the United States in effect from time to time.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Entity</b>&#8221; means any governmental or quasi-governmental, national, federal, state, local or multinational (including the European Union), judicial, court, legislative, regulatory, taxing or administrative authority, agency, bureau, department, tribunal, or commission or similar body or instrumentality thereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Filings</b>&#8221; means any filing or registration with, notification to, or authorization, consent or approval of, any Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Order</b>&#8221; means any order, writ, judgment, injunction, decree, stipulation, compliance agreement or determination entered by or with any Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Group</b>&#8221; means, collectively, BVI HoldCo, HK Intermediate HoldCo, the Company and the Company Subsidiaries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Group Company</b>&#8221; means a member of the Group.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Indebtedness</b>&#8221; means in respect of the Group, the aggregate of all obligations, Liabilities and indebtedness of the any Group Companies which would, in accordance with GAAP, be classified upon a consolidated balance sheet of the Group as indebtedness for borrowed money and, whether or not so classified, shall include (without duplication and on a consolidated basis):</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(a) all other Liabilities of any Group Company represented or evidenced by a note, bond, debenture or other evidence of indebtedness;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(b) obligations of any Group Company arising pursuant to bankers&#8217; acceptance facilities, structured finance arrangements, commercial paper programs, and under letters of credit, letters of guarantee and similar instruments (supporting obligations which would otherwise constitute Indebtedness within the meaning of this definition) or indemnities issued in connection therewith;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(c) obligations of any Group Company under guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations relating to the indebtedness of any other Person or the obligations of any other Person which would otherwise constitute Indebtedness within the meaning of this definition, and all other obligations incurred for the purpose of, or having the effect of, providing financial assistance to another Person in respect of the indebtedness or such other debt obligations, including endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business);</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table id="pagebreak308654d4-6e78-49fe-9b17-1ad96d193886" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(d) all obligations of any Group Company are secured by an Encumbrance on any of the assets of any Group Company; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(e) all obligations of any Group Company representing the deferred purchase price of any property or services, all obligations of any Group Company created or arising under any conditional sales agreement or other title retention agreement (but excluding operating leases) or any capital lease, and all debt of any Group Company pursuant to any repurchase agreements; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 45px" align="justify">(f) the aggregate amount of redemption obligations with respect to any equity in the capital of any Group Company which are retractable, redeemable, payable or required to be purchased or otherwise retired or extinguished, or which are convertible into Indebtedness;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Intellectual Property</b>&#8221; means patents, patent rights (including patent applications and licenses), know-how, trade secrets, trademarks (including trademark applications), trademark rights (including rights with respect to unregistered trademarks), trade names, trade name rights, service marks, service mark rights, logos, domain names and other source indicators, copyrights, works of authorship and other proprietary intellectual property rights.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Knowledge</b>&#8221; when used with respect to a Person, shall mean and include (i) actual knowledge and (ii) that knowledge which a prudent businessperson could reasonably have obtained in the management of such Person&#8217;s business affairs after making due inquiry and exercising the due diligence which a prudent businessperson should have made or exercised, as applicable, with respect thereto. In connection therewith, the knowledge (both actual and constructive) of the manager, chief executive officer, chief operating offer, chief financial officer or president or any vice president of any Person shall be imputed to be the knowledge of Person. For purposes of Article IV, the Knowledge of any Group Company shall be imputed to be Knowledge of the JZH Holders. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Law</b>&#8221; means any statute, law, code, judicial decision, judgment, rule, regulation, ordinance or other pronouncement of any Governmental Entity having the effect of law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Liability</b>&#8221; means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless or when asserted and regardless of whether such obligation is required to be reflected as a liability on a corporate balance sheet prepared in accordance with GAAP.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Losses</b>&#8221; means all Liabilities, losses, damages, shortages, claims, payments, fines, awards, judgments, interest and penalties and related costs and expenses (including, without limitation, interests, Taxes and reasonable attorneys&#8217; fees and expenses), in each case, whether or not resulting from third party claims.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Materials of Environmental Concern</b>&#8221; means any hazardous or toxic chemicals, materials or substances; any pollutants or contaminants; or gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products, polychlorinated biphenyls, urea-formaldehyde foam insulation, lead-based paint, asbestos, pollutants, contaminants, molds, radioactivity, and any other substances of any kind, regulated pursuant to or that could give rise to liability under any Environmental Law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka5620816-90e9-4a75-ba46-00b8a69278a2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Person</b>&#8221; means an association, a corporation, an individual, a partnership, a limited liability company, an unlimited liability company, a limited company, a trust or any other entity or organization, including a Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Pledge Agreement</b>&#8221; means the pledge agreement in substantially the form of Exhibit C between SolarMax and the JZH Holders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>PRC</b>&#8221; means People&#8217;s Republic of China and for purposes of this Agreement only, does not include Hong Kong SAR, Macau SAR and the Republic of China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Qualified Trading Market</b>&#8221; means whichever of the New York Stock Exchange, the NASDAQ Stock Market, the NYSE MKT or a market operated by OTC Markets Group or a similar market.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Registration Statement</b>&#8221; means a registration statement under the Securities Act, including a Registration Statement on Form S-1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Regulation S</b>&#8221; means Regulation S under the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SAFE</b>&#8221; means the State Administration of Foreign Exchange of the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SAFE Rules and Regulations</b>&#8221; means Circular 37 and any other SAFE rules and regulations which are applicable to the transactions contemplated by this Agreement or which would otherwise affect the ability of SolarMax to maintain indirect ownership of, the Company and to control the operation of, the Company following the completion of SolarMax&#8217; proposed initial public offering.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SEC</b>&#8221; means the U.S. Securities and Exchange Commission.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Securities Act</b>&#8221; means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Tangible Net Assets</b>&#8221; means the amount by which the assets of the Company and the Company Subsidiaries, on a consolidated basis determined in accordance with GAAP, exceed the Liabilities of the Company and the Company Subsidiaries, on a consolidated basis, as reflected in the Audited Financial Statements at December 31, 2014, excluding from assets the amount due from any related party, plus the actual collection, within two years from the Closing Date, of a certain Shandong accounts receivable in the amount of $7,120,494.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbea36028-b2d4-4400-b98e-bc5689d75c23" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Tax</b>&#8221; or &#8220;<b>Taxes</b>&#8221; means (i) any tax, duty, custom, fee, assessment, charge, or other levy separately or jointly due or payable to, or levied or imposed by any Governmental Entity, including, without limitation, income, gross receipts, license, wages, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, capital stock, goods and services, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty, charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any interest, penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of any amounts described in clause (i) for or to any other Person as a result of being a member of an affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an express or implied obligation to indemnify any other Person with respect to the payment of any amounts described in clause (i).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Tax Returns</b>&#8221; means all tax returns, declarations, statements, reports, schedules, forms and information returns and any amendments to any of the foregoing relating to Taxes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article II<br><u>SHARE EXCHANGE; CERTAIN RESTRICTIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.1 <u>Terms of the Share Exchange</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Upon the terms and subject to the conditions of this Agreement, each JZH Holder shall transfer, assign and deliver to SolarMax at the Closing (as defined below), all of the right, title and interest in and to the number of BVI Shares set forth opposite such JZH Holder&#8217;s name under the caption &#8220;BVI Shares&#8221; on <u>Exhibit A</u>, free and clear of any Encumbrance, which BVI Shares together constitute 100% of the equity interests in BVI HoldCo.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Upon the terms and subject to the conditions of this Agreement, at the Closing, SolarMax shall issue in the name of each JZH Holder that number of SolarMax Shares set forth opposite such JZH Holder&#8217;s name under the caption &#8220;SolarMax Shares&#8221; on <u>Exhibit A</u> (together with the transfer of the BVI Shares described in Section 2.1(a) , the &#8220;<b>Transaction</b>&#8221;), which SolarMax Shares shall be held by SolarMax pursuant to the Pledge Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Each Party shall be solely responsible for all Taxes (if any) incurred by such Party arising from the Transaction under all applicable Law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.2 <u>Closing</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The closing of the Transaction (&#8220;<b>Closing</b>&#8221;) shall take place contemporaneously with the execution of this Agreement at the office of SolarMax or at such other place or time as the Parties may designate in writing. The date on which the Closing occurs is hereinafter referred to as the &#8220;<b>Closing Date</b>.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak78a61b49-5ee2-453a-b799-aa97a17e3b35" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.3 <u>Closing Deliveries</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">At Closing, the Parties shall make the following deliveries:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) SolarMax shall make the following deliveries to the JZH Holders:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(i) certificates representing the SolarMax Shares;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(ii) the Pledge Agreement, executed by SolarMax;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iii) resolutions of its board of directors relating to authorization of this Agreement, and the issuance of the SolarMax Shares, certified by an officer of SolarMax; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iv) a good standing certificate from the Secretary of State of the State of Nevada as to the good standing of SolarMax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The JZH Holders shall deliver the following documents to SolarMax:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(i) share certificates representing the BVI Shares for transfer to SolarMax accompanied by an instrument of transfer conveying all right, title and interest in and to the BVI Shares to SolarMax;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(ii) the Pledge Agreement, executed by the BVI Holders;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iii) a copy of the register of members of BVI HoldCo dated as of the Closing Date and certified by BVI HoldCo&#8217;s registered office provider in the British Virgin Islands, which reflects the transfer of the BVI Shares from the JZH Holders to SolarMax;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iv) a copy of the register of directors of BVI HoldCo dated as of the Closing Date and certified by BVI HoldCo&#8217;s registered office provider in the British Virgin Islands, which reflects the resignation of all previous directors of BVI HoldCo and the composition of the board of directors of BVI HoldCo consisting solely of individuals designated by SolarMax;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(v) instruments signed by each of the record owners (the &#8220;<b>Record Owners</b>&#8221;) of the Company Interest as of date of this Agreement as set forth on <u>Exhibit A</u> under the heading &#8220;Record Owners&#8221; pursuant to which they (A) confirm that they are the record owners of the Company Interests set forth on Exhibit A, (B) consent to and approve this Agreement and the transactions contemplated by this Agreement; (C) confirm that they have irrevocably assigned their ownership in the Company Interests to HK Intermediate HoldCo; (D) agree that they will take all action necessary to obtain regulatory approval of the transfer of their ownership of the Company Interests to HK Intermediate HoldCo; (E) confirm that there is no action or proceeding pending or threatened which could impair their ability to complete the transfer to HK Intermediate HoldCo; (F) confirm that, except for their agreement to transfer the Company Interests to HK Intermediate HoldCo, their Company Interests are subject to no Encumbrances; and (G) such other matters as SolarMax or its counsel may request; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb0b254fa-e24a-445c-a9a3-b1649cc54c12" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(vi) the written legal opinion of the PRC counsel for the Company, addressed to SolarMax and dated as of the Closing Date, in the form set forth in <u>Exhibit B-1</u>;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(vii) the written legal opinion of the BVI counsel for BVI HoldCo, addressed to SolarMax and dated as of the Closing Date, in the form set forth in <u>Exhibit B-2</u>;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(viii) stock powers executed in blank transferring the SolarMax Shares to SolarMax as provided in the Pledge Agreement;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(ix) the complete set of company stamps (including common stamp, stamps for contractual purpose, financial stamps, legal representative stamps) and business licenses of each Group Company; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(x) written resolutions of the members of BVI HoldCo approving the Transaction and waiving any rights under the BVI Articles for which waiver is required in order to consummate the Transaction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.4 <u>Post-Closing Obligations</u>. The JZH Holders understand and agree that the SolarMax Shares shall remain subject to the Pledge Agreement and SolarMax&#8217; security interest pursuant to the Pledge Agreement until SolarMax is satisfied that the following post-closing obligations shall have been within the periods hereinafter provided at the JZH Holders&#8217; cost and expense. The JZH Holders shall be jointly and severally responsible to insure that these obligations are satisfied:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) In the event that SolarMax is not able to verify, on the Closing Date, that the Tangible Net Assets as of the Closing Date are at least 30,000,000 RMB, then, in such event within two years following the Closing Date, the Group shall provide SolarMax and its independent auditors with such documentation as they may request in order than they can verify that the Tangible Net Assets at the Closing Date are not less than 30,000,000 RMB. For purposes of this Section 2.4(a), to the extent that the Company shall, in addition to the collection of a certain Shandong accounts receivable of $7,120,494, during such two year period, generate collections from the Shandong maintenance contract, such collections shall be included in determining whether the Tangible Net Asset requirement shall have been met.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The Company shall have received within two years of the Closing Date, payment in full for a series of outstanding accounts receivables in the aggregate amount of not less than 97% of $7,120,494 (after deducting any expenses relating to collection). For the avoidance of doubt, in the event that such debtor(s) have additional outstanding accounts receivables, payments from such debtor(s) shall be applied first to the oldest outstanding obligations. Any amounts received in excess of 103% of $7,120,494 (after deducting any expenses relating to collection) shall be returned to the JZH Holders pro rata.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) All action necessary such that all of the equity interest in the Company is owned by HK Intermediate HoldCo shall have been provided to SolarMax not later than 60 days after the Closing Date, as evidenced by a copy of the official register, evidence of the approval of any applicable Governmental Entity and an opinion of the Company&#8217;s PRC counsel confirming such ownership.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) In the event that either of the obligations set forth in Section 2.4(a) or Section 2.4(b) are not met within two years from the Closing Date, payment by the JZH Holders to the Company of the amount of the shortfall shall be deemed satisfaction of such obligations; provided, that no Group Company shall have any obligation to the JZH Holders making such payment and there shall be no Liability from any Group Company to any JZH Holder in respect thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka77c026b-a8ec-4b12-aa92-bb434b8ca149" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>Article III<br><u>REPRESENTATIONS AND WARRANTIES OF THE JZH HOLDERS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Each JZH Holder represents and warrants to SolarMax as follows as of the date hereof and the Closing Date:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.1 <u>Organization and Qualification</u>. Such JZH Holder is duly incorporated and validly existing under the Laws of the British Virgin Islands and has full corporate power and authority to own, lease and operate its assets and properties and to conduct its business as presently conducted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.2 <u>Ownership</u>. Such JZH Holder is the record and beneficial owner of, and holds valid title to, the BVI Shares set forth on Exhibit A attached hereto next to its name, free and clear of any and all Encumbrances. Except for this Agreement and the transactions contemplated hereby, there are no agreements, arrangements, warrants, options, puts, calls, rights or other commitments or understandings of any character to which such JZH Holder is a party or by which any of its assets are bound and relating to the issuance, sale, purchase, redemption, conversion, exchange, registration, voting or transfer of the BVI Shares. Each JZH Holder has the corporate power and authority to transfer, assign and deliver such BVI Shares as provided in this Agreement and such delivery will convey to SolarMax good, legal and marketable title to such BVI Shares, free and clear of any and all Encumbrances. Such JZH Holder hereby waives any right which such JZH Holder may have under the BVI Articles which may, in any manner, be deemed to conflict with this Agreement and the obligations of the JZH Holders pursuant to this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.3 <u>Authorization</u>. Such JZH Holder has full power and authority to enter into this Agreement. All action necessary under such JZH Holder&#8217;s organizational documents have been taken, and this Agreement constitutes the valid and legally binding obligations of such JZH Holder, enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors&#8217; rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.4 <u>No Conflict</u>. Neither the execution and delivery by such JZH Holder of this Agreement nor the performance by such JZH Holder of its obligations under this Agreement will (i) conflict with, or result in or constitute any violation or breach of or default under, or give rise to any right of termination, amendment, cancellation or acceleration or any obligation to pay or repay with respect to, or result in the loss of any benefit under, any provision of the organizational documents of such JZH Holder or any material license, lease, mortgage, indenture, note, bond, deed of trust, or other instrument or agreement of any kind to which such JZH Holder or any Group Company is a party, or by which any of the properties or assets of such JZH Holder or any Group Company are bound, or (ii) conflict with, or result in or constitute any violation of any Law, permit or Governmental Order applicable to such JZH Holder or its Affiliates or any Group Company or by which any of the properties or assets of such JZH Holder or its Affiliates or any Group Company are bound. Neither such JZH Holder nor any officer, director, key employee, or equity owner of such JZH Holder is violation of any term of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant with any Person other than the Company which affects in any manner the right of such JZH Holder or such officer, director, key employee or equity owner to perform services for the Company or any Company Subsidiary. Neither such JZH Holder nor any Affiliate of such JZH Holder has any direct or indirect interest in, and has not directly or indirectly provided any debt, equity or other financing for, or guaranteed or otherwise assumed any Liability of or on behalf of, any other entity engaged in the Business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9bfc26e9-3a33-4a40-b4b9-dd1c943b981b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.5 <u>Governmental Filings</u>. No Governmental Filing and no tax payment to any Government Entity is required in connection with the execution and delivery of the Agreement by such JZH Holder, the performance by such JZH Holder of its obligations under the Agreement or the consummation by such JZH Holder of the transactions contemplated hereby other than Tax payments that are made by such JZH Holder on or prior to the Closing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.6 <u>No Payments</u>. No JZH Holder and no Affiliate of any JZH Holder has made or received any payment of any kind, whether in cash or in tangible or intangible property or otherwise, in connection with any Company Permit, as hereinafter defined, or any other agreement or right which any Group Company has obtained or is negotiating to obtain or otherwise in connection with any business conducted or to be conducted by any Group Company, and no JZH Holder has any agreement or understanding, whether formal or informal, with respect to any such payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.7 <u>Litigation</u>. There is no judicial, administrative or arbitral action, claim, suit, investigation or other proceeding at Law or in equity or Governmental Order pending or, to the Knowledge of such JZH Holder, threatened that seek to prohibit or restrain the ability of such JZH Holder to enter into the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.8 <u>Brokers and Finders</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee or commission that would be payable by SolarMax in connection with the Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of such JZH Holder, any Group Company or any of their respective Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.9 <u>Acquisition for Investment</u>. Such JZH Holder is a sophisticated investor and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the Transaction. Such JZH Holder can bear the economic risk of its investment in the SolarMax Shares and can afford to lose its entire investment in the SolarMax Shares. Such JZH Holder acknowledges that the SolarMax Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without qualification under applicable securities Laws, except pursuant to a registration statement under the Securities Act or an exemption from such registration requirements of the Securities Act., and that such JZH Holder has no right to require SolarMax to register any of the SolarMax Shares. Such JZH Holder has had an opportunity to discuss SolarMax&#8217; business, management, financial affairs and the terms and conditions of the offering of the SolarMax Shares with SolarMax&#8217; management. Such JZH Holder is not relying upon any representations or warranties by SolarMax other than as expressly set forth in Article V of this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak598f2991-3384-41d7-b6dc-4bcfb4d5aa2a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.10 <u>Restricted Securities</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Such JZH Holder (i) is not a U.S. person (as defined in Rule 902 of Regulation S) and is not acquiring the SolarMax Shares for the account or benefit of a U.S. person, and (ii) is outside the United States and is undertaking any transaction contemplated in this Agreement as an offshore transaction (as defined in Rule 902 of Regulation S).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Such JZH Holder understands that the SolarMax Shares issued to such JZH Holder will be characterized as &#8220;restricted securities&#8221; under the United States federal securities Laws inasmuch as they are being acquired from SolarMax in a transaction not involving a public offering and may not be resold except pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act. Such JZH Holder understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the SolarMax Shares of the fairness or suitability of the investment in the SolarMax Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Such JZH Holder is not acquiring the SolarMax Shares as a result of, and will not himself engage in, any &#8220;directed selling efforts&#8221; (as defined in Regulation S) in the United States in respect of the SolarMax Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of the SolarMax Shares; <u>provided</u>, <u>however</u>, that the JZH Holder may sell or otherwise dispose of the Shares under an exemption from the registration requirements of the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Such JZH Holder acknowledges and agrees that none of the SolarMax Shares may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S, except in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in each case in accordance with applicable state securities laws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) Such JZH Holder acknowledges and agrees that SolarMax will refuse to register any transfer of the SolarMax Shares not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act and in accordance with applicable state securities laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8e2cb742-c3e1-4329-bb1f-dc6adecc01c1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) Such JZH Holder is acquiring the SolarMax Shares for investment only and not with a view to resale or distribution and, in particular, such JZH Holder has no intention to distribute either directly or indirectly any of the SolarMax Shares in the United States or to United States Persons. Such JZH Holder is acquiring the SolarMax Shares as principal for his own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other Person has a direct or indirect beneficial interest in such SolarMax Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) Such JZH Holder acknowledges and understands that such JZH Holder has no registration rights with respect to the SolarMax Shares and may only sell the SolarMax Shares pursuant to an exemption from the registration requirements of the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) No Person has made to such JZH Holder any written or oral representations: (i) that any Person will resell or repurchase any of the SolarMax Shares; (ii) that any Person will refund the any of the SolarMax Shares; or (iii) as to the future price or value of any of the SolarMax Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.11 <u>Legends</u>. Such JZH Holder understands that, except as provided below, the certificates evidencing the SolarMax Shares issued to such JZH Holder shall bear substantially the following legends until such time as such legend is no longer required under the United States securities Laws; except that the legend set forth in Section 3.11(b) may be removed from the stock certificates at such time as the SolarMax Shares are released from the Pledge Agreement and the JZH Holders&#8217; obligations pursuant to Section 6.7(c) have been satisfied.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) &#8220;THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;) OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OFFERED FOR SALE, OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE PURSUANT TO A REGISTRATION STATEMENT UNER THE ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE REGISTERED HOLDER HAS PROVIDED THE ISSUING COMPANY WITH AN OPINION OF COUNSEL REASONABLY ACCCEPTABLE TO THE ISSUER AS TO SUCH EXEMPTION.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) &#8220;THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A PLEDGE AGREEMENT IN FAVOR OF THE ISSUING CORPORATION AND ARE SUBJECT THE TRANSFER OF SUCH SHARES IS SUBJECT TO RESTRICTIONS SET FORTH IN A SHARE EXHANGE AGREEMENT, IN EACH CASE BETWEEN THE REGISTERED OWNER OF THE SHARES, OTHER STOCKHOLDERS NAMED THEREIN AND THE ISSUING CORPORATION, A COPY OF WHICH IS AVAILABLE AT THE OFFICE OF THE ISSUING CORPORATION.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) If required by the securities Laws of any U.S. state or foreign country in connection with the issuance of the SolarMax Shares issued to such JZH Holder, any legends required to in order to comply with such Laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakacdd8715-cdd8-4031-8889-bbfabc3e5ed2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.12 <u>Additional Compliance Representations</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <b>Each JZH Holder</b><b>should check the Office of Foreign Assets Control (&#8220;OFAC&#8221;) website at http://www.treas.gov/ofac before making the following representations</b>. Such JZH Holder represents that the amounts invested by it in the Company were not and are not directly or indirectly derived from activities that contravene United States or PRC federal, state or international laws and regulations, including anti-money laundering laws and regulations. United States federal regulations and executive orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the &#8220;<b>OFAC Programs</b>&#8221;) prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the best of such JZH Holder&#8217;s knowledge, none of: (1) such JZH Holder; (2) any Person controlling or controlled by such JZH Holder; (3) if such JZH Holder is a privately-held entity, any Person having a beneficial interest in such JZH Holder; or (4) any Person for whom such JZH Holder is acting as agent or nominee in connection with this transaction is a country, territory, individual or entity named on an OFAC list, or a Person or entity prohibited under the OFAC Programs. Such JZH Holder agrees to promptly notify SolarMax should such JZH Holder become aware of any change in the information set forth in these representations. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) To the best of such JZH Holder&#8217;s knowledge, none of: (1) such JZH Holder; (2) any Person controlling or controlled by such JZH Holder; (3) if such JZH Holder is a privately-held entity, any Person having a beneficial interest in such JZH Holder; or (4) any Person for whom such JZH Holder is acting as agent or nominee in connection with this investment is a senior foreign political figure,<sup><sup>[1]</sup></sup><sup></sup>or any immediate family<sup><sup>[2]</sup></sup><sup></sup>member or close associate<sup><sup>[3]</sup></sup> of a senior foreign political figure, as such terms are defined in the footnotes below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) If such JZH Holder is affiliated with a non-U.S. banking institution (a &#8220;<b>Foreign Bank</b>&#8221;), or if such JZH Holder receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, such JZH Holder represents and warrants that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.13 <u>Reliance on Representations</u>. Such JZH Holder understands SolarMax is executing this Agreement and performing its obligations under this Agreement, including the issuance of the SolarMax Shares, in reliance upon the representations and warranties made by the JZH Holders pursuant to this Agreement, notwithstanding any independent investigation made by SolarMax.</p> <p style="MARGIN: 0px">__________________</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><sup>1</sup></td> <td valign="top">A &#8220;senior foreign political figure&#8221; is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a &#8220;senior foreign political figure&#8221; includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.</td></tr> <tr> <td valign="top" width="3%"><sup>2</sup></td> <td valign="top">&#8220;Immediate family&#8221; of a senior foreign political figure typically includes the figure&#8217;s parents, siblings, spouse, children and in-laws.</td></tr> <tr> <td valign="top" width="3%"><sup>3</sup></td> <td valign="top">A &#8220;close associate&#8221; of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4c66b8cf-451e-4999-846c-4db7fc5e3b61" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article IV<br>REPRESENTATIONS AND WARRANTIES OF <br>THE JZH HOLDERS CONCERNING THE GROUP</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The JZH Holders jointly and severally represent and warrant to SolarMax as follows as of the date hereof and as of the Closing Date, except as expressly stated with respect to a specific representation or warranty in a disclosure schedule dated the date of this Agreement, delivered by the JZH Holders to SolarMax simultaneously with the execution and delivery of this Agreement, which specifically identifies the section of this Agreement with respect to which the information is provided (the &#8220;<b>Disclosure Schedule</b>&#8221;):</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.1 <u>Organization and Qualification</u>. Each Group Company is duly formed, validly existing and in good standing (to the extent such concepts are recognized under applicable Law) under the laws of the jurisdiction of its formation, has full corporate, limited liability company or similar power and authority to own, lease and operate its assets and properties and to conduct its business as presently conducted and is duly qualified to do business and is in good standing (to the extent such concepts are recognized under applicable Law) as a limited company or otherwise in all jurisdictions in which such qualification is necessary under applicable Law as a result of the conduct of its business or the ownership or lease of its properties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.2 <u>Capitalization.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <u>BVI HoldCo</u>. The BVI Shares constitute all of the issued and outstanding share capital of BVI HoldCo and the BVI Shares were, and as of the Closing will be, duly authorized for issuance and validly issued and, to the extent such concepts are recognized under applicable Law, fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the BVI Articles or any applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of BVI HoldCo outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of BVI HoldCo or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of BVI HoldCo. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) <u>HK Intermediate HoldCo</u>. BVI HoldCo is the record and beneficial owner of, and holds valid title to, the HK Shares, free and clear of any and all Encumbrances. The HK Shares constitute all of the issued and outstanding share capital of HK Intermediate HoldCo, and the HK Shares are, and as of the Closing will be, duly authorized for issuance, validly issued and, to the extent such concepts are recognized under applicable Law, fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the organization documents of HK Intermediate HoldCo or any applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of HK Intermediate HoldCo outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of HK Intermediate HoldCo or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of HK Intermediate HoldCo. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) <u>Company</u>. HK Intermediate HoldCo is the beneficial owner of, and holds valid beneficial title to, 100% of the share capital of the Company (the &#8220;<b>Company Interests</b>&#8221;), free and clear of any and all Encumbrances. The record owners (the &#8220;<b>Record Owners</b>&#8221;) of the Company Interest as of date of this Agreement are set forth on <u>Exhibit A</u> under the heading &#8220;Record Owners.&#8221; The formal transfer of the record ownership from the present record owners to HK Intermediate HoldCo is in process. There is no event or condition which could impair the transfer by the Record Owners of the record ownership of 100% of the Company Interests to HK Intermediate HoldCo. The approved registered share capital of the Company is 50,000,000 RMB. The Company Interests constitute all of the issued and outstanding share capital of the Company and the Company Interests are, and as of the Closing will be, duly authorized for issuance, validly issued and, to the extent such concepts are recognized under applicable Law, fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the organizational documents of the Company or all applicable Law. All capital contributions to the Company have been paid in accordance with all applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of the Company outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of the Company or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of the Company. Neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement requires any increase or other modification of the Company&#8217;s registered capital.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak52a71209-498e-49de-b042-555af8589036" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) <u>Company Subsidiaries</u>. Schedule 4.2(d) of the Disclosure Schedules sets forth the name of each Company Subsidiary and for each Company Subsidiary: (i) its jurisdiction of formation; (ii) its authorized share capital or approved registered capital; (iii) the number of its issued and outstanding share capital or the registered capital that has been paid; (iv) the share interests that are wholly owned, directly or indirectly, by the Company, and (v) a list of all equity holders and holders of Indebtedness in each Company Subsidiary, and the equity and debt interest held by each such holders. The share interests of each Company Subsidiary that are owned, directly or indirectly, by the Company, as set forth in Schedule 4.2(d) of the Disclosure Schedules, are owned free and clear of all Encumbrances. All of the issued and outstanding share capital in each Company Subsidiary have been duly authorized and legally issued and, to the extent such concepts are recognized under applicable Law, are fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the organizational documents of the relevant Company Subsidiary or any applicable Law. All capital contributions to the Company Subsidiaries have been paid in accordance with all applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of any Company Subsidiary outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of any Company Subsidiary or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of any Company Subsidiary and there are no formal or informal agreements or understanding with respect to any of the foregoing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) <u>No Other Share Interests</u>. No Group Company owns, directly or indirectly, any share interests in, or hold any other debt or debt securities issued by, any Person other (i) the ownership of the HK Shares by BVI HoldCo, (ii) the ownership of the Company Interests by HK Intermediate HoldCo. and (iii) the ownership by the Company of the equity of the Company Subsidiaries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) <u>No Other Obligations</u>. No Group Company is a party to any voting trust or other contract with respect to the voting, redemption, sale, transfer or other disposition of the share of capital stock, other equity interests or other voting securities of any Group Company. No Group Company has any formal or informal obligation to issue any subscription, warrant, option, convertible security or other such right, or to issue or distribute to holders of any shares of its capital stock, other equity interests or other voting securities or any evidence of Indebtedness or assets of any Group Company except as set forth in Schedule 4.2(f) of the Disclosure Schedule. No Group has an obligation to (x) purchase, redeem or otherwise acquire any shares of its capital stock or other equity interests or voting securities, or any interest therein, or to pay any dividend or to make any other distribution in respect thereof or (y) vote or dispose of any capital stock, or other equity interests or voting securities in any Group Company. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to any Group Company. No shares of capital stock, other equity interests or other voting securities of any Group Company are issued, reserved for issuance or outstanding except as provided in this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak614fd1bc-c827-44eb-a123-d5304b334726" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.3 <u>Financial Statements</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The JZH Holders have provided to SolarMax copies of the Audited Financial Statements. The Audited Financial Statements present fairly the consolidated financial position of the Group at the dates thereof, and the results of their operations, changes in equity and cash flows for the periods presented, in conformity with GAAP consistently applied. The Company has provided SolarMax with true and correct copies of all SAIC filings for the Company and each Company Subsidiary since the Company&#8217;s and each Company Subsidiary&#8217;s organization.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The books of account and other financial records of each Group Company are true, complete and correct, have been prepared and maintained in reasonable detail and accurately and fairly reflect in all respects the transactions and dispositions of the assets of the Group.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The books and other records of the each Group Company have been prepared to record substantially all corporate actions of the shareholders, directors and any board committees of such Group Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Each Group Company has devised and maintains a system of internal accounting controls sufficient in all respects to provide reasonable assurances that (i) transactions are executed in accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary (x) to permit preparation of financial statements in conformity with GAAP consistently applied and (y) to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general and specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.4 <u>No Undisclosed Liabilities</u>. There are no liabilities of any Group Company other than liabilities (a) reflected or reserved against on the Audited Financial Statements, including any notes thereto or (b) incurred since December 31, 2014 in the ordinary course of business consistent with past practice.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.5 <u>Taxes</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) All Tax Returns required to be filed by or with respect to each Group Company have been timely filed (after taking into account all applicable extensions).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak33546dd2-00d2-457c-9571-79d1df75b11d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) All such Tax Returns are complete and correct in all respects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Each Group Company has paid or caused to be paid in full all Taxes shown as due on such Tax Returns and all Taxes owed by such Group Company for which no return was required to be filed, or has made adequate provision for all Taxes for the periods ended December 31, 2014 and 2013 in the Audited Financial Statements.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) To Knowledge of the JZH Holders, no deficiency, adjustment or special adjustment for any Taxes has been or is expected to be asserted in writing, proposed in writing or assessed in writing against any Group Company, its assets or properties and there is no ground for any such deficiency, adjustment or special adjustment for any Taxes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) There are no examinations, audits currently in progress, pending or, to the Knowledge of the JZH Holders, threatened against any Group Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) There are no outstanding agreements, waivers or arrangements extending the statutory period of limitation applicable to any claim for, or the period for the collection or assessment of, Taxes due from or with respect to any Group Company for any taxable period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) No power of attorney granted by or with respect to any Group Company relating to Taxes is currently in force.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) Each Group Company has, no later than thirty (30) days prior to the Closing Date, delivered or made available to SolarMax for inspection (i) complete and correct copies of all income Tax Returns for 2014 and for such prior years as SolarMax may request, and (ii) complete and correct copies of rulings, closing agreements, settlement agreements, deficiency notices and any similar documents submitted by, received by or agreed to by or on behalf of the such Group Company and relating to Taxes for such taxable periods.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) No Group Company has any liability for the Taxes of any Person (other than the Group) under any applicable Law, as a transferee or successor, by contract, or otherwise.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(j) There are no Encumbrances for Taxes upon any of the assets or properties of any Group Company, other than for Taxes not yet due and payable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(k) To the Knowledge of the JZH Holders, no claim has ever been made by a Governmental Entity in a jurisdiction where any Group Company does not file Tax Returns that such Group Company is or may be subject to taxation by that jurisdiction, and to the Knowledge of the JZH Holders, there is no basis for any such claim to be made.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc8df9ef3-13cd-4d96-a592-85fd06f819f6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(l) Each Group Company has duly deducted, withheld, collected and timely paid to the appropriate Governmental Entities all Taxes required to be deducted, withheld, collected or paid in connection with amounts paid or owing to any Person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(m) Each Group Company has complied with all reporting and record keeping requirements with respect to Taxes, and have retained copies of all Tax Returns and all documents relating to Taxes, including, without limitation, Tax payment certificates, Tax deduction approvals and Tax filing supporting documents.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(n) No Group Company is a party to, or bound by, or has any obligation under, any Tax allocation or sharing agreement or similar contract or arrangement or any agreement that obligates it to make any payment computed by reference to the Taxes.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(o) All related party transactions conducted among the JZH Holders, on the one hand, and any Group Company, on the other hand, and all transactions between or among any members of the Group have been conducted and are conducted at arm&#8217;s length and have been properly documented.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(p) To the Knowledge of the JZH Holders, no financial subsidies or Tax incentives (including, without limitation, a reduction in a Tax rate, exemption from Tax or Tax refund) will be required to be repaid or clawed back prior to the Closing as a result of any action taken or event occurring on or before the Closing Date (including, without limitation, entering into this Agreement and the Transaction).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.6 <u>Litigation</u>. There is no action, claim, suit, investigation or other proceeding at law or in equity (collectively, the &#8220;<b>Legal Actions</b>&#8221;) pending or, to the Knowledge of the JZH Holders, threatened against any Group Company or any of its assets, rights or properties. No Group Company is subject to or in default under any Governmental Order.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.7 <u>Compliance with Laws</u>. The business of each Group Company has not been, and is not being, conducted in violation of any applicable Law (including, but not limited to, applicable anti-bribery and corrupt practice Laws) and no Group Company has received written notice from any Governmental Entity alleging that it is in violation of any Law or Governmental Order. Each Group Company maintains internal controls reasonably designed to identify violations of any Law and to ensure that all transactions involving the assets of each Group Company are properly authorized and recorded. No Group Company is a party to an action by any U.S. Governmental Authority arising from an alleged violation by any of them of any sanction administered by OFAC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc3cb40d6-6751-47ed-a05a-684d687e2f11" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.8 <u>Key Employees</u>. To the Knowledge of the JZH Holders, no officer of any Group Company or any of its key employees is in violation of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant relating to the right of any such officer or key employee to be employed by a Group Company because of the nature of the business conducted or presently proposed to be conducted by the Group or relating to the use of trade secrets or proprietary information of others, and, to the Knowledge of the JZH Holders, the continued employment of the officers and key employees of each Group Company does not subject any Group Company to any liability to or claim by any third party. No Group Company has received any communication from any former employer of an officer or key employee regarding such Person&#8217;s existing or proposed role as a director, officer or employee of or consultant to any Group Company, regarding or indicating any alleged violation of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant or relating to the use of trade secrets or proprietary information of others. The JZH Holders have no Knowledge that any such officer or key employee intends to terminate his or her employment with any Group Company, nor does any Group Company have any present intention to terminate the employment of any such officer or key employee.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.9 <u>Labor</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No Group Company is a party to or otherwise bound by any labor or collectively bargaining agreement or contract, agreement or understanding with any labor union and no labor union has requested, sought or attempted to represent any employees, representatives or agents of any Group Company. There is no existing, threatened or pending strike, work slowdown, lockout or other similar labor disputes involving any Group Company and no Group Company has experienced any such labor controversy. Each Group Company has complied with all applicable Law relating to employment, including but not limited to those related to wage, working time, overtime payment, the payment and withholding of Taxes and other sums as required by the appropriate Governmental Entity, health and safety, intern and labor agent, in all respects; and there is no existing, threatened or pending dispute involving any Group Company nor has any such dispute arisen prior to the date of this Agreement and the JZH Holders have no Knowledge of any circumstance which might give rise to any such dispute. Each of the employees of each Group Company is subject to a written employment agreement with the applicable Group Company in full compliance with applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each Group Company has completed the social insurance or equivalent registration with the competent labor and social security authorities to the extent required by Law. Each Group Company has paid the contributions in full for the statutory social insurance and housing funds for all of its employees with whom such Group Company has entered into employment contracts or for whom such Group Company is required to make such payments under applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3d050b92-66f2-4489-a87c-a3eca8209d72" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.10 <u>Employee Benefit Plans</u>. No Group Company maintains any benefit plan that is an equity incentive plan or equity arrangement for participation by its employees With respect to any benefit plan maintained by any Group Company, (i) all benefit plans have been established, maintained and administered in compliance with their terms, social security, overtime payment, intern, and labor agent Laws, as well as any other applicable Laws, and has so complied in all respects with all applicable Laws prior to the date of this Agreement; (ii) to the Knowledge of the JZH Holders, all benefit plans that are required to be funded are fully funded, and with respect to all other benefit plans, adequate reserves have been established on the accounting statements of the applicable Company or Company Subsidiary; and (iii) to the Knowledge of the JZH Holders, no liability or obligation of the Company or any Company Subsidiary exists with respect to such benefit plans. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.11 <u>Permits</u>. Schedule 4.11 of the Disclosure Schedules sets forth the name of each permit held by any Group Company that are necessary or required to conduct operations in the manner in which they are presently conducted (collectively, &#8220;<b>Company Permits</b>&#8221;). Each Company Permit is in full force and effect and no Group Company is in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) in any respect of any term, condition or provision of any Company Permits and no Group Company has received any written notice from any Governmental Entity alleging that it is in violation of any Company Permit held by it. Each Group Company has taken all action necessary in order that each Company Permit remain in full force and effect. No suspension or cancellation of any of the Company Permits is pending or threatened and no such suspension or cancellation will result from the transactions contemplated by this Agreement, and there is no basis for any suspension or termination. Each Group Company has kept all required records and have filed with Governmental Entities all required notices, supplemental applications and annual or other reports necessary for the operations of such Group Company&#8217;s business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.12 <u>Real Property</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No Group Company owns any real property. Schedule 4.12(a) of the Disclosure Schedules sets forth a list (which list shall be updated by the Company as of the Closing) of all real property leased or subleased by any Group Company (as updated, the &#8220;<b>Leased Real Property</b>&#8221;) and all Leased Real Property that has been subleased or assigned by the any Group Company to any other Person and sets forth the names of the parties thereto, the date of the lease or sublease and each amendment thereto (collectively, the &#8220;<b>Lease Documents</b>&#8221;). True and complete copies of the Lease Documents have been made available to SolarMax. Each of the Lease Documents is valid, binding and in full force and effect and neither any Group Company nor, to the Knowledge of the JZH Holders, any other party thereto is in violation of or in default thereunder. No event has occurred or circumstance or condition exists, that (with or without notice, lapse of time or both) would reasonably be expected to (i) result in a breach or violation of or default thereunder, (ii) give any party the right to cancel or accelerate payments thereunder or terminate or modify any Lease Document or (iii) give any party to any Lease Document or any property formerly leased by the applicable Group Company or any predecessors of any Group Company the right to seek damages or other remedies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak87b24279-301e-4526-b91f-91fbc58bf1b1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each Group Company has valid leasehold interests (or has analogous property rights under applicable Law) in all Leased Real Property used by it.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) No Group Company has received written notice of a proceeding in eminent domain proceedings affecting any of the Leased Real Properties or any information or informal notice as to any proposed eminent domain proceeding..</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) With respect to all buildings, structures (surface and sub-surface), fixtures and improvements (collectively, the &#8220;<b>Improvements</b>&#8221;) on each Leased Real Property, (i) such Improvements are in good working condition, except for ordinary wear and tear, (ii) all mechanical systems therein are in good operating condition, except for ordinary wear and tear, (iii) all furniture, fixtures and equipment therein are in good operating condition, except for ordinary wear and tear, and (iv) all utilities, including water, gas, heat, drainage, storm and sanitary septic facilities, telecommunication electrical systems and fire protection are available and operable in adequate capacity to permit the use thereof for its intended purposes as currently used, and all introduction and connection charges have been paid.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) All Improvements on each Leased Real Property conform to and are in compliance with all Laws in all respects. Each Leased Real Property and each Improvement thereon has been completed in all respects in accordance with all applicable zoning and land use regulations and permits and all restrictions and/or conditions contained in any zoning or land use variance or other similar approval relating to such Leased Real Property or Improvement. There are no pending or, to the Knowledge of the JZH Holders, threatened proceeding to change the current land use classification of the Leased Real Property or the conditions applicable thereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.13 <u>Personal Property</u>. Each Group Company has good and marketable title to, or a valid and enforceable leasehold interest in, all personal property owned, used or held for use by it. No Group Company&#8217;s ownership of or leasehold interest in any such personal property is subject to any Encumbrances.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">Section 4.14 <u>Environmental Matters</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each Group Company its predecessors and Affiliates have complied and are in compliance with all Environmental Laws. Neither any Group Company nor any of its predecessors and Affiliates have treated, stored, disposed of, arranged for or permitted the disposal of, transported, handled, or released, or dealt in any manner with any Materials of Environmental Concern, and never owned or leased any real property on which any of such activities were conducted. Neither any Group Company nor any of its predecessors or Affiliates has, either expressly or by operation of Law, assumed or undertaken any Liability, including, without limitation, any obligation with respect to corrective or remedial action, on its own behalf or on behalf of any other Person, relating to Environmental Laws. No facts, events or conditions relating to the past or present facilities, properties or operations of any Group Company of any of their respective predecessors and Affiliates will prevent, hinder or limit continued compliance with Environmental Laws, give rise to any investigatory, remedial or corrective obligations pursuant to Environmental Laws or give rise to other Liabilities (whether accrued, absolute, contingent, unliquidated or otherwise), pursuant to Environmental Laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak54c04e86-1bca-465f-99bf-388deb644bd5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) No Materials of Environmental Concern are otherwise present at any Leased Real Property or are present elsewhere under conditions or in circumstances that have resulted in or could reasonably be expected to result in Liability to any Group Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) To the Knowledge of the JZH Holders, copies of any reports regarding any environmental assessment, audit or other review of any of the Leased Real Properties or any property formerly owned or leased by, or subject to any franchise, license or similar agreement with, any Group Company or any of their predecessors, have been made available to SolarMax to the extent such reports are in the possession or control of any Group Company and any JZH Holder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.15 <u>Material Contracts</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">No Group Company is a party to or obligated under:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) any contract which obligates the Group for any payments in excess of 250,000 RMB, in the aggregate, and which is not terminable by any Group without additional payment or penalty within ninety (90) days of delivery of notice of such termination;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) any contract which restricts any Group Company from engaging in any line of business or competing with any Person in any geographic region;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) any partnership, limited liability company agreement, joint venture or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture which is not wholly-owned by one or more Group Companies;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) any contract (other than among the Group Companies) under which Indebtedness in excess of 250,000 RMB is outstanding or pursuant to which any property or asset of the one or more Group Companies having a book value of more than 250,000 RMB is mortgaged, pledged or otherwise subject to an Encumbrance or any contract restricting the incurrence of Indebtedness or the incurrence of Encumbrances or restricting the payment of dividends;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf340c731-d00e-42f6-8a39-3b11d1b3c6b6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) any contract entered into within three (3) years prior to the date hereof for the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another Person for aggregate consideration in excess of 250,000 RMB and any term sheets or letters of intent in effect and not expired as of the date hereof, whether or not binding, relating to any of the foregoing in this clause (e);</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) other than contracts for ordinary repair and maintenance, any contract relating to the development or construction of, or additions or expansions to, the Leased Real Properties, under which the Group Companies have, or expect to incur, in the aggregate one or more obligations in excess of 250,000 RMB in the aggregate that have not been satisfied as of the date hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) any contract to which any Group Company has continuing indemnification obligations or potential liability under any purchase price adjustment that, in each case, could reasonably be expected to result in future payments by the Group Companies in the aggregate, of more than 250,000 RMB or any contract relating to the settlement or proposed settlement of any Legal Action, which involves the issuance of equity securities or payment of an amount, in any such case, having a value of more than 250,000 RMB;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) any contract for the employment of, or receipt of any services from, any director, officer or other employee on a full-time, part-time, consulting or other basis providing annual case compensation from the Group Companies in excess of 250,000 RMB in the aggregate;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) any contract which relates to any Intellectual Property;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(j) any contract (other than contracts referenced in clause (a) through (i) of this Section 4.15) which by its terms call for payments by one or more of the Group Companies in excess of 250,000 RMB in the aggregate;</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(k) any contract with any current officer or director of any Group Company or any Affiliates of any Group Company, including any JZH Holder; or</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9442abfa-19b8-424c-a3c7-a528e525749e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(l) any contract that requires a consent to or otherwise contains a provision relating to a &#8220;change of control&#8217;, or any contract that would prohibit or delay the consummation of the transactions contemplated by this Agreement, or that would trigger, give rise to, accelerate or augment any liabilities or terminate or modify any rights of any Group Company as a result of the consummation of the transactions contemplated hereby (the contracts described in clause (a) through (k) of this Section 4.15 and those agreements set forth in Schedule 4.12(a) of the Disclosure Schedules together with all exhibits and schedules thereto collectively, the &#8220;<b>Material Contracts</b>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.16 <u>No Breach of Contract</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No Group Company is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the Knowledge of the JZH Holders, as of the date hereof, no other party to any Material Contract is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Each Material Contract is a valid and binding obligation of the Group Company that is a party thereto and is in full force and effect assuming that each such Material Contract is a valid and binding obligation of the other party or parties to the Material Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The Company has made available to SolarMax true and complete copies of all Material Contracts, including any amendment thereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.17 <u>Intellectual Property</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No Group Company has received any written notice of any pending or threatened claim that the conduct of the businesses of any Group Company as currently conducted or as proposed to be conducted, infringes upon the Intellectual Property rights of any third party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the Knowledge of the JZH Holders, no Person is infringing the Intellectual Property rights of any Group Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak580eff0f-de5b-403f-aed0-7b6dedf326c5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) None of the JZH Holders or their Affiliates is using any Intellectual Property rights that are the same as, or confusingly or substantially similar to, those used in the conduct of the businesses of any Group Company as currently conducted or as proposed to be conducted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) No Group Company owns any registrations or applications for Intellectual Property rights except as set forth in Schedule 4.17 of the Disclosure Schedule.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) All of the registrations and applications on said Schedule 4.17 are subsisting and unexpired, and to the Knowledge of the JZH Holders, valid and enforceable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) All Persons who contributed to the creation or development of proprietary Intellectual Property of any Group Company have assigned to the Company in writing all of their rights therein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) Each Group Company has taken and is continuing to take all reasonable actions to protect its Intellectual Property and the integrity, security and continued operation of their software, networks and systems, and there have been no violations, outages or interruptions of same.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) No Person has the current or contingent right to access or possess any source code of any Group Company or has actually done the foregoing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.18 <u>Insurance</u>. True and complete copies of all policies of insurance under which any Group Company&#8217;s assets or business activities are covered have been made available to SolarMax. There is no claim by any Group Company pending under any such policies which has been denied or disputed by the insurer. With respect to each such insurance policy: (i) the policy is legal, valid, binding and enforceable in accordance with its terms and no Group Company has received any notice from the insurance company that any policy is not full force and effect or will not be renewed in the normal course of business; (ii) no Group Company is in breach or default (including any such breach or default with respect to the payment of premiums or the giving of notice), and no event has occurred which, with notice or lapse of time, would constitute such a breach or default, or permit termination or modification, under the policy; (iii) no Group Company has received any formal or informal notice of cancellation or termination or formal or informal advice as to an intent on the part of an insurer to cancel or terminate or fail to renew any such policy; (iv) to the Knowledge of the JZH Holders, no insurer of the policy has been declared insolvent or placed in receivership, conservatorship or liquidation; and (v) the policy is sufficient for compliance with all requirements of Law and the express requirements of all contracts to which one or more Group Companies are parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf694fbd5-8ebc-4ab2-b1a7-112306c6771e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.19 <u>Brokers and Finders</u>. No Group Company has entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other firm or Person to any broker&#8217;s or finder&#8217;s fee or any other commission or similar fee payable by any Group Company in connection with any of the transactions contemplated by this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.20 <u>No Payments</u>. No Group Company nor any Affiliate of any Group Company has made or received any payment of any kind, whether in cash or in tangible or intangible property or otherwise, in connection with any Company Permit or any other agreement or right which any Group Company has obtained or is negotiating to obtain or otherwise in connection with any business conducted or to be conducted by any Group Company, and no Group Company and no Affiliate of any Group Company has any agreement or understanding, whether formal or informal, with respect to any such payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.21 <u>Related Party Transactions</u>. There is no unsettled balance between any JZH Holder or any of their respective Affiliates and any other Affiliate of the Company, on the one hand, and any of the Company or any Company Subsidiary, on the other hand.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.22 <u>Circular 37 Registration</u>. Schedule 4.22 of the Disclosure Schedules sets forth all the reporting and/or registrations made to date pursuant to the SAFE Rules and Regulations by each present and former holder or beneficial owner of any share capital of the Company who is a Circular 37 Security Holder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article V<br>REPRESENTATIONS AND WARRANTIES OF SOLARMAX</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">SolarMax represents and warrants to the JZH Holders as of the date hereof and the Closing Date:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.1 <u>Organization and Qualification</u>. SolarMax is corporation organized and validly existing under the Laws of the State of Nevada and has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.2 <u>Authorization</u>. SolarMax has full power and authority to enter into the Agreement. All corporate action necessary for SolarMax to enter into this Agreement has been taken, and this Agreement constitutes the valid and legally binding obligations of SolarMax, enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors&#8217; rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak15e83bfb-8c0e-4bcc-a3a5-e17d87c464dd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.3 <u>No Conflict</u>. The execution and delivery of the Agreement by SolarMax does not, and the performance by SolarMax of its obligations under the Agreement will not (i) violate any applicable Law to which SolarMax is subject, (ii) conflict with, result in a violation or breach of, or constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any contract or agreement to which SolarMax is bound or (iii) violate the organizational documents of SolarMax other than, in the case of clauses (i) and (ii) above, any such violations, conflicts, breaches, defaults, accelerations or rights that would not impair or delay SolarMax&#8217; ability to perform its obligations under the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.4 <u>Government Filings</u>. No Governmental Filings are required in connection with the execution and delivery of the Agreement by SolarMax or the consummation by SolarMax of the transactions contemplated hereby, except (a) those that become applicable as a result of the regulatory or corporate status of the JZH Holders or their Affiliates, and (b) such other Governmental Filings, the failure of such other Governmental Filings to be made or obtained would not impair or delay SolarMax&#8217; ability to perform its obligations under the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.5 <u>Brokers and Finders</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee or commission from any JZH Holder in connection with this Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of SolarMax or any of its Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.6 <u>Due Issuance of SolarMax Shares; Capitalization</u>. The SolarMax Shares have been duly authorized and, when issued to the JZH Holders pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of Encumbrances, except for restrictions arising under the Securities Act or this Agreement or those incurred by any JZH Holder. As of the date of this Agreement, without giving effect to the SolarMax Shares issuable pursuant to this Agreement or any Common Stock issuable upon the grant of options, SolarMax had 31,616,928 shares of Common Stock outstanding.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.7 <u>Investment Company</u>. SolarMax is not and will not be an &#8220;investment company,&#8221; as such term is defined in the U.S. Investment Company Act of 1940, as amended.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.8 <u>Restricted Shares</u>. No directed selling efforts (as defined in Rule 902 of Regulation S) have been made by any of SolarMax, any of its Affiliates or any Person acting on its behalf with respect to the SolarMax Shares to be issued to the JZH Holders pursuant to this Agreement. The issuance of the SolarMax Shares will be exempt from the registration requirement of the Securities Act pursuant to an exemption provided by Regulation S. In making this representation, SolarMax is relying upon, and this representation is subject to the accuracy of, the representation and warranties of all of the JZH Holders in Article III and Article IV .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6e518d02-7e16-487b-b850-41c3c6dd13f2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>Article VI<br>COVENANTS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.1 <u>Publicity</u>. Except as may be required by applicable Law or by obligations pursuant to any listing agreement with or rules of any national securities exchange or by any Governmental Entity, prior to Closing, no Party and no Affiliate of any Party shall, without the express written approval of the other Parties, make any press release or other public announcements concerning the transactions contemplated by this Agreement, except as and to the extent that such Party shall be so obligated by applicable Law or pursuant to any such listing agreement or rules of any national securities exchange or by any Governmental Entity, in which case the other Parties shall be advised and all the Parties shall use reasonable efforts to cause a mutually agreeable release or announcement to be issued. For the avoidance of doubt, the Parties understand and agree that, in connection with any public offering by SolarMax, SolarMax will be required to disclose this Agreement and may be required to file this Agreement as an exhibit to the registration statement relating to such public offering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.2 <u>Commercially Reasonable Efforts</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each Party shall use (and shall cause its Affiliates to use) commercially reasonable efforts to take, or cause to be taken, all actions, and do, or cause to be done, all things, necessary, proper or advisable to cause the conditions to Closing set forth in Article VII to be satisfied as promptly as practicable and to consummate in the most expeditious manner practicable, the transactions contemplated by this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Subject to the foregoing, the Parties agree that, from time to time before and after the Closing Date, they will execute and deliver such further instruments, and take, or cause their respective Affiliates, including the Group Companies, to take, such other action, as may be reasonably necessary to carry out the purposes and intents of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.3 <u>Fees and Expenses</u>. Whether or not Closing occurs, all costs and expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement (including any fees and expenses of investment bankers, brokers, finders, counsel, advisors, experts or other agents, in each case, incident to or in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby (whether payable prior to, at or after the Closing Date)) shall be paid by the Party incurring such expenses; provided, that the JZH Holders shall be jointly and severally responsible for the payment of all fees and expenses incurred by the Group.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak82e294db-0203-4e4d-82b7-d95ef4f92fad" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.4 <u>Notification</u>. Each Party shall notify the other Parties in writing immediately upon becoming aware of any fact or condition that would cause any condition set forth in Article VIII not to be satisfied.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.5 <u>Non-Compete; Non-Solicitation</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Without SolarMax&#8217; prior written approval, for a period of five (5) years from the Closing Date, no JZH Holder shall, and each shall cause its Affiliates not to, directly or indirectly engage in, operate, manage, act as an officer, director, consultant or advisor to, provide or guaranty financing to or acquire ownership of more than a five percent (5%) interest in, a Person that engages in the Business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) For a period of five (5) years from the Closing Date, no JZH Holder shall, and each shall cause its respective Affiliates not to (i) solicit, entice, persuade or induce any of the senior employees of SolarMax or any of their direct or indirect subsidiaries to terminate his or her employment, (ii) solicit the employment of any such individual, or (iii) hire or engage, as an officer, employee, consultant, independent contractor or otherwise, any such individual, in each case without the prior written consent of SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The length of time for which any covenant contained in this Section 6.5 shall be in force shall not include any period of violation or any other period required for litigation during which SolarMax seeks to enforce such covenant. In the event that any such covenant shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too long a period of time or over too large a geographical area or by reason of its being too extensive in any other respect, it shall be interpreted to extend only over the longest period of time for which it may be enforceable, and/or over the largest geographical area as to which it may be enforceable and/or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The covenants contained in this Section 6.5 are each independent of any other provision of this Agreement, and the existence of any claim which any party may allege against any other Party to this Agreement, whether based on this Agreement or otherwise, shall not prevent the enforcement of these covenants. The JZH Holders acknowledge that SolarMax is issuing the SolarMax Shares in reliance on the goodwill of the Business and the covenants contained in this Section 6.5 are essential to the protection of SolarMax and that SolarMax would not issue the SolarMax Shares but for these covenants. The JZH Holders (i) acknowledge and agree that the monetary damages for any breach of this Section 6.5 would be inadequate, and (ii) agree and consent that without intending to limit any additional remedies that may be available, temporary and permanent injunctive and other equitable relief may be granted in any action that may be brought to enforce any of the provisions of this Section 6.5 .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf3196835-ec25-4ba0-9feb-5913abf61371" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.6 <u>Governmental Filings for Issuance of the SolarMax Shares</u>. Each of the Parties shall promptly make all required Governmental Filings, if any, pursuant to the Securities Act in connection with the issuance of the SolarMax Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.7 <u>IPO</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) SolarMax shall have completed an initial public offering (the &#8220;<u>IPO</u>&#8221;) of its Common Stock and the Common Stock shall be admitted to trading on a Qualified Trading Market no later than one year from the Closing Date (the &#8220;<u>Required IPO Date</u>&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The JZH Holders acknowledge and understand that the Registration Statement will cover shares being sold by the Company and that no SolarMax Shares will be covered in the Registration Statement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) In connection with the IPO, each JZH Holder agrees that such JZH Holder will enter into such lock-up agreement with respect to the SolarMax Shares as may be requested by the managing underwriter of the IPO, provided, that in no event will the lock-up period required of the JZH Holders exceed the lock-up period required of the Company&#8217;s management. A lock-up period is the period following the completion of a public offering that the SolarMax Shares may not be publicly sold by the holders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) If SolarMax fails to complete the IPO as required by Section 6.7(a), SolarMax shall pay to the JZH Holders an amount equal to 10,000,000 RMB (the &#8220;<b>Liquidated Damages</b>&#8221;). The Parties intend that the Liquidated Damages constitute compensation, and not a penalty. SolarMax&#8217; payment of the Liquidated Damages is SolarMax&#8217; sole liability and entire obligation and the JZH Holders&#8217; exclusive remedy for any breach by SolarMax of Section 6.7(a).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) The JZH Holders jointly and severally represent and warrant that they have not engaged in any activities or conduct which could have the effect of impairing the ability of SolarMax to complete the IPO as required by Section 6.7(a) by the Required IPO Date, and the JZH Holders agree that they and each of them will not take any action or refrain or delay from taking any requested action or providing any requested information or material which could have the effect of delaying the effectiveness of the registration statement relating to the IPO. In this connection, the JZH Holders will promptly respond to any comments from the SEC which relate to the JZH Holders or the business of the Company prior to the Closing Date. In the event of any breach of this Section 6.7(e) by the JZH Holders, SolarMax shall not be obligated to pay the Liquidated Damages.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7e449b33-6910-42b1-b8cc-dba828ac77c7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">Section 6.8 <u>Circular 37 Registration</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Prior to the Closing, each JZH Holder who (i) is a Circular 37 Security Holder and (ii) has failed to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations shall, and the Company and JZH Holders shall use their respective best efforts to cause each Circular 37 Security Holder who has failed to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations (collectively, the &#8220;<b>Complying Circular 37 Security Holders</b>&#8221;) to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations. The Company and JZH Holders shall provide copies of any such report, filing or application to SolarMax prior to filing and consider all reasonable additions, deletions or changes suggested by SolarMax in connection therewith. Each of the Company and JZH Holders shall keep SolarMax apprised of any communication with, and the status of any inquiries or requests for additional information from, SAFE in connection therewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each JZH Holder who is a Circular 37 Security Holder shall use his best efforts to (i) report and file with SAFE the transfer of his or its portion of the Company Interests as contemplated under this Agreement, as soon as practicable after the Closing, in accordance with the requirements under the SAFE Rules and Regulations, or (ii) provide the Company with all documents, information and assistance as is reasonably necessary to enable the Company to promptly make such report and filing with SAFE on behalf of such JZH Holder, as the case may be.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.9 <u>Tax Matters</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each JZH Holder shall duly and timely comply with all of its Tax payment obligations as required by applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each JZH Holder shall duly and timely comply with any obligations imposed under Guoshuihan [2009] No. 698 (&#8220;<b>Circular 698</b>&#8221;), including any reporting obligations, and such JZH Holder, as the case may be, shall fully and timely make full payments of Taxes, including but not limited to capital gain Taxes or similar nature income Taxes, as required by the Governmental Entities after such reporting.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The JZH Holders shall cause all Tax allocation agreements or Tax sharing agreements with respect to any Group Company to be terminated as of the Closing Date, and shall ensure that such agreements are of no further force or effect as to any Group Company on and after the Closing Date and that there shall be no further liabilities or obligations imposed on any Group Company under any such agreements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.10 <u>Restrictions on Payments</u>. During the period from the Closing Date to the date on which HK Intermediate HoldCo becomes the registered owner of the Company Interests, the Company shall not make any payment in respect of the Company Interests, whether in the nature of a dividend or other distribution, to the Record Owners. Any such payments shall be made to HK Intermediate HoldCo to the extent legally permitted. Otherwise, such payment shall be retained until the transfer of the record ownership of the Company Interest to HK Intermediate HoldCo is completed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6c97fc3e-1d19-4274-a2a7-cc7cff19bc16" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>Article VII<br>CONDITIONS OF CLOSING</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.1 <u>Conditions to Obligations of the Parties</u>. The respective obligations of each Party to consummate the transactions contemplated by this Agreement are subject the satisfaction or waiver of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No statute, rule or regulation shall have been enacted or promulgated by any Governmental Entity which prohibits the consummation of the Closing; and there shall be no order or injunction of a court of competent jurisdiction in effect precluding consummation of the Closing or seeking to restrain or prohibit the consummation of the Closing or the performance of any of the Parties&#8217; obligation pursuant to this Agreement, or seeking to obtain from the Group or any Party any damages.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) There shall not be threatened or pending any suit, action or proceeding by any Governmental Entity: (i) seeking to prohibit or impose any material limitations on SolarMax&#8217; ownership of BVI HoldCo, BVI HoldCo&#8217;s ownership of HK Intermediate HoldCo, HK Intermediate HoldCo&#8217;s ownership of the Company, the Company&#8217;s ownership of its equity in the Company Subsidiaries or SolarMax&#8217; ability, through its ownership of BVI HoldCo and its indirect ownership of the Company and the Company Subsidiaries to operate the Company and the Company Subsidiaries, or seeking to compel SolarMax to dispose of or hold separate any material portion of the business or assets of the Group or seeking to impose material limitations on the ability of SolarMax effectively to exercise full control over the Company and the Company Subsidiaries; or (ii) which otherwise is reasonably likely to have a material adverse effect on the prospects, consolidated financial condition, businesses or results of operations of SolarMax or the any Group Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.2 <u>Additional Conditions to Obligations of SolarMax</u>. The obligation of SolarMax to consummate the transactions contemplated by this Agreement is subject to the fulfillment or waiver by SolarMax, on or prior to the Closing Date, of each of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The representations and warranties set forth in Article III , and Article IV shall be true and correct on and as of the Closing Date with the same force and effect as if made on such date (except to the extent such representations and warranties shall have been expressly made as of an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The JZH Holders shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by them respectively on or prior to the Closing Date, and they shall have delivered a certificate to such effect to SolarMax;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The JZH Holders shall have executed the Pledge Agreement; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The JZH Holders shall have delivered the closing deliverables set forth Section 2.3(b) .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdc1a3fb4-9e9f-4858-8a34-06cca3971e16" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.3 <u>Additional Conditions to Obligations of the JZH Holders</u>. The obligation of each JZH Holder to consummate the transactions contemplated by this Agreement is subject to the fulfillment or waiver by such JZH Holder, on or prior to the Closing Date, of each of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The representations and warranties of SolarMax set forth in Article V shall be true and correct on and as of the Closing Date (except to the extent such representations and warranties shall have been expressly made as of an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) SolarMax shall have executed the Pledge Agreement;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) SolarMax shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by SolarMax on or prior to the Closing Date, and SolarMax shall have delivered a certificate to such effect to the JZH Holders; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) SolarMax shall have delivered the closing deliverables set forth in Section 2.3(a) .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article VIII<br>TERMINATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Section 8.1 <u>Termination of Agreement</u>. This Agreement may be terminated at any time prior to the Closing Date as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) by mutual written consent of the Parties;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) by either the JZH Holders or SolarMax if there shall be a Law in effect making illegal the consummation of the transactions contemplated hereby, or there shall be a final and non-appealable Governmental Order in effect prohibiting the consummation of the transactions contemplated hereby;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) by SolarMax if there shall have been (i) a material breach of any of the representations and warranties of any JZH Holder set forth in this Agreement, or (ii) a material breach of any of the covenants or agreements on the part of any JZH Holder set forth in this Agreement, which breach would cause the condition set forth in Section 7.1 or Section 7.2 not to be satisfied (and, in the case of either (i) or (ii) above, such breach is not cured within fifteen (15) days after receipt of written notice thereof); <u>provided</u>, however, SolarMax shall not have the right to terminate this Agreement pursuant to this Section 8.1(c) if SolarMax shall have materially breached or failed to perform any of its representations, warranties or covenants set forth in this Agreement which breach or failure to perform would give rise to the failure of the conditions set forth in Section 7.1 or Section 7.2 ; or</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7a3c3d95-4fa6-485d-9732-afe8f005a516" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) by the JZH Holders, acting together, if there shall have been (i) a material breach of any of the representations and warranties of SolarMax set forth in this Agreement, or (ii) a material breach of any of the covenants or agreements on the part of SolarMax set forth in this Agreement, which breach would cause the condition set forth in Section 7.1 or Section 7.3 not to be satisfied (and, in the case of either (i) or (ii) above, such breach is not cured within fifteen (15) days after receipt of written notice thereof); <u>provided</u>, however, the JZH Holders shall not have the right to terminate this Agreement pursuant to this Section 8.1(d) if any JZH Holder shall have materially breached or failed to perform any of his or its representations, warranties or covenants set forth in this Agreement which breach or failure to perform would give rise to the failure of the conditions set forth in Section 7.1 or Section 7.3 .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 8.2 <u>Effect of Termination</u>. In the event of termination of this Agreement by a Party pursuant to Section 8.1 , written notice thereof shall forthwith be given by the terminating Party to the other Parties, and this Agreement shall thereupon terminate and become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the Parties and there shall be no liability on the part of the JZH Holders or SolarMax; provided, that no such termination shall relieve any Party of its obligations under Section 6.1 , Section 6.3 , this Article VIII or Article X .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article IX<br>LIMITS OF LIABILITY AND INDEMNIFICATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 9.1 <u>Survival of Representations and Warranties</u>. Except as expressly provided in Section 9.1(a) and Section 9.1(b) , the representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing until the second anniversary after the Closing Date:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) the representations and warranties of (i) the JZH Holders set forth in Section 3.1 , Section 3.2 , Section 3.8 , Section 3.12 , Section 4.1 , Section 4.2 , Section 4.7 and Section 4.19 ; and (ii) SolarMax set forth in Section 5.1 , Section 5.2 and Section 5.5 shall survive the Closing indefinitely; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) the representations and warranties of (i) the JZH Holders set forth in Section 3.6, Section 4.5 , Section 4.14 and Section 4.20 shall survive until six months following the expiration of the applicable statutes of limitations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) the covenants and agreements of the Parties contained in this Agreement that by their terms are to be performed after the Closing shall survive the Closing in accordance with their terms, unless and to the extent only that non-compliance with such covenants or agreements is waived in writing by the Party entitled to such performance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">No claim or cause of action arising out of the inaccuracy or breach of any warranty, covenant or agreement of the JZH Holders or SolarMax may be made following the termination of the applicable survival period referred to in this Section 9.1 .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak467ca5e3-3ee6-4240-b1f1-148cf775d26b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 9.2 <u>Indemnification</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) From and after the Closing, each JZH Holder shall indemnify SolarMax and its Affiliates and their respective officers, directors, employees, agents, successors and permitted assigns (collectively, the &#8220;<b>SolarMax Indemnitees</b>&#8221;) from and against all Losses arising out of or relating to: (i) a breach of any representation or warranty made by such JZH Holder contained in Article III or Article IV of this Agreement; or (ii) a breach of any covenant or obligation to be performed by such JZH Holder under this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) From and after the Closing, SolarMax shall indemnify each JZH Holder and their respective Affiliates and their respective officers, directors, employees, agents, successors and permitted assigns (collectively, the &#8220;<b>JZH Holder Indemnitees</b>&#8221;) from and against all Losses, arising out of or relating to: (i) a breach of any representation or warranty made by SolarMax contained in Article V of this Agreement; or (ii) a breach of any covenant or obligation to be performed by SolarMax under this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 9.3 <u>Tax Indemnity</u>. Each JZH Holder shall severally and jointly indemnify and hold harmless the SolarMax Indemnitees from any and all Losses incurred by the SolarMax Indemnitees in respect of:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) any and all liability for Taxes with respect to any taxable period of any Group Company (or any predecessors) for all taxable periods ending on or before the Closing Date and with respect to any taxable period that begins on or before and ends after the Closing Date, for the portion thereof ending on the Closing Date;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) any and all liability for Taxes of such JZH Holder or any other Person (other than any member of the Group) which is or has ever been affiliated with any Group Company or with whom any Group Company otherwise joins or has ever joined (or is or has ever been required to join) in filing any consolidated, combined, unitary or aggregate Tax Return, prior to the Closing Date;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) any breach of any representation or warranty or covenant contained in Section 4.5 and 10;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) any and all liability for Taxes imposed in connection with, arising from or relating to such JZH Holder&#8217;s reporting obligations under Circular 698; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) any payments required to be made after the Closing Date under any Tax sharing, Tax indemnity, Tax allocation or similar contracts (whether or not written) to which any Group Company was obligated, or was a party, on or prior to the Closing Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak52bc7e2b-7125-452d-95d6-bf77aedd7a16" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Article X<br>MISCELLANEOUS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.1 <u>Assignment; Binding Effect</u>. This Agreement and the rights hereunder are not assignable unless such assignment is consented to in writing by all the Parties. Subject to the preceding clause, this Agreement and all the provisions hereof shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.2 <u>Governing Law</u>. This Agreement and all disputes shall be governed by and construed in accordance with the Laws of the State of Nevada without regard to principles of conflict of laws. For all matters arising directly or indirectly from this Agreement (&#8220;<b>Agreement Matters</b>&#8221;), each of the Parties hereto hereby (a) irrevocably consents and submits to the sole and exclusive jurisdiction of the United States District Court for the Central District of California and any state court in the State of California that is located in Riverside County (and of the appropriate appellate courts from any of the foregoing) in connection with any legal action, lawsuit, arbitration, mediation, or other legal or quasi legal proceeding (&#8220;<b>Proceeding</b>&#8221;) directly or indirectly arising out of or relating to any Agreement Matter; provided, that a Party to this Agreement shall be entitled to enforce an order or judgment of any such court in any United States or foreign court having jurisdiction over the other Party (or Parties), (b) irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding in any such court or that any such Proceeding which is brought in any such court has been brought in an inconvenient forum, (c) waives, to the fullest extent permitted by Law, any immunity from jurisdiction of any such court or from any legal process therein, (d) irrevocably waives, to the fullest extent permitted by Law, any right to a trial by jury in connection with a Proceeding, (e) agrees not to commence any Proceeding other than in such courts, and (f) agrees that service of any summons, complaint, notice or other process relating to such Proceeding may be effected in the manner provided for the giving of notice as set forth in herein other than by electronic communication.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.3 <u>Notices.</u> Any notice, request, demand or other communication required or permitted hereunder shall be in writing signed by the Party giving such notice, and delivered personally or sent by overnight courier, mail or messenger against receipt thereof or sent by registered or certified mail, return receipt requested or by telecopier (if telecopier number is provided) or e-mail or other method of electronic communications (collectively, &#8220;<b>electronic communication</b>&#8221;). Notices shall be deemed to have been received on the date of delivery or attempted delivery; provided, that notice by electronic communication shall only be deemed given if receipt is acknowledged. Notices shall be sent to the Parties at the addresses set forth below. Any Party may, by like notice, change the address, person, telecopier number or e-mail to which notice shall be sent.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">If to SolarMax, to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">SolarMax Technology, Inc.<br>3080 12th Street<br>Riverside, CA 92507<br>Attention: Mr. David Hsu<br>E-mail: davidh@solarmaxtech.com</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to the JZH Holders, to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">c/o Mossack Fonseca &amp; Co. (B.V.I.) Ltd.<br>P.O. Box 3136<br>Road Town, Tortola<br>British Virgin Islands</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.4 <u>Headings</u>. The headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting or construing any of the provisions contained in this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake8f32dce-57ef-4138-9b24-8a4d81dac680" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.5 <u>Entire Agreement</u>. This Agreement, including the Exhibits and the documents to be delivered at the Closing, which constitute integral parts of this Agreement, constitutes the entire agreement of the Parties, superseding all prior or contemporaneous oral or written agreements, understandings and letters of intent, and may not be modified or amended nor may any right be waived except by a written instrument which refers to this Agreement, states that it is an amendment, modification or waiver and is signed by all Parties, in the case of a modification or amendment, or by the Party granting the waiver in the case of a waiver. No course of conduct or dealing or trade usage or custom and no course of performance shall be relied on or referred to by any Party to contradict, explain, vary or supplement any provision of this Agreement, it being acknowledged by the Parties that this Agreement is intended to be, and is, the complete and exclusive statement of their agreement with respect to its subject matter. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver of any other provisions or the same provisions at any other time or under any other circumstances. No delay or failure by any party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other rights.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.6 <u>Interpretation</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) When a reference is made in this Agreement to an Article, Section or Exhibit, such reference shall be to an Article, Section or Exhibit of or to this Agreement unless otherwise indicated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Whenever the words &#8220;include,&#8221; &#8220;includes&#8221; or &#8220;including&#8221; are used in this Agreement, they shall be deemed to be followed by the words &#8220;without limitation.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Unless the context requires otherwise, the terms &#8220;hereof,&#8221; &#8220;herein,&#8221; &#8220;hereby,&#8221; &#8220;hereto&#8221; and derivative or similar words in this Agreement refer to this entire Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Unless the context requires otherwise, words in this Agreement using the singular or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) References in this Agreement to &#8220;U.S. Dollars,&#8221; or &#8220;US$&#8221; are to U.S. dollars, the legal currency of the United States of America; and references in this Agreement to &#8220;RMB&#8221; are to <i>renminbi</i>, the legal currency of the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) This Agreement was prepared jointly by the Parties and no rule that it be construed against the drafter will have any application in its construction or interpretation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak893db6c0-963a-4cfe-a631-ebdca527c8ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.7 <u>Third-Party Beneficiaries</u>. Save for rights set forth in Article X , this Agreement is for the sole benefit of the Parties and their successors and permitted assigns and nothing herein express or implied shall give or be construed to give to any Person, other than the Parties and such successors and permitted assigns, any legal or equitable rights hereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.8 <u>Specific Performance</u>. The Parties agree that if the JZH Holders should fail to perform under any of the provisions of this Agreement in accordance with their specific terms or otherwise breach any of the provisions of this Agreement, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and that SolarMax shall be entitled to specific performance of the terms hereof, in addition to any other remedy at Law or in equity. The JZH Holders hereby waive the defense that there is an adequate remedy at Law. In no event shall the JZH Holders be entitled to seek specific performance with respect to any of SolarMax&#8217; obligations arising under this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.9 <u>Severability</u>. If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.10 <u>Counterparts; Facsimile Signatures; Delivery of Signature Pages</u>. This Agreement may be executed in any number of counterparts, each of which when executed, shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument binding upon all of the Parties notwithstanding the fact that all of the Parties are not signatory to the original or the same counterpart. For purposes of this Agreement, facsimile signatures shall be deemed originals. If less than a complete copy of this Agreement is delivered at Closing, the other Parties are entitled to assume that delivering Party accepts and agrees to all of the terms and conditions of the pages not delivered at Closing unaltered.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">[<i>Signature Pages Follow</i>]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakaa1c93c4-aee8-4048-b071-0532da69db5e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2">SOLARMAX: <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ David Hsu </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:&nbsp;</p></td> <td valign="top">David Hsu</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:&nbsp;&nbsp;</td> <td>Chief Executive Officer</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SHARE EXCHANGE AGREEMENT - SIGNATURE PAGE]</p> <p style="MARGIN: 0px"> <table id="pagebreakbc468cf5-f0bd-4c50-8dd6-bdf207884c44" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; &nbsp; <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2">JZH HOLDERS: <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>HOU-DE INVESTMENT CO., LTD</b></p></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="60%">&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid">/s/ NI Nan </td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name: </p></td> <td>NI Nan</td> <td>&nbsp;</td></tr> <tr> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"><b>ENERGY FOCUSES INVESTMENT CO., LTD</b></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">By: </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ CHAI Jitao&nbsp;&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">CHAI Jitao</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Title:&nbsp;</p></td> <td> <p style="MARGIN: 0px">Authorized Signatory&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"><b>LORD LINK INVESTMENT CO., LTD</b></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">By:&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ LU Bin&nbsp;&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Name:&nbsp;</p></td> <td> <p style="MARGIN: 0px">LU Bin</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Title:&nbsp;</p></td> <td> <p style="MARGIN: 0px">Authorized Signatory&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"><b>GREEN HARBOR INVESTMENT CO., LTD</b></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">By:&nbsp;&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ TANG Jingdang&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Name:&nbsp;</p></td> <td> <p style="MARGIN: 0px">TANG Jingdang&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Title:&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;Authorized Signatory&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"><b>HOWYE INVESTMENT CO., LTD</b></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">By:&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ HUANG Youbo&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Name:&nbsp;</p></td> <td> <p style="MARGIN: 0px">HUANG Youbo&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Title:&nbsp;&nbsp;</p></td> <td> <p style="MARGIN: 0px">Authorized Signatory&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SHARE EXCHANGE AGREEMENT - SIGNATURE PAGE]</p> <p style="MARGIN: 0px"> <table id="pagebreak8a4ce4b2-c3ca-437d-b1b4-fec00a37561a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>EXHIBIT A</b></p> <p style="MARGIN: 0px"><b>&nbsp;</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u><b>JZH Holders</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="left"><b>JZH Holder</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>BVI<br>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SolarMax<br>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Hou-De Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">736,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Energy Focuses Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">480,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Lord Link Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">224,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Green Harbor Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">4,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">128,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Howye Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">32,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="left"><b>TOTAL</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>50,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>1,600,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Record Owners</u></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">The following are the Record Owners of the Company Interests as of the date of this Agreement:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Name</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Percent Interest</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Uonone Group</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">67.00</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Bin Lu</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14.00</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nan Li</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9.00</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jingdang Tang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8.00</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Youbo Huang</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2.00</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak527b0a6a-4b1a-4800-8ebf-4491b562bbf0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>EXHIBIT B-1</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Form of PRC Legal Opinion</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak63f74f79-e0c7-4b8f-8a20-1bb1d75bb3fa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>EXHIBIT B-2</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Form of BVI Legal Opinion</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak87df3800-e886-48c0-8aaa-3471fc3583b5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>EXHIBIT C</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Form of Stock Pledge Agreement</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd79b578d-f1c8-4cd4-969b-2089abe9b326" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>EXHIBIT D</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Disclosure Schedules</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">45</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>solarmax_ex22.htm
<DESCRIPTION>EX-2.2
<TEXT>
<html><head><title>solarmax_ex22.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 2.2&nbsp;</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>ACKNOWLEDGEMENT AND AMENDMENT TO <br>SHARE EXCHANGE AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">THIS ACKNOWLEDGEMENT AND AMENDMENT TO SHARE EXCHANGE AGREEMENT, dated as of May 12, 2016 (this &#8220;<b>Amendment</b>&#8221;), by and among each undersigned entity listed under the caption &#8220;JZH Holders&#8221; on the signature page hereto (collectively, the &#8220;<b>JZH Holders</b>&#8221;) and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax,</b>&#8221; and, together with the JZH Holders, the &#8220;<b>Parties</b>&#8221;). </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, the JZH Holders and SolarMax are parties to that certain Share Exchange Agreement dated as of April 28, 2015 (the &#8220;<b>Agreement</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, the Parties desire to amend the Agreement, on and subject to the terms of this Amendment;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and other good and valuable consideration, the Agreement is amended in the following manner:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. <font dir="ltr"></font>Acknowledgement. Each JZH Holder acknowledges that as of the date of this Amendment, the covenants set forth in Sections 2.4(a) and 2.4(b) of the Agreement have not been satisfied, and SolarMax and the JZH Holders acknowledge and understand that such conditions will not be satisfied in accordance with their terms. Accordingly, the Parties hereby amend the Agreement in the manner set forth in Section 2 of this Amendment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. <font dir="ltr"></font>Terms of the Amendment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.1 <font dir="ltr"></font>The total number of SolarMax Shares to be delivered to the JZH Holders shall be reduced from 1,600,000 shares to 1,000,000 shares, and all tables to the Agreement shall be adjusted accordingly. Promptly after the execution of this Amendment, 600,000 SolarMax Shares shall be released from the Pledge Agreement and returned to SolarMax, and each of the Parties shall take such action as may be necessary to deliver such SolarMax Shares to SolarMax. Such reduced number of SolarMax Shares shall reflect a reduction of the consideration paid for the BVI Shares. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.2 <font dir="ltr"></font>The Parties acknowledge and agree that after giving effect to Section 2.2 hereof: (i) the total number of issued and outstanding shares of Common Stock of SolarMax as determined retroactively to April 28, 2015 shall be 34,987,928 shares (<i>i.e.</i>, 35,587,928 shares <i>minus</i> 600,000 shares), and (ii) the pro-rata ownership stake of each JZH Holder as determined retroactively to April 28, 2015 shall be the percentage set forth opposite such JZH Holder&#8217;s name in the table below:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="left"><b>JZH Holder</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SolarMax Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Ownership %</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Hou-De Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">460,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.3147</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Energy Focuses Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">300,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.8574</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Lord Link Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">140,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.4001</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Green Harbor Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">80,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.2287</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Howye Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.0572</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="left"><b>TOTAL</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>1,000,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>2.8581</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b>%</b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak572c03d1-7897-4bff-874c-9900a5f46c1b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.3 <font dir="ltr"></font>The definition of Tangible Net Assets in Section 1.1 of the Agreement is hereby deleted in its entirety.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.4 <font dir="ltr"></font>Section 2.4 of the Agreement is hereby amended and restated in its entirety to read as follows:</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">Section 2.4 <u>Post Closing Obligations</u>. The JZH Holders understand and agree that the SolarMax Shares shall remain subject to the Pledge Agreement until all equity interests of the Company are transferred, at the JZH Holders&#8217; cost and expense, to Accumulate Investment Co., Limited, as evidenced by: (i) a copy of the official register, (ii) approval of any applicable Governmental Entity, and (iii) an opinion of the Company&#8217;s PRC counsel confirming such ownership change. Upon SolarMax determining in its sole discretion that the JZH Holders have satisfied the foregoing obligation, SolarMax shall release to each JZH Holder the SolarMax Shares set forth opposite such JZH Holder&#8217;s name in the table below, free and clear of any Encumbrances:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="left"><b>JZH Holder</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SolarMax Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Hou-De Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">460,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Energy Focuses Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">300,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Lord Link Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">140,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Green Harbor Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">80,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Howye Investment Co., Ltd</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="left"><b>TOTAL</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>1,000,000</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.5 <font dir="ltr"></font>The parties acknowledge that in the executed copy of the Agreement, the section number for Section 6.7 is missing, and that Section 6.7 begins with the word &#8220;IPO&#8221; at the end of the fourth line of Section 6.6 in the executed copy of the Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">2.6 <font dir="ltr"></font>Section 6.6 and Section 6.7 of the Agreement are hereby amended and restated in their entirety to read as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">Section 6.6 <u>Governmental Filings for Issuance of the SolarMax Shares</u>. Each of the Parties shall promptly make all required Governmental Filings, if any, pursuant to the Securities Act in connection with the issuance of the SolarMax Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">Section 6.7 <u>IPO</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(a) SolarMax shall have filed a registration statement on Form S-1 with the SEC of its proposed initial public offering of its Common Stock (an &#8220;<b>IPO</b>&#8221;) no later than one year from the date the obligations in Section 2.4(a) are satisfied (the &#8220;<b>Required IPO Date</b>&#8221;).</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(b) The JZH Holders acknowledge and understand that such registration statement on Form S-1 will cover shares being sold by the Company and that no SolarMax Shares will be covered in such registration statement on Form S-1.</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(c) In connection with an IPO, each JZH Holder agrees that such JZH Holder will enter into such lock-up agreement with respect to the SolarMax Shares as may be requested by the managing underwriter of such IPO, provided, that in no event will the lock-up period required of the JZH Holders exceed the lock-up period required of the Company&#8217;s management. A lock-up period is the period following the completion of a public offering that the SolarMax Shares may not be publicly sold by the holders.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbbc0ab61-09e8-4fda-9709-698771c0176b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(d) If SolarMax fails to file a registration statement on Form S-1 with the SEC as required by Section 6.7(a), SolarMax shall pay to the JZH Holders an amount equal to 10,000,000 RMB (the &#8220;<b>Liquidated Damages</b>&#8221;). The Parties intend that the Liquidated Damages constitute compensation, and not a penalty. SolarMax&#8217; payment of the Liquidated Damages is SolarMax&#8217; sole liability and entire obligation and the JZH Holders&#8217; exclusive remedy for any breach by SolarMax of Section 6.7(a).</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(e) The JZH Holders jointly and severally represent and warrant that they have not engaged in any activities or conduct which could have the effect of impairing the ability of SolarMax to file a registration statement on Form S-1 with the SEC as required by Section 6.7(a) by the Required IPO Date, and the JZH Holders agree that they and each of them will not take any action or refrain or delay from taking any requested action or providing any requested information or material which could have the effect of delaying the effectiveness of such registration statement on Form S-1. In this connection, the JZH Holders will promptly respond to any comments from the SEC which relate to the JZH Holders or the business of the Company prior to the effectiveness of such registration statement on Form S-1. In the event of any breach of this Section 6.7(e) by the JZH Holders, SolarMax shall not be obligated to pay the Liquidated Damages.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. <font dir="ltr"></font>Representations and Warranties. Each JZH Holder hereby ratifies and affirms the accuracy of the representations and warranties set forth in Article III of the Agreement on and as of the date of this Amendment, with the same force and effect as if made on such date (other than those representations and warranties that are affected by the transfer and delivery of the BVI Shares to SolarMax on the Closing Date).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4. <font dir="ltr"></font>Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of this Amendment. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5. <font dir="ltr"></font>Continuing Effect of the Agreement. This Amendment shall not constitute an amendment of any other provision of the Agreement not expressly referred to herein. Except as expressly amended, the Agreement is and shall remain in full force and effect, and this Amendment shall be effective and binding upon the JZH Holders and SolarMax upon execution and delivery by the JZH Holders and SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6. <font dir="ltr"></font>Headings. The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7. <font dir="ltr"></font>Governing Law; Language. The provisions of the Agreement relating to governing law set forth in the Agreement shall apply to this Amendment. This Amendment has been initially written in the English language; in the event of any conflict between the original English version and any translations into other languages, this original English version shall control.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">[<i>Signatures on following pages</i>]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakea8970d3-4b5a-4351-a393-ef5e1ab17898" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, each of the parties hereto has executed, or has caused to be executed by its duly authorized representative, this Amendment as of the date first written above. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2">SOLARMAX</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ David Hsu </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td>David Hsu</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:</td> <td>Chief Executive Officer</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SIGNATURE PAGE TO ACKNOWLEDGEMENT AND AMENDMENT TO SHARE EXCHANGE AGREEMENT]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak277b2570-1208-4aae-bde2-599b14250a77" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, each of the parties hereto has executed, or has caused to be executed by its duly authorized representative, this Amendment as of the date first written above. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2">JZH HOLDERS:</td> <td></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px"><b>HOU-DE INVESTMENT CO., LTD</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ NI Nan </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name:</p></td> <td>NI Nan</td> <td>&nbsp;</td></tr> <tr> <td>Title: </td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"><b>ENERGY FOCUSES INVESTMENT CO., LTD</b></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ CHAI Jitao</em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name:</p></td> <td>CHAI Jitao</td> <td>&nbsp;</td></tr> <tr> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"><b>LORD LINK INVESTMENT CO., LTD</b></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ LU Bin </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name: </p></td> <td>LU Bin</td> <td>&nbsp;</td></tr> <tr> <td>Title: </td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"><b>GREEN HARBOR INVESTMENT CO., LTD</b></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ TANG Jingdang </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name: </p></td> <td>TANG Jingdang</td> <td>&nbsp;</td></tr> <tr> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"><b>HOWYE INVESTMENT CO., LTD</b></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ HUANG Youbo </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name:</p></td> <td>HUANG Youbo</td> <td>&nbsp;</td></tr> <tr> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SIGNATURE PAGE TO ACKNOWLEDGEMENT AND AMENDMENT TO SHARE EXCHANGE AGREEMENT]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">5</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>4
<FILENAME>solarmax_ex23.htm
<DESCRIPTION>EX-2.3
<TEXT>
<html><head><title>solarmax_ex23.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 2.3</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SHARE EXCHANGE AGREEMENT</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">by and among</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EACH ENTITY LISTED UNDER THE CAPTION<br>&#8220;CZH HOLDER&#8221; ON <u>EXHIBIT A</u>,</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EACH PERSON LISTED UNDER THE CAPTION <br>&#8220;CZH TRANSFEROR&#8221; ON <u>EXHIBIT B</u></b>,</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.,</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">and</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SHANGHAI HONGGUAN SOLAR TECHNOLOGY LIMITED COMPANY</b><b><br></b><b><b><b>&nbsp;<img src="solarmax_ex23img2.jpg">&nbsp;</b></b></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Dated as of April 28, 2015</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak8d75a921-b7ce-40fb-89b9-50f564dc4214" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u style="MARGIN: 0px"><b>TABLE OF CONTENTS</b></u></p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="10%" colspan="2"></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" width="9%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Page</b></p></td> <td width="1%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Article I</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">DEFINITIONS</p></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 1.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Definitions</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">1</p></td> <td></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Article II</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">SHARE EXCHANGE; CERTAIN RESTRICTIONS</p></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.1&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Terms of the Share Exchange</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">6</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.2&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Closing</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.3</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Closing Deliveries</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Limitations on Transfer</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">8</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.5</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Allocation of Consideration</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Article III</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">REPRESENTATIONS AND WARRANTIES OF THE CZH HOLDERS</p></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Organization and Qualification</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.2</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Authorization</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.3&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Conflict&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Governmental Filings</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.5&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Payments&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.6&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Litigation</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.7&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Brokers and Finders&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Acquisition for Investment&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.9</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Restricted Securities&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Legends&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.11&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Additional Compliance Representations</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.12&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Reliance on Representations&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Article IV</p></td></tr> <tr height="15"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">REPRESENTATIONS AND WARRANTIES OF THE CZH TRANSFERORS</p></td></tr> <tr height="15"> <td colspan="2"></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Validity of Agreement&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.2&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Ownership of Company Interests&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.3&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Conflict</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Good Title Conveyed&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.5</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Governmental Filings</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.6</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Payments</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Litigation</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Brokers and Finders&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.9&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Not a U.S. Person</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Compliance Representations</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">16</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.11&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Reliance on Representations&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">17</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak452f7536-87e2-446b-ad3f-15efda399d7d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">i</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article V</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">REPRESENTATIONS AND WARRANTIES OF</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">THE CZH HOLDERS AND THE CZH TRANSFERORS</p></td></tr> <tr style="MARGIN: 0px" bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">CONCERNING THE COMPANY</p></td></tr> <tr bgcolor="#ffffff"> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Organization and Qualification&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">18</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.2</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Capitalization</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">18</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.3&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Financial Statements&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">19</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">No Undisclosed Liabilities&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">20</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.5</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Taxes&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">20</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.6&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Litigation&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">22</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Compliance with Laws&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">22</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Key Employees</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">22</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.9&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Labor&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">23</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.10&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Employee Benefit Plans</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">23</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.11&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Permits&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">24</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.12&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Real Property&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">24</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.13&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Personal Property&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">25</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.14&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Environmental Matters&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">25</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.15&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Material Contracts&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">26</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.16&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">No Breach of Contract</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">27</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.17&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Intellectual Property&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">28</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.18</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Insurance</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">28</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.19&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Brokers and Finders</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">28</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.20&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">No Payments</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">28</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.21&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Related Party Transactions&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.22&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Circular 37 Registration</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article VI</p> <p style="MARGIN: 0px" align="center">REPRESENTATIONS AND WARRANTIES OF SOLARMAX</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Organization and Qualification&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.2&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Authorization&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.3</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">No Conflict&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Government Filings&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">29</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.5&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Brokers and Finders</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">30</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.6</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Due Issuance of SolarMax Shares; Capitalization</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">30</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Investment Company</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">30</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Restricted Shares</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">30</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article VII</p> <p style="MARGIN: 0px" align="center">COVENANTS</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Publicity</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">30</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.2</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Commercially Reasonable Efforts.&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">31</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.3</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Fees and Expenses</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">31</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.4</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Notification</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">31</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.5&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Non-Compete; Non-Solicitation&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">31</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.6&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Governmental Filings for Issuance of the SolarMax Shares</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">32</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.7</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Project Finance</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">32</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">IPO&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">32</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>&nbsp; <p style="MARGIN: 0px" align="center"> <table id="pagebreak8143f9d6-4245-400a-ac5e-12e9f5420907" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">ii</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p>&nbsp; <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="10%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.9&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Circular 37 Registration</p></td> <td width="1%"></td> <td width="8%"> <p style="MARGIN: 0px" align="right">33</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.10&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Tax Matters.</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">34</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article VIII</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">CONDITIONS OF CLOSING</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 8.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Conditions to Obligations of the Parties</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">34</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 8.2&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Additional Conditions to Obligations of SolarMax</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">35</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 8.3&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Additional Conditions to Obligations of the CZH Holders</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">35</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article IX</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">TERMINATION</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 9.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Termination of Agreement</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">35</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 9.2</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Effect of Termination</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">36</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article X</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">LIMITS OF LIABILITY AND INDEMNIFICATION</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 10.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Survival of Representations and Warranties</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">36</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 10.2</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Indemnification</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">37</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 10.3</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Tax Indemnity</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">37</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN: 0px" align="center">Article XI</p></td></tr> <tr style="MARGIN: 0px" bgcolor="#ffffff"> <td colspan="5"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">MISCELLANEOUS</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.1</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Assignment; Binding Effect</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">38</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.2&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Governing Law</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">38</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.3&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Notices&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">39</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.4&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Headings</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">39</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.5&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Entire Agreement&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">40</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.6&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Interpretation</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">40</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.7&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Third-Party Beneficiaries&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">41</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.8&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Specific Performance</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">41</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.9&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Severability&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">41</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.10</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Counterparts; Facsimile Signatures; Delivery of Signature Pages</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">41</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u></u></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u>LIST OF EXHIBITS</u></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="10%">Exhibit A</td> <td valign="top">CZH Holders</td></tr> <tr> <td valign="top">Exhibit B</td> <td valign="top">CZH Transferors</td></tr> <tr> <td valign="top">Exhibit C</td> <td valign="top">Commercial Milestones</td></tr> <tr> <td valign="top">Exhibit D</td> <td valign="top">Form of Transfer Instruments</td></tr> <tr> <td valign="top">Exhibit E </td> <td valign="top">Form of PRC Legal Opinion</td></tr> <tr> <td valign="top">Exhibit F</td> <td valign="top">Form of Stock Power and Cancellation Instrument</td></tr> <tr> <td valign="top">Exhibit G</td> <td valign="top">Disclosure Schedules</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak677d4e0a-7ca7-4dd8-95e0-a67e1ba946da" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">iii</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SHARE EXCHANGE AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS SHARE EXCHANGE AGREEMENT is made and entered into and effective as of April 28, 2015 (this &#8220;<b>Agreement</b>&#8221;), by and among each entity listed under the caption &#8220;CZH Holder&#8221; on <u>Exhibit A</u> (each, a &#8220;<b>CZH Holder</b>&#8221; and collectively, the &#8220;<b>CZH Holders</b>&#8221;), each person listed under the caption &#8220;CZH Transferor&#8221; on <u>Exhibit B</u> (each, a &#8220;<b>CZH Transferor</b>&#8221; and collectively, the &#8220;<b>CZH Transferors</b>&#8221;), SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;), and Shanghai Hongguan Solar Technology Limited Company (<img src="solarmax_ex23img3.jpg">), a limited company organized under the laws of the PRC which is wholly-owned by SolarMax (&#8220;<b>SolarMax China,</b>&#8221; and, together with the CZH Holders, the CZH Transferors and SolarMax, collectively, the &#8220;<b>Parties</b>&#8221;, and each, individually, a &#8220;<b>Party</b>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>RECITALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, the CZH Holders, through an arrangement with the CZH Transferors, beneficially own 100% of the share interests in Chengdu Zhonghong Tianhao Technology Limited Company&nbsp;( <img src="solarmax_ex23img4.jpg">), a limited company organized under the Laws of the PRC (the &#8220;<b>Company</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Company is engaged in the business of identifying, planning and procuring solar system projects for resale to third party developers and related services (the &#8220;<b>Business</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHERAS, the CZH Holders desire to transfer 100% of the share interests of the Company (the &#8220;<b>Company Interests</b>&#8221;) to SolarMax China in exchange for (i) 200,000 RMB, be paid to the CZH Holders and the CZH Transferors (the &#8220;<b>Cash Consideration</b>&#8221;), and (ii) 2,400,000 shares (the &#8220;<b>SolarMax Shares</b>&#8221;) of the common stock (the &#8220;<b>Common Stock</b>&#8221;) of SolarMax to be issued by SolarMax to the CZH Holders;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, pursuant to a transfer agreement dated February 16, 2015 between SolarMax China and the CZH Holders, SolarMax agreed to acquire the Company Interests from the CZH Holders; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the parties desire to execute this Agreement to set forth the terms and conditions by which the SolarMax China will acquire the Company Interests, superseding the transfer agreement described above.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the foregoing, the representations, warranties, covenants and agreements set forth in this Agreement, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE I<br><u>DEFINITIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 1.1 <u>Definitions</u>. The following terms, when used in this Agreement, shall have the meanings assigned to them in this Section 1.1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc3629828-5f68-4cd0-bcf1-47a06493d1ea" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>2014 Audited Financial Statements</b>&#8221; means (i) the audited consolidated balance sheet of the Company and the Company Subsidiary as of December 31, 2014 and (ii) the related audited consolidated income statement, changes in shareholders&#8217; equity and consolidated statement of cash flows of the Company and the Company Subsidiary for the year then ended and with report(s) thereon (with no exception or qualification from GAAP thereto) of the Approved Auditor, in each case including the related notes and schedules thereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Affiliate</b>&#8221; means, with respect to any Person, (i) a director, officer or controlling stockholder or other equity owner of such Person, (ii) a spouse, parent, sibling or child of such Person or the spouse, parent, sibling or child of any director or executive officer of such Person, and (iii) any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Approved Auditor</b>&#8221; shall mean BDO China Shu Lun Pan Certified Public Accountants LLP.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Business Day</b>&#8221; means a day other than a Saturday, or Sunday or any other day on which commercial banks are not open for business in the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Circular 37</b>&#8221; means the SAFE Circular Relating to Foreign Exchange Administration of Offshore Investment, Financing and Return Investment by Domestic Residents Utilizing Special Purpose Vehicles issued by SAFE on July 14, 2014.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Circular 37 Security Holder</b>&#8221; means any &#8220;Domestic Resident&#8221; as defined in Circular 37.&nbsp;&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Company Subsidiary</b>&#8221; means Shanghai Zhongzhao Technology Development Limited Company (<img src="solarmax_ex23img5.jpg">), a limited company organized under the laws of the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Encumbrance</b>&#8221; means and includes any security interest, mortgage, lien, pledge, charge, easement, reservation, restriction, cloud, equity, right of way, option, claim, right of first refusal, spousal right, and all other encumbrances, whether or not relating to the extension of credit or the borrowing of money.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Environmental Laws</b>&#8221; means any and all Laws concerning public health and safety, worker health and safety, and pollution or protection of the environment, including without limitation all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control or cleanup of any hazardous materials, substances or wastes, chemical substances or mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls, medical waste, noise or radiation, and other harmful or deleterious substances, each as amended and as now or thereafter in effect.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1ed2e842-807a-4459-9a7c-265fb002c269" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Exchange Act</b>&#8221; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>First Milestone</b>&#8221; means achievement of the criteria described under the captions &#8220;Supply Milestone&#8221; with regard to the Company as set forth opposite &#8220;First Milestone&#8221; on <u>Exhibit C</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>GAAP</b>&#8221; means generally accepted accounting principles in the United States in effect from time to time.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Entity</b>&#8221; means any governmental or quasi-governmental, national, federal, state, local or multinational (including the European Union), judicial, court, legislative, regulatory, taxing or administrative authority, agency, bureau, department, tribunal, or commission or similar body or instrumentality thereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Filings</b>&#8221; means any filing or registration with, notification to, or authorization, consent or approval of, any Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Order</b>&#8221; means any order, writ, judgment, injunction, decree, stipulation, compliance agreement or determination entered by or with any Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Indebtedness</b>&#8221; means in respect of the Company, the aggregate of all obligations, Liabilities and indebtedness of the Company and the Company Subsidiary which would, in accordance with GAAP, be classified upon a consolidated balance sheet of such Company as indebtedness for borrowed money and, whether or not so classified, shall include (without duplication and on a consolidated basis):</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) all other Liabilities of the Company and the Company Subsidiary represented or evidenced by a note, bond, debenture or other evidence of indebtedness;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) obligations of the Company and the Company Subsidiary arising pursuant to bankers&#8217; acceptance facilities, structured finance arrangements, commercial paper programs, and under letters of credit, letters of guarantee and similar instruments (supporting obligations which would otherwise constitute Indebtedness within the meaning of this definition) or indemnities issued in connection therewith;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) obligations of the Company and the Company Subsidiary under guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations relating to the indebtedness of any other Person or the obligations of any other Person which would otherwise constitute Indebtedness within the meaning of this definition, and all other obligations incurred for the purpose of, or having the effect of, providing financial assistance to another Person in respect of the indebtedness or such other debt obligations, including endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business);</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak45b20453-8a48-4151-a4c1-9798947a74f3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) all obligations of the Company or the Company Subsidiary which are secured by an Encumbrance on any of the assets of any of the Company or the Company Subsidiary; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) all obligations of the Company or the Company Subsidiary representing the deferred purchase price of any property or services, all obligations of the Company and the Company Subsidiary created or arising under any conditional sales agreement or other title retention agreement (but excluding operating leases) or any capital lease, and all debt of the Company or the Company Subsidiary pursuant to any repurchase agreements; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) the aggregate amount of redemption obligations with respect to any equity in the capital of the Company or any Subsidiary which are retractable, redeemable, payable or required to be purchased or otherwise retired or extinguished, or which are convertible into Indebtedness;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Intellectual Property</b>&#8221; means patents, patent rights (including patent applications and licenses), know-how, trade secrets, trademarks (including trademark applications), trademark rights (including rights with respect to unregistered trademarks), trade names, trade name rights, service marks, service mark rights, logos, domain names and other source indicators, copyrights, works of authorship and other proprietary intellectual property rights.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Knowledge</b>&#8221; when used with respect to a Person, shall mean and include (i) actual knowledge and (ii) that knowledge which a prudent businessperson could reasonably have obtained in the management of such Person&#8217;s business affairs after making due inquiry and exercising the due diligence which a prudent businessperson should have made or exercised, as applicable, with respect thereto. In connection therewith, (a) the knowledge (both actual and constructive) of the manager, chief executive officer, chief operating offer, chief financial officer or president or any vice president of any Person shall be imputed to be the knowledge of Person and (b) knowledge (both actual and constructive) of either CZH Transferor or either CZH Holder shall be imputed as knowledge of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Law</b>&#8221; means any statute, law, code, judicial decision, judgment, rule, regulation, ordinance or other pronouncement of any Governmental Entity having the effect of law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Liability</b>&#8221; means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless or when asserted and regardless of whether such obligation is required to be reflected as a liability on a corporate balance sheet prepared in accordance with GAAP.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak419dfa3d-cf10-4cea-9b9d-3e6c35df5adc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Losses</b>&#8221; means all Liabilities, losses, damages, shortages, claims, payments, fines, awards, judgments, interest and penalties and related costs and expenses (including, without limitation, interests, Taxes and reasonable attorneys&#8217; fees and expenses), in each case, whether or not resulting from third party claims.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Materials of Environmental Concern</b>&#8221; means any hazardous or toxic chemicals, materials or substances; any pollutants or contaminants; or gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products, polychlorinated biphenyls, urea-formaldehyde foam insulation, lead-based paint, asbestos, pollutants, contaminants, molds, radioactivity, and any other substances of any kind, regulated pursuant to or that could give rise to liability under any Environmental Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Milestone</b>&#8221; means any of the First Milestone, the Second Milestone, or the Third Milestone.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Person</b>&#8221; means an association, a corporation, an individual, a partnership, a limited liability company, an unlimited liability company, a limited company, a trust or any other entity or organization, including a Governmental Entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>PRC</b>&#8221; means People&#8217;s Republic of China and for purposes of this Agreement only, does not include Hong Kong SAR, Macau SAR and the Republic of China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Registration Statement</b>&#8221; means a registration statement under the Securities Act, including a Registration Statement on Form S-1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Regulation S</b>&#8221; means Regulation S under the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SAFE</b>&#8221; means the State Administration of Foreign Exchange of the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SAFE Rules and Regulations</b>&#8221; means Circular 37 and any other SAFE rules and regulations which are applicable to the transactions contemplated by this Agreement or which would otherwise affect the ability of SolarMax China to maintain ownership of, and SolarMax to maintain indirect ownership of, the Company and to control the operation of, the Company following the completion of SolarMax&#8217; proposed initial public offering.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>SEC</b>&#8221; means the U.S. Securities and Exchange Commission.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Second Milestone</b>&#8221; means achievement of the criteria described under the captions &#8220;Supply Milestone&#8221; with regard to the Company as set forth opposite &#8220;Second Milestone&#8221; on <u>Exhibit C</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Securities Act</b>&#8221; means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak56efd837-1132-420b-bd03-265d1bd1230f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Tax</b>&#8221; or &#8220;<b>Taxes</b>&#8221; means (i) any tax, duty, custom, fee, assessment, charge, or other levy separately or jointly due or payable to, or levied or imposed by any Governmental Entity, including, without limitation, income, gross receipts, license, wages, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, capital stock, goods and services, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty, charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any interest, penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of any amounts described in clause (i) for or to any other Person as a result of being a member of an affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an express or implied obligation to indemnify any other Person with respect to the payment of any amounts described in clause (i).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Tax Returns</b>&#8221; means all tax returns, declarations, statements, reports, schedules, forms and information returns and any amendments to any of the foregoing relating to Taxes.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Third Milestone</b>&#8221; means achievement of the criteria described under the captions &#8220;Supply Milestone&#8221; with regard to the Company as set forth opposite &#8220;Third Milestone&#8221; on <u>Exhibit C</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE II<br><u>SHARE EXCHANGE; CERTAIN RESTRICTIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.1 <u>Terms of the Share Exchange</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Upon the terms and subject to the conditions set forth herein, at the Closing, each CZH Transferor shall transfer to SolarMax China all of the right, title and interest in and to the percentage of share interests of the Company set forth opposite such CZH Transferor&#8217;s name under the caption &#8220;Share Interests&#8221; on <u>Exhibit B</u>, free and clear of any Encumbrance, which, together constitute 100% of the share interests of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Upon the terms and subject to the conditions of this Agreement, at the Closing, SolarMax shall (i) deliver the Cash Consideration to the CZH Holders, and (ii) issue in the name of each CZH Holder that number of SolarMax Shares set forth opposite such CZH Holder&#8217;s name under the caption &#8220;SolarMax Shares&#8221; on <u>Exhibit A</u> (together with the transaction described in Section 2.1(a), the &#8220;<b>Transaction</b>&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Upon the terms and subject to the conditions of this Agreement, at the Closing, the CZH Holders shall deliver to SolarMax instruments of transfer and cancellation covering the transfer of the applicable SolarMax Shares to SolarMax in the event that any one or more of the First Milestone, Second Milestone or Third Milestone is not met.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Each Party shall be solely responsible for all Taxes (if any) incurred by such Party arising from the Transaction under all applicable Law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4a1877df-56ea-4ebd-9632-079465626573" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.2 <u>Closing</u>. The closing of the Transaction (&#8220;<b>Closing</b>&#8221;) shall take place contemporaneously with the execution of this Agreement at the office of SolarMax or at such other place or time as the Parties may designate in writing. The date on which the Closing occurs is hereinafter referred to as the &#8220;<b>Closing Date</b>.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.3 <u>Closing Deliveries</u>. At Closing, the Parties shall make the following deliveries:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) SolarMax shall make the following deliveries to the CZH Holders:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(i) 95% of the Cash Consideration;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(ii) certificates representing the SolarMax Shares, with certificates being issued in the amounts deliverable with respect to the First, Second and Third Milestones;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iii) resolutions of its board of directors relating to authorization of this Agreement, and the issuance of the SolarMax Shares, certified by an officer of SolarMax; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iv) a good standing certificate from the Secretary of State of the State of Nevada as to the good standing of SolarMax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) SolarMax shall pay 5% of the Cash Consideration to the CZH Transferors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The CZH Holders shall deliver the following documents to SolarMax:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(i) an acknowledgement by the Company that (x) the Company Interests have been registered in the name of the SolarMax China, (y) SolarMax China is the sole owner of 100% of the share interests in the Company, representing 100% of the equity interest in the Company, subject to no Encumbrance reflected on the books and records of the Company, and (z) the Company&#8217;s registered capital correctly reflects the capital of the Company at the Closing Date;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(ii) a document from the applicable Government Entity as to the continued existence of the Company as a limited company organized under the Laws of the PRC;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iii) a copy of the Company&#8217;s organizational document certified by the applicable Government Entity;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(iv) a transfer and cancelation instrument signed by each CZH Holder, covering any the SolarMax Shares with respect to which one or more of the Milestones shall not have been met, in substantially the form attached as <u>Exhibit F</u>;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake89795ff-a487-439f-ae75-31cfc6b80f2c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(v) evidence of payment of all Taxes due by the Company for periods prior to the Closing Date; </p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(vi) the written legal opinion of the PRC counsel for the Company, addressed to SolarMax and SolarMax China and dated as of the Closing Date, in the form set forth in <u>Exhibit E</u>; </p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(vii) board resolutions covering the execution of this Agreement and the transactions contemplated by this Agreement, certified by an officer of such CZH Holder;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(v) evidence of existence and good standing of such CZH Holder certified by the appropriate Government Entity; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">(vi) transfer instruments duly executed by each CZH Transferor whereby such CZH Transferor validly conveys to SolarMax China the Company Interests held by such CZH Transferor, in the form of <u>Exhibit D</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.4 <u>Limitations on Transfer</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No CZH Holder shall assign, encumber or dispose of any interest in its SolarMax Shares during the period that such SolarMax Shares are subject to the restrictions set forth in this Section 2.4. After any SolarMax Shares have been released from the restrictions set forth in this Section 2.4, no CZH Holder shall assign, encumber or dispose of any interest in such SolarMax Shares except in compliance with the provisions of this Agreement and applicable securities laws, including the Securities Act. Any sale or transfer of the SolarMax Shares by any CZH Holder shall be void unless the provisions of this Section 2.4 are satisfied. For the avoidance of doubt, one hundred percent (100%) of the SolarMax Shares will initially be subject to restrictions in this Section 2.4.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each CZH Holder agrees that, in order to ensure compliance with the restrictions referred to in this Section 2.4, SolarMax may issue appropriate &#8220;stop transfer&#8221; instructions to its transfer agent, if any. SolarMax shall not be required (i) to transfer on its books any SolarMax Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) to treat as owner of such SolarMax Shares or to accord the right to vote or pay dividends to any CZH Holder or other transferee to whom such SolarMax Shares shall have been so transferred.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Upon completion of the First Milestone, the number of SolarMax Shares set forth opposite each CZH Holder&#8217;s name under the caption &#8220;First Unvested Shares&#8221; on <u>Exhibit A</u> will vest and shall not be subject to the restrictions in this Section 2.4, other than the requirement that transfers be made in compliance with applicable securities Laws, including the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Upon completion of the Second Milestone, the number of SolarMax Shares set forth opposite each CZH Holder&#8217;s name under the caption &#8220;Second Unvested Shares&#8221; on <u>Exhibit A</u> will vest and shall not be subject to the restrictions in this Section 2.4, other than the requirement that transfers be made in compliance with applicable securities Laws, including the Securities Act.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7003a5b5-eb68-4919-b698-c48b5987a1bb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) Upon completion of the Third Milestone, the number of SolarMax Shares set forth opposite each CZH Holder&#8217;s name under the caption &#8220;Third Unvested Shares&#8221; on <u>Exhibit A</u> will vest and shall not be subject to the restrictions in this Section 2.4, other than the requirement that transfers be made in compliance with applicable securities Laws, including the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) The determination as to whether the First Milestone, the Second Milestone, or the Third Milestone has been achieved shall be made in good faith by SolarMax and shall be final and binding on the CZH Holders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) In the event that any Milestone is not met by December 31, 2017 (the &#8220;<b>Outside Date</b>&#8221;), the CZH Holders shall reconvey to SolarMax those SolarMax Shares as to which such Milestone shall not have been met, and SolarMax shall cancel and retire the SolarMax Shares allocated to the completion of such Milestone. The failure or inability of any CZH Holder to convey to SolarMax any SolarMax Shares required to be so conveyed shall not impair the right to SolarMax to cancel and retire such SolarMax Shares if such Milestone shall not have been reached by the Outside Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.5 <u>Allocation of Consideration</u>. The Parties agree that 5% of the Cash Consideration shall be allocated to the non-competition and non-solicitation covenants contained in Section 7.5 and the balance of the Cash Consideration shall be allocated to the acquisition of the Company Interests.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE III<br>REPRESENTATIONS AND WARRANTIES OF THE CZH HOLDERS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Each CZH Holder represents and warrants to SolarMax and SolarMax China as follows as of the date hereof and the Closing Date:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.1 <u>Organization and Qualification</u>. Such CZH Holder is duly incorporated and validly existing under the Laws of the British Virgin Islands and has full corporate power and authority to own, lease and operate its assets and properties and to conduct its business as presently conducted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.2 <u>Authorization</u>. Such CZH Holder has full power and authority to enter into this Agreement. All action necessary under such CZH Holder&#8217;s organizational documents have been taken, and this Agreement constitutes the valid and legally binding obligations of such CZH Holder, enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors&#8217; rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies. Such CZH Holder holds the beneficial interest in the Company Interests held of record by the CZH Transferors, with each CZH Transferor holding his record interest in the Company Interests 85% for the benefit of Lord Link Investment Co., Ltd (&#8220;<b>Lord Link</b>&#8221;) and 15% for the benefit of Jifu Environmental Protection Technology Co., Ltd. (&#8220;<b>Jifu</b>&#8221;), and such CZH Holder expressly consents to the transfer by the CZH Transferors of the Company Interests to SolarMax China pursuant to this Agreement. Such CZH Holder&#8217;s interest in the Company Interests is subject to no Encumbrance, and no Person, other than such CZH Holder and the CZH Transferors, has any right, title or interest in and no claim with respect to or has claimed or otherwise asserted, either formally or informally, any right to acquire any equity interests or any interest therein. Such CZH Holder is not a party to any agreement that restricts his right or ability to sell or otherwise transfer its interest in the Company Interests held of record by the CZH Transferors. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4bcf7cf4-9664-4080-a249-8a0f2758a2e4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.3 <u>No Conflict</u>. Neither the execution and delivery by such CZH Holder of this Agreement nor the performance by such CZH Holder of its obligations under this Agreement will (i) conflict with, or result in or constitute any violation or breach of or default under, or give rise to any right of termination, amendment, cancellation or acceleration or any obligation to pay or repay with respect to, or result in the loss of any benefit under, any provision of the organizational documents of such CZH Holder or any material license, lease, mortgage, indenture, note, bond, deed of trust, or other instrument or agreement of any kind to which such CZH Holder or the Company is a party, or by which any of the properties or assets of such CZH Holder or the Company are bound, or (ii) conflict with, or result in or constitute any violation of any Law, permit or Governmental Order applicable to such CZH Holder or its Affiliates or the Company or by which any of the properties or assets of such CZH Holder or its Affiliates or the Company are bound. Neither such CZH Holder nor any officer, director, key employee, or equity owner of such CZH Holder is violation of any term of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant with any Person other than the Company which affects in any manner the right of such CZH Holder or such officer, director, key employee or equity owner to perform services for the Company or the Company Subsidiary. Neither such CZH Holder nor any Affiliate of such CZH Holder has any direct or indirect interest in, and has not directly or indirectly provided any debt, equity or other financing for, or guaranteed or otherwise assumed any Liability of or on behalf of, any other entity engaged in the Business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.4 <u>Governmental Filings</u>. No Governmental Filing and no tax payment to any Government Entity is required in connection with the execution and delivery of the Agreement by such CZH Holder, the performance by such CZH Holder of its obligations under the Agreement or the consummation by such CZH Holder of the transactions contemplated hereby other than Tax payments that are made by such CZH Holder on or prior to the Closing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.5 <u>No Payments</u>. No CZH Holder and no Affiliate of any CZH Holder has made or received any payment of any kind, whether in cash or in tangible or intangible property or otherwise, in connection with any Company Permit, as hereinafter defined, which the Company or the Company Subsidiary has obtained or is negotiating to obtain or otherwise in connection with any business conducted or to be conducted by the Company or the Company Subsidiary, and no CZH Holder has any agreement or understanding, whether formal or informal, with respect to any such payment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak95fde3db-11b3-4cf2-9dcf-d93ecbbcc5f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.6 <u>Litigation</u>. There is no judicial, administrative or arbitral action, claim, suit, investigation or other proceeding at Law or in equity or Governmental Order pending or, to the Knowledge of such CZH Holder, threatened that seek to prohibit or restrain the ability of such CZH Holder to enter into the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.7 <u>Brokers and Finders</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee or commission that would be payable by SolarMax or SolarMax China in connection with the Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of such CZH Holder or any of its Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.8 <u>Acquisition for Investment</u>. Such CZH Holder is a sophisticated investor and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the Transaction. Such CZH Holder can bear the economic risk of its investment in the SolarMax Shares and can afford to lose its entire investment in the SolarMax Shares. Such CZH Holder acknowledges that the SolarMax Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without qualification under applicable securities Laws, except pursuant to a registration statement under the Securities Act or an exemption from such registration requirements of the Securities Act., and that such CZH Holder has no right to require SolarMax to register any of the SolarMax Shares. Such CZH Holder has had an opportunity to discuss SolarMax&#8217; business, management, financial affairs and the terms and conditions of the offering of the SolarMax Shares with SolarMax&#8217; management. Such CZH Holder is not relying upon any representations or warranties by SolarMax other than as expressly set forth in Article VI this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.9 <u>Restricted Securities</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Such CZH Holder (i) is not a U.S. person (as defined in Rule 902 of Regulation S) and is not acquiring the SolarMax Shares for the account or benefit of a U.S. person, and (ii) is outside the United States and is undertaking any transaction contemplated in this Agreement as an offshore transaction (as defined in Rule 902 of Regulation S).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Such CZH Holder understands that the SolarMax Shares issued to such CZH Holder will be characterized as &#8220;restricted securities&#8221; under the United States federal securities Laws inasmuch as they are being acquired from SolarMax in a transaction not involving a public offering and may not be resold except pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act. Such CZH Holder understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the SolarMax Shares of the fairness or suitability of the investment in the SolarMax Shares.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak044d36b8-74c8-47c4-a112-5cc8dd2ae39f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Such CZH Holder is not acquiring the SolarMax Shares as a result of, and will not himself engage in, any &#8220;directed selling efforts&#8221; (as defined in Regulation S) in the United States in respect of the SolarMax Shares which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of the SolarMax Shares; <u>provided</u>, <u>however</u>, that the CZH Holder may sell or otherwise dispose of the Shares under an exemption from the registration requirements of the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Such CZH Holder acknowledges and agrees that none of the SolarMax Shares may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S, except in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in each case in accordance with applicable state securities laws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) Such CZH Holder acknowledges and agrees that SolarMax will refuse to register any transfer of the SolarMax Shares not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act and in accordance with applicable state securities laws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) Such CZH Holder is acquiring the SolarMax Shares for investment only and not with a view to resale or distribution and, in particular, such CZH Holder has no intention to distribute either directly or indirectly any of the SolarMax Shares in the United States or to United States Persons. Such CZH Holder is acquiring the SolarMax Shares as principal for his own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other Person has a direct or indirect beneficial interest in such SolarMax Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) Such CZH Holder acknowledges and understands that such CZH Holder has no registration rights with respect to the SolarMax Shares and may only sell the SolarMax Shares that are not subject to restrictions pursuant to Section 2.4 pursuant to an exemption from the registration requirements of the Securities Act.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) No Person has made to such CZH Holder any written or oral representations: (i) that any Person will resell or repurchase any of the SolarMax Shares; (ii) that any Person will refund the any of the SolarMax Shares; or (iii) as to the future price or value of any of the SolarMax Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.10 <u>Legends</u>. Such CZH Holder understands that, except as provided below, the certificates evidencing the SolarMax Shares issued to such CZH Holder shall bear substantially the following legends until such time as such legend is no longer required under the United States securities Laws, except that the legend set forth in Section 3.10(b) may be removed from the stock certificates at such time as the contractual restrictions set forth in Section 2.4 of this Agreement shall terminate and the CZH Holder&#8217;s obligations pursuant to Section 7.8(c) have been satisfied:</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak996366dd-1645-4be8-b81b-94c698698abb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) &#8220;THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;) OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OFFERED FOR SALE, OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE PURSUANT TO A REGISTRATION STATEMENT UNER THE ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE REGISTERED HOLDER HAS PROVIDED THE ISSUING COMPANY WITH AN OPINION OF COUNSEL REASONABLY ACCCEPTABLE TO THE ISSUER AS TO SUCH EXEMPTION.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) &#8220;THE TRANSFER AND CANCELLATION OF THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS AND PROVISIONS SET FORTH IN A CERTAIN SHARE EXCHANGE AGREEMENT DATED APRIL 2, 2015 AMONG SOLARMAX TECHNOLOGY, INC., THE STOCKHOLDER AND THE OTHER PARTIES THERETO, A COPY OF WHICH IS AVAILABLE AT THE OFFICE OF THE ISSUING CORPORATION.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) If required by the securities Laws of any U.S. state or foreign country in connection with the issuance of the SolarMax Shares issued to such CZH Holder, any legends required to in order to comply with such Laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.11 <u>Additional Compliance Representations</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <b>Each CZH Holder</b><b>should check the Office of Foreign Assets Control (&#8220;OFAC&#8221;) website at http://www.treas.gov/ofac before making the following representations</b>. Such CZH Holder represents that the amounts invested by it in the Company were not and are not directly or indirectly derived from activities that contravene United States or PRC federal, state or international laws and regulations, including anti-money laundering laws and regulations. United States federal regulations and executive orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the &#8220;<b>OFAC Programs</b>&#8221;) prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the best of such CZH Holder&#8217;s knowledge, none of: (1) such CZH Holder; (2) any Person controlling or controlled by such CZH Holder; (3) if such CZH Holder is a privately-held entity, any Person having a beneficial interest in such CZH Holder; or (4) any Person for whom such CZH Holder is acting as agent or nominee in connection with this transaction is a country, territory, individual or entity named on an OFAC list, or a Person or entity prohibited under the OFAC Programs. Such CZH Holder agrees to promptly notify SolarMax should such CZH Holder become aware of any change in the information set forth in these representations. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakde7f40d9-c3ac-408e-ac47-363a78dd8118" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) To the best of such CZH Holder&#8217;s knowledge, none of: (1) such CZH Holder; (2) any Person controlling or controlled by such CZH Holder; (3) if such CZH Holder is a privately-held entity, any Person having a beneficial interest in such CZH Holder; or (4) any Person for whom such CZH Holder is acting as agent or nominee in connection with this investment is a senior foreign political figure,<sup>1</sup> or any immediate family<sup>2</sup> member or close associate<sup>3 </sup>of a senior foreign political figure, as such terms are defined in the footnotes below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) If such CZH Holder is affiliated with a non-U.S. banking institution (a &#8220;<b>Foreign Bank</b>&#8221;), or if such CZH Holder receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, such CZH Holder represents and warrants that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.12 <u>Reliance on Representations</u>. Such CZH Holder understands SolarMax is executing this Agreement and performing its obligations under this Agreement, including the issuance of the SolarMax Shares, in reliance upon the representations and warranties made by the CZH Holders and the CZH Transferors pursuant to this Agreement, notwithstanding any independent investigation made by SolarMax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES OF THE CZH TRANSFERORS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Each CZH Transferor represents and warrants to SolarMax and SolarMax China as follows as of the date hereof and the Closing Date:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.1 <u>Validity of Agreement</u>. Such CZH Transferor is an individual who is a citizen and resident of the PRC and has the power and authority execute this Agreement and to perform his obligations under this Agreement, and is not under any disability which would affect his ability to enter into this Agreement or perform his obligation pursuant to this Agreement. This Agreement constitutes the valid and legally binding obligations of such CZH Transferor, enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors&#8217; rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.</p> <p style="MARGIN: 0px">_________________</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">1</td> <td valign="top">A &#8220;senior foreign political figure&#8221; is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a &#8220;senior foreign political figure&#8221; includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">2</td> <td valign="top">&#8220;Immediate family&#8221; of a senior foreign political figure typically includes the figure&#8217;s parents, siblings, spouse, children and in-laws.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">3</td> <td valign="top">A &#8220;close associate&#8221; of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4487b14f-b262-4d88-9858-834660e3fb71" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.2 <u>Ownership of Company Interests</u>. Such CZH Transferor holds, as record owner, the Company Interests set forth opposite such CZH Transferor&#8217;s name under the caption &#8220;Company Interests&#8221; on <u>Exhibit B</u>, subject to no Encumbrances, and such CZH Transferor is the sole record owner of such Company Interests. The Company Interest held of record by each CZH Transferor are held 85% for the benefit of Lord Link and 15% for the benefit of Jifu. The Company Interests together constitute 100% of the equity interests in the Company, and no Person (other than the CZH Holders) has any right or option to acquire any equity interest in the Company or has claimed or otherwise asserted, either formally or informally, any right to acquire any equity interests or any interest therein. The Company Interests being conveyed by the CZH Transferors constitute 100% of the equity interest in the Company. Such CZH Transferor is not a party to any agreement that restricts his right or ability to sell or otherwise transfer the Company Interests pursuant to this Agreement. All actions and agreements necessary for the payment of the Cash Consideration and the issuance of the SolarMax Shares to the CZH Holders have been taken, and true and correct copies of all such instruments have been provided to SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.3 <u>No Conflict</u>. Neither the execution and delivery by such CZH Transferor of this Agreement nor the performance by such CZH Transferor of its obligations under this Agreement will (i) conflict with, or result in or constitute any violation or breach of or default under, or give rise to any right of termination, amendment, cancellation or acceleration or any obligation to pay or repay with respect to, or result in the loss of any benefit under, any provision of the organizational documents of such CZH Transferor or any material license, lease, mortgage, indenture, note, bond, deed of trust, or other instrument or agreement of any kind to which such CZH Transferor or the Company is a party, or by which any of the properties or assets of such CZH Transferor or the Company are bound, or (ii) conflict with, or result in or constitute any violation of any Law, permit or Governmental Order applicable to such CZH Transferor or its Affiliates or the Company or by which any of the properties or assets of such CZH Transferor or its Affiliates or the Company are bound. Such CZH Transferor is not violation of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant with any Person other than the Company which affects in any manner the right of such CZH Transferor to perform services for the Company or the Company Subsidiary. Neither such CZH Transferor nor any Affiliate of such CZH Transferor has any direct or indirect interest in, and has not directly or indirectly provided any debt, equity or other financing for, or guaranteed or otherwise assumed any Liability of or on behalf of, any other entity engaged in the Business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.4 <u>Good Title Conveyed</u>. The transfer agreement being executed by such CZH Transferor and delivered to SolarMax China is in proper form for transfer, and will effectively transfer to vest in SolarMax China good and valid title to the Company Interests being conveyed free and clear of any Encumbrances.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka9ae8553-9309-4337-a313-63f00094dd40" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.5 <u>Governmental Filings</u>. No Governmental Filing and no Tax payment to any Government Entity is required in connection with the execution and delivery of the Agreement by such CZH Transferor, the performance by such CZH Transferor of its obligations under the Agreement or the consummation by such CZH Transferor of the transactions contemplated hereby, other than Tax payments that are paid by such CZH Transferor at or prior to the Closing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.6 <u>No Payments</u>. No CZH Transferor and no Affiliate of any CZH Transferor has made or received any payment of any kind, whether in cash or in tangible or intangible property or otherwise, in connection with any Company Permit which the Company or the Company Subsidiary has obtained or is negotiating to obtain or otherwise in connection with any business conducted or to be conducted by the Company or the Company Subsidiary, and no CZH Transferor has any agreement or understanding, whether formal or informal, with respect to any such payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.7 <u>Litigation</u>. There is no judicial, administrative or arbitral action, claim, suit, investigation or other proceeding at Law or in equity or Governmental Order pending or, to the Knowledge of such CZH Transferor, threatened that seek to prohibit or restrain the ability of such CZH Transferor to enter into the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.8 <u>Brokers and Finders</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee or commission that would be payable by SolarMax or SolarMax China in connection with the Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of such CZH Transferor or any of its Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.9 <u>Not a U.S. Person</u>. Such CZH Transferor (i) is not a U.S. person (as defined in Rule 902 of Regulation S) and is not acquiring the SolarMax Shares for the account or benefit of a U.S. person, and (ii) is outside the United States and is undertaking any transaction contemplated in this Agreement as an offshore transaction (as defined in Rule 902 of Regulation S).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.10 <u>Compliance Representations</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each CZH Transferor should check the OFAC website at http://www.treas.gov/ofac before making the following representations. Such CZH Transferor represents that the amounts invested by him in the Company were not and are not directly or indirectly derived from activities that contravene United States or PRC federal, state or international laws and regulations, including anti-money laundering laws and regulations. United States federal regulations and Executive Orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the OFAC Programs prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakdcc26862-a1d6-4b74-bd34-09752a94dede" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the best of such CZH Transferor&#8217;s knowledge, none of: (1) such CZH Transferor; or (2) any Person for whom such CZH Transferor is acting as agent or nominee in connection with this transaction is a country, territory, individual or entity named on an OFAC list, or a Person or entity prohibited under the OFAC Programs. Such CZH Transferor agrees to promptly notify SolarMax should such CZH Transferor become aware of any change in the information set forth in these representations. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) To the best of such CZH Transferor&#8217;s knowledge, none of: (1) the CZH Transferor; or (2) any Person for whom such CZH Transferor is acting as agent or nominee in connection with this investment is a senior foreign political figure,<sup></sup>or any immediate family <sup></sup>member or close associate of a senior foreign political figure, as such terms are defined in the footnotes above.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) If such CZH Transferor is affiliated with a Foreign Bank, or if such CZH Transferor receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, such CZH Transferor represents and warrants that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical presence in any country and that is not a regulated affiliate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.11 <u>Reliance on Representations</u>. Such CZH Transferor understands SolarMax is executing this Agreement and performing its obligations under this Agreement in reliance upon the representations and warranties made by the CZH Holders and the CZH Transferors pursuant to this Agreement, notwithstanding any independent investigation made by SolarMax. Such CZH Transferor is not relying upon any representations or warranties by SolarMax other than as expressly set forth in Article VI of this Agreement.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak17f1c25f-8d2f-48ad-96c7-4ee7faf59a49" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE V<br>REPRESENTATIONS AND WARRANTIES OF <br>THE CZH HOLDERS AND THE CZH TRANSFERORS <br>CONCERNING THE COMPANY</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The CZH Holders and the CZH Transferors jointly and severally represent and warrant to SolarMax and SolarMax China as follows as of the date hereof and as of the Closing Date, except as expressly stated with respect to a specific representation or warranty in a disclosure schedule dated the date of this Agreement, delivered by the CZH Holders and the CZH Transferors to SolarMax simultaneously with the execution and delivery of this Agreement, which specifically identifies the section of this Agreement with respect to which the information is provided (the &#8220;<b>Disclosure Schedule</b>&#8221;):</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.1 <u>Organization and Qualification</u>. Each of the Company and the Company Subsidiary is duly formed, validly existing and in good standing (to the extent such concepts are recognized under applicable Law) under the laws of the jurisdiction of its formation, has full corporate, limited liability company or similar power and authority to own, lease and operate its assets and properties and to conduct its business as presently conducted and is duly qualified to do business and is in good standing (to the extent such concepts are recognized under applicable Law) as a limited company or otherwise in all jurisdictions in which such qualification is necessary under applicable Law as a result of the conduct of its business or the ownership or lease of its properties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.2 <u>Capitalization</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <u>Company</u>. The approved registered share capital of the Company is 1,000,000 RMB. The Company Interests constitute all of the issued and outstanding share capital of the Company and all of the issued and outstanding Company Interests were, and as of the Closing will be, duly authorized for issuance and, to the extent such concepts are recognized under applicable Law, validly issued, fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the organizational documents of the Company or all applicable Law. All capital contributions to the Company have been paid in accordance with all applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of the Company outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of the Company or the Company Subsidiary or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of the Company or the Company Subsidiary. Neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement requires any increase or other modification of the Company&#8217;s registered capital..</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) <u>Company Subsidiary</u>. The approved registered share capital of the Company Subsidiary is 1,000,000 RMB, which constitute all of the issued and outstanding share capital of the Company Subsidiary (the &#8220;<b>Company Subsidiary Interests</b>&#8221;). All of the issued and outstanding Company Subsidiary Interests were, and as of the Closing will be, duly authorized for issuance and, to the extent such concepts are recognized under applicable Law, validly issued, fully paid and non-assessable and were not issued in violation of any purchase option, call option, right of first refusal or offer, preemptive rights, subscription right or other similar right, the organizational documents of the Company Subsidiary or all applicable Law and are owned of record and beneficially by the Company subject to no Encumbrance. All capital contributions to the Company Subsidiary have been paid in accordance with all applicable Law. There is no existing option, warrant, call, right (including preemptive rights), or contract of any character requiring, and there are no securities of the Company Subsidiary outstanding which upon conversion or exchange would require, the issuance, of any shares of capital stock, other equity interests or other voting securities of the Company Subsidiary or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase shares of capital stock, other equity interests or other voting securities of the Company or the Company Subsidiary. Neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement requires any increase or other modification of the Company Subsidiary&#8217;s registered capital.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc49692e1-ed78-4c00-a6c9-2a57c977aad9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) <u>No Other Share Interests</u>. The Company does not own, directly or indirectly, any share interests in, or hold any other debt or debt securities issued by, any Person other than the Company Subsidiary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) <u>No Other Obligations</u>. Neither the Company nor the Company Subsidiary is a party to any voting trust or other contract with respect to the voting, redemption, sale, transfer or other disposition of the Company Interests or share of capital stock, other equity interests or other voting securities of the Company or the Company Subsidiary. Neither the Company nor the Company Subsidiary has an obligation to issue any subscription, warrant, option, convertible security or other such right, or to issue or distribute to holders of any shares of its capital stock, other equity interests or other voting securities or any evidence of Indebtedness or assets of the Company or the Company Subsidiary. Neither the Company nor the Company Subsidiary has an obligation to (x) purchase, redeem or otherwise acquire any shares of its capital stock or other equity interests or voting securities, or any interest therein, or to pay any dividend or to make any other distribution in respect thereof or (y) vote or dispose of any capital stock, or other equity interests or voting securities in the Company or the Company Subsidiary. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the Company or the Company Subsidiary. No shares of capital stock, other equity interests or other voting securities of the Company or the Company Subsidiary are issued, reserved for issuance or outstanding.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.3 <u>Financial Statements</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The CZH Holders have provided to SolarMax copies of the 2014 Audited Financial Statements. The 2014 Audited Financial Statements present fairly the consolidated financial position of the Company and the Company Subsidiary at the dates thereof, and the results of their operations and their cash flows for the periods presented, in conformity with GAAP consistently applied. The Company has provided SolarMax with true and correct copies of all SAIC filings for the Company and the Company Subsidiary since the Company&#8217;s and the Company Subsidiary&#8217;s organization.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The books of account and other financial records of the Company and the Company Subsidiary are true, complete and correct, have been prepared and maintained in reasonable detail and accurately and fairly reflect in all respects the transactions and dispositions of the assets of the Company and the Company Subsidiary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The books and other records of the Company and the Company Subsidiary have been prepared to record substantially all corporate actions of the shareholders, directors and any board committees of the Company and the Company Subsidiary.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak08ea3252-9800-4388-af5e-f8f9ef9336bb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The Company has devised and maintains a system of internal accounting controls sufficient in all respects to provide reasonable assurances that (i) transactions are executed in accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary (x) to permit preparation of financial statements in conformity with GAAP consistently applied and (y) to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general and specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.4 No Undisclosed Liabilities. There are no liabilities of the Company or the Company Subsidiary other than liabilities (a) reflected or reserved against on the 2014 Audited Financial Statements, including any notes thereto or (b) incurred since December 31, 2014 in the ordinary course of business consistent with past practice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.5 <u>Taxes</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) All Tax Returns required to be filed by or with respect to the Company and the Company Subsidiary have been timely filed (after taking into account all applicable extensions).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) All such Tax Returns are complete and correct in all respects.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Each of the Company and the Company Subsidiary has paid or caused to be paid in full all Taxes shown as due on such Tax Returns and all Taxes owed by the Company and the Company Subsidiary for which no return was required to be filed, or has made adequate provision for all Taxes for the period ended December 31, 2014 in the 2014 Audited Financial Statements.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) To Knowledge of the Company, no deficiency, adjustment or special adjustment for any Taxes has been or is expected to be asserted in writing, proposed in writing or assessed in writing against the Company or the Company Subsidiary or any of their assets or properties and there is no ground for any such deficiency, adjustment or special adjustment for any Taxes.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak405d7453-5d2b-473a-b05f-82d3819ba388" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) There are no examinations, audits currently in progress, pending or, to the Knowledge of the Company, threatened against the Company or the Company Subsidiary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) There are no outstanding agreements, waivers or arrangements extending the statutory period of limitation applicable to any claim for, or the period for the collection or assessment of, Taxes due from or with respect to the Company or the Company Subsidiary for any taxable period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) No power of attorney granted by or with respect to the Company or the Company Subsidiary relating to Taxes is currently in force.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) The Company has, no later than thirty (30) days prior to the Closing Date, delivered or made available to SolarMax for inspection (i) complete and correct copies of all income Tax Returns for 2014, and (ii) complete and correct copies of rulings, closing agreements, settlement agreements, deficiency notices and any similar documents submitted by, received by or agreed to by or on behalf of the Company or the Company Subsidiary and relating to Taxes for such taxable periods.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) Neither the Company nor the Company Subsidiary has any liability for the Taxes of any Person (other than the Company or the Company Subsidiary) under any applicable Law, as a transferee or successor, by contract, or otherwise.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(j) There are no Encumbrances for Taxes upon any of the assets or properties of the Company or the Company Subsidiary, other than for Taxes not yet due and payable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(k) To the Knowledge of the Company, no claim has ever been made by a Governmental Entity in a jurisdiction where the Company or the Company Subsidiary does not file Tax Returns that the Company or the Company Subsidiary is or may be subject to taxation by that jurisdiction, and to the Knowledge of the Company, there is no basis for any such claim to be made.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(l) The Company and the Company Subsidiary have duly deducted, withheld, collected and timely paid to the appropriate Governmental Entities all Taxes required to be deducted, withheld, collected or paid in connection with amounts paid or owing to any Person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(m) The Company and the Company Subsidiary have complied with all reporting and record keeping requirements with respect to Taxes, and have retained copies of all Tax Returns and all documents relating to Taxes, including, without limitation, Tax payment certificates, Tax deduction approvals and Tax filing supporting documents.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(n) Neither the Company nor the Company Subsidiary is a party to, or bound by, or has any obligation under, any Tax allocation or sharing agreement or similar contract or arrangement or any agreement that obligates it to make any payment computed by reference to the Taxes.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak27693e64-80e5-4545-992c-2bc9764e9913" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(o) All related party transactions conducted by the Company or the Company Subsidiary have been conducted and are conducted at arm&#8217;s length and have been properly documented.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(p) To the Knowledge of the Company, no financial subsidies or Tax incentives (including, without limitation, a reduction in a Tax rate, exemption from Tax or Tax refund) will be required to be repaid or clawed back prior to the Closing as a result of any action taken or event occurring on or before the Closing Date (including, without limitation, entering into this Agreement and the Transaction).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.6 <u>Litigation</u>. There is no action, claim, suit, investigation or other proceeding at law or in equity (collectively, the &#8220;<b>Legal Actions</b>&#8221;) pending or, to the Knowledge of the Company, threatened against the Company or the Company Subsidiary or any of their assets, rights or properties. Neither the Company nor the Company Subsidiary is subject to or in default under any Governmental Order.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.7 <u>Compliance with Laws</u>. The businesses of the Company and the Company Subsidiary have not been, and are not being, conducted in violation of any applicable Law (including, but not limited to, applicable anti-bribery Laws) and none of the Company or the Company Subsidiary has received written notice from any Governmental Entity alleging that it is in violation of any Law or Governmental Order. The Company and the Company Subsidiary maintain internal controls reasonably designed to identify violations of any Law and to ensure that all transactions involving the assets of the Company or the Company Subsidiary are properly authorized and recorded. None of the Company or the Company Subsidiary is a party to an action by any U.S. Governmental Authority arising from an alleged violation by any of them of any sanction administered by OFAC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.8 <u>Key Employees</u>. To the Knowledge of the Company, no officer of the Company or the Company Subsidiary or any of the key employees is in violation of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant relating to the right of any such officer or key employee to be employed by the Company or the Company Subsidiary because of the nature of the business conducted or presently proposed to be conducted by the Company and the Company Subsidiary or relating to the use of trade secrets or proprietary information of others, and to the Knowledge of the Company, the continued employment of the officers and key employees of the Company and the Company Subsidiary does not subject the Company or the Company Subsidiary to any liability to or claim by any third party. Neither the Company nor the Company Subsidiary has received any communication from any former employer of an officer or key employee regarding such Person&#8217;s existing or proposed role as a director, officer or employee of or consultant to the Company or the Company Subsidiary, regarding or indicating any alleged violation of any employment contract, patent disclosure agreement, proprietary information agreement, non-competition agreement, or any other contract, agreement, understanding or any restrictive covenant or relating to the use of trade secrets or proprietary information of others. The Company has no Knowledge that any such officer or key employee intends to terminate his or her employment with the Company or the applicable Company Subsidiary, nor does the Company have any present intention to terminate the employment of any such officer or key employee.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8c8da533-4f06-465f-994c-e3a7602dded9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.9 <u>Labor</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Neither the Company nor the Company Subsidiary is a party to or otherwise bound by any labor or collectively bargaining agreement or contract, agreement or understanding with any labor union and no labor union has requested, sought or attempted to represent any employees, representatives or agents of the Company or the Company Subsidiary. There is no existing, threatened or pending strike, work slowdown, lockout or other similar labor disputes involving any of the Company or the Company Subsidiary and neither the Company nor the Company Subsidiary has experienced any such labor controversy. Each of the Company and the Company Subsidiary has complied with all applicable Law relating to employment, including but not limited to those related to wage, working time, overtime payment, the payment and withholding of Taxes and other sums as required by the appropriate Governmental Entity, health and safety, intern and labor agent, in all respects; and there is no existing, threatened or pending dispute involving any of the Company or the Company Subsidiary nor has any such dispute arisen prior to the date of this Agreement and the Company has no Knowledge of any circumstance which might give rise to any such dispute. Each of the employees of the Company and the Company Subsidiary is subject to a written employment agreement with the Company or the applicable Company Subsidiary in full compliance with applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The Company and the Company Subsidiary have completed the social insurance registration with the competent labor and social security authorities. The Company and the Company Subsidiary have paid the contributions in full for the statutory social insurance and housing funds for all of their employees with whom the Company and the Company Subsidiary have entered into employment contracts or for whom the Company or Company Subsidiary is required to make such payments under applicable Law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.10 <u>Employee Benefit Plans</u>. Neither the Company nor the Company Subsidiary maintains any benefit plan that is an equity incentive plan or equity arrangement for participation by its employees. With respect to any benefit plan, (i) all benefit plans have been established, maintained and administered in compliance with their terms, social security, overtime payment, intern, and labor agent Laws, as well as any other applicable Laws, and has so complied in all respects with all applicable Laws prior to the date of this Agreement; (ii) to the Knowledge of the Company, all benefit plans that are required to be funded are fully funded, and with respect to all other benefit plans, adequate reserves have been established on the accounting statements of the applicable Company or Company Subsidiary; and (iii) to the Knowledge of the Company, no liability or obligation of the Company or the Company Subsidiary exists with respect to such benefit plans.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5e4292e5-c2ee-42f5-9e2a-c26467a10961" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.11 <u>Permits</u>. Schedule 5.11 of the Disclosure Schedules sets forth the name of each permit held by the Company or the Company Subsidiary that are necessary or required to conduct operations in the manner in which they are presently conducted (collectively, &#8220;<b>Company Permits</b>&#8221;). Each Company Permit is in full force and effect and neither the Company nor the Company Subsidiary is in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) in any respect of any term, condition or provision of any Company Permits and none of the Company or the Company Subsidiary has received any written notice from any Governmental Entity alleging that it is in violation of any Company Permit held by it. No suspension or cancellation of any of the Company Permits is pending or threatened and no such suspension or cancellation will result from the transactions contemplated by this Agreement. The Company and the Company Subsidiary have kept all required records and have filed with Governmental Entities all required notices, supplemental applications and annual or other reports for the operations of the Company&#8217;s and the Company Subsidiary&#8217;s business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.12 <u>Real Property</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Neither the Company nor the Company Subsidiary owns any real property. A true and complete list of all real property leased or subleased by the Company or the Company Subsidiary (the &#8220;<b>Leased Real Property</b>&#8221;) and all Leased Real Property that has been subleased or assigned by the Company or the Company Subsidiary to any other Person (such list setting forth the names of the parties thereto, the date of the lease or sublease and each amendment thereto, collectively, the &#8220;<b>Lease Documents</b>&#8221;) has been made available to SolarMax. Each of the Lease Documents is valid, binding and in full force and effect and neither the Company, the Company Subsidiary nor, to the Knowledge of the Company, any other party thereto is in violation of or in default thereunder. No event has occurred or circumstance or condition exists, that (with or without notice, lapse of time or both) would reasonably be expected to (i) result in a breach or violation of or default thereunder, (ii) give any party the right to cancel or accelerate payments thereunder or terminate or modify any Lease Document or (iii) give any party to any Lease Document or any property formerly leased by the Company, the Company Subsidiary or any of their predecessors the right to seek damages or other remedies.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The Company and the Company Subsidiary has valid leasehold interests in (or has analogous property rights under applicable Law) all Leased Real Property used by it.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) None of the Company or the Company Subsidiary has received written notice of a proceeding in eminent domain proceedings affecting any of the Leased Real Properties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) With respect to all buildings, structures (surface and sub-surface), fixtures and improvements (collectively, the &#8220;<b>Improvements</b>&#8221;) on each Leased Real Property, (i) such Improvements are in good working condition, except for ordinary wear and tear, (ii) all mechanical systems therein are in good operating condition, except for ordinary wear and tear, (iii) all furniture, fixtures and equipment therein are in good operating condition, except for ordinary wear and tear, and (iv) all utilities, including water, gas, heat, drainage, storm and sanitary septic facilities, telecommunication electrical systems and fire protection are available and operable in adequate capacity to permit the use thereof for its intended purposes as currently used, and all introduction and connection charges have been paid.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb4e73e6d-7f05-4e12-a353-9d20178416bb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) All Improvements on each Leased Real Property conform to and are in compliance with all Laws in all respects. Each Leased Real Property and each Improvement thereon has been completed in all respects in accordance with all applicable zoning and land use regulations and permits and all restrictions and/or conditions contained in any zoning or land use variance or other similar approval relating to such Leased Real Property or Improvement. There are no pending or, to the Knowledge of the Company, threatened proceeding to change the current land use classification of the Leased Real Property or the conditions applicable thereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.13 <u>Personal Property</u>. The Company and the Company Subsidiary have good and marketable title to, or a valid and enforceable leasehold interest in, all personal property owned, used or held for use by them. Neither the Company&#8217;s nor the Company Subsidiary&#8217;s ownership of or leasehold interest in any such personal property is subject to any Encumbrances.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.14 <u>Environmental Matters</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The Company and the Company Subsidiary and their predecessors and Affiliates have complied and are in compliance with all Environmental Laws. Neither the Company nor the Company Subsidiary nor any of their respective predecessors and Affiliates have treated, stored, disposed of, arranged for or permitted the disposal of, transported, handled, or released, or dealt in any manner with any Materials of Environmental Concern, and never owned or leased any real property on which any of such activities were conducted. Neither the Company nor the Company Subsidiary nor any of their respective predecessors or Affiliates has, either expressly or by operation of Law, assumed or undertaken any Liability, including, without limitation, any obligation with respect to corrective or remedial action, on its own behalf or on behalf of any other Person, relating to Environmental Laws. No facts, events or conditions relating to the past or present facilities, properties or operations of the Company or the Company Subsidiary of any of their respective predecessors and Affiliates will prevent, hinder or limit continued compliance with Environmental Laws, give rise to any investigatory, remedial or corrective obligations pursuant to Environmental Laws or give rise to other Liabilities (whether accrued, absolute, contingent, unliquidated or otherwise), pursuant to Environmental Laws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) No Materials of Environmental Concern are otherwise present at any Leased Real Property or are present elsewhere under conditions or in circumstances that have resulted in or could reasonably be expected to result in Liability to the Company or the Company Subsidiary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) To the Knowledge of the Company, copies of any reports regarding any environmental assessment, audit or other review of any of the Leased Real Properties or any property formerly owned or leased by, or subject to any franchise, license or similar agreement with, the Company or the Company Subsidiary or any of their predecessors, have been made available to SolarMax to the extent such reports are in the possession or control of the Company or the Company Subsidiary.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9c39179a-fda9-4097-86be-5159313c9037" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.15 <u>Material Contracts</u>. None of the Company or the Company Subsidiary is a party to or obligated under:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) any contract which obligates the Company or the Company Subsidiary for any payments in excess of 250,000 RMB, in the aggregate, and which is not terminable by the Company or the Company Subsidiary without additional payment or penalty within ninety (90) days of delivery of notice of such termination;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) any contract which restricts the Company or the Company Subsidiary from engaging in any line of business or competing with any Person in any geographic region;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) any partnership, limited liability company agreement, joint venture or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture which is not a wholly-owned subsidiary of the Company;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) any contract (other than with the Company Subsidiary) under which Indebtedness in excess of 250,000 RMB is outstanding or pursuant to which any property or asset of the Company or the Company Subsidiary having a book value of more than 250,000 RMB is mortgaged, pledged or otherwise subject to an Encumbrance or any contract restricting the incurrence of Indebtedness or the incurrence of Encumbrances or restricting the payment of dividends;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) any contract entered into within three (3) years prior to the date hereof for the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another Person for aggregate consideration in excess of 250,000 RMB and any term sheets or letters of intent in effect and not expired as of the date hereof, whether or not binding, relating to any of the foregoing in this clause (e);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) other than contracts for ordinary repair and maintenance, any contract relating to the development or construction of, or additions or expansions to, the Leased Real Properties, under which the Company or the Company Subsidiary has, or expects to incur, an obligation in excess of 250,000 RMB in the aggregate that has not been satisfied as of the date hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) any contract to which the Company or the Company Subsidiary has continuing indemnification obligations or potential liability under any purchase price adjustment that, in each case, could reasonably be expected to result in future payments of the Company or such Company Subsidiary of more than 250,000 RMB or any contract relating to the settlement or proposed settlement of any Legal Action, which involves the issuance of equity securities or payment of an amount, in any such case, having a value of more than 250,000 RMB;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2242206f-117e-4072-be52-2a7790ee4d4a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(h) any contract for the employment of, or receipt of any services from, any director, officer or other employee on a full-time, part-time, consulting or other basis providing annual case compensation from the Company or any Subsidiary in excess of 250,000 RMB;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) any contract which relates to any Intellectual Property;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(j) any contract (other than contracts referenced in clause (a) through (i) of this Section 5.15) which by its terms call for payments by the Company and the Company Subsidiary in excess of 250,000 RMB in the aggregate;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(k) any contract with any current officer or director of the Company or the Company Subsidiary or any other Affiliates of the Company or the Company Subsidiary, including any CZH Transferor and any CZH Holder; or</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(l) any contract that requires a consent to or otherwise contains a provision relating to a &#8220;change of control&#8217;, or any contract that would prohibit or delay the consummation of the transactions contemplated by this Agreement, or that would trigger, give rise to, accelerate or augment any liabilities or terminate or modify any rights of the Company or the Company Subsidiary as a result of the consummation of the transactions contemplated hereby (the contracts described in clause (a) through (k) of this Section 5.15 and Lease Documents together with all exhibits and schedules thereto collectively, the &#8220;<b>Material Contracts</b>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.16 <u>No Breach of Contract</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Neither the Company nor the Company Subsidiary is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) To the Knowledge of the Company, as of the date hereof, no other party to any Material Contract is in breach of or default (with or without notice, lapse of time or both) under the terms of any Material Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Each Material Contract is a valid and binding obligation of the Company or the Company Subsidiary a party thereto and is in full force and effect assuming that each such Material Contract is a valid and binding obligation of the other party or parties to the Material Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The Company has made available to SolarMax true and complete copies of all Material Contracts, including any amendment thereto.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9633c78b-887e-4fac-9a6a-3ad690f0cd3d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.17 <u>Intellectual Property</u>. (i) None of the Company or the Company Subsidiary has received any written notice of any pending or threatened claim that the conduct of the businesses of the Company and the Company Subsidiary as currently conducted infringes the Intellectual Property rights of any third party; (ii) to the Knowledge of the Company, no Person is infringing the Intellectual Property rights of the Company or the Company Subsidiary; (iii) none of the CZH Holders or CZH Transferors, or their Affiliates thereof, is using any Intellectual Property rights that are the same as, or confusingly or substantially similar to, those used in the conduct of the businesses of the Company and the Company Subsidiary as currently conducted; (iv) the Company and the Company Subsidiary do not own any registrations or applications for Intellectual Property rights; (v) all of the registrations and applications on such schedule are subsisting and unexpired, and to the Knowledge of the Company, valid and enforceable; (vi) all Persons who contributed to the creation or development of proprietary Intellectual Property of the Company and the Company Subsidiary have assigned to the Company in writing all of their rights therein; (vii) the Company and the Company Subsidiary take all reasonable actions to protect their Intellectual Property and the integrity, security and continued operation of their software, networks and systems, and there have been no violations, outages or interruptions of same; or (viii) no Person has the current or contingent right to access or possess any source code of the Company or the Company Subsidiary or has actually done the foregoing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.18 <u>Insurance</u>. True and complete copies of all policies of insurance under which any of the Company&#8217;s or the Company Subsidiary&#8217;s assets or business activities are covered have been made available to SolarMax. There is no claim by the Company or the Company Subsidiary pending under any such policies which has been denied or disputed by the insurer. With respect to each such insurance policy: (i) the policy is legal, valid, binding and enforceable in accordance with its terms and neither the Company nor the Company Subsidiary has received any notice from the insurance company that any policy is not full force and effect or will not be renewed in the normal course of busienss; (ii) neither the Company nor the Company Subsidiary is in breach or default (including any such breach or default with respect to the payment of premiums or the giving of notice), and no event has occurred which, with notice or lapse of time, would constitute such a breach or default, or permit termination or modification, under the policy; (iii) no notice of cancellation or termination has been received; (iv) to the Knowledge of the Company, no insurer of the policy has been declared insolvent or placed in receivership, conservatorship or liquidation; and (v) the policy is sufficient for compliance with all requirements of Law and the express requirements of all contracts to which the Company or the Company Subsidiary are parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.19 <u>Brokers and Finders</u>. None of the Company or the Company Subsidiary has entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other firm or Person to any broker&#8217;s or finder&#8217;s fee or any other commission or similar fee payable by the Company or the Company Subsidiary in connection with any of the transactions contemplated by this Agreement..</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.20 <u>No Payments</u>. Neither the Company nor the Company Subsidiary nor any Affiliate of the Company or the Company Subsidiary has made or received any payment of any kind, whether in cash or in tangible or intangible property or otherwise, in connection with any Company Permit which the Company or the Company Subsidiary has obtained or is negotiating to obtain or otherwise in connection with any business conducted or to be conducted by the Company or the Company Subsidiary, and neither the Company nor the Company Subsidiary nor any of their Affiliates has any agreement or understanding, whether formal or informal, with respect to any such payment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd7837334-64ed-4ef4-8b1a-64eb094fdc17" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.21 <u>Related Party Transactions</u>. There is no unsettled balance between any CZH Transferor, any CZH Holder or any of their respective Affiliates and any other Affiliate of the Company, on the one hand, and any of the Company or the Company Subsidiary, on the other hand.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.22 <u>Circular 37 Registration</u>. Schedule 5.22 of the Disclosure Schedules sets forth all the reporting and/or registrations made to date pursuant to the SAFE Rules and Regulations by each present and former holder or beneficial owner of any share capital of the Company who is a Circular 37 Security Holder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE VI<br>REPRESENTATIONS AND WARRANTIES OF SOLARMAX</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">SolarMax represents and warrants to the CZH Holders and the CZH Transferors follows as of the date hereof and the Closing Date:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.1 <u>Organization and Qualification</u>. SolarMax is corporation organized and validly existing under the Laws of the State of Nevada and has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.2 <u>Authorization</u>. SolarMax has full power and authority to enter into the Agreement. All corporate action necessary for SolarMax to enter into this Agreement has been taken, and this Agreement constitutes the valid and legally binding obligations of SolarMax, enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors&#8217; rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.3 <u>No Conflict</u>. The execution and delivery of the Agreement by SolarMax does not, and the performance by SolarMax of its obligations under the Agreement will not (i) violate any applicable Law to which SolarMax is subject, (ii) conflict with, result in a violation or breach of, or constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any contract or agreement to which SolarMax is bound or (iii) violate the organizational documents of SolarMax other than, in the case of clauses (i) and (ii) above, any such violations, conflicts, breaches, defaults, accelerations or rights that would not impair or delay SolarMax&#8217; ability to perform its obligations under the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.4 <u>Government Filings</u>. No Governmental Filings are required in connection with the execution and delivery of the Agreement by SolarMax or the consummation by SolarMax of the transactions contemplated hereby, except (a) those that become applicable as a result of the regulatory or corporate status of the CZH Holders or their Affiliates, and (b) such other Governmental Filings, the failure of such other Governmental Filings to be made or obtained would not impair or delay SolarMax&#8217; ability to perform its obligations under the Agreement or consummate the transactions contemplated hereby.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf0d0d578-a067-4321-9579-102d4131cfaa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.5 <u>Brokers and Finders</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee or commission from any CZH Holder or any CZH Transferor in connection with this Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of SolarMax or any of its Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.6 <u>Due Issuance of SolarMax Shares; Capitalization</u>. The SolarMax Shares have been duly authorized and, when issued to the CZH Holders pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of Encumbrances, except for restrictions arising under the Securities Act or this Agreement or those incurred by any CZH Holder or any CZH Transferor. As of the date of this Agreement, without giving effect to the SolarMax Shares issuable pursuant to this Agreement or any Common Stock issuable upon the grant of options, SolarMax had 31,616,928 shares of Common Stock outstanding.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.7 <u>Investment Company</u>. SolarMax is not and will not be an &#8220;investment company,&#8221; as such term is defined in the U.S. Investment Company Act of 1940, as amended.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.8 <u>Restricted Shares</u>. No directed selling efforts (as defined in Rule 902 of Regulation S) have been made by any of SolarMax, any of its Affiliates or any Person acting on its behalf with respect to the SolarMax Shares to be issued to the CZH Holders pursuant to this Agreement. The issuance of the SolarMax Shares will be exempt from the registration requirement of the Securities Act pursuant to an exemption provided by Regulation S. In making this representation, SolarMax is relying upon, and this representation is subject to the accuracy of, the representation and warranties of all of the CZH Holders and CZH Transferors in Article III and Article IV.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE VII<br>COVENANTS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.1 <u>Publicity</u>. Except as may be required by applicable Law or by obligations pursuant to any listing agreement with or rules of any national securities exchange or by any Governmental Entity, prior to Closing, no Party nor any of its Affiliates shall, without the express written approval of the other Parties, make any press release or other public announcements concerning the transactions contemplated by this Agreement, except as and to the extent that such Party shall be so obligated by applicable Law or pursuant to any such listing agreement or rules of any national securities exchange or by any Governmental Entity, in which case the other Parties shall be advised and all the Parties shall use reasonable efforts to cause a mutually agreeable release or announcement to be issued. For the avoidance of doubt, the Parties understand and agree that, in connection with any public offering by SolarMax, SolarMax will be required to disclose this Agreement and may be required to file this Agreement as an exhibit to the registration statement relating to such public offering.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak78b45673-1e83-489e-a9c8-b0a6dc982762" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.2 <u>Commercially Reasonable Efforts</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each Party shall use (and shall cause its Affiliates to use) commercially reasonable efforts to take, or cause to be taken, all actions, and do, or cause to be done, all things, necessary, proper or advisable to cause the conditions to Closing set forth in Article VIII to be satisfied as promptly as practicable and to consummate in the most expeditious manner practicable, the transactions contemplated by this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Subject to the foregoing, the Parties agree that, from time to time before and after the Closing Date, they will execute and deliver such further instruments, and take, or cause their respective Affiliates to take, such other action, as may be reasonably necessary to carry out the purposes and intents of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.3 <u>Fees and Expenses</u>. Whether or not Closing occurs, all costs and expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement (including any fees and expenses of investment bankers, brokers, finders, counsel, advisors, experts or other agents, in each case, incident to or in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby (whether payable prior to, at or after the Closing Date)) shall be paid by the Party incurring such expenses; <u>provided</u>, that the CZH Holders and the CZH Transferors shall be jointly and severally responsible for the payment of all fees and expenses incurred by the Company and the Company Subsidiary.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.4 <u>Notification</u>. Each Party shall notify the other Parties in writing immediately upon becoming aware of any fact or condition that would cause any condition set forth in Article VIII not to be satisfied.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.5 <u>Non-Compete; Non-Solicitation</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Without SolarMax&#8217; prior written approval, for a period of five (5) years from the Closing Date, no CZH Holder or CZH Transferor shall, and each shall cause its Affiliates not to, directly or indirectly engage in, operate, manage, act as an officer, director, consultant or advisor to, provide or guaranty financing to or acquire ownership of more than a five percent (5%) interest in, a Person that engages in the Business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) For a period of five (5) years from the Closing Date, no CZH Holder or CZH Transferor shall, and each shall cause its respective Affiliates not to (i) solicit, entice, persuade or induce any of the senior employees of SolarMax, SolarMax China or any of their direct or indirect subsidiaries to terminate his or her employment, (ii) solicit the employment of any such individual, or (iii) hire or engage, as an officer, employee, consultant, independent contractor or otherwise, any such individual, in each case without the prior written consent of SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The length of time for which any covenant contained in this Section 7.5 shall be in force shall not include any period of violation or any other period required for litigation during which SolarMax seeks to enforce such covenant. In the event that any such covenant shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too long a period of time or over too large a geographical area or by reason of its being too extensive in any other respect, it shall be interpreted to extend only over the longest period of time for which it may be enforceable, and/or over the largest geographical area as to which it may be enforceable and/or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak42521e8b-0c57-4699-a85e-178e71ee8f98" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) The covenants contained in this Section 7.5 are each independent of any other provision of this Agreement, and the existence of any claim which any party may allege against any other Party to this Agreement, whether based on this Agreement or otherwise, shall not prevent the enforcement of these covenants. The CZH Holders and the CZH Transferors acknowledge that SolarMax is paying the Cash Consideration and issuing the SolarMax Shares in reliance on the goodwill of the Business and the covenants contained in this Section 7.5 are essential to the protection of SolarMax and that SolarMax would not issue the SolarMax Shares but for these covenants. The CZH Holders and the CZH Transferors (i) acknowledge and agree that the monetary damages for any breach of this Section 7.5 would be inadequate, and (ii) agree and consent that without intending to limit any additional remedies that may be available, temporary and permanent injunctive and other equitable relief may be granted in any action that may be brought to enforce any of the provisions of this Section 7.5.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.6 <u>Governmental Filings for Issuance of the SolarMax Shares</u>. Each of the Parties shall promptly make all required Governmental Filings, if any, pursuant to the Securities Act in connection with the issuance of the SolarMax Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.7 <u>Project Finance</u>. Following the Closing, the CZH Holders may by notice in writing request SolarMax China to use commercially reasonable efforts to arrange for project financing on behalf of the Company on such terms as the Company may determine to be reasonable, based on the tasks required for identifying, planning, and procuring certain capital intensive solar projects, and in all cases, subject to the final terms of usual and customary definitive documents negotiated with SolarMax China, the Company and/or any other counterparties and subject to a project budget proposed by the CZH Holders and subject to SolarMax&#8217; and any proposed lenders&#8217; approval. For the avoidance of doubt, it is understood that any project financing will be subject to negotiation of financing and this Agreement does not confer upon any Party or the Company any right to obtain financing from the Company and none of SolarMax, SolarMax China or the Company shall have any obligation whatsoever to provide access to funds or direct financing to the CZH Holders (including Affiliates of CZH Holders and third party transferees) under this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.8 <u>IPO</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) It is SolarMax&#8217; present intention to file a Registration Statement with the SEC not later than one year from the Closing Date; <u>provided</u>, <u>however</u>, that such date may be postponed by SolarMax if and to the extent that SolarMax&#8217; ability to have the Registration Statement filed with the SEC is delayed as a result of (i) questions raised by SolarMax&#8217; investment banking firm or the SEC relating to this Agreement, the business or financial statements of the Company, the accounting treatment of the transaction contemplated by this Agreement or other matters relating to the Company, (ii) any acquisition which SolarMax proposes to make (regardless of whether the acquisition is completed) if such proposed acquired company would be a &#8220;significant subsidiary&#8221; as defined in Regulation S-X under the Securities Act whose financial statements would be required to be included in the registration statement, including questions or comments raised by the proposed underwriters relating to such acquisition, its business, financial statements or the acquisition agreement. The length of any delay resulting from events described in this Section 7.8(a) shall be determined in good faith by SolarMax, and SolarMax shall advise the CZH Holders and the CZH Transferors in a timely manner of any such delay and the basis of such delay.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka97bb5d7-c6f4-45e3-8db3-32007a62dc9e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The CZH Holders and the CZH Transferors acknowledge and understand that the Registration Statement will cover shares being sold by the Company and that no SolarMax Shares will be covered in the Registration Statement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) In connection with the IPO, each CZH Holder agrees that such CZH Holder will enter into such lock-up agreement with respect to the SolarMax Shares as may be requested by the managing underwriter of the IPO, provided, that in no event will the lock-up period required of the CZH Holders exceed the lock-up period required of the Company&#8217;s management. A lock-up period is the period following the completion of a public offering that the SolarMax Shares may not be publicly sold by the holders.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.9 <u>Circular 37 Registration</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Prior to the Closing, each CZH Transferor and CZH Holder who (i) is a Circular 37 Security Holder and (ii) has failed to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations shall, and the Company, the CZH Transferors and CZH Holders shall use their respective best efforts to cause each Circular 37 Security Holder who has failed to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations (collectively, the &#8220;<b>Complying Circular 37 Security Holders</b>&#8221;) to comply with the reporting and/or registration requirements under the SAFE Rules and Regulations. The Company, the CZH Transferors and CZH Holders shall provide copies of any such report, filing or application to SolarMax prior to filing and consider all reasonable additions, deletions or changes suggested by SolarMax in connection therewith. Each of the Company, the CZH Transferors and CZH Holders shall keep SolarMax apprised of any communication with, and the status of any inquiries or requests for additional information from, SAFE in connection therewith.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each CZH Transferor and CZH Holder who is a Circular 37 Security Holder shall use his best efforts to (i) report and file with SAFE the transfer of his or its portion of the Company Interests as contemplated under this Agreement, as soon as practicable after the Closing, in accordance with the requirements under the SAFE Rules and Regulations, or (ii) provide the Company with all documents, information and assistance as is reasonably necessary to enable the Company to promptly make such report and filing with SAFE on behalf of such CZH Transferor and CZH Holder, as the case may be.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6ea1feea-43d2-421d-9309-7866053ec82a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 7.10 <u>Tax Matters</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each CZH Transferor and each CZH Holder shall duly and timely comply with all of its Tax payment obligations as required by applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Each CZH Transferor and each CZH Holder shall duly and timely comply with any obligations imposed under Guoshuihan [2009] No. 698 (&#8220;<b>Circular 698</b>&#8221;), including any reporting obligations, and such CZH Transferor or CZH Holder, as the case may be, shall fully and timely make full payments of Taxes, including but not limited to capital gain Taxes or similar nature income Taxes, as required by the Governmental Entities after such reporting.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The CZH Transferors and CZH Holders shall cause all Tax allocation agreements or Tax sharing agreements with respect to the Company or the Company Subsidiary to be terminated as of the Closing Date, and shall ensure that such agreements are of no further force or effect as to the Company or the Company Subsidiary on and after the Closing Date and that there shall be no further liabilities or obligations imposed on the Company or the Company Subsidiary under any such agreements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE VIII<br>CONDITIONS OF CLOSING</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 8.1 <u>Conditions to Obligations of the Parties</u>. The respective obligations of each Party to consummate the transactions contemplated by this Agreement are subject the satisfaction or waiver of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) No statute, rule or regulation shall have been enacted or promulgated by any Governmental Entity which prohibits the consummation of the Closing; and there shall be no order or injunction of a court of competent jurisdiction in effect precluding consummation of the Closing or seeking to restrain or prohibit the consummation of the Closing or the performance of any of the Parties&#8217; obligation pursuant to this Agreement, or seeking to obtain from the Company or any Party any damages.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) There shall not be threatened or pending any suit, action or proceeding by any Governmental Entity: (i) seeking to prohibit or impose any material limitations on SolarMax&#8217; ownership of SolarMax China, SolarMax China&#8217;s ownership of the Company or SolarMax&#8217; or SolarMax China&#8217;s ability to operate the Company, or seeking to compel SolarMax or SolarMax China to dispose of or hold separate any material portion of the business or assets of the Company or seeking to impose material limitations on the ability of SolarMax China effectively to exercise full rights of ownership of the Company Interests; or (ii) which otherwise is reasonably likely to have a material adverse effect on the prospects, consolidated financial condition, businesses or results of operations of SolarMax or the Company.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak33b30a75-55f6-4bd3-a73f-bf5b8b7764ce" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 8.2 <u>Additional Conditions to Obligations of SolarMax</u>. The obligation of SolarMax to consummate the transactions contemplated by this Agreement is subject to the fulfillment or waiver by SolarMax, on or prior to the Closing Date, of each of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The representations and warranties set forth in Article III, Article IV and Article V shall be true and correct on and as of the Closing Date with the same force and effect as if made on such date (except to the extent such representations and warranties shall have been expressly made as of an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The CZH Holders and the CZH Transferors shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by them respectively on or prior to the Closing Date, and they shall have delivered a certificate to such effect to SolarMax; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) The CZH Holders shall have delivered the closing deliverables set forth Section 2.3(c).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 8.3 <u>Additional Conditions to Obligations of the CZH Holders</u>. The obligation of each CZH Holder to consummate the transactions contemplated by this Agreement is subject to the fulfillment or waiver by such CZH Holder, on or prior to the Closing Date, of each of the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) The representations and warranties of SolarMax set forth in Article VI shall be true and correct on and as of the Closing Date (except to the extent such representations and warranties shall have been expressly made as of an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) SolarMax shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by SolarMax on or prior to the Closing Date, and SolarMax shall have delivered a certificate to such effect to the CZH Holders; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) SolarMax shall have delivered the closing deliverables set forth in Section 2.3(a) and Section 2.3(b).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE IX<br>TERMINATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 9.1 <u>Termination of Agreement</u>. This Agreement may be terminated at any time prior to the Closing Date as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) by mutual written consent of the Parties;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) by either the CZH Holders or SolarMax if there shall be a Law in effect making illegal the consummation of the transactions contemplated hereby, or there shall be a final and non-appealable Governmental Order in effect prohibiting the consummation of the transactions contemplated hereby;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6a4c0a99-fb6d-4675-be82-450df094f818" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) by SolarMax if there shall have been (i) a material breach of any of the representations and warranties of any CZH Holder or any CZH Transferor set forth in this Agreement, or (ii) a material breach of any of the covenants or agreements on the part of any CZH Holder or CZH Transferor set forth in this Agreement, which breach would cause the condition set forth in Section 8.1 or Section 8.2 not to be satisfied (and, in the case of either (i) or (ii) above, such breach is not cured within fifteen (15) days after receipt of written notice thereof); <u>provided</u>, however, SolarMax shall not have the right to terminate this Agreement pursuant to this Section 9.1(c) if SolarMax shall have materially breached or failed to perform any of its representations, warranties or covenants set forth in this Agreement which breach or failure to perform would give rise to the failure of the conditions set forth in Section 8.1 or Section 8.2; or</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) by the CZH Holders and the CZH Transferors, acting together, if there shall have been (i) a material breach of any of the representations and warranties of SolarMax set forth in this Agreement, or (ii) a material breach of any of the covenants or agreements on the part of SolarMax set forth in this Agreement, which breach would cause the condition set forth in Section 8.1 or Section 8.3 not to be satisfied (and, in the case of either (i) or (ii) above, such breach is not cured within fifteen (15) days after receipt of written notice thereof); <u>provided</u>, however, the CZH Holders and CZH Transferors shall not have the right to terminate this Agreement pursuant to this Section 9.1(d) if any CZH Holder or any CZH Transferor shall have materially breached or failed to perform any of his or its representations, warranties or covenants set forth in this Agreement which breach or failure to perform would give rise to the failure of the conditions set forth in Section 8.1 or Section 8.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 9.2 <u>Effect of Termination</u>. In the event of termination of this Agreement by a Party pursuant to Section 9.1, written notice thereof shall forthwith be given by the terminating Party to the other Parties, and this Agreement shall thereupon terminate and become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the Parties and there shall be no liability on the part of the CZH Holders, the CZH Transferors or SolarMax; provided, that no such termination shall relieve any Party of its obligations under Section 7.1, Section 7.3, this Article IX or Article XI.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE X<br>LIMITS OF LIABILITY AND INDEMNIFICATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.1 <u>Survival of Representations and Warranties</u>. Except as expressly provided in Section 10.1(a) and Section 10.1(b), the representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing until the second anniversary after the Closing Date:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) the representations and warranties of (i) the CZH Holders set forth in Section 3.1, Section 3.2, Section 3.7, Section 3.11; (ii) the CZH Transferors set forth in Section 4.1, Section 4.2, Section 4.4 and Section 4.10; (iii) the CZH Holders and CZH Transferors set forth in Section 5.1, Section 5.2, Section 5.7 and Section 5.19; and (iv) SolarMax set forth in Section 6.1, Section 6.2 and Section 6.5 shall survive the Closing indefinitely; and</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4d9bec35-3453-4c35-9968-81f3c5356041" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) the representations and warranties of (i) the CZH Holders set forth in Section 3.5, (ii) the CZH Transferors set forth in Section 4.6 and (ii) the CZH Holders and CZH Transferors set forth in Section 5.5, Section 5.14 and Section 5.20 shall survive until six months following the expiration of the applicable statutes of limitations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) the covenants and agreements of the Parties contained in this Agreement that by their terms are to be performed after the Closing shall survive the Closing in accordance with their terms, unless and to the extent only that non-compliance with such covenants or agreements is waived in writing by the Party entitled to such performance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">No claim or cause of action arising out of the inaccuracy or breach of any warranty, covenant or agreement of the CZH Holders or SolarMax may be made following the termination of the applicable survival period referred to in this Section 10.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.2 <u>Indemnification</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) From and after the Closing, each CZH Holder and each CZH Transferor shall indemnify SolarMax and its Affiliates and their respective officers, directors, employees, agents, successors and permitted assigns (collectively, the &#8220;<b>SolarMax Indemnitees</b>&#8221;) from and against all Losses arising out of or relating to: (i) a breach of any representation or warranty made by such CZH Holder or CZH Transferor, as the case may be, contained in Article III, Article IV or Article V of this Agreement; or (ii) a breach of any covenant or obligation to be performed by such CZH Holder or CZH Transferor under this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) From and after the Closing, SolarMax shall indemnify each CZH Holder and their respective Affiliates and their respective officers, directors, employees, agents, successors and permitted assigns (collectively, the &#8220;<b>CZH Holder Indemnitees</b>&#8221;) from and against all Losses, arising out of or relating to: (i) a breach of any representation or warranty made by SolarMax contained in Article VI of this Agreement; or (ii) a breach of any covenant or obligation to be performed by SolarMax under this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 10.3 <u>Tax Indemnity</u>. Each CZH Transferor and CZH Holder shall severally and jointly indemnify and hold harmless the SolarMax Indemnitees from any and all Losses incurred by the SolarMax Indemnitees in respect of:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) any and all liability for Taxes with respect to any taxable period of the Company or the Company Subsidiary (or any predecessors) for all taxable periods ending on or before the Closing Date and with respect to any taxable period that begins on or before and ends after the Closing Date, for the portion thereof ending on the Closing Date;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake71e1e72-f459-486d-9fd4-307b78d8952f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) any and all liability for Taxes of such CZH Transferor or CZH Holder, as the case may be, or any other Person (other than the Company or the Company Subsidiary) which is or has ever been affiliated with the Company or the Company Subsidiary or with whom the Company or the Company Subsidiary otherwise joins or has ever joined (or is or has ever been required to join) in filing any consolidated, combined, unitary or aggregate Tax Return, prior to the Closing Date;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) any breach of any representation or warranty or covenant contained in Section 5.5 and Section 7.10; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) any and all liability for Taxes imposed in connection with, arising from or relating to such CZH Transferor or such CZH Holder&#8217;s reporting obligations under Circular 698; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) any payments required to be made after the Closing Date under any Tax sharing, Tax indemnity, Tax allocation or similar contracts (whether or not written) to which the Company or the Company Subsidiary was obligated, or was a party, on or prior to the Closing Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE XI<br>MISCELLANEOUS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.1 <u>Assignment; Binding Effect</u>. This Agreement and the rights hereunder are not assignable unless such assignment is consented to in writing by all the Parties. Subject to the preceding clause, this Agreement and all the provisions hereof shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.2 <u>Governing Law</u>. This Agreement and all disputes shall be governed by and construed in accordance with the Laws of the State of Nevada without regard to principles of conflict of Law. For all matters arising directly or indirectly from this Agreement (&#8220;<b>Agreement Matters</b>&#8221;), each of the Parties hereto hereby (a) irrevocably consents and submits to the sole exclusive jurisdiction of the United States District Court for the Central District of California and any state court in the State of California that is located in Riverside County (and of the appropriate appellate courts from any of the foregoing) in connection with any legal action, lawsuit, arbitration, mediation, or other legal or quasi legal proceeding (&#8220;<b>Proceeding</b>&#8221;) directly or indirectly arising out of or relating to any Agreement Matter; provided that a Party to this Agreement shall be entitled to enforce an order or judgment of any such court in any United States or foreign court having jurisdiction over the other Party (or Parties), (b) irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding in any such court or that any such Proceeding which is brought in any such court has been brought in an inconvenient forum, (c) waives, to the fullest extent permitted by Law, any immunity from jurisdiction of any such court or from any legal process therein, (d) irrevocably waives, to the fullest extent permitted by Law, any right to a trial by jury in connection with a Proceeding, (e) agrees not to commence any Proceeding other than in such courts, and (f) agrees that service of any summons, complaint, notice or other process relating to such Proceeding may be effected in the manner provided for the giving of notice as set forth in herein other than by electronic communication.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb27d91cb-9e5c-4bb2-9192-18b00190f80d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.3 <u>Notices</u>. Any notice, request, demand or other communication required or permitted hereunder shall be in writing signed by the Party giving such notice, and delivered personally or sent by overnight courier, mail or messenger against receipt thereof or sent by registered or certified mail, return receipt requested or by telecopier (if telecopier number is provided) or e-mail or other method of electronic communications (collectively, &#8220;<b>electronic communication</b>&#8221;). Notices shall be deemed to have been received on the date of delivery or attempted delivery; provided that notice by electronic communication shall only be deemed given if receipt is acknowledged. Notices shall be sent to the Parties at the addresses set forth below. Any Party may, by like notice, change the address, person, telecopier number or e-mail to which notice shall be sent.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to SolarMax or SolarMax China, to: </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">SolarMax Technology, Inc. </p> <p style="MARGIN: 0px 0px 0px 90px">3080 12th Street </p> <p style="MARGIN: 0px 0px 0px 90px">Riverside, CA 92507 </p> <p style="MARGIN: 0px 0px 0px 90px">Attention: Mr. David Hsu </p> <p style="MARGIN: 0px 0px 0px 90px">E-mail: davidh@solarmaxtech.com </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to the CZH Holders, to: </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">c/o Mosack Fonseca &amp; Co. (B.V.I.) Ltd. </p> <p style="MARGIN: 0px 0px 0px 90px">P.O. Box 3136 </p> <p style="MARGIN: 0px 0px 0px 90px">Road Town, Tortola </p> <p style="MARGIN: 0px 0px 0px 90px">British Virgin Islands </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to the CZH Transferors, to: </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">Chengdu Zhonghong Tianhao Technology Limited Company </p> <p style="MARGIN: 0px 0px 0px 90px">Building 2, Floor 4-1 </p> <p style="MARGIN: 0px 0px 0px 90px">Tianhe West 2nd Street </p> <p style="MARGIN: 0px 0px 0px 90px">Gaoxin District, Chengdu City </p> <p style="MARGIN: 0px 0px 0px 90px">Sichuan Province, PRC</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp; &nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px"><img src="solarmax_ex23img1.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.4 <u>Headings</u>. The headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting or construing any of the provisions contained in this Agreement.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakba1c6d72-5adc-4fb3-9774-9054d01f1dcb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.5 <u>Entire Agreement</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>&nbsp;</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) This Agreement, including the Exhibits and the documents to be delivered at the Closing, which constitute integral parts of this Agreement, constitutes the entire agreement of the Parties, superseding all prior or contemporaneous oral or written agreements, understandings and letters of intent, and may not be modified or amended nor may any right be waived except by a written instrument which refers to this Agreement, states that it is an amendment, modification or waiver and is signed by all Parties, in the case of a modification or amendment, or by the Party granting the waiver in the case of a waiver. No course of conduct or dealing or trade usage or custom and no course of performance shall be relied on or referred to by any Party to contradict, explain, vary or supplement any provision of this Agreement, it being acknowledged by the Parties that this Agreement is intended to be, and is, the complete and exclusive statement of their agreement with respect to its subject matter. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver of any other provisions or the same provisions at any other time or under any other circumstances. No delay or failure by any party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other rights.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.6 <u>Interpretation</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) When a reference is made in this Agreement to an Article, Section or Exhibit, such reference shall be to an Article, Section or Exhibit of or to this Agreement unless otherwise indicated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Whenever the words &#8220;include,&#8221; &#8220;includes&#8221; or &#8220;including&#8221; are used in this Agreement, they shall be deemed to be followed by the words &#8220;without limitation.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Unless the context requires otherwise, the terms &#8220;hereof,&#8221; &#8220;herein,&#8221; &#8220;hereby,&#8221; &#8220;hereto&#8221; and derivative or similar words in this Agreement refer to this entire Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Unless the context requires otherwise, words in this Agreement using the singular or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) References in this Agreement to &#8220;U.S. Dollars,&#8221; or &#8220;US$&#8221; are to U.S. dollars, the legal currency of the United States of America; and references in this Agreement to &#8220;RMB&#8221; are to <i>renminbi</i>, the legal currency of the PRC.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) This Agreement was prepared jointly by the Parties and no rule that it be construed against the drafter will have any application in its construction or interpretation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7e381c01-f560-4205-8a2d-ddd91ff84ce2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.7 <u>Third-Party Beneficiaries</u>. Save for rights set forth in Article X, this Agreement is for the sole benefit of the Parties and their successors and permitted assigns and nothing herein express or implied shall give or be construed to give to any Person, other than the Parties and such successors and permitted assigns, any legal or equitable rights hereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.8 <u>Specific Performance.</u> The Parties agree that if the CZH Holders or CZH Transferors should fail to perform under any of the provisions of this Agreement in accordance with their specific terms or otherwise breach any of the provisions of this Agreement, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and that SolarMax and SolarMax China shall be entitled to specific performance of the terms hereof, in addition to any other remedy at Law or in equity. The CZH Holders and the CZH Transferors hereby waive the defense that there is an adequate remedy at Law. In no event shall the CZH Holders and the CZH Transferors be entitled to seek specific performance with respect to any of SolarMax or SolarMax China&#8217;s obligations arising under this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.9 <u>Severability</u>. If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 11.10 <u>Counterparts; Facsimile Signatures; Delivery of Signature Pages</u>. This Agreement may be executed in any number of counterparts, each of which when executed, shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument binding upon all of the Parties notwithstanding the fact that all of the Parties are not signatory to the original or the same counterpart. For purposes of this Agreement, facsimile signatures shall be deemed originals. If less than a complete copy of this Agreement is delivered at Closing, the other Parties are entitled to assume that delivering Party accepts and agrees to all of the terms and conditions of the pages not delivered at Closing unaltered.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[<i>Signature Pages Follow</i>]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9ac7470b-e588-417e-a1c4-72422c5f42e4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"> <p style="MARGIN: 0px">SOLARMAX:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid">/s/ David Hsu </td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td>David Hsu</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:</td> <td>Chief Executive Officer</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">SOLARMAX CHINA:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SHANGHAI HONGGUAN SOLAR TECHNOLOGY LIMITED COMPANY<br><b><b><b>&nbsp;<img src="solarmax_ex23img2.jpg"></b></b></b></b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>By:</td> <td> <p style="MARGIN: 0px"><em>/s/ David Hsu</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Name:</td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Title:</td> <td> <p style="MARGIN: 0px">Authorized Signatory</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbed864ad-a8d3-4fa6-b474-6cb12cdc4cc3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"> <p style="MARGIN: 0px">CZH HOLDERS:</p> <p style="MARGIN: 0px"><b>&nbsp;</b></p> <p style="MARGIN: 0px"><b>LORD LINK INVESTMENT CO., LTD</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="30%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="40%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"></td></tr> <tr> <td> <p style="MARGIN: 0px">By: </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ LU Bin</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr> <td>Name:</td> <td> <p style="MARGIN: 0px">LU Bin</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr> <td>Title:</td> <td> <p style="MARGIN: 0px">Authorized Signatory</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px"><b>JIFU ENVIRONMENTAL PROTECTION TECHNOLOGY CO., LTD.</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">By: </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ WU Xianzhong</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Name: </p></td> <td> <p style="MARGIN: 0px">WU Xianzhong</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">Authorized Signatory</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">CZH TRANSFERORS:</p></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ WANG Xuejian</em></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">WANG Xuejian</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ ZHU Zhiping </em></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>ZHU Zhiping</td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9bd693f8-8285-448a-8adb-b9a5aa08be53" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT A</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>CZH Holders</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center"><b>CZH Holder</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>SolarMax</b></p> <p style="MARGIN: 0px" align="center"><b>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>First Unvested Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Second Unvested Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Third Unvested Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Lord Link Investment Co., Ltd </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,040,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">680,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">680,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">680,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Jifu Environmental Protection Technology Co., Ltd. </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">360,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">120,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">120,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">120,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="left"><b>TOTAL</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>2,400,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>800,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>800,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>800,000</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4c6cc340-db72-4a8b-a918-4616882b4421" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT B</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>CZH Transferors</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="center">CZH Transferor</p></td> <td width="10%"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="center">Company Interests </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="center">WANG Xuejian </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">40%</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="center">ZHU Zhiping </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">60%</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Company Interests are reflected as a percentage of the total equity of the Company on the Company&#8217;s books and records.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8ec88014-de32-43b9-bc05-cb888a6bcf0a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">45</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT C</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Commercial Milestones</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="20%"> <p style="MARGIN: 0px" align="center">Milestone Name</p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px" align="center">Supply Milestone</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="center">First Milestone</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">The identification, planning and successful procurement for the Company of solar system projects for resale that will deliver, at standard rates in the normal course of business, 70 MW</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="center">Second Milestone</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">The identification, planning and successful procurement for the Company of solar system projects for resale that will deliver, at standard rates in the normal course of business, 170 MW (cumulative with the First Milestone)</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="center">Third Milestone</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px">The identification, planning and successful procurement for the Company of solar system projects for resale that will deliver, at standard rates in the normal course of business, 290 MW (cumulative with the Second Milestone)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake149890e-3d38-4e30-8e6e-ee109e533dab" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">46</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT D</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Form of Transfer Instruments</u></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak420d2540-b397-4621-bfc6-380951bced8e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">47</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT E</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Form of PRC Legal Opinion</u></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3e4415b2-9633-4a11-8cf8-b83c7c254b5c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">48</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT F</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Form of Stock Power and Cancellation Agreement</u></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px">FOR VALUE RECEIVED and pursuant to that certain Share Exchange Agreement between the undersigned (&#8220;<b>CZH Holder</b>&#8221;) and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;), dated April 28, 2015 (the &#8220;<b>Agreement</b>&#8221;), CZH Holder hereby sells, assigns and transfers unto SolarMax [&#9679;] shares of common stock of SolarMax standing in CZH Holder&#8217;s name on SolarMax&#8217; books are represented by stock certificate no. [&#9679;], and does hereby irrevocably constitute and appoint the Secretary of the Company or his or her designee, to transfer said stock on the books of SolarMax with full power of substitution in the premises. The undersigned does further irrevocably instruct the transfer agent for SolarMax&#8217; common stock to cancel the shares of SolarMax common stock represented by such stock certificate, regardless of whether such stock certificate is delivered to the Company for cancellation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dated: _________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; punctuation-wrap: simple"><b>[</b>CZH HOLDER<b>]</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">______________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u> <table id="pagebreak63808c56-d6ac-4cd0-bd5a-756a8cbca0ea" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">49</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></u></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT G</p> <p style="MARGIN: 0px" align="center">&nbsp; </p> <p style="MARGIN: 0px" align="center"><u>Disclosure Schedules</u></p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">50</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>5
<FILENAME>solarmax_ex31.htm
<DESCRIPTION>EX-3.1
<TEXT>
<html><head><title>solarmax_ex31.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 3.1</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>AMENDED AND RESTATED ARTICLES OF INCORPORATION</b></p> <p style="MARGIN: 0px" align="center"><b>OF</b></p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Pursuant to NRS Chapter 78</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">1.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </font>The name of the corporation (the &#8220;Corporation&#8221;) is SolarMax Technology, Inc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </font>The registered agent for services of process is Corporate Creations Network Inc. The address of the registered agent is 8275 South Eastern Avenue, No. 200, Las Vegas, Nevada 89123.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">3.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(a) The total number of shares of capital stock which the Corporation shall have authority to issue is five hundred fifteen million (515,000,000) shares, of which (i) fifteen million (15,000,000) shares are designated as preferred stock, with a par value of $0.001 per share (&#8220;Preferred Stock&#8221;) and (ii) five hundred million (500,000,000) shares are designated as common stock, with a par value of $0.001 per share (&#8220;Common Stock&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp; <font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(b) The Preferred Stock of the Corporation may be issued by the Board of Directors of the Corporation in one or more series and each such series shall have such voting powers, full or limited, or no voting powers, and such designations, preferences, limitations or restrictions as the Board of Directors of the Corporation may determine, from time to time, including but not limited to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) the designation of such class or series;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ii) the dividend rate of such class or series, the conditions and dates upon which such dividends shall be payable, the preference or relation which such dividends shall bear to the dividends payable on any other class or classes or of any other series of capital stock, whether such dividends shall be cumulative or non-cumulative, and whether such dividends may be paid in shares of any class or series of capital stock or other securities of the Corporation;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(iii) whether the shares of such class or series shall be subject to redemption by the Corporation, and, if made subject to such redemption, the times, prices and other terms and conditions of such redemption;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(iv) the terms and amount of any sinking fund provided for the purchase or redemption of the shares of such class or series;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(v) whether or not the shares of such class or series shall be convertible into or exchangeable for shares of any other class or classes or series of capital stock or other securities of the Corporation, and, if provision be made for conversion or exchange, the times, prices, rates, adjustment and other terms and conditions of such conversion or exchange;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(vi) the extent, if any, to which the holders of the shares of such class or series shall be entitled to vote, as a class or otherwise, with respect to the election of the directors or otherwise, and the number of votes to which the holder of each share of such class or series shall be entitled;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(vii) the restrictions, if any, on the issue or reissue of any additional shares or any class or series of Preferred Stock; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(viii) the rights of the holders of the shares of such class or series upon the dissolution of, or upon the distribution of assets of, the Corporation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak1b5c4005-0866-4d4f-8f7d-404aa432e049" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp; <font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(c) Holders of shares of Common Stock shall be entitled to cast one vote for each share held at all stockholders&#8217; meetings for all purposes, including the election of directors. The Common Stock does not have cumulative voting rights.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp; <font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(d) Subject to such rights as may be granted to the holders of any series of Preferred Stock, no holder of shares of stock of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of shares of stock of any class, or of securities convertible into shares of stock of any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of dividend.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The purpose of the Corporation shall be to engage in any lawful act or activity for which corporations may be organized in Nevada.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">5.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </font>Except as otherwise provided by law, a director or officer is not individually liable to the Corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that (a) the director&#8217;s or officer&#8217;s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and (b) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">6.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </font>The Corporation shall provide indemnification to its directors and officers to the maximum extent permitted by law. The Corporation shall pay advancements of expenses in advance of the final disposition of the action, suit, or proceedings upon receipt of an undertaking by or on behalf of the director or officer to repay the amount even if it is ultimately determined that he or she is not entitled to be indemnified by the corporation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.<font style='FONT: 7pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </font>These Restated Articles of Incorporation were approved by the Board of Directors and the holders of a majority of the outstanding shares of common stock pursuant to NRS 78.390 and NRS 78.320, and this instrument correctly sets forth in full the articles of incorporation, as amended and restated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF, the unsigned officer has signed these restated articles of incorporation this 15<sup>th </sup>day of November, 2016.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><u>/s/ David Hsu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p> <p style="MARGIN: 0px">David Hsu, Chief Executive Officer</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>6
<FILENAME>solarmax_ex32.htm
<DESCRIPTION>EX-3.2
<TEXT>
<html><head><title>solarmax_ex32.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 3.2</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>AMENDED AND RESTATED BYLAWS OF</b></p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.<font style="MSO-BIDI-FONT-WEIGHT: BOLD"></font></b></p> <p style="MARGIN: 0px" align="center"><b>(a Nevada Corporation)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>(adopted effective as of December 14, 2016)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">These Restated Bylaws of SolarMax Technology, Inc., a Nevada corporation (the &#8220;<b>Corporation</b>&#8221;) are adopted pursuant to Section 12.2 of the Corporation&#8217;s existing Bylaws (the &#8220;<b>Original Bylaws</b>&#8221;), and are intended to amend, restate and replace, in their entirety, the Original Bylaws effective as of the date first written above.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 1</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>OFFICES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 1.1. <u>Principal Office</u>. The principal offices of the Corporation shall be in such location as the Board of Directors of the Corporation (the &#8220;<b>Board of Directors</b>&#8221;) may determine.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 1.2. <u>Other Offices</u>. The Corporation may also have offices at such other places both within and without the State of Nevada as the Board of Directors may from time to time determine or the business of the Corporation may require.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 2</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>MEETINGS OF STOCKHOLDERS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.1. <u>Place of Meeting; Chairman</u>. All meetings of stockholders shall be held at such place, either within or without the State of Nevada, as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. The Chairman of the Board of the Corporation (or the Executive Chairman of the Corporation, if such office is designated and filled in accordance with these Bylaws) (the &#8220;<b>Chairman of the Board</b>&#8221;) or any other person specifically designated by the Board of Directors shall act as the Chairman for any meeting of stockholders of the Corporation. The Chairman of the Board (or his or her designee) shall have full authority to control the process of any stockholder or Board of Directors meeting, including, without limitation, determining whether any proposals or nominations were properly brought before such meeting, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting, limitations on participation in such meeting to stockholders of record of the Corporation and their duly authorized and constituted proxies and such other persons as the Chairman of the Board (or his or her designee) shall permit, restrictions on entry to the meeting after the time fixed for the commencement thereof, requiring ballots by written consent, limitations on the time allotted to questions or comments by participants and regulation of the opening and closing of the polls for balloting on matters which are to be voted on by ballot.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.2. <u>Annual Meetings</u>. The annual meeting of stockholders of the Corporation shall be held at such date and time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting, subject to any postponement in the Board of Directors&#8217; sole discretion, upon notice of such postponement given in any manner deeded reasonable by the Board of Directors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake34c60ac-f398-476d-a75b-2f01c20bfa55" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.3. <u>Special Meetings</u>. Special meetings of the stockholders of the Corporation, for any purpose or purposes, unless otherwise prescribed by the Nevada Revised Statutes (&#8220;<b>NRS</b>&#8221;) or by the Amended and Restated Articles of Incorporation of the Corporation, as the same shall be amended (the &#8220;<b>Articles of Incorporation</b>&#8221;), may be called exclusively by: (i) the Chairman of the Board or the Chief Executive Officer, President or other executive officer of the Corporation, (ii) a majority of the members of the Board of Directors or (iii) the request in writing of stockholders of record, and only of record, owning not less than sixty-six and two-thirds percent (66 2/3%) of the entire capital stock of the Corporation issued and outstanding and entitled to vote (the &#8220;<b>Requisite Percent</b>&#8221;). Such request shall state the purpose or purposes of the proposed meeting. The officers or directors shall fix the date, time and any place, either within or without the State of Nevada, as the place for holding such meeting; <i>provided, however,</i> that the date of any such special meeting shall be not more than ninety (90) days after the date on which a special meeting request properly brought pursuant to Sections 2.3 and 2.5 are delivered to the Secretary of the Corporation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.4. <u>Notice of Meeting</u>. Written notice of the annual and each special meeting of stockholders of the Corporation, stating the time, place and purpose or purposes thereof, shall be given to each stockholder entitled to vote thereat, not less than ten (10) nor more than sixty (60) days before the meeting and shall be signed by the Chairman of the Board, the Chief Executive Officer, the President or the Secretary of the Corporation (the &#8220;<b>Secretary</b>&#8221;) or such other officer as may be designated by the Board of Directors. The Board of Directors may postpone a special meeting in its sole discretion in any manner it deems reasonable. In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period for the giving of a stockholder&#8217;s notice as described below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.5. <u>Business Conducted at Meetings</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.5.1 At any meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before a meeting, business must be: (a) specified in the notice of meeting (or any supplement thereto provided within the notice period specified in Section 2.4) given by or at the direction of the Chairman of the Board, the President or the Board of Directors, (b) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or (c) otherwise properly brought before the meeting by a stockholder or stockholders of record, and only of record, holding the Requisite Percent in accordance with applicable law, these Bylaws or otherwise. In addition to any other applicable requirements set forth in these Bylaws, the U.S. federal securities laws or otherwise, for business to be properly brought before a meeting called by stockholders representing the Requisite Percent, such stockholder(s) must have given timely notice thereof in writing to the Secretary. Any special meeting of the Corporation proposed to be called by a stockholder or stockholders in such capacity shall not be required to be held: (i) with respect to any matter, within 12 months after any annual or special meeting of stockholders at which the same matter was included on the agenda, or if the same matter will be included on the agenda at an annual meeting to be held within 90 days after the receipt by the Corporation of such request (the election or removal of directors to be deemed the same matter with respect to all matters involving the election or removal of directors) or (ii) if the purpose of the special meeting is not a lawful purpose or if such request violates applicable law. A stockholder may revoke a request for a special meeting at any time by written revocation delivered to the Secretary, and if, following such revocation, there are un-revoked requests from stockholders holding in the aggregate less than the requisite number of shares entitling the stockholders to request the calling of a special meeting, the Board of Directors, in its discretion, may cancel the special meeting. If none of the stockholders who submitted the request for a special meeting appears or sends a qualified representative to present the nominations proposed to be presented or other business proposed to be conducted at the special meeting, the Corporation need not present such nominations or other business for a vote at such meeting.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak940d8e9f-e7d2-4592-b38a-8008010e19d9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.5.2 To be timely, a stockholder&#8217;s notice of a proposal to be included at an annual meeting must be delivered to or mailed and received at the principal executive offices of the Corporation not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary of the date on which the Corporation first mailed its proxy materials for the previous year&#8217;s annual meeting of stockholders (or the date on which the Corporation mails its proxy materials for the current year if during the prior year the Corporation did not hold an annual meeting or if the date of the annual meeting was changed more than thirty (30) days from the prior year) or such other date as may be set forth in a proxy statement with respect to the most recent annual or special meeting for which such information was provided. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.5.3 A record stockholders&#8217; notice to the Secretary shall set forth in writing as to each matter the stockholder(s) propose to bring before the meeting: (a) a detailed description of the business desired to be brought before the meeting and the reasons for proposing such business, including the complete text of any resolutions, bylaws or Articles of Incorporation amendments proposed for consideration (b) the name and address, as they appear on the Corporation&#8217;s books, of the stockholders proposing such business, (c) the class and number of shares of the Corporation which are owned directly or indirectly of record and directly or indirectly beneficially owned by the stockholders and each of its affiliates (within the meaning of Rule 144 promulgated under the Securities Act of 1933, as amended, or any successor rule thereto (&#8220;<b>Rule 144</b>&#8221;)), including any shares of the Corporation owned or controlled via derivatives, synthetic securities, hedged positions and other economic and voting mechanisms, (d) any material interest of the stockholders in such proposed business and any agreements or understandings to which such stockholders are a party which relate in any way, directly or indirectly, to the proposed business to be conducted, including a description of all arrangements or understandings between such stockholder and any other person or persons (including their names), (e) a representation as to whether or not such stockholder intends to solicit proxies; (f) a representation as to whether or not such stockholder intends to appear in person or by proxy at the applicable meeting, and (g) such other information regarding the stockholder in his, her or its capacity as a proponent of a stockholder proposal that would be required to be disclosed in a proxy statement or other filing with the United States Securities and Exchange Commission (&#8220;<b>SEC</b>&#8221;) required to be made in connection with the contested solicitation of proxies pursuant to the SEC&#8217;s proxy rules.</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.5.4 Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at a meeting except in accordance with the procedures set forth in this Section 2.5. The Chairman of the meeting shall, in his or her sole discretion, determine and declare to the meeting whether or not any business was properly brought before the meeting. Any such business not properly brought before the meeting shall not be transacted. Nothing in this Section 2.5 shall affect the right of a stockholder to request inclusion of a proposal in the Corporation&#8217;s proxy statement to the extent that such right is provided by an applicable rule of the SEC. Notwithstanding the foregoing, the advance notice provisions of these Bylaws shall apply to all stockholder proposals regardless of whether such proposal is sought to be included in the Corporation&#8217;s proxy statement or in a separate proxy statement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.6. <u>Nomination of Directors.</u> Nomination of candidates for election as directors of the Corporation at any meeting of stockholders called for the election of directors, in whole or in part (an &#8220;<b>Election Meeting</b>&#8221;), must be made by the Board of Directors or by any stockholder entitled to vote at such Election Meeting, in accordance with the following procedures. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.6.1. Nominations made by the Board of Directors shall be made at a meeting of the Board of Directors or by written consent of the directors in lieu of a meeting prior to the date of the Election Meeting. At the request of the Corporation, each proposed individual nominated by the Board of Directors shall provide the Corporation with such information concerning himself or herself as is required, under the rules of the SEC and any applicable securities exchange, to be included in the Corporation&#8217;s proxy statement soliciting proxies for his or her election as a director.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka51e58c8-c77f-423b-ac2f-ca89fd9d9c51" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.6.2. The exclusive means by which a stockholder may nominate a director shall be: (i) in the case of the nomination of a director for election at an annual meeting, by delivery of a notice to the Secretary, not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary of the date on which the Corporation first mailed its proxy materials for the previous year&#8217;s annual meeting of stockholders (or the date on which the Corporation mails its proxy materials for the current year if during the prior year the Corporation did not hold an annual meeting or if the date of the annual meeting was changed more than thirty (30) days from the prior year) or the date set forth in such prior year&#8217;s statement for such purpose; or (ii) in the case of the nomination of a director for election at a special meeting (other than pursuant to a special meeting request in accordance with the requirements set forth in Sections 2.3 and 2.5), not less than ninety (90) days nor more than one hundred twenty (120) days prior to such special meeting or, if later, the tenth (10th) day following the day on which public disclosure (of the date of such special meeting was first made, setting forth: (a) the name, age, business address and the primary legal residence address of each nominee proposed in such notice, (b) the principal occupation or employment of such nominee, (c) the number of shares of capital stock of the Corporation which are owned directly or indirectly of record and directly or indirectly beneficially owned by the nominee and each of its affiliates (within the meaning of Rule 144), including any shares of the Corporation owned or controlled via derivatives, hedged positions and other economic and voting mechanisms, (d) any material agreements, understandings or relationships, including financial transactions and compensation, between the nominating stockholder and the proposed nominees, (e) such other information concerning each such nominee as would be required, under the rules of the SEC, in a proxy statement soliciting proxies in a contested election of such nominees, and (f) a representation that neither such nominee nor any of such nominee&#8217;s affiliates is subject to a &#8220;bad actor&#8221; disqualification pursuant to paragraph (d) of Rule 506 of the SEC. Such notice shall include a signed consent of each such nominee to serve as a director of the Corporation, if elected. In addition, any stockholder nominee, to be validly nominated, shall submit to the Secretary the questionnaire required pursuant to Section 2.6.3 of these Bylaws. A stockholder intending to nominate one or more candidates for election as directors must comply with the advance notice bylaw provisions specifically applicable to the nomination of candidates for election as directors for such nomination to be properly brought before the meeting. For purposes of these Bylaws, &#8220;public disclosure&#8221; shall mean shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the SEC pursuant to Sections 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.6.3 To be eligible to be a director nominee nominated by a stockholder or stockholders for election or reelection as a director of the Corporation, such nominee must deliver (in accordance with the time periods prescribed for delivery of notice under Section 2.6.2 of these Bylaws) to the Secretary at the principal executive offices of the Corporation a written questionnaire (the &#8220;<b>Questionnaire</b>&#8221;) with respect to the background, qualification and experience of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be in the form approved by the Corporation and provided by the Secretary or such Secretary&#8217;s designee) and a written representation and agreement that such person: (a) will abide by the requirements of these Bylaws and the Articles of Incorporation as in effect at the time of their nomination and as validly amended, (b)&nbsp;is not and will not become a party to (1)&nbsp;any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a &#8220;<b>Voting Commitment</b>&#8221;) that has not been disclosed to the Corporation or (2)&nbsp;any Voting Commitment that could limit or interfere with such person&#8217;s ability to comply, if elected as a director of the Corporation, with such person&#8217;s fiduciary duties under applicable law, (c)&nbsp;is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein, and (d)&nbsp;in such person&#8217;s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation. If, prior to the Election Meeting, there is a change in any information set forth on the Questionnaire, then such director candidate shall promptly notify the Secretary by submitting a revised Questionnaire. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc8bad432-1fb5-42a0-87f5-c7b1e0aa0386" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.6.4. In the event that a person is validly designated by the Board of Directors as a nominee in accordance with this Section 2.6 and shall thereafter become unable or willing to stand for election to the Board of Directors, the Board of Directors may designate a substitute nominee who meets all applicable standards under these Bylaws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.6.5. If the Chairman of the Election Meeting determines that a nomination was not made in accordance with the foregoing procedures, such nomination shall be void.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.7. <u>Quorum; Adjournment</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.7.1 The holders of one-third of the shares of capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy (provided the proxy has authority to vote on at least one matter at such meeting), shall constitute a quorum at any meeting of stockholders for the transaction of business, except when stockholders are required to vote by class, in which event a majority of the issued and outstanding shares of the appropriate class shall be present in person or by proxy (provided the proxy has authority to vote on at least one matter at such meeting) in order to constitute a quorum as to such class vote, and except as otherwise provided by the NRS or by the Articles of Incorporation. The stockholders present at a duly called or held meeting at which a quorum is present may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to have less than a quorum if any action taken (other than adjournment) is approved by at least a majority of the shares required to constitute a quorum.</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.7.2 Notwithstanding any other provision of the Articles of Incorporation or these Bylaws, at any annual or special meeting of stockholders of the Corporation, whether or not a quorum is present, the Chairman of the Board or the person presiding as Chairman of the meeting shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, whether or not a quorum shall be present or represented. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting in accordance with Section 2.4 of these Bylaws. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.8. <u>Voting; Proxies</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.8.1 Except as provided for below or by applicable law, rule or regulation, when a quorum is present at any meeting of the stockholders, any action by the stockholders on a matter except the election of directors shall be approved if approved by the majority of the votes cast. Each nominee for director shall be elected by the majority of the votes cast with respect to that nominee&#8217;s election at any meeting for the election of directors at which a quorum is present, <i>provided, however,</i> that, in the case of a director nominee in a Contested Election, the Board of Directors, in its sole discretion, may determine that directors shall be elected by a plurality of the votes cast in any Contested Election, such determination to be made no later than five (5) days prior to the date of the Election Meeting as initially announced. For purposes of these Bylaws, a &#8220;<b>Contested Election</b>&#8221; means an election of directors with respect to which the Board of Directors determines that the number of nominees exceeds the number of directors to be elected and the Board of Directors has not rescinded such determination by the date that is five (5) days prior to the date of the Election Meeting as initially announced. In determining the number of votes cast in a Contested Election, abstentions and broker non-votes, if any, will not be treated as votes cast. The provisions of this paragraph will govern with respect to all votes of stockholders except as otherwise provided for in the Articles of Incorporation or by a specific statutory provision superseding the provisions of these Bylaws.</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp; <table id="pagebreak5ae15988-1fd0-4aa8-8e65-7c490fd6f0c4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">Section 2.8.2 Every stockholder having the right to vote shall be entitled to vote in person, or by proxy: (a) appointed by an instrument in writing subscribed by such stockholder or by his or her duly authorized attorney or (b) authorized by the transmission of an electronic record by the stockholder to the person who will be the holder of the proxy or to a firm which solicits proxies or like agent who is authorized by the person who will be the holder of the proxy to receive the transmission subject to any procedures the Board of Directors may adopt from time to time to determine that the electronic record is authorized by the stockholder; <i>provided, however,</i> that no such proxy shall be valid after the expiration of six (6) months from the date of its execution, unless coupled with an interest, or unless the person executing it specifies therein the length of time for which it is to continue in force, which in no case shall exceed seven (7) years from the date of its execution. If such instrument or record shall designate two (2) or more persons to act as proxies, unless such instrument shall provide the contrary, a majority of such persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred, or if only one (1) be present, then such powers may be exercised by that one (1). Unless required by the NRS or determined by the Chairman of the meeting to be advisable, the vote on any matter need not be by written ballot. No stockholder shall have cumulative voting rights.</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.9. <u>Consent of Stockholders</u>. Whenever the vote of the stockholders at a meeting thereof is required or permitted to be taken for or in connection with any corporate action, the meeting and vote of stockholders may be dispensed with if stockholders, having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, consent in writing to such corporate action being taken; provided, that in no case shall the written consent be by the holders of stock having less than the minimum percentage of the vote required by the NRS. Any action by consent of the stockholders pursuant to this Section 2.9 must follow the notice and timing procedures of Section 2.5 applicable to any business to be conducted at a stockholder meeting. Further, upon the request of a stockholder to conduct a consent solicitation, the Board of Directors shall adopt a resolution fixing a record date within ten (10) days of the date on which a request therefor is received, provided that such record date shall not be more than ten (10) days after the date of the adoption of such resolution.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.10. <u>Voting of Stock of Certain Holders</u>. Shares standing in the name of another entity, domestic or foreign, may be voted by such officer, agent or proxy as the governing documents of such entity may prescribe, or in the absence of such provision, as the Board of Directors or governing body of such entity may determine. Shares standing in the name of a deceased person may be voted by the executor or administrator of such deceased person, either in person or by proxy. Shares standing in the name of a guardian, conservator or trustee may be voted by such fiduciary, either in person or by proxy, but no such fiduciary shall be entitled to vote shares held in such fiduciary capacity without a transfer of such shares into the name of such fiduciary. Shares outstanding in the name of a receiver may be voted by such receiver. A stockholder whose shares are pledged shall be entitled to vote such shares, unless in the transfer by the pledgor on the books of the Corporation, he or she has expressly empowered the pledgee to vote thereon, in which case only the pledgee, or his or her proxy, may represent the stock and vote thereon.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in"> <table id="pagebreak36b1e949-ecaf-4b95-99fb-360c0af51bbf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.11. <u>Treasury Stock</u>. The Corporation shall not vote, directly or indirectly, shares of its own stock owned by it; and such shares shall not be counted in determining the total number of outstanding shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 2.12. <u>Fixing Record Date</u>. The Board of Directors may fix in advance a date for any meeting of stockholders (which date shall not be more than sixty (60) nor less than ten (10) days preceding the date of any such meeting of stockholders), a date for payment of any dividend or distribution, a date for the allotment of rights, a date when any change or conversion or exchange of capital stock shall go into effect, or a date in connection with obtaining a consent of stockholders (which date shall not precede or be more than ten (10) days after the date the resolution setting such record date is adopted by the Board of Directors), in each case as a record date (the &#8220;<b>Record Date</b>&#8221;) for the determination of the stockholders entitled to notice of, and to vote at, any such meeting and any adjournment thereof, to receive payment of any such dividend or distribution, to receive any such allotment of rights, to exercise the rights in respect of any such change, conversion or exchange of capital stock, or to give such consent, as the case may be. In any such case such stockholders and only such stockholders as shall be stockholders of record on the Record Date shall be entitled to such notice of and to vote at any such meeting and any adjournment thereof, to receive payment of such dividend or distribution, to receive such allotment of rights, to exercise such rights, or to give such consent, as the case may be, notwithstanding any transfer of any stock on the books of the Corporation after any such Record Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 3</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>BOARD OF DIRECTORS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.1. <u>Powers</u>. The business and affairs of the Corporation shall be managed by the Board of Directors, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders. Subject to compliance with the provisions of the NRS, the powers of the Board of Directors shall include the power to make a liquidating distribution of the assets, and wind up the affairs of, the Corporation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.2. <u>Number and Qualifications</u>. The number of directors which shall constitute the whole Board of Directors shall be not less than one (1) and not more than nine (9). Within the limits above specified, the number of the directors of the Corporation shall be determined solely in the discretion of the Board of Directors from time to time. All directors shall be elected annually. Directors need not be residents of Nevada or stockholders of the Corporation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.3. <u>Vacancies, Additional Directors; Removal From Office; Resignation</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 3.3.1 If any vacancy occurs in the Board of Directors caused by death, resignation, retirement, disqualification, removal from office or otherwise, or if any new directorship is created in accordance with Section 3.2 by an increase in the authorized number of directors, a majority of the directors then in office, though less than a quorum, or a sole remaining director, but not the stockholders of the Corporation, may choose a successor or fill the newly created directorship. Any director so chosen shall hold office for the unexpired term of his or her predecessor in his or her office and until his or her successor shall be elected and qualified, unless sooner displaced. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp; <table id="pagebreak22a3955f-2f2e-4e03-93c4-cfd278cd3072" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 3.3.2 No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 3.3.3 The stockholders of the Corporation may remove a member of the Board of Directors by the affirmative vote of sixty-six and two-thirds percent (66 2/3%) of the issued and outstanding stock entitled to vote. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 3.3.4 Any director may resign or voluntarily retire upon giving written notice to the Chairman of the Board or the Board of Directors. Such retirement or resignation shall be effective upon the giving of the notice, unless the notice specifies a later time for its effectiveness. If such retirement or resignation is effective at a future time, the Board of Directors may elect a successor to take office when the retirement or resignation becomes effective. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.4. <u>Regular Meetings</u>. A regular meeting of the Board of Directors shall be held each year, without notice other than this Bylaw provision, at the place of, and immediately prior to and/or following, the annual meeting of stockholders; and other regular meetings of the Board of Directors shall be held during each year, at such time and place as the Board of Directors may from time to time provide by resolution, either within or without the State of Nevada, without other notice than such resolution. <u>The Board of Directors </u>shall keep minutes of its regular meetings.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.5. <u>Special Meetings</u>. Special meetings of the Board of Directors may be called by the Chairman of the Board or by the President and shall be called by the Secretary on the written request of any two (2) directors (should there be such number then in office). The Chairman of the Board or President so calling, or the directors so requesting, any such meeting shall fix the time and any place, either within or without the State of Nevada, as the place for holding such meeting. <u>The Board of Directors </u>shall keep minutes of its special meetings.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.6. <u>Notice of Special Meeting</u>. Written notice (including via e-mail) of special meetings of the Board of Directors shall be given to each director at least twenty-four (24) hours prior to the time of a special meeting. Any director may waive notice of any meeting. The attendance of a director at any meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting solely for the purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting, except that notice shall be given with respect to any matter when notice is required by the NRS.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.7. <u>Quorum</u>. A majority of the Board of Directors then serving shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, and the act of a majority of the directors present at any meeting at which there is quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by the NRS, by the Articles of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved of by at least a majority of the required quorum for that meeting.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.8. <u>Action Without Meeting</u>. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof as provided in Article 4 of these Bylaws, may be taken without a meeting, if a written consent thereto is signed by all of the members of the Board of Directors or of such committee, as the case may be. Evidence of any consent to action under this Section 3.9 may be provided in writing, including electronically via email or facsimile. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp; <table id="pagebreak610a22f5-a506-4109-9c7c-9d0983570a71" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.9. <u>Meeting by Telephone</u>. Any action required or permitted to be taken by the Board of Directors or any committee thereof may be taken by means of a meeting by telephone conference or similar communications method so long as all persons participating in the meeting can hear each other. Any person participating in such meeting shall be deemed to be present in person at such meeting.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.10. <u>Compensation</u>. Directors, as such, may receive reasonable compensation for their services, which shall be set by the Board of Directors, and expenses of attendance at each regular or special meeting of the Board of Directors; <i>provided, however,</i> that nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving additional compensation therefor. Members of special or standing committees may be allowed like compensation for their services on committees.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.11. <u>Rights of Inspection</u>. Every director shall have the absolute right at any reasonable time to inspect and copy all books, records and documents of every kind and to inspect the physical properties of the Corporation and also of its subsidiary corporations, domestic or foreign. Such inspection by a director may be made in person or by agent or attorney and includes the right to copy and obtain extracts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 3.12 <u>Interested Directors.</u> No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose if: (i) the material facts as to his or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or their committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (ii) the material facts as to his or their relationship or interest and as to the contract or transaction are disclosed or are known to the shareholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the shareholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board of Directors, a committee thereof or the shareholders. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 4</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>COMMITTEES OF DIRECTORS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 4.1. <u>Generally</u>. The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more additional special or standing committees, each such additional committee to consist of one or more of the directors of the Corporation. Each such committee shall have and may exercise such of the powers of the Board of Directors in the management of the business and affairs of the Corporation as may be provided in such resolution, except as delegated by these Bylaws or by the Board of Directors to another standing or special committee or as may be prohibited by law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp; <table id="pagebreak3f1253bb-f29d-4b32-91ce-b16043ea670a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 4.2. <u>Committee Operations</u>. A majority of a committee shall constitute a quorum for the transaction of any committee business. Such committee or committees shall have such name or names and such limitations of authority as provided in these Bylaws or as may be determined from time to time by resolution adopted by the Board of Directors. The Corporation shall pay all expenses of committee operations. The Board of Directors may designate one or more appropriate directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee. In the absence or disqualification of any members of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another appropriate member of the Board of Directors to act at the meeting in the place of any absent or disqualified member.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 4.3. <u>Minutes</u>. Each committee of directors shall keep regular minutes of its proceedings and report the same to the Board of Directors when required. The Corporation&#8217;s Secretary, or any other person designated by the applicable committee shall (a)&nbsp;serve as the Secretary of the special or standing committees of the Board of Directors of the Corporation, (b)&nbsp;keep regular minutes of standing or special committee proceedings, (c)&nbsp;make available to the Board of Directors, as required, copies of all resolutions adopted or minutes or reports of other actions recommended or taken by any such standing or special committee and (d)&nbsp;otherwise as requested keep the members of the Board of Directors apprised of the actions taken by such standing or special committees.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 5</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>NOTICE</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 5.1. <u>Methods of Giving Notice</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 5.1.1. <u>Notice to Directors or Committee Members</u>. Whenever under the provisions of the NRS, the Articles of Incorporation or these Bylaws, notice is required to be given to any director or member of any committee of the Board of Directors, personal notice is not required but such notice may be: (a) given in writing and mailed to such director or committee member, (b) sent by electronic transmission (including via e-mail) to such director or committee member, or (c) given orally or by telephone; <i>provided, however,</i> that any notice from a stockholder to any director or member of any committee of the Board of Directors must be given in writing and mailed to such director or member and shall be deemed to be given upon receipt by such director or member. If mailed, notice to a director or member of a committee of the Board of Directors shall be deemed to be given when deposited in the United States mail first class, or by overnight courier, in a sealed envelope, with postage thereon prepaid, addressed, to such person at his or her business address. If sent by electronic transmission, notice to a director or member of a committee of the Board of Directors shall be deemed to be given if by (i) facsimile transmission, when receipt of the fax is confirmed electronically, (ii) electronic mail, when delivered to an electronic mail address of the director or member, (iii) a posting on an electronic network together with a separate notice to the director or member of the specific posting, upon the later of (1) such posting and (2) the giving of the separate notice (which notice may be given in any of the manners provided above), or (iv) any other form of electronic transmission, when delivered to the director or member.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 5.1.2. <u>Notices to Stockholders</u>. Whenever under the provisions of the NRS, the Articles of Incorporation or these Bylaws, notice is required to be given to any stockholder, personal notice is not required but such notice may be given: (a) in writing and mailed to such stockholder, (b) by a form of electronic transmission consented to by the stockholder to whom the notice is given or (c) as otherwise permitted by the SEC. If mailed, notice to a stockholder shall be deemed to be given when deposited in the United States mail in a sealed envelope, with postage thereon prepaid, addressed to the stockholder at the stockholder&#8217;s address as it appears on the records of the Corporation. If sent by electronic transmission, notice to a stockholder shall be deemed to be given if by (i) facsimile transmission, when directed to a number at which the stockholder has consented to receive notice, (ii) electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice, (iii) a posting on an electronic network together with a separate notice to the stockholder of the specific posting, upon the later of (1) such posting and (2) the giving of the separate notice (which notice may be given in any of the manners provided above), or (iv) any other form of electronic transmission, when directed to the stockholder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp; <table id="pagebreakf55bbfae-b7c6-488c-b087-e5bcd83f446c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 5.2. <u>Written Waiver</u>. Whenever any notice is required to be given by the NRS, the Articles of Incorporation or these Bylaws, a waiver thereof in a signed writing or sent by the transmission of an electronic record attributed to the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 5.3. <u>Consent</u>. Whenever all parties entitled to vote at any meeting, whether of directors or stockholders, consent, either by a writing on the records of the meeting or filed with the Secretary, or by presence at such meeting and oral consent entered in the minutes of such meeting, or by taking part in the deliberations at such meeting without objection, the actions taken at such meeting shall be as valid as if had at a meeting regularly called and noticed. At such meeting any business may be transacted which is not excepted from the written consent or to the consideration of which no objection for lack of notice is made at the time, and if any meeting be irregular for lack of notice or such consent, provided a quorum was present at such meeting, the proceedings of such meeting may be ratified and approved and rendered valid and the irregularity or defect therein waived by a writing signed by all parties having the right to vote thereat. Such consent or approval, if given by stockholders, may be by proxy or power of attorney, but all such proxies and powers of attorney must be in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 6</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>OFFICERS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.1. <u>Officers</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 6.1.1 The officers of the Corporation shall include the Chairman of the Board (or Executive Chairman, if the Board of Directors designates such office), the President, the Secretary and the Treasurer, each as approved and appointed by the Board of Directors. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 6.1.2 The officers of the Corporation may further include a Chief Executive Officer and a Chief Financial Officer, each as approved and appointed by the Board of Directors, and may further include, without limitation, such other executive or subordinate officers and agents, including, without limitation, one or more Vice Presidents (any one or more of which may be designated Senior Executive Vice President, Executive Vice President, Senior Vice President or such other title as may be determined by the Board of Directors), Assistant Vice Presidents, Assistant Secretaries and Assistant Treasurers, in each case as the Board of Directors deems necessary and approve and appoint. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 6.1.3 The Board of Directors may in its discretion delegate to the President the power and authority to appoint subordinate officers of the Corporation and to prescribe their respective duties and powers, but in any instance the Chairman of the Board, the President, the Secretary, the Treasurer and, if designated, the Chief Executive Officer, Chief Financial Officer or any other officer responsible for a principal business unit, division or function of the Corporation (such as sales, administration or finance), or any other officer who performs a policy making function (collectively, the &#8220;<b>Principal Officers</b>&#8221;), shall be subject to the approval of and appointment by the Board of Directors. </p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">SECTION 6.1.4 All officers of the Corporation shall hold their offices for such terms and shall exercise such powers and perform such duties as prescribed by these Bylaws, the Board of Directors or President, as applicable. Any two or more offices may be held by the same person. The Chairman of the Board shall be elected from among the directors. With the foregoing exception, none of the other officers need be a director, and none of the officers need be a stockholder of the Corporation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp; <table id="pagebreak75131513-22db-4280-90d4-cf1a459491b1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.2. <u>Election and Term of Office</u>. The Principal Officers shall each be elected only by, and shall serve only at the pleasure of, the Board of Directors. All other officers of the Corporation may be appointed as the Board of Directors or the President deem necessary and elect or appoint. The officers of the Corporation shall be elected or ratified annually by the Board of Directors at its first regular meeting held concurrently with or after the annual meeting of stockholders or as soon thereafter as conveniently possible (or, in the case of those officers elected or appointed other than by the Board of Directors, ratified at the Board of Directors&#8217; first regular meeting held following their election or appointment or as soon thereafter as conveniently possible). Subject to the terms and conditions of any applicable contract between an officer and the Corporation, each officer shall hold office until his or her successor shall have been chosen and shall have qualified or until his or her death or the effective date of his or her resignation or removal, or until he or she shall cease to be a director in the case of the Chairman of the Board.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.3. <u>Removal and Resignation</u>. Any officer or agent may be removed, either with or without cause, by the affirmative vote of a majority of the Board of Directors and, other than the Principal Officers, may also be removed, either with or without cause, by action of the President whenever, in his, her judgment, the best interests of the Corporation shall be served thereby, but such right of removal and any purported removal shall be without prejudice to the contractual rights, if any, of the person so removed. Any Principal Officer or other officer or agent may resign at any time by giving written notice to the Corporation. Any such resignation shall take effect at the date of the receipt of such notice or at any later time specified therein, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.4. <u>Vacancies</u>. Any vacancy occurring in any Principal Officer office by death, resignation, removal or otherwise, shall be filled by the Board of Directors for the unexpired portion of the term. Any vacancy in any other office may be filled as the Board of Directors or President deem necessary.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.5. <u>Compensation</u>. The compensation of the Principal Officers shall be determined by the Board of Directors or a designated committee thereof. Compensation of all other officers and employees of the Corporation shall be determined by the President in consultation with the Board of Directors or a designated committee thereof and in accordance with any charter of any such committee as has been approved by the Board of Directors or any policies as have been approved by the Board of Directors. No officer who is also a director shall be prevented from receiving such compensation by reason of his or her also being a director.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.6. <u>Chairman of the Board</u>. The Chairman of the Board (who may also be designated as Executive Chairman), shall preside at all meetings of the Board of Directors and of the stockholders of the Corporation. In the Chairman of the Board&#8217;s absence, such duties shall be attended to by any vice chairman of the Board of Directors, or if there is no vice chairman, or such vice chairman is absent, then by the President. The Chairman of the Board shall act as liaison between the Board of Directors and the executive officers of the Corporation and shall be responsible for general oversight of such executive officers. The Chairman of the Board may also hold the position of Chief Executive Officer or President, if so approved or appointed by the Board of Directors. The Chairman of the Board shall formulate and submit to the Board of Directors matters of general policy for the Corporation and shall perform such other duties as usually appertain to the office or as may be prescribed by the Board of Directors. He or she may sign with the President or any other officer of the Corporation thereunto authorized by the Board of Directors certificates for shares of the Corporation, the issuance of which shall have been authorized by resolution of the Board of Directors, and any deeds or bonds, which the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof has been expressly delegated or reserved by these Bylaws or by the Board of Directors to some other officer or agent of the Corporation, or shall be required by law to be otherwise executed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp; <table id="pagebreak4347d249-f20d-4331-8c35-55c8ba1e5f38" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.7. <u>Chief Executive Officer</u>. The Chief Executive Officer shall, subject to the oversight by and control of the Board of Directors, have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. The Chief Executive Officer shall keep the Board of Directors fully informed and shall consult them concerning the business of the Corporation. Subject to the supervisory powers of the Board of Directors, the Chief Executive Officer may sign with any other officer of the Corporation thereunto authorized by the Board of Directors, certificates for shares of capital stock of the Corporation, the issuance of which shall have been authorized by resolution of the Board of Directors, and any deeds, bonds, mortgages, contracts, checks, notes, drafts or other instruments which the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof has been expressly delegated by these Bylaws or by the Board of Directors to some other officer or agent of the Corporation, or shall be required by law to be otherwise executed. In general, the Chairman of the Board shall perform all other duties normally incident to the office of the Chairman of the Board, except any duties expressly delegated to other persons by these Bylaws, the Board of Directors and such other duties as may be prescribed by the&nbsp;Board of Directors from time to time.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.8. <u>President</u>. The President shall, in general, perform such duties as usually pertain to the position of president and such duties as may be prescribed by the Board of Directors. The President may also, but shall not be required to, hold the position of Chief Executive Officer of the Corporation, if so approved or appointed by the Board of Directors. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.9. <u>Chief Financial Officer</u>. The Chief Financial Officer, if any, shall, in general, perform such duties as usually pertain to the position of chief financial officer and such duties as may be prescribed by the Board of Directors. The Chief Financial Officer (or the Treasurer, if the office of Chief Financial Officer is unoccupied) shall prepare annually (by the thirtieth (30th) day following the end of each fiscal year) a customary and appropriate financial and operational budget of income, expense and cash flows of the Company for the upcoming fiscal year, which budget shall be reviewed and approved by the Board of Directors. Such budget shall be updated quarterly (including a reconciliation of the Company&#8217;s actual performance versus the approved budget) and presented to the Board of Directors for review and revision as determined by the Board of Directors. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.10. <u>Secretary</u>. The Secretary shall: (a)&nbsp;keep the minutes of the meetings of the stockholders, the Board of Directors and committees of directors; (b)&nbsp;see that all notices are duly given in accordance with the provisions of these Bylaws and as required by law; (c)&nbsp;be custodian of the corporate records and of the seal of the Corporation, and see that the seal of the Corporation or a facsimile thereof is affixed to all certificates for shares prior to the issuance thereof and to all documents, the execution of which on behalf of the Corporation under its seal is duly authorized in accordance with the provisions of these Bylaws; (d)&nbsp;keep or cause to be kept a register of the post office address of each stockholder which shall be furnished by such stockholder; (e)&nbsp;have general charge of other stock transfer books of the Corporation; and (f)&nbsp;in general, perform all duties normally incident to the office of the Secretary and such other duties as from time to time may be assigned to him or her by the Chairman of the Board, the President or the Board of Directors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.11. <u>Treasurer</u>. The Treasurer shall: (a)&nbsp;have charge and custody of and be responsible for all funds and securities of the Corporation; receive and give receipts for monies due and payable to the Corporation from any source whatsoever and deposit all such moneys in the name of the Corporation in such banks, trust companies or other depositories as shall be selected in accordance with the provisions of Section 7.3 of these Bylaws; and (b)&nbsp;in general, perform all the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him or her by the Board of Directors or the President. If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of his or her duties in such sum and with such surety or sureties as the Board of Directors shall determine.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 6.12. <u>Interim Officer Status</u>. Any office of the Corporation may be designated by the Board of Directors as interim, and such interim status shall be on such terms and for such duration as may be designated by the Board of Directors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp; <table id="pagebreak22579c00-9854-4f73-9fc1-d05213fafbfe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 7</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXECUTION OF CORPORATE INSTRUMENTS AND <br>VOTING OF SECURITIES OWNED BY THE CORPORATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 7.1. <u>Contracts</u>. Subject to the provisions of Section 6.1, the Board of Directors may authorize any officer, officers, agent or agents to enter into any contract or execute and deliver an instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 7.2. <u>Checks, etc</u>. All checks, demands, drafts or other orders for the payment of money, and notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or officers or such agent or agents of the Corporation, and in such manner, as shall be determined by the Board of Directors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 7.3. <u>Deposits</u>. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the&nbsp;President, the Treasurer or the Chief Financial Officer may be empowered by the Board of Directors to select or as the Board of Directors may select.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 7.4. <u>Voting of Securities Owned by Corporation</u>. All stock and other securities of any other corporation owned or held by the Corporation for itself, or for other parties in any capacity, and all proxies with respect thereto shall be executed by the person authorized to do so by resolution of the Board of Directors or, in the absence of such authorization, by any Principal Officer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 8</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SHARES OF STOCK</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 8.1. <u>Issuance</u>. Each stockholder of the Corporation shall be entitled to a certificate or certificates showing the number of shares of stock registered in his or her name on the books of the Corporation. The certificates shall be in such form as may be determined by the Board of Directors, shall be issued in numerical order and shall be entered in the books of the Corporation as they are issued. They shall exhibit the holder&#8217;s name and the number of shares and shall be signed by the Chairman of the Board and the President or such other officers as may from time to time be authorized by resolution of the Board of Directors. Any or all the signatures on the certificate may be a facsimile. In case any officer who has signed or whose facsimile signature has been placed upon any such certificate shall have ceased to be such officer before such certificate is issued, such certificate may nevertheless be issued by the Corporation with the same effect as if such officer had not ceased to be such officer at the date of its issue. If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the designation, preferences and relative participating, option or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class of stock; provided that except as otherwise provided by the NRS, in lieu of the foregoing requirements there may be set forth on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish to each stockholder who so requests the designations, preferences and relative participating, option or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and rights. All certificates surrendered to the Corporation for transfer shall be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and canceled, except that in the case of a lost, stolen, destroyed or mutilated certificate a new certificate (or uncertificated shares in lieu of a new certificate) may be issued therefor upon such terms and with such indemnity, if any, to the Corporation as the Board of Directors may prescribe. In addition to the above, all certificates (or uncertificated shares in lieu of a new certificate) evidencing shares of the Corporation&#8217;s stock or other securities issued by the Corporation shall contain such legend or legends as may from time to time be required by the NRS.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd70677cf-4d6f-46b9-a43e-6db52e0c0ea8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 8.2. <u>Lost Certificates</u>. The Board of Directors may direct that a new certificate or certificates (or uncertificated shares in lieu of a new certificate) be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates (or uncertificated shares in lieu of a new certificate), the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his or her legal representative, to advertise the same in such manner as it shall require or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate or certificates alleged to have been lost, stolen or destroyed, or both.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 8.3. <u>Transfers</u>. In the case of shares of stock represented by a certificate, upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books. Transfers of shares shall be made only on the books of the Corporation by the registered holder thereof, or by his or her attorney thereunto authorized by power of attorney and filed with the Secretary and the Corporation&#8217;s transfer agent, if any.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 8.4. <u>Registered Stockholders</u>. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Nevada.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 8.5. <u>Uncertificated Shares</u>. The Board of Directors may approve the issuance of uncertificated shares of some or all of the shares of any or all of its classes or series of capital stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 9</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>DIVIDENDS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 9.1. <u>Declaration</u>. Dividends upon the capital stock of the Corporation, subject to the provisions of the Articles of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property or in shares of capital stock, subject to the provisions of the Articles of Incorporation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 9.2. <u>Reserve</u>. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak9ddf6108-5e32-4506-8ce4-82f3da788096" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE&nbsp;10</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>LIMITATION ON LIABIILTY AND INDEMNIFICATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.1 No director or officer shall be personally liable to the Corporation or its shareholders for monetary damages for any breach of fiduciary duty by such director as a director. Notwithstanding the foregoing sentence, a director shall be liable to the extent provided by applicable law: (i) for acts or omissions not in good faith or which involve intentional misconduct, fraud or a knowing violation of law, or (ii) for any transaction from which the director derived an improper personal benefit. If the NRS is hereafter is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation, in addition to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by applicable law. No amendment to or repeal of this Section shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.2 The Corporation shall, to the maximum extent permitted under the applicable law and except as set forth below, indemnify, old harmless and, upon request, advance expenses to each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was, or has agreed to become, a director or officer of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation, as a director, officer or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, including any employee benefit plan (any such person being referred to hereafter as an &#8220;<b>Indemnitee</b>&#8221;), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Notwithstanding anything to the contrary in this Section, (a) the Corporation shall not indemnify an Indemnitee seeking indemnification in connection with any action, suit, proceeding, claim or counterclaim, or part thereof initiated by the Indemnitee unless the initiation thereof was approved by the Board of Directors, and (b) the Corporation shall not indemnify any person for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, final beyond right of review, all appeals having been exhausted, to be liable to the Corporation or for amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines, upon application, that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakfb57e558-ab75-42d8-8d64-feb4b9e4ebf0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.3 <u>Advance of Expenses.</u> Notwithstanding any other provisions of the Articles of Incorporation, these Bylaws, or any agreement, vote of stockholder or disinterested directors, or arrangement to the contrary, the Corporation shall advance payment of expenses incurred by an Indemnitee in advance of the final disposition of any matter only upon receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Corporation as authorized in this Section. Such undertaking may be accepted without reference to the financial ability of the Indemnitee to make such repayment.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.4 <u>Subsequent Amendment.</u> No amendment, termination or repeal of this Article 10 or of the relevant provisions of the Chapter 78 of the NRS or any other applicable laws shall affect or diminish in any way the rights of any Indemnitee to indemnification under the provisions hereof with respect to any action, suit, proceeding or investigation arising out of or relating to any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or repeal.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.5 <u>Other Rights</u>. The Corporation may, to the extent authorized from time to time by its Board of Directors, grant indemnification rights to other employees or agents of the Corporation or other persons serving the Corporation and such rights may be equivalent to, or greater or less than, those set forth in this Section.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.6 <u>Reliance.</u> Persons who after the date of the adoption of this provision become or remain directors or officers of the Corporation or who, while a director or officer of the Corporation, become or remain a director, officer, employee or agent of a subsidiary, shall be conclusively presumed to have relied on the rights to indemnity, advance of expenses and other rights contained in this Section in entering into or continuing such service. The rights to indemnification and to the advance of expenses conferred in this Section shall apply to claims made against an Indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to the adoption hereof.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.7 <u>Merger or Consolidation.</u> If the Corporation is merged into or consolidated with another corporation and the Corporation is not the surviving corporation, the surviving corporation shall assume the obligations of the Corporation under this Section with respect to any action, suit, proceeding or investigation arising out of or relating to any actions, transactions or facts occurring prior to the date of such merger or consolidation,</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.8 <u>Insurance.</u> The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was, or has agreed to become, a director, officer, employee or agent of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation as a director, officer, employee, agent or trustee of another corporation, partnership, joint venture, trust or other enterprise, including any employee benefit plan, against all expenses (including attorney's fees) judgments, fines or amounts paid in settlement incurred by such person in any such capacity or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such expenses under the Chapter 78 of the NRS.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.9 <u>Savings Clause.</u> If this Article 10 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Indemnitee as to any expenses, including attorneys' fees, judgments, fines and amounts paid in settlement in connection with any action, suit, proceeding or investigation, whether civil, criminal or administrative, including an action by or in the right of the Corporation, to the fullest extent permitted by any applicable portion of this Article 10 that shall not have been invalidated and to the fullest extent permitted by applicable law.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb8d7bf19-cad1-47b4-a712-e1b228ce8660" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 10.10 <u>Contested Director Indemnification</u>. Notwithstanding anything to the contrary contained in these Bylaws, a director who was elected in any Contested Election who is not a continuing director shall not be entitled to any indemnification or advancement of expenses unless and until a majority of the continuing directors vote that the indemnification provisions set forth in this Article 10 shall apply to such newly elected director.</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 11</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>MISCELLANEOUS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 11.1. <u>Books</u>. The books of the Corporation may be kept within or without the State of Nevada (subject to any provisions contained in the NRS) at such place or places as may be designated from time to time by the Board of Directors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 11.2. <u>Fiscal Year</u>. The fiscal year of the Corporation shall be such fiscal year as may be designated by the Board of Directors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 11.3 <u>Forum Selection.</u> Unless the Corporation consents in writing to the selection of an alternative forum, a state or federal court located in the City and County of Riverside, California shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation&#8217;s stockholders, (iii) any actions asserting a claim arising pursuant to any provision of the NRS, the Articles of Incorporation or these Bylaws, in each case as amended, or (iv) any action asserting a claim governed by the internal affairs doctrine, in each such case subject to such court having personal jurisdiction over the indispensable parties named as defendants therein. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 11.3. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 12</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>AMENDMENTS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 12.1 <u>Amendment By Stockholders.</u> The stockholders of the Corporation may alter, amend, repeal or the remove these Bylaws or any portion thereof only by the affirmative vote of sixty-six and two-thirds percent (66 2/3%) of the stockholders entitled to vote at a meeting of the stockholders, duly called; provided, however, that no such change to any Bylaw shall alter, modify, waive, abrogate or diminish the Corporation&#8217;s obligation to provide the indemnity called for by Article 10 of these Bylaws, the Articles of Incorporation or applicable law. </p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">SECTION 12.2 <u>Amendment by the Board of Directors</u>. Notwithstanding Section 12.1, the Board of Directors may, by majority vote of those present at any meeting at which a quorum is present, alter, amend or repeal these Bylaws or any portion thereof, or enact such other Bylaws as in their judgment may be advisable for the regulation of the conduct of the affairs of the Corporation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"># # #</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>7
<FILENAME>solarmax_ex52.htm
<DESCRIPTION>EX-5.2
<TEXT>
<html><head><title>solarmax_ex52.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 5.2</b>&nbsp;</p> <p align="center"><img src="solarmax_ex52img1.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date: August 13, 2018</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>To:</b></p> <p style="MARGIN: 0px" align="justify">David Hsu, Chief Executive Officer</p> <p style="MARGIN: 0px" align="justify">SOLARMAX TECHNOLOGY, INC.</p> <p style="MARGIN: 0px" align="justify">3080 12th Street </p> <p style="MARGIN: 0px" align="justify">Riverside, California 92507</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="left"><b><u>Re: </u></b><b><u>SolarMax Technology, Inc</u></b><b><u></u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">We are a law firm qualified to practice in the People&#8217;s Republic of China (the &#8220;<u>PRC</u>&#8221;). We have acted as PRC legal counsel to SolarMax Technology, Inc, a Nevada Corporation (the &#8220;<u>Company</u>&#8221;). We have been requested by the Company to render an opinion in connection with the proposed initial public offering (the &#8220;<u>Offering</u>&#8221;) by the Company in accordance with the Company&#8217;s registration statement on Form S-1, including all amendments or supplements thereto (the &#8220;<u>Registration Statement</u>&#8221;), filed by the Company with the U.S. Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) under the U.S. Securities Act of 1933, as amended.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>A. </u></b><b><u>Documents and Assumptions</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For the purpose of giving this opinion, we have examined the Registration Statement, the originals or copies of documents provided to us by the Company and such other documents, corporate records, certificates, approvals and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion (the &#8220;<u>Documents</u>&#8221;). </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Without prejudice to the foregoing, we have also made due enquiries as to other facts and questions of law as we have deemed necessary in order to render this opinion.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">A company search conducted in the Companies Registry of the PRC (the &#8220;<u>Companies Registry</u>&#8221;) is limited in respect to the information it produces. Further, a company search does not determine conclusively whether or not an order has been made or a resolution has been passed for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company, as notice of such matters might not be filed immediately and, once filed, might not appear immediately on a company&#8217;s public file. Moreover, a company search carried out in the PRC is unlikely to reveal any information as to any such procedure initiated by the Company in any other jurisdiction.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakb9f51fa2-df15-4489-9b4b-35aa89b412ad" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p align="center"><img src="solarmax_ex52img2.jpg"></p> <p style="MARGIN: 0px">For the purpose of this opinion we have assumed:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(a)</td> <td valign="top">the genuineness of all signatures and seals, the conformity to originals of all documents purporting to be copies of originals and the authenticity of the originals of the Documents;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(b)</td> <td valign="top">that such of the documents as contain resolutions of directors and members, respectively, or extracts of minutes of meetings of the directors and meetings of the members, respectively accurately and genuinely represent proceedings of meetings of the directors and of meetings of members, respectively, of which adequate notice was either given or waived, and any necessary quorum present throughout;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(c)</td> <td valign="top">the accuracy and completeness of all factual representations (if any) made in the Documents;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(d)</td> <td valign="top">that insofar as any obligation under the Documents is to be performed in any jurisdiction outside PRC, its performance will not be illegal or unenforceable by virtue of the law of that jurisdiction;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(e)</td> <td valign="top">that the information disclosed by the company searches referred to above is accurate and complete as at the time of this opinion and conforms to records maintained by the Company and that, in the case of the company search, the search did not fail to disclose any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search was conducted; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(f)</td> <td valign="top">that there has been no change in the information contained in the latest records of the Company under the Companies Registry made up to the issuance of this opinion.</td></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">We have made no investigation on and expressed no opinion in relation to the laws of any country or territory other than the PRC. This opinion is limited to and is given on the basis of the current PRC Laws, as defined below, and is to be construed in accordance with, and is governed by, the PRC Laws.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakcc3e1abe-8e1c-42f5-a127-34d7cf2b8cde" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;<img src="solarmax_ex52img3.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>B. </u></b><b><u>Definitions</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Capitalized terms used in this Opinion shall have the meanings ascribed to them as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As used herein, </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(a)</td> <td valign="top">&#8220;<u>Company</u>&#8221; means SolarMax Technology, Inc.;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(b)</td> <td valign="top">&#8220;<u>Governmental Agency</u>&#8221; means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC, or any body exercising, or entitled to exercise, any administrative, judicial, legislative, police, regulatory, or taxing authority or power of similar nature in the PRC;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(c)</td> <td valign="top">&#8220;<u>Governmental Authorization</u>&#8221; means any license, approval, consent, waiver, order, sanction, certificate, authorization, filing, declaration, disclosure, registration, exemption, permission, endorsement, annual inspection, clearance, qualification, permit or license by, from or with any Governmental Agency pursuant to any PRC Laws;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(d)</td> <td valign="top">&#8220;<u>M&amp;A Rule</u>&#8221; means the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which was issued by the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the State Administration for Industry and Commerce, the China Securities Regulatory Commission (the &#8220;<u>CSRC</u>&#8221;) and the State Administration of Foreign Exchange, on August 8, 2006 and became effective on September 8, 2006, as amended by the Ministry of Commerce on June 22, 2009;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(e)</td> <td valign="top">&#8220;<u>PRC Laws</u>&#8221; mean all applicable laws, regulations, rules, orders, decrees and the supreme court judicial interpretations of the PRC in effect on the date of this opinion;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(f)</td> <td valign="top"> <p style="MARGIN: 0px">&#8220;<u>SAFE</u>&#8221; State Administration for Foreign Exchange;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(g)</td> <td valign="top">&#8220;<u>WFOE</u>&#8221; means Solarmax Technology (Shanghai) Co.., Ltd. (&#19978;&#28023;&#24344;&#20896;&#20809;&#33021;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;);</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(h)</td> <td valign="top">&#8220;<u>ZHPV</u>&#8221; mean Jiangsu Zhonghong Photovoltaic Engineering Technology Limited Company (&#27743;&#33487;&#20013;&#24344;&#20809;&#20239;&#24037;&#31243;&#25216;&#26415;&#26377;&#38480;&#20844;&#21496;).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">(i)</td> <td valign="top">&#8220;<u>ZHTH</u>&#8221; means Chengdu Zhonghong Tianhao Technology Limited Company(&#25104;&#37117;&#20013;&#24344;&#22825;&#26122;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;).</td></tr></tr></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb6fd86df-f4e5-4675-be81-ce6b3807e546" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex52img5.jpg"></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify"><b><u>C</u></b><b><u>. </u></b><b><u>Opinion</u></b><u></u></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Based upon and subject to the foregoing descriptions, assumptions and further subject to the qualifications set forth below, we are of the opinion that as at the date hereof:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="justify">(i)</p></td> <td valign="top" width="92%"> <p style="MARGIN: 0px" align="justify">Based on our understanding of the current PRC Laws, the ownership structure of WFOE and its PRC subsidiaries, as description in &#8220;Our Corporate Structure&#8221; of the Registration Statement, both currently and immediately after giving effect to the Offering, does not and will not violate applicable PRC Laws.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">(ii)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Each of WFOE and ZHPV was duly incorporated and valid existing as foreign investment enterprise under the PRC laws and has completed necessary filing as foreign investment enterprise with SAFE according to PRC Laws.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">(iii)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">M&amp;A Rules. We have advised the Company as to the content of the M&amp;A Rules, in particular the relevant provisions thereof that purport to require offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of PRC and controlled directly or indirectly by Chinese companies or natural persons, to obtain the approval of the CSRC prior to the listing and trading of their securities on any stock exchange located outside of the PRC.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">We have advised the Company based on our understanding of the PRC Laws that the CSRC&#8217;s approval is not required for the listing and trading of the Company&#8217;s stock on the New York Stock Exchange or NASDAQ in the context of this Offering, given that (i) the Company is currently not controlled by PRC citizens and (ii) WFOE was incorporated as a wholly-foreign owned enterprise and ZHPV was acquired by Accumulated Investment Co., Limited, a Hong Kong Company, which was established by Hong Kong resident.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">(iv)</p></td> <td valign="top"> <p style="MARGIN: 0px">ZHPV has obtained Construction Enterprise Qualification Certificate (&#8220;Qualification&#8221;) for Level III of General Contractor for Power Engineering Constructor issued on October 27, 2017, which permit ZHPV to conduct business as a contractor in power engineering construction business according to PRC Laws based on such Qualification.</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakbd8a6c3d-7258-4df7-ae93-693c2a361dad" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; &nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;<img src="solarmax_ex52img6.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>D. Certain Limitations and Qualifications</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The opinions expressed above are based on registrations of Governmental Agencies and our interpretations of the PRC Laws, which, in our experience, are applicable. We note, however, that the laws and the regulations in China have been subject to substantial and frequent revision in recent years. We cannot assure that any future interpretations or amendments of PRC laws and regulations by relevant authorities, administrative pronouncements, or court decisions, or future positions taken by these authorities would not adversely impact or affect the opinions set forth in this letter. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Our above opinions are also subject to the qualification that they are confined to and given on the basis of the published and publicly available PRC Laws (excluding the laws of Hong Kong for the purpose of this opinion) effective as of the date hereof. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">We hereby consent to the filing of this opinion as Exhibit 5.2 to the Registration Statement and to the use of our name under the caption &#8220;Experts&#8221; in the Registration Statement and in the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Sincerely yours,</p> <p style="MARGIN: 0px" align="justify"><b>AllBright Law Offices </b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">/s/ Steve Zhu</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Steve Zhu</p> <p style="MARGIN: 0px" align="justify">Attorney at Law/Senior Partner</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">5</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>8
<FILENAME>solarmax_ex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html><head><title>solarmax_ex101.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.1</b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><font size="2"></font>&nbsp;</p> <p align="center"><img src="solarmax_ex101img1.jpg">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>CHANNEL AGREEMENT </b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">between </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Sunrun Inc.</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">and </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Solarmax Renewable Energy Provider, Inc. </b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">dated </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">January 21, 2015</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3439f57e-ac28-4610-8fe6-050243476f09" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>TABLE</b><b>O</b><b>F</b><b>C</b><b>ON</b><b>TE</b><b>N</b><b>TS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Page</b></p></td> <td style="BORDER-BOTTOM: black 1px solid"></td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 1 &#8211; KEY DEFINITIONS</p></td> <td></td> <td>1</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" width="9%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">1.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Definitions </p></td> <td width="9%"></td> <td width="2%">1</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 2 &#8211; RELATIONSHIP</p></td> <td></td> <td>4</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">2.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Appointment </p></td> <td></td> <td>4</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">2.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Exclusivity </p></td> <td></td> <td>4</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">2.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Status of Contractor </p></td> <td></td> <td>5</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">2.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Subcontractors </p></td> <td></td> <td>5</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 3 &#8211; RESPONSIBILITIES</p></td> <td></td> <td>6</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">3.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Sunrun Responsibilities </p></td> <td></td> <td>6</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">3.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Contractor Responsibilities </p></td> <td></td> <td>6</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">3.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Responsibilities of Both Parties </p></td> <td></td> <td>7</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 4 &#8211; ORDERS</p></td> <td></td> <td>8</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">4.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Order Submission </p></td> <td></td> <td>8</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">4.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Order Acceptance</p></td> <td></td> <td>8</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">4.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Collection of Payments </p></td> <td></td> <td>8</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">4.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Solar Facility Pricing and Payment </p></td> <td></td> <td>9</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 5 &#8211; SPECIAL PROGRAMS</p></td> <td></td> <td>9</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">5.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Leads Program </p></td> <td></td> <td>9</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">5.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Incentive Program </p></td> <td></td> <td>10</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">5.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Promotional Programs </p></td> <td></td> <td>10</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 6 &#8211; CONFIDENTIALITY; INTELLECTUAL PROPERTY</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">&nbsp;</p></td> <td>11</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">6.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Non-Disclosure Agreement </p></td> <td></td> <td>11</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">6.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Confidentiality </p></td> <td></td> <td>11</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">6.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Sunrun Trademark License </p></td> <td></td> <td>11</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">6.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Contractor Trademark License</p></td> <td></td> <td>13</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 7 &#8211; FORCE MAJEURE</p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">7.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Force Majeure </p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 8 &#8211; INDEMNIFICATION</p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">8.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Sunrun Indemnity </p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">8.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Contractor Indemnity </p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">8.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Obligations of Indemnifying Party </p></td> <td></td> <td>15</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 9 &#8211; LIMITATION OF LIABILITY</p></td> <td></td> <td>16</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">9.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Consequential Damages</p></td> <td></td> <td>16</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">9.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Liability Cap </p></td> <td></td> <td>16</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table id="pagebreakbc2028dc-d805-4fe7-a485-0e108e18c4f6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">i</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 10 &#8211; DISPUTE RESOLUTION</p></td> <td></td> <td>16</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">10.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Negotiation </p></td> <td></td> <td width="2%">16</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">10.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Mediation </p></td> <td></td> <td>16</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">10.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Arbitration </p></td> <td></td> <td>16</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">10.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Prevailing Party </p></td> <td></td> <td>17</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 11 &#8211; TERM; TERMINATION</p></td> <td></td> <td>17</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">11.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Term </p></td> <td></td> <td>17</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">11.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Termination </p></td> <td></td> <td>17</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">11.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Effect of Termination </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">11.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Survival </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px" align="left">ARTICLE 12 &#8211; MISCELLANEOUS PROVISIONS</p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td colspan="2"></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.1</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Assignment </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.2</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Amendments </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.3</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Waiver </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.4</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Third-Party Beneficiaries in Host Customer </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.5</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Applicable Law </p></td> <td></td> <td>18</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.6</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Insurance </p></td> <td></td> <td>19</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.7</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Entire Agreement </p></td> <td></td> <td>19</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.8</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Notice </p></td> <td></td> <td>19</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.9</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Severability </p></td> <td></td> <td>19</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.10</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Further Assurances </p></td> <td></td> <td>20</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.11</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Mutual Non-disparagement </p></td> <td></td> <td>20</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.12</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Conflicts </p></td> <td></td> <td>20</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">12.13</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Counterparts </p></td> <td></td> <td>20</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table id="pagebreak9dcf99f8-509c-4597-8142-000a186119f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">ii</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>L</b><b>I</b><b>ST</b><b>O</b><b>F</b><b>EX</b><b>H</b><b>I</b><b>B</b><b>I</b><b>T</b><b>S</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15" bgcolor="#ffffff"> <td valign="top" width="12%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit A-1 </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Sunrun Trademarks</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit A-2 </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Contractor Trademarks </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit B </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Territory </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit C </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Online Proposal System </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit D </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Training Program </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit E </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Quarterly Review </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit F </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Minimum Volume Commitments </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit G </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Weekly Report </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit H </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Marketing and Brand Guidelines </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit I </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Leads Program </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit J </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Sales Guidelines </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit K </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Customer Promotion Guidelines </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibit L </p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Customer Origination Policy </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak362ccf29-9a75-4d53-b05c-6213684bee54" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">iii</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>CHA</b><b>NN</b><b>EL</b><b>A</b><b>G</b><b>REE</b><b>M</b><b>E</b><b>N</b><b>T</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This CHANNEL AGREEMENT (&#8220;<b><u>Agree</u></b><b><u>m</u></b><b><u>ent</u></b>&#8221;) is made as of January 21, 2015 and shall be effective as of January 25, 2015 (&#8220;<b><u>E</u></b><b><u>ffective Date</u></b>&#8221;), by and between Sunrun Inc., a Delaware corporation (&#8220;<b><u>Sunrun</u></b>&#8221;) and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<b><u>Con</u></b><b><u>tractor</u></b>&#8221;). Sunrun and Contractor may be referred to herein in the singular as &#8220;<b><u>Party</u></b>&#8221; or jointly as &#8220;<b><u>Par</u></b><b><u>ties</u></b>&#8221;. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>REC</b><b>I</b><b>TALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor believe they can jointly leverage each other&#8216;s strengths in their respective product offerings to develop a compelling solar solution; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, the Parties further believe that a cooperative sales and marketing effort will work to the parties&#8217; mutual benefit and create new market opportunities for each party&#8216;s respective products and services; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Parties intend to enter into a Master Solar Facility Turnkey Contract; and WHEREAS, Contractor desires to market and sell Sunrun Products, and Sunrun desires to support Contractor in that activity. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, it is agreed: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>1 </b><b>&#8211; </b><b>KEY</b><b>D</b><b>EF</b><b>I</b><b>N</b><b>I</b><b>T</b><b>I</b><b>ON</b><b>S</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.1 <u>Definitions</u>. The Parties hereby agree that capitalized terms used in this Agreement, unless otherwise defined herein or in a particular Addendum, shall have the meanings assigned below: </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>AAA</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>10</u><u>.</u><u>2</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Agree</u></b><b><u>m</u></b><b><u>ent</u></b>&#8221; has the meaning set forth in the preamble. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Con</u></b><b><u>fi</u></b><b><u>den</u></b><b><u>ti</u></b><b><u>a</u></b><b><u>l I</u></b><b><u>n</u></b><b><u>f</u></b><b><u>or</u></b><b><u>m</u></b><b><u>a</u></b><b><u>ti</u></b><b><u>o</u></b><b><u>n</u></b>&#8221; shall have the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>6</u><u>.</u><u>2</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Con</u></b><b><u>t</u></b><b><u>rac</u></b><b><u>t</u></b><b><u>or</u></b>&#8221; has the meaning set forth in the preamble. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Con</u></b><b><u>t</u></b><b><u>rac</u></b><b><u>t</u></b><b><u>or </u></b><b><u>Ac</u></b><b><u>ti</u></b><b><u>v</u></b><b><u>iti</u></b><b><u>es</u></b>&#8221; shall have the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>2</u><u>.</u><u>1</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er</u></b><b><u> Origination Policy</u></b>&#8221; means the customer origination policy set forth in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t </u><u>L</u>, as </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">amended from time to time by Sunrun in its sole discretion with notice to Contractor. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er </u></b><b><u>Pro</u></b><b><u>m</u></b><b><u>o</u></b><b><u>ti</u></b><b><u>on </u></b><b><u>G</u></b><b><u>u</u></b><b><u>i</u></b><b><u>de</u></b><b><u>li</u></b><b><u>ne</u></b><b><u>s</u></b>&#8220; means the customer promotion guidelines set forth in <u>Exh</u><u>ibit K</u>, as amended from time to time by Sunrun in its sole discretion with notice to Contractor. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>D</u></b><b><u>epos</u></b><b><u>it</u></b>&#8221; means the amount due from Host Customer at signing of the Solar Customer Agreement, such amount as specified in the documentation generated by the Online Proposal System. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb0399077-1e4a-4ac6-83d0-3878faf8e211" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-1-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>E</u></b><b><u>ff</u></b><b><u>ec</u></b><b><u>ti</u></b><b><u>ve </u></b><b><u>D</u></b><b><u>a</u></b><b><u>t</u></b><b><u>e</u></b>&#8221; has the meaning set forth in the preamble. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Force</u></b><b><u> Majeure Event</u></b>&#8221; includes acts of God such as storms, fires, floods, lightning and earthquakes, war, riot, acts of a public enemy or other civil disturbance, or a strike, walkout, lockout or other significant labor dispute, deterioration of the financing markets or other causes beyond the affected Party's reasonable control. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>G</u></b><b><u>overn</u></b><b><u>m</u></b><b><u>en</u></b><b><u>t</u></b><b><u>a</u></b><b><u>l </u></b><b><u>Au</u></b><b><u>t</u></b><b><u>hor</u></b><b><u>ity</u></b>&#8221; means any governmental, administrative or municipal authority, including any ministry, department, municipality, instrumentality, agency or commission (including the California Energy Commission (&#8220;<b>CEC</b>&#8221;)) under direct or indirect control of any city, county, state or Federal government, or governmental entity with jurisdiction over the applicable Solar Facility or any part of the Work wherever such components of the Work may be located. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>G</u></b><b><u>overn</u></b><b><u>m</u></b><b><u>en</u></b><b><u>t</u></b><b><u>a</u></b><b><u>l </u></b><b><u>Au</u></b><b><u>t</u></b><b><u>hor</u></b><b><u>i</u></b><b><u>za</u></b><b><u>ti</u></b><b><u>on</u></b><b><u>s</u></b>&#8221; means all permits, consents, decisions, licenses, approvals, certificates, confirmations or exemptions from, and all applications and notices filed with or required by, any Governmental Authority that are necessary for the performance of the Work or any other obligation of either Party pursuant to this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Hos</u></b><b><u>t </u></b><b><u>Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er</u></b>&#8221; is the signatory of the Solar Customer Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Hos</u></b><b><u>t </u></b><b><u>Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er</u></b><b><u> I</u></b><b><u>n</u></b><b><u>f</u></b><b><u>or</u></b><b><u>m</u></b><b><u>a</u></b><b><u>ti</u></b><b><u>o</u></b><b><u>n</u></b>&#8221; means a Host Customer&#8217;s contact details and related information. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>I</u></b><b><u>ncen</u></b><b><u>ti</u></b><b><u>ve </u></b><b><u>Progra</u></b><b><u>m</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>5</u><u>.</u><u>2</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>I</u></b><b><u>n</u></b><b><u>iti</u></b><b><u>a</u></b><b><u>l </u></b><b><u>Pay</u></b><b><u>m</u></b><b><u>en</u></b><b><u>t</u></b>&#8221; means the amount due, if any, from Host Customer to Sunrun in addition to the Deposit on or before the first day of installation of the Solar Facility pursuant to a Solar Customer Agreement, such amount as specified in the documentation generated by the Online Proposal System. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>La</u></b><b><u>w</u></b>&#8221; means any applicable constitution charter, act, statute, law, ordinance, code (including, without limitation national, state and local building, installation, and construction codes and standards), rule, case law, regulation, order, treaty, decree, announcement, Governmental Authorization, or published practice or any interpretation thereof, or other legislative or administrative action of any Governmental Authority, or specified standards or objective criteria contained in any applicable Governmental Authorization, or a final decree, judgment, or order of a court, or any applicable engineering, construction, or safety regulation or code. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Leads </u></b><b><u>P</u></b><b><u>r</u></b><b><u>og</u></b><b><u>r</u></b><b><u>a</u></b><b><u>m</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>5</u><u>.</u><u>1</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>L</u></b><b><u>i</u></b><b><u>en</u></b>&#8221; means any mortgage, pledge, assessment, security interest, lease, lien, adverse claim, levy, right of retention, charge or other encumbrance of any kind, or any conditional sale contract, title retention contract or other agreement to give any of the foregoing. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>M</u></b><b><u>arke</u></b><b><u>ti</u></b><b><u>ng </u></b><b><u>and </u></b><b><u>Brand </u></b><b><u>G</u></b><b><u>u</u></b><b><u>i</u></b><b><u>de</u></b><b><u>li</u></b><b><u>nes</u></b>&#8220; means the marketing and brand usage guidelines set forth in <u>Exh</u><u>i</u><u>b</u><u>it </u><u>H</u>, as amended from time to time by Sunrun in its sole discretion with notice to Contractor. </p> <p style="MARGIN: 0px"> <table id="pagebreakb327a3e1-a4d4-46dd-a9d2-c269a99e686b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-2-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>M</u></b><b><u>as</u></b><b><u>t</u></b><b><u>er</u></b><b><u> Solar Facility Turnkey Contract</u></b>&#8221; means a design, engineering, procurement, </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">installation and construction contract already entered into or to be entered into between the Parties. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>M</u></b><b><u>i</u></b><b><u>n</u></b><b><u>i</u></b><b><u>m</u></b><b><u>u</u></b><b><u>m </u></b><b><u>Vo</u></b><b><u>l</u></b><b><u>u</u></b><b><u>m</u></b><b><u>e </u></b><b><u>Co</u></b><b><u>mm</u></b><b><u>it</u></b><b><u>m</u></b><b><u>en</u></b><b><u>t</u></b><b><u>s</u></b>&#8221; means the volume commitments set forth in Exhibit F. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>N</u></b><b><u>on</u></b><b><u>-</u></b><b><u>W</u></b><b><u>arran</u></b><b><u>t</u></b><b><u>y </u></b><b><u>Serv</u></b><b><u>i</u></b><b><u>ce</u></b><b><u>s</u></b>&#8221; means any services performed pursuant to a Service Request that are </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">not covered under the Contractor&#8217;s warranty provided under the Master Solar Facility Turnkey Contract. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>O</u></b><b><u>n</u></b><b><u>li</u></b><b><u>ne </u></b><b><u>P</u></b><b><u>r</u></b><b><u>opo</u></b><b><u>s</u></b><b><u>a</u></b><b><u>l </u></b><b><u>Sy</u></b><b><u>st</u></b><b><u>e</u></b><b><u>m</u></b>&#8221; means the website managed by Sunrun used by the Contractor to create proposals, sales documents and manage certain operations functions, as described more fully in <u>Exh</u><u>ibit C</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>O</u></b><b><u>r</u></b><b><u>der</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>4</u><u>.</u><u>1</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Par</u></b><b><u>t</u></b><b><u>y</u></b>&#8221; or &#8220;<b><u>Par</u></b><b><u>ti</u></b><b><u>e</u></b><b><u>s</u></b>&#8221; has the meaning set forth in the preamble. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Person</u></b>&#8221; means any individual, corporation, partnership, joint venture, trust, unincorporated </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">organization, association or Governmental Authority. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Proposed </u></b><b><u>Terr</u></b><b><u>it</u></b><b><u>ory </u></b><b><u>N</u></b><b><u>o</u></b><b><u>ti</u></b><b><u>c</u></b><b><u>e</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>2</u><u>.</u><u>2</u><u>(</u><u>b</u><u>)</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Proposed </u></b><b><u>Terr</u></b><b><u>it</u></b><b><u>ory </u></b><b><u>Sa</u></b><b><u>l</u></b><b><u>es </u></b><b><u>R</u></b><b><u>i</u></b><b><u>ght</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>2</u><u>.</u><u>2</u><u>(</u><u>b</u><u>)</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Pruden</u></b><b><u>t </u></b><b><u>Prac</u></b><b><u>ti</u></b><b><u>ces</u></b>&#8221; shall mean those practices, methods, specifications and standards of safety and performance, which are commonly used by professional engineering and construction firms which in the exercise of reasonable judgment and in the light of the facts known at the time the decision was made are considered good, safe and prudent practice in connection with the design, engineering, procurement and installation of solar facilities and equipment. Prudent Practices are not intended to be limited to the optimum practice or method to the exclusion of all others, but rather to be a spectrum of reasonable and prudent practices and methods. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Q</u></b><b><u>ua</u></b><b><u>lifi</u></b><b><u>ed </u></b><b><u>Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er</u></b>&#8221; means a customer who meets all of the following minimum criteria: (i) has demonstrated ability to pay as determined by the Sunrun credit approval process; (ii) resides within the Territory and (iii) has signed a Solar Customer Agreement to purchase a Solar Facility with a size of at least 2.00 kW DC. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Q</u></b><b><u>ua</u></b><b><u>rt</u></b><b><u>e</u></b><b><u>rl</u></b><b><u>y</u></b><b><u> Review</u></b>&#8221; means the quarterly business meeting attended by senior management </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">personnel of Sunrun and Contractor, as more fully described in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t </u><u>E</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Sa</u></b><b><u>l</u></b><b><u>es</u></b><b><u> Guidelines</u></b>&#8221; means the sales guidelines set forth in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t J</u>, as amended from time to </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">time by Sunrun in its sole discretion with notice to Contractor </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Sa</u></b><b><u>l</u></b><b><u>es</u></b><b><u> I</u></b><b><u>ncen</u></b><b><u>ti</u></b><b><u>ve </u></b><b><u>Progra</u></b><b><u>m</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>5</u><u>.</u><u>2</u><u>(</u><u>a</u><u>)</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>So</u></b><b><u>l</u></b><b><u>ar Cus</u></b><b><u>t</u></b><b><u>o</u></b><b><u>m</u></b><b><u>er </u></b><b><u>Agree</u></b><b><u>m</u></b><b><u>en</u></b><b><u>t</u></b>&#8221; means the customer agreement entered into by and between Sunrun and a particular Host Customer whereby (i) Sunrun agrees to sell and Host Customer agrees to purchase solar electric energy produced by the Solar Facility or (ii) Sunrun agrees to lease to Host Customer the Solar Facility. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak55f7eb27-b71a-4d55-a114-57d5c55b2658" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-3-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>So</u></b><b><u>l</u></b><b><u>ar</u></b><b><u> Facility</u></b>&#8221; means a complete photovoltaic system designed, engineered, procured, constructed, installed, tested, commissioned, and started-up in accordance with a Master Solar Facility Turnkey Contract. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>So</u></b><b><u>l</u></b><b><u>ar </u></b><b><u>Fac</u></b><b><u>ilit</u></b><b><u>y </u></b><b><u>Pr</u></b><b><u>i</u></b><b><u>ce</u></b>&#8221; has the meaning set forth in <u>Sec</u><u>t</u><u>i</u><u>on</u><u>4</u><u>.</u><u>4</u><u>(</u><u>a</u><u>)</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>So</u></b><b><u>l</u></b><b><u>ar </u></b><b><u>F</u></b><b><u>i</u></b><b><u>nanc</u></b><b><u>i</u></b><b><u>ng </u></b><b><u>Produc</u></b><b><u>t</u></b>&#8221; means a product offering to a customer in which a single photovoltaic system is both (i) installed on the property of such customer and (ii) owned by a Person other than such customer, including but not limited to contractual arrangements pursuant to which such photovoltaic systems are leased to such customer or pursuant to which electricity from such photovoltaic systems is sold to such customer under a power purchase agreement. For the avoidance of doubt, photovoltaic systems financed through home equity lines of credit, home equity loans, same-as-cash financing, and municipal financing programs are not Solar Financing Products. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Subcon</u></b><b><u>t</u></b><b><u>rac</u></b><b><u>t</u></b><b><u>o</u></b><b><u>r</u></b>&#8221; shall mean a person or entity of any tier directly or indirectly engaged by Contractor regarding the performance or provision of the Contractor Activities or the fulfillment, in whole or in part, of any obligation undertaken by Contractor in connection with this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Sunrun</u></b>&#8221; shall have the meaning set forth in the preamble. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Sunrun Produc</u></b><b><u>t</u></b><b><u>s</u></b>&#8221; means the Solar Facility financing and installation packages offered by Sunrun, as may be adjusted by Sunrun in its sole discretion from time to time, including but not limited to the products sold through the Solar Customer Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>Terr</u></b><b><u>it</u></b><b><u>ory</u></b>&#8221; shall means the geographies set forth in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t </u><u>B</u>, providing that such Exhibit may </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">amended anytime by Sunrun to include additional geographies upon notice by Sunrun to Contractor. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<b><u>Tra</u></b><b><u>i</u></b><b><u>n</u></b><b><u>i</u></b><b><u>ng </u></b><b><u>Progra</u></b><b><u>m</u></b>&#8221; means the training program offered by Sunrun as more fully described in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t </u><u>D</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b><u>W</u></b><b><u>eek</u></b><b><u>l</u></b><b><u>y</u></b><b><u> Report</u></b>&#8221; means the sales report delivered by Contractor to Sunrun, containing the </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">information set forth in <u>Exh</u><u>i</u><u>b</u><u>i</u><u>t </u><u>G</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>2 </b><b>&#8211; </b><b>RELAT</b><b>I</b><b>ON</b><b>SH</b><b>I</b><b>P</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1 <u>Appointment</u>. Subject to the terms and conditions of this Agreement, Sunrun hereby appoints Contractor as Sunrun&#8217;s sales representative, and Contractor accepts such appointment, for the sole purpose of soliciting orders for the Sunrun Products in the Territory during the Term (such solicitation, the &#8220;<b><u>Con</u></b><b><u>tractor Activities</u></b>&#8221;). </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2.2 <u>Exclusivity</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <u>[intentionally left blank]</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka4b39aa9-93c4-4c7d-a9ab-627866f0894f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-4-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Contractor&#8217;s Obligations</u>. For the duration of the Term, Contractor shall not market, sell or construct Solar Financing Products to residential customers that are not Sunrun Products, whether such Solar Financing Products are developed by Contractor or any other third party. In the event Contractor intends to market and sell Solar Financing Products to residential customers outside the Territory, Contractor shall provide Sunrun at least forty-five (45) days written notice describing with particularity the expected market and proposed geography, such geography not to exceed the service area of a single electric utility (the &#8220;<b>P</b><b>roposed Territory Notice</b>&#8221;). Contractor may market and sell Solar Financing Products that are not Sunrun Products described in the Proposed Territory Notice forty-five (45) days after Sunrun&#8217;s receipt of the Proposed Territory Notice (&#8220;<b>Proposed Territory Sales Right</b>&#8221;), provided, however, Contractor shall not have the Proposed Territory Sales Right if Sunrun notifies Contractor within forty-five (45) days of receipt of the Proposed Territory Notice that Sunrun has elected to expand the Territory to include the proposed geography. Notwithstanding the foregoing, Contractor&#8217;s Proposed Territory Sales Right shall expire in the event that ninety (90) days pass during which period Contractor does not sell any Solar Financing Products in the locations described in the Proposed Territory Notice. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Specific Performance</u>. Each of the Parties acknowledges and agrees that the other Party hereto may be damaged irreparably in the event <u>Section 2.2(b)</u>is not performed in accordance with its specific terms or otherwise is breached. Accordingly, each of the Parties hereto agrees that the other Party hereto shall be entitled to injunctive relief (notwithstanding any pending or ongoing arbitration or litigation proceedings) to prevent breaches of <u>Section 2.2(b)</u>and if appropriate and entitled to do so under applicable law, to enforce specifically <u>Section 2.2(b)</u>, in addition to any other remedy to which they may be entitled at law or in equity. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3 <u>Status of Contractor</u>. Contractor shall perform and execute the provisions of this Agreement as an independent contractor to Sunrun and shall not be an agent, employee, joint venturer or partner of Sunrun. Contractor shall be solely responsible for the employment, control and conduct of all persons in its employ, and Contractor shall make all withholdings and payments of all payroll taxes and similar obligations, including income tax, social security tax, unemployment tax and worker&#8217;s compensation taxes, for each of its employees and salespersons. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.4 <u>Subcontractors</u>. No contractual relationship shall exist between Sunrun and any Subcontractor with respect to the Contractor Activities performed hereunder. No Subcontractor is intended to be or shall be deemed a third Party beneficiary of this Agreement. Contractor shall be fully responsible for the works, services, and materials and the acts, defaults and neglects of any Subcontractor, its agents or employees as fully as if they were Contractor's own or those of Contractor's agents or employees. Contractor shall not use any Subcontractor that offers a Solar Financing Product. On a quarterly basis, within 10 days of the end of such quarter, Contractor shall provide to Sunrun a list of all Subcontractors used by Contractor during such quarter. Sunrun shall have the right to review such Subcontractor list and to reject any Subcontractor in Sunrun&#8217;s sole discretion, and Contractor shall no longer subcontract with any such rejected Subcontractor to perform Contractor Activities. Further, if any Subcontractor is deemed by Sunrun, in Sunrun&#8217;s reasonable discretion, to have violated any of the Contractor&#8217;s Responsibilities in Article 3 or to be offering a Solar Financing Product, then Sunrun shall have the right to reject such Subcontractor, upon 10 days&#8217; notice to Contractor and Contractor shall no longer be permitted to use such rejected Subcontractor to perform Contractor Activities. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc5ae27b1-5834-4413-9a2c-22d5595d2f83" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-5-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.5 <u>Sales Representatives</u>. Periodically, as requested by Sunrun, Contractor shall provide Sunrun a list identifying each of its individual sales representatives who are performing Contractor Activities on behalf of Contractor or any Subcontractor. Without limiting any other rights Sunrun has under this Agreement or the law, in the event that an individual sales representative violates or there is a claim that an individual sales representative has violated any provision of this Agreement including but not limited to, Contractor&#8217;s Responsibilities set forth in Section 3.2 herein, such individual sales representative, upon Sunrun&#8217;s request, shall immediately stop performing Contractor Activities under this Agreement. Contractor shall ensure and provide confirmation that such individual sales representative has stopped performing Contractor Activities under this Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>3 </b><b>&#8211; </b><b>RESP</b><b>ON</b><b>S</b><b>I</b><b>B</b><b>I</b><b>L</b><b>I</b><b>T</b><b>I</b><b>ES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.1 <u>Sunrun Responsibilities</u>. Sunrun agrees, at its own expense, to: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) offer the Training Program to appropriate Contractor personnel; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) provide Contractor with access and use of the Online Proposal System on a nonexclusive, nontransferable basis and subject to the terms of this Agreement; and </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) make reasonable efforts to notify Contractor in advance of new Sunrun marketing programs and changes to the Sunrun Products and pricing; and honor historic pricing and marketing programs for fourteen (14) days following any change in pricing, provided, however, that Sunrun shall be under no obligation to honor pricing generated by the Online Proposal System for a particular Solar Facility in the event that any rebates applicable to that Solar Facility are reduced or become unavailable during such fourteen (14) day period; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) make payments to Contractor for its performance of certain Service Requests and for reaching goals under the Incentive Program; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) act in a manner consistent with all applicable Laws in performing under this Agreement; and </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.2 <u>Contractor Responsibilities</u>. Contractor agrees, at its own expense, to: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) make best commercial efforts to promote, market and sell the Sunrun Products&nbsp;in the Territory so as to meet or exceed the Minimum Volume Commitments; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) adhere to the Marketing and Brand Guidelines; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) adhere to Sales Guidelines; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) adhere to Customer Promotion Guidelines; week; <br></p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) deliver the Weekly Report to Sunrun by the close of business on Friday of every&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak305d0e00-6a23-42d4-8992-004626645ba4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-6-</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) send senior management, salespersons and other appropriate personnel to participate in the Training Program; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(g) encourage Sunrun&#8217;s attendance at its sales meetings, customer site visits, marketing events and business development opportunities, in Contractor&#8217;s sole discretion; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) obtain additional information or documentation from the Host Customer (i.e., additional personal guarantees or credit information) in the event Sunrun has rejected an Order for lack of such additional information or documentation, to be used by Sunrun when Sunrun reconsiders such Order for acceptance; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) make available at no cost to Sunrun photos taken during the installation of the Solar Facility of Host Customers for use by Sunrun on its website and in its promotional efforts; furthermore, Contractor represents and warrants that all intellectual property rights in such photos are owned by Contractor or permission for Sunrun to use such photos on its website and in its promotional efforts has been granted to Contractor by all third-party holders of intellectual property rights in such photos, and Contractor covenants that such photos shall not be given to any third party that will use such photos for marketing, promotional, or similar purposes (including, without limitation, any Person who offers a Solar Financing Product); </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(j) avoid deceptive, misleading or unethical representations or practices in marketing the Sunrun Products; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(k) fulfill Service Requests pursuant to the terms of this Agreement; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(l) offer commission rates to its sales representatives on photovoltaic systems sold as Sunrun Products that are equal to or higher than the commission rates paid on sales of customer- owned photovoltaic systems or other same-as-cash transactions; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(m) act in a manner consistent with all applicable Laws; and </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(n) utilize the resources and support provided by Sunrun under this Agreement solely for Contractor Activities. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(o) adhere to On-Line Proposal System and On-line Proposal Guidelines; (p) adhere to the Customer Origination Policy. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.3 <u>Responsibilities of Both Parties</u>. Sunrun and Contractor both agree, at their own expense, to: </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) prepare for and participate in the Quarterly Review; </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) place on their respective websites keyword rich links directed to the other Parties&#8217; website; data systems; </p> <p style="MARGIN: 0px"><br> <table id="pagebreak4c483de3-d15f-4330-9504-fbacef6e39bb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-7-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) make commercially reasonable efforts to synchronize and integrate proposal </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) in the event the Minimum Volume Commitment are not met for three (3) consecutive months, conduct a detailed review of the Contractor&#8217;s activities for the purpose improving sales performance of the Contractor; and </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) perform their respective obligations under the terms of the Leads Program, if Contractor has not opted out of the Leads Program pursuant to <u>Sec</u><u>t</u><u>ion 5.1</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) If Contractor achieves greater than 49 approved Orders by April 30, 2015 (greater than 75% of the cumulative Minimum Volume Commitment committed by April 30, 2015), the Parties agree to meet in good faith and amend the Agreement to increase the Minimum Volume Commitment for the months following April 2015. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>4 </b><b>&#8211; </b><b>O</b><b>RDERS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.1 <u>Order Submission</u>. In connection with its performance of the Contractor Activities, Contractor shall diligently seek to obtain practicable orders for the Sunrun Products (each, an &#8220;<b><u>Order</u></b>&#8221;) on such forms generated by the Online Proposal System and in accordance with such procedures as the parties may establish from time to time. Orders shall be submitted to Sunrun as soon as reasonably practical, but in no event later than Friday by 5pm for Orders collected during the prior week (Monday- Sunday). To be considered for acceptance pursuant to <u>Section 4.2</u>, upon receipt by Sunrun each Order must include (i) a completed Solar Customer Agreement with the signature of the Host Customer and (ii) a Deposit, if a Deposit is called for by the Contract. No Customer Contract will be binding until accepted in writing by Sunrun. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.2 <u>Order Acceptance</u>. Sunrun has the right to reject any Order based on (i) the Solar Customer Agreement not having been generated by the Online Proposal System, (ii) the Solar Customer Agreement having been expired pursuant to the date set forth on such agreement, (iii) the Host Customer not passing Sunrun&#8217;s credit approval process, (iv) Host Customer is not a Qualified Customer, (v) insufficiency of Deposit or Customer signature or (vi) its sole discretion irrespective of the satisfaction of any other criteria, provided in each case that Sunrun shall do so in writing within three (3) business days of Sunrun&#8217;s receipt of the Order. Delays in Order acceptance by Sunrun shall constitute an equitable adjustment to the Guaranteed Substantial Completion Date in the Master Solar Facility Turnkey Contract between Sunrun and Contractor then in effect. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.3 <u>Collection of Payments</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) If a Deposit is due upon Solar Customer Agreement signing, Contractor shall be responsible for collecting such Deposit from the Host Customer and delivering it to Sunrun along with the Solar Customer Agreement signed by such Host Customer. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2bf96716-cd20-4b88-b70b-bf90a5fa410a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-8-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) If the Host Customer pays Sunrun the Initial Payment in advance of commencement of the Solar Facility installation, then Sunrun will make reasonable efforts to notify Contractor in advance of the scheduled start of work on the Solar Facility. If Contractor has not received&nbsp;such notice, Contractor shall use reasonable efforts to collect the Initial Payment on Sunrun&#8217;s behalf, during installation, such payment to be made by Host Customer by check payable to Sunrun and mailed by Contractor to Sunrun within five (5) business days of collection. Contractor expressly disclaims any responsibility for acting as Sunrun&#8217;s agent in this regard. If Contractor arrives on the job site to commence work on the Solar Facility and the Host Customer does not provide the required Initial Payment, Contractor shall use reasonable efforts to notify Sunrun and shall proceed with installation of the Solar Facility, provided that if Sunrun wants Contractor to stop work and reschedule the Solar Facility installation to coincide with the Host Customer&#8217;s Initial Payment to Sunrun, Sunrun will notify Contractor immediately. Such delay shall pro-rata extend the timelines in the Master Solar Facility Turnkey Contract between the Parties. Contractor will also be entitled to payment from Sunrun for all work performed and materials used through the date of work stoppage. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Sunrun shall solely be responsible for any refunds or other payments made to Host Customer for any reason pursuant Solar Customer Agreement or in association with any Sunrun Product, including but not limited to a cancellation by the Host Customer of the Solar Customer Agreement or an inability of the Contractor to perform under the Master Solar Facility Turnkey Contract. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.4 <u>Solar Facility Pricing and Payment</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Price</u>. Sunrun agrees to purchase Solar Facilities from Contractor for the price Contractor enters into the Online Proposal System during the process of generating the Solar Customer Agreement (&#8220;<b><u>So</u></b><b><u>lar Facility Price</u></b>&#8221;). Notwithstanding the foregoing, if at any time Contractor offers to sell a Solar Facility to a potential Host Customer (i) at a price lower than the Sunrun Total Solar Price, (ii) with a guarantee of state or local rebate amounts or (iii) with any other promotion that affects the economics of the proposed Solar Facility with respect to a Host Customer (collectively, a &#8220;<b><u>Partner</u><u>Discount</u></b>&#8221;), the Solar Facility Price shall be the amount set forth in the first sentence of this <u>Sect</u><u>ion</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 90px"><u></u>&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><u>4</u><u>.</u><u>4 </u><u>(</u><u>a</u><u>)</u> less the Partner Discount. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Payment Terms</u>. Payment of the Solar Facility Price by Sunrun to Contractor shall be pursuant the terms of the Master Solar Facility Turnkey Contract between Sunrun and Contractor then in effect. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Price Changes</u>. Contractor and Sunrun shall evaluate the Solar Facility Price at the Quarterly Review. The Parties may adjust the Solar Facility Price by mutual agreement at any time during the term of this Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>5 </b><b>&#8211; </b><b>SPEC</b><b>I</b><b>AL</b><b>PR</b><b>OG</b><b>RA</b><b>M</b><b>S</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.1 <u>Leads Program</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>General</u>. Sunrun may provide, and Contractor agrees to accept, sales leads pursuant to the terms set forth in <u>Exhibit I</u> (the &#8220;<b><u>Leads</u></b><b><u> Program</u></b>&#8221;). Sunrun reserves the right to cancel or modify any of the terms of the Leads Program in its sole discretion at any time, by providing fifteen (15) days written notice to Contractor before such amendments shall become effective. </p> <p style="MARGIN: 0px"><br> <table id="pagebreakfa1a754f-4ce1-413c-89b0-52b267d30ed1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-9-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt; TEXT-INDENT: 90px" align="justify">(b) <u>Pa</u><u>rt</u><u>i</u><u>c</u><u>i</u><u>pa</u><u>t</u><u>i</u><u>on</u>. Contractor shall be enrolled in the Leads Program, unless it provides written notice to Sunrun that it elects not to participate in the Leads Program, such notice to be delivered at least five (5) business days prior to the beginning of the quarter. Upon timely receipt of such notice, Sunrun will not provide Contractor with any leads pursuant to the Leads Program beginning at the start of the next quarter. Contractor may return to the Leads Program by providing written notice at least five (5) business days prior to the beginning of any subsequent quarter or upon mutual agreement of the Parties. During each Quarterly Review Sunrun and Contractor will discuss the Leads Program and determine whether the guidelines and performance standards were met by the Contractor for the quarter. If Contractor fails to meet guidelines and performance standards in two consecutive quarters Sunrun may in its sole discretion discontinue the Leads Program for Contractor. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.2 <u>Incentive Program</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>General</u>. To incentivize the sale of Sunrun Products, from time to time Sunrun may provide in writing to Contractor based on the individual sales activity and other performance metrics of each of Contractor&#8217;s salespersons (the &#8220;<b><u>Sales Incentive Program</u></b>&#8221;), such requirements and benefits as more fully described in such writing provided by Sunrun to Contractor. For the purposes of the Sales Incentive Program, a sale of a Sunrun Product is credited to a salesperson upon Sunrun&#8217;s acceptance of any Order by Sunrun pursuant to <u>Section 4.2</u>; provided, however, in the event an accepted Order is cancelled, then such Order shall not be credited to the salesperson responsible for such Order, and if a payment has already been made to Contractor under the Sales Incentive Program for the cancelled Order then any future payments made to Contractor with respect to such salesperson&#8217;s performance shall be reduced to reflect the cancellation; provided, further, in the event a salesperson terminates employment with Contractor, Contractor shall promptly notify Sunrun, and Sunrun shall have no obligation to make any future payments to Contractor for benefits earned by such terminated salesperson pursuant to Sales Incentive Program. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Payment</u>. Sunrun may make any payments earned under the Sales Incentive Program on a monthly basis directly to Contractor, and such payment is made in consideration for Contractor&#8217;s performance under this Agreement. Contractor agrees to distribute any payments received to the salespersons who earned the payments, after making deductions for employer taxes, workers compensation premiums and any other deductions required by law. Payments under the Sales Incentive Program are subject to the Contractor performing its obligations under this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>No Employment Relationship</u>. Sunrun and Contractor agree that the salespersons are solely under the employment of Contractor and that the Sale Incentive Program does not establish any employment, contractual or beneficial relationship between any employees of Contractor and Sunrun. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <u>Amendment and Termination</u>. Sunrun reserves the right to terminate, suspend or amend any of the terms of the Sales Incentive Program in its sole discretion by providing fifteen (15) days written notice to Contractor before such termination, suspension or amendment becomes effective. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3 <u>Promotional Programs</u>. Sunrun may from time to time offer promotional programs for Sunrun Products to Contractors, such programs Contractors may in turn offer to potential Host Customers. Contractor agrees not to run any promotional programs for Sunrun Products that are not&nbsp;approved in writing (email acceptable) in advance by Sunrun. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6690f8cb-362d-4396-8790-5d1317116b80" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-10-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>6 </b><b>&#8211; </b><b>C</b><b>ON</b><b>F</b><b>I</b><b>D</b><b>E</b><b>N</b><b>T</b><b>I</b><b>AL</b><b>I</b><b>TY</b><b>; I</b><b>N</b><b>TELLECT</b><b>U</b><b>AL</b><b>PR</b><b>O</b><b>PERTY</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1 <u>Non-Disclosure Agreement</u>. The Parties signed a Mutual Non-Disclosure Agreement (&#8220;<b><u>NDA</u></b>&#8221;) on November 3, 2014, which shall remain in full force and effect with respect to this Agreement, and nothing contained in this Agreement shall supersede or replace the terms and conditions therein. The NDA shall apply to this Agreement, including the terms and conditions hereof and the Parties&#8217; discussions in furtherance of the transactions contemplated hereby. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.2 <u>Confidentiality</u>. Notwithstanding <u>Section 6.1</u>, and by way of supporting and not superseding the NDA, from the date of this Agreement through the second anniversary of the termination hereof, each Party agrees, and shall cause its respective directors, officers, employees, consultants, advisors and affiliates, to each to treat and hold as confidential (and not disclose or provide access to any person) all business, technical, financial or other information of the other disclosing Party (&#8220;<b><u>Con</u></b><b><u>fidential Information</u></b>&#8221;) including, without limitation, information relating to trade secrets, patent applications, product development, customer lists, pricing and marketing plans, policies and strategies, details of client and consultant contracts, business acquisition plans and new personnel acquisition plans. Each Party further agrees to use (and not reverse engineer) the Confidential Information of the other disclosing Party solely for the purpose of advancing the business relationship contemplated under this Agreement as expressly permitted or directed by the disclosing Party. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.3 <u>Sunrun Trademark License</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Contractor shall use the names and the graphic symbol solely as they appear in <u>Exhibit A-1</u> (the &#8220;<b><u>Sunrun</u></b><b><u> Trademarks</u></b>&#8221;). Contractor shall use the Sunrun Trademarks on all printed and electronic materials (including the internet) used in association with Contractor Activities. Unless Contractor obtains Sunrun&#8217;s prior written approval, Contractor shall not combine any of the Sunrun Trademarks with any other trademark, word, symbol, letter, design or mark. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Subject to the terms and conditions of this Agreement, Sunrun grants to Contractor, and Contractor accepts, a non-exclusive, non-transferable, non-sublicensable, license during the term of this Agreement to use the Sunrun Trademarks, solely in connection with the Contractor Activities. Uses by Contractor pursuant to this section&#8217;s license grant shall be referred to as <b><u>&#8220;Contractor</u><u>Licensed Uses</u></b>&#8221;. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Contractor shall not use the Sunrun Trademarks in connection with any activities other than the Contractor Licensed Uses without prior written approval of Sunrun. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Upon Sunrun&#8217;s reasonable request, Contractor shall make available to Sunrun, for its approval, samples of all uses of the Sunrun Trademarks. Sunrun shall have the right to monitor the quality of the Contractor Licensed Uses and to make reasonable objections to any such sample on the grounds that Sunrun believes that the use of such materials by Contractor will be damaging to or dilutive of the value of, or reputation associated with, the Sunrun Trademarks, or damaging to or dilutive of the reputation of Sunrun or its products and services. Contractor shall undertake such other steps as Sunrun may reasonably request to assist Sunrun in monitoring the quality of the Contractor Licensed Uses provided by Contractor under the Sunrun Trademarks. Sunrun has the right to take all action that it deems necessary to ensure that Contractor&#8217;s activities under, and uses of, the Sunrun Trademarks are consistent with the reputation for quality and prestige of products and services associated with the Sunrun Trademarks. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka6849d68-8d2f-41e9-8ee1-fe4dd03282c3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-11-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Contractor shall comply with all applicable laws and regulations pertaining to its use of the Sunrun Trademarks and any other Sunrun intellectual property, and its sale, distribution and advertising of the goods and services under the Sunrun Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) Contractor shall not use any of the Sunrun Trademarks in connection with any activity that disparages Sunrun or its products or services, dilutes the value of the Sunrun Trademarks, or damages the reputation for quality inherent in the Sunrun Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) Contractor acknowledges and agrees that it has no interest in the Sunrun Trademarks other than the licenses granted under this Agreement, and that Sunrun will remain the sole and exclusive owner of all right, title and interest in the Sunrun Trademarks. Contractor acknowledges and agrees that Contractor&#8217;s use of the Sunrun Trademarks and any good will in the Sunrun Trademarks resulting from Contractor&#8217;s use will inure solely to the benefit of Sunrun and will not create any right, title or interest for Contractor in the Sunrun Trademarks. Contractor shall not contest, oppose or challenge Sunrun&#8217;s ownership of the Sunrun Trademarks. Contractor agrees that it will do nothing to impair Sunrun&#8217;s ownership or rights in the Sunrun Trademarks. This license for use of Sunrun Trademarks shall terminate immediately upon termination of this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) Contractor shall promptly notify Sunrun should Contractor learn of use by a third party of any trademark that is confusingly similar to any of the Sunrun Trademarks. Contractor shall take no action with respect thereto except with the prior written authorization of Sunrun. Sunrun may take such action as it in its sole discretion deems advisable for the protection of its rights in the Sunrun Trademarks. Contractor shall cooperate to assist Sunrun as reasonably necessary with any legal or equitable action taken by Sunrun to protect Sunrun&#8217;s rights in the Sunrun Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) Subject to the Limitation of Liability in <u>Article 9.2</u>, Sunrun agrees to defend Contractor in any action for infringement of any third party trademark arising out of Contractor&#8217;s use of the Sunrun Trademarks in accordance with this Agreement, and to pay any liabilities, damages and costs awarded against Contractor to such third party in any such action by a court of competent jurisdiction or agreed by Sunrun in settlement of any such action; provided, that Contractor notifies Sunrun promptly in writing of any such suit or proceeding, does not make any prejudicial admission or statement, gives Sunrun all reasonable assistance at Sunrun&#8217;s expense and gives Sunrun sole control of the defense and all negotiations for the settlement or compromise thereof. This indemnity shall not apply if normally non-infringing Sunrun Trademarks are rendered infringing by reason of Contractor&#8217;s particular use of such Sunrun Trademarks, combination of the Sunrun Trademarks with other marks or the modification of the Sunrun Trademarks. If, at any time, any Sunrun Trademark becomes, or in the opinion of Sunrun may become, the subject of a claim of infringement, Sunrun may, at its option (i) procure for Contractor the right to continue using such Sunrun Trademark; (ii) replace or modify such Sunrun Trademark, in which case Contractor shall immediately cease distribution of the Contractor Licensed Uses bearing the alleged infringing Sunrun Trademark; or (iii) terminate this Agreement with respect to such Sunrun Trademark. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9856c3bb-fdb6-49ef-8a9b-8b0ec94025b3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-12-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(j) Sunrun shall have no liability for any infringement claim based on Contractor&#8217;s use of the Sunrun Trademarks after Sunrun&#8217;s notice that, due to such a claim, Contractor should cease use of one of the Sunrun Trademarks or begin use of a substitute mark. For all claims described in this <u>Section 6.3(j)</u>, Contractor agrees to defend, indemnify and hold Sunrun harmless from and against all liabilities, losses, claims, damages, costs, expenses and settlement amounts (including without limitation reasonable attorneys&#8217; fees). </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.4 Contractor Trademark License. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) To the extent used, Sunrun shall use the names and the graphic symbol solely as they appear in <u>Exhibit A-2</u> (the <b><u>&#8220;Contractor Trademarks</u></b>&#8221;). Sunrun may use the Trademarks on any printed and electronic materials (including the internet) used on the Sunrun website, on the Online Proposal System and associated documentation, and in association with any other sales and marketing activities that relate to Contractor <b><u>(&#8220;Sunrun Licensed Activities&#8221;).</u></b> Unless Sunrun obtains Contractor&#8217;s prior written approval, Sunrun shall not combine any of the Contractor Trademarks with any other trademark, word, symbol, letter, design or mark. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Subject to the terms and conditions of this Agreement, Contractor grants to Sunrun, and Sunrun accepts, a non-exclusive, non-transferable, non-sublicensable, license during the term of this Agreement to use the Trademarks, solely in connection with the Sunrun Licensed Activities. Uses by Sunrun pursuant to this section&#8217;s license grant shall be referred to as <b><u>&#8220;Sunrun</u></b><u><b>Licensed Uses</b></u>&#8221;. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Sunrun shall not use the Contractor Trademarks in connection with any activities other than the Sunrun Licensed Uses without prior written approval of Contractor. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Upon Contractor&#8217;s reasonable request, Sunrun shall make available to Contractor, for its approval, samples of all uses of the Contractor Trademarks. Contractor shall have the right to monitor the quality of the Sunrun Licensed Uses and to make reasonable objections to any such sample on the grounds that Contractor believes that the use of such materials by Sunrun will be damaging to or dilutive of the value of, or reputation associated with, the Contractor Trademarks, or damaging to or dilutive of the reputation of Contractor or its products and services. Sunrun shall undertake such other steps as Contractor may reasonably request to assist Contractor in monitoring the quality of the Sunrun Licensed Uses provided by Sunrun under the Contractor Trademarks. Contractor has the right to take all action that it deems necessary to ensure that Sunrun&#8217;s activities under, and uses of, the Contractor Trademarks are consistent with the reputation for quality and prestige of products and services associated with the Contractor Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Sunrun shall comply with all applicable laws and regulations pertaining to its use of the Contractor Trademarks and any other Contractor intellectual property, and its sale, distribution and advertising of the goods and services under the Contractor Trademarks. activity that disparages Contractor or its products or services, dilutes the value of the Contractor Trademarks, or damages the reputation for quality inherent in the Contractor Trademarks. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak960278de-18ce-4248-a22c-7b721f11e0ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-13-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt; TEXT-INDENT: 90px" align="justify">(f) Sunrun shall not use any of the Contractor Trademarks in connection with any activity that disparages Contractor or its products or services, dilutes the value of the Contractor Trademarks, or damages the reputation for quality inherent in the Contractor Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) Sunrun acknowledges and agrees that it has no interest in the Contractor Trademarks other than the licenses granted under this Agreement, and that Contractor will remain the sole and exclusive owner of all right, title and interest in the Contractor Trademarks. Sunrun acknowledges and agrees that Sunrun&#8217;s use of the Contractor Trademarks and any good will in the Contractor Trademarks resulting from Sunrun&#8217;s use will inure solely to the benefit of Contractor and will not create any right, title or interest for Sunrun in the Contractor Trademarks. Sunrun shall not contest, oppose or challenge Contractor&#8217;s ownership of the Contractor Trademarks. Sunrun agrees that it will do nothing to impair Contractor&#8217;s ownership or rights in the Contractor Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) Sunrun shall promptly notify Contractor should Sunrun learn of use by a third party of any trademark that is confusingly similar to any of the Contractor Trademarks. Sunrun shall take no action with respect thereto except with the prior written authorization of Contractor. Contractor may take such action as it in its sole discretion deems advisable for the protection of its rights in the Contractor Trademarks. Sunrun shall cooperate to assist Contractor as reasonably necessary with any legal or equitable action taken by Contractor to protect Contractor&#8217;s rights in the Contractor Trademarks. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) Subject to the Limitation of Liability in Article 9.2, Contractor agrees to defend Sunrun in any action for infringement of any third party trademark arising out of Sunrun&#8217;s use of the Contractor Trademarks in accordance with this Agreement, and to pay any liabilities, damages and costs awarded against Sunrun to such third party in any such action by a court of competent jurisdiction or agreed by Contractor in settlement of any such action; provided, that Sunrun notifies Contractor promptly in writing of any such suit or proceeding, does not make any prejudicial admission or statement, gives Contractor all reasonable assistance at Contractor&#8217;s expense and gives Contractor sole control of the defense and all negotiations for the settlement or compromise thereof. This indemnity shall not apply if normally non-infringing Contractor Trademarks are rendered infringing by reason of Sunrun&#8217;s particular use of such Contractor Trademarks, combination of the Contractor Trademarks with other marks or the modification of the Contractor Trademarks. If, at any time, any Contractor Trademark becomes, or in the opinion of Contractor may become, the subject of a claim of infringement, Contractor may, at its option (i) procure for Sunrun the right to continue using such Contractor Trademark; (ii) replace or modify such Contractor Trademark, in which case Sunrun shall immediately cease distribution of the Sunrun Licensed Uses bearing the alleged infringing Contractor Trademark; or (iii) terminate this Agreement with respect to such Contractor Trademark. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(j) Contractor shall have no liability for any infringement claim based on Sunrun&#8217;s use of the Contractor Trademarks after Contractor&#8217;s notice that, due to such a claim, Sunrun should cease use of one of the Contractor Trademarks or begin use of a substitute mark. For all claims described in this <u>Section 6.4(j)</u>, Sunrun agrees to defend, indemnify and hold Contractor harmless from and against all liabilities, losses, claims, damages, costs, expenses and settlement amounts (including without limitation reasonable attorneys&#8217; fees). </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak59d84c65-cee6-49d4-b1a7-b3a0bda3e7d2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-14-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>7 </b><b>&#8211; </b><b>F</b><b>O</b><b>RCE</b><b>M</b><b>A</b><b>J</b><b>E</b><b>U</b><b>RE</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt; TEXT-INDENT: 45px">7.1 <u>Force Majeure</u>. Each Party shall be excused from performance and shall not be considered to be in default with respect to any obligation hereunder, except for Sunrun's obligation to pay money in a timely manner for services actually performed by Contractor or other liabilities actually incurred by Sunrun, if and to the extent that its failure of, or delay in, performance is due to a Force Majeure Event; provided that: (a) such Party gives the other Party written notice describing the particulars of the Force Majeure Event as soon as is reasonably practicable; (b) the suspension of performance is of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; (c) no obligations of the Party that arose before the occurrence causing the suspension of performance shall be excused as a result of the occurrence of the Force Majeure Event unless the performance of such obligations is impaired by the Force Majeure Event; (d) the Party uses commercially reasonable efforts to overcome or mitigate the effects of the Force Majeure Event; and (e) when the Party is able to resume performance of its obligations under this Agreement, such Party shall give the other Party written notice to that effect and shall promptly resume performance hereunder. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>8 </b><b>&#8211;</b><b> I</b><b>ND</b><b>E</b><b>M</b><b>N</b><b>I</b><b>F</b><b>I</b><b>CAT</b><b>I</b><b>ON</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.1 <u>Sunrun Indemnity</u>. Contractor will hold harmless, indemnify and defend Sunrun and its affiliates and their directors, officers and employees against all claims and will pay all costs, damages and reasonable attorneys&#8217; fees, arising directly or indirectly out of or resulting from: (i) any negligent, reckless, or intentionally wrongful acts or omissions on the part of Contractor; (ii) any acts, statements, claims, representations or warranties made by Contractor about the Sunrun Products that are false or are in violation of this Agreement; (iii) any failure of Contractor to perform its obligations under this Agreement or failure to perform its obligation under this Agreement in accordance with all applicable laws, rules and regulations; and (iv) a determination by a court or agency that the Contractor or any of Contractor&#8217;s assistants, employees or agents is not an independent contractor with respect to Sunrun. This indemnification obligation shall apply regardless of the amount of insurance coverage held by Sunrun. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2 <u>Contractor Indemnity</u>. Sunrun will hold harmless, indemnify and defend Contractor and its affiliates and their directors, officers and employees against all third party claims and will pay all costs, damages and reasonable attorneys&#8217; fees, arising directly or indirectly out of or resulting from: (i) any negligent, reckless, or intentionally wrongful acts or omissions on the part of Sunrun; (ii) Sunrun&#8217;s failure to comply with the obligations set forth in any Solar Customer Agreements entered into by Sunrun; and (iii) any failure of Sunrun to perform its obligations under this Agreement in accordance with all applicable laws, rules and regulations. This indemnification obligation shall apply regardless of the amount of insurance coverage held by Contractor. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3 <u>Obligations of Indemnifying Party</u>. If Contractor determines that it is entitled to indemnification under this ARTICLE 8, Contractor shall promptly notify Sunrun in writing of the loss, and provide all reasonably necessary or useful information, assistance and authority to settle and/or defend any loss. In the event of a loss claimed by a third party, the selection of counsel, the conduct of the defense of any lawsuit, arbitration, or other proceeding, and any settlement shall solely be within Sunrun&#8217;s control, provided that the Contractor shall have the right to participate in the defense of such loss using counsel of its choice, at its expense. If Sunrun determines that it is entitled to indemnification under this ARTICLE 9, Sunrun shall promptly notify the Contractor in writing of the loss or claim. In the event of a loss or claim by a third party, the selection of counsel, the conduct of the defense of any lawsuit, arbitration, or other proceeding, and any settlement shall solely be within the Sunrun&#8217;s control, provided that the Contractor shall have the right to participate in the defense of such claim or loss using counsel of its choice, at its expense. Prior to the finalization of any settlement or claim, Sunrun shall use reasonable efforts to confer with Contractor regarding such settlement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakff2a1a17-1e86-4992-94a9-bf0c60bb37e9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-15-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>9 &#8211; </b><b>L</b><b>I</b><b>M</b><b>I</b><b>T</b><b>A</b><b>T</b><b>I</b><b>ON</b><b>O</b><b>F</b><b>L</b><b>I</b><b>A</b><b>B</b><b>I</b><b>L</b><b>I</b><b>T</b><b>Y</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.1 <u>No Consequential Damages</u>. EXCEPT FOR THE INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT, AND EXCEPT FOR A PARTY&#8217;S BREACH OF ITS OBLIGATIONS UNDER SECTION 2.2 AND BREACH OF THE CONFIDENTIALITY PROVISIONS OF THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OF ANY KIND, ARISING OUT OF OR RELATING TO THIS AGREEMENT, REGARDLESS OF THE CAUSE OF ACTION (INCLUDING NEGLIGENCE), EVEN IF THE OTHER PARTY HAS BEEN INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.2 <u>Liability Cap</u>. EXCEPT FOR THE INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT, AND EXCEPT FOR A PARTY&#8217;S BREACH OF ITS OBLIGATIONS UNDER SECTION 2.2 AND EXCEPT FOR A PARTY&#8217;S BREACH OF THE CONFIDENTIALITY PROVISIONS OF THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY&#8217;S LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT EXCEED THE SUM OF FEES PAID AND PAYABLE TO EITHER PARTY UNDER THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO FEES PAID AND PAYABLE UNDER SECTION 4.4. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>10 </b><b>&#8211; </b><b>D</b><b>I</b><b>SP</b><b>U</b><b>TE</b><b>RES</b><b>O</b><b>L</b><b>U</b><b>T</b><b>I</b><b>ON</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.1 <u>Negotiation</u>. The Parties shall negotiate in good faith and attempt to resolve any good faith dispute within thirty (30) days after the date that a Party gives written notice of such dispute to the other Party. In the event that the Parties are unable to reach an agreement within such thirty (30) day period (or such longer period as the Parties may agree) then either Party may initiate mediation in accordance with <u>Section 10.2</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2 <u>Mediation</u>. If, after such negotiation, the dispute remains unresolved, either Party may require that a non-binding mediation take place. If neither Party initiates mediation within thirty (30) days of failing to reach agreement pursuant to the procedures set forth in <u>Section 10.1</u>, then the Parties shall resolve the dispute in accordance with <u>Section 10.3</u>. In such mediation, representatives of the Parties with authority to resolve the dispute shall meet for at least three (3) hours with a mediator whom they choose together. If the Parties are unable to agree on a mediator, then either Party is hereby empowered to request the American Arbitration Association (&#8220;<b><u>AAA</u></b>&#8221;) to appoint a mediator. The mediator's fee and expenses shall be paid one-half by each Party. If the Parties fail to reach a resolution with thirty (30) days of initiating mediation, then the Parties shall resolve the dispute in accordance with <u>Sect</u><u>ion 10.3</u>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3 <u>Arbitration</u>. The laws of the State of California shall control in the event of any dispute concerning interpretation or enforcement of this Agreement. Any dispute over the dollar limit of the Small Claims Court arising out of this Agreement shall be submitted to an arbitrator in a mutually agreeable location in California, or failing the ability of the parties to mutually agree on such a location, in the County of San Francisco, California, who shall be mutually selected by the parties to conduct a&nbsp;binding arbitration in accordance with Chapter 3, Title 9 of the California Code of Civil Procedure (CCP section 1282), including, but not limited to the right of discovery. If the parties cannot mutually agree on arbitrator within sixty (60) days of written demand for arbitration, then either of the parties may submit the dispute to the AAA for arbitration according to the Commercial Arbitration Rules of the AAA, and the AAA shall administer the binding arbitration. Judgment upon the award may be entered in any court having jurisdiction thereof. The arbitrator's award shall be detailed and set forth both the legal and factual basis of the award. This agreement to arbitrate will be specifically enforceable by any court with jurisdiction thereof. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5fc6e543-426f-4077-84eb-22dec3b62af7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-16-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.4 <u>Prevailing Party</u>. The prevailing party in any arbitration or other legal proceeding related to this Agreement may receive as an award it's reasonable attorney's fees, reasonable expert fees, costs, and expenses, subject to the arbitrator's right to exercise his or her reasonable discretion in making such an award. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>11 </b><b>&#8211; </b><b>TER</b><b>M</b><b>; </b><b>TER</b><b>M</b><b>I</b><b>N</b><b>AT</b><b>I</b><b>ON</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.1 <u>Term</u>. The initial term of this Agreement commences as of the Effective Date and expires thirty-six (36) months after the Effective Date, at which time the Agreement shall automatically renew for an additional thirty-six (36) month term (collectively with the initial term, the &#8220;<b><u>Ter</u></b><b><u>m</u></b>&#8221;), <u>provided</u>, <u>however</u>, no such renewal shall occur if either Party delivers the other Party a non-renewal notice at least thirty (30) days before the expiration of the current term. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.2 <u>Termination</u>. This Agreement may be terminated: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(i) at any time by either Party for cause in the event of any material breach or default by the other Party following written notice and failure by the breaching or defaulting party to cure such breach or default within thirty (30) days of such written notice; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(ii) at any time by either Party in the event of bankruptcy by the other Party; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(iii) at any time by either Party in the event of its termination of the Master Solar Facility Turnkey Contract in accordance with terms of the Master Solar Facility Turnkey Contract; for <br></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(iv) by Sunrun in the event that Contractor does not meet the Minimum Volume Commitments </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(A) four (4) consecutive months during the first six (6) full calendar months following the Effective Date, or </p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">(B) if at any time after the sixth (6th) full calendar month following the Effective Date, Contractor&#8217;s total sales are less than 80% of the aggregate total of all Minimum Volume Commitments from the Effective Date through the last full calendar month immediately preceding the month in which the notice of termination is issued. For illustration purposes only: if the Effective Date of the Agreement is in January, and the aggregate total of all Minimum Volume Commitments from the Effective Date through October of that calendar year is 100 but Contractor has only sold 79 Sunrun Products in the Territory, then Sunrun may terminate immediately by written notice to Contractor; or </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak44740fd4-ac90-44aa-8c05-581a18cb1301" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-17-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(v) at any time upon mutual written agreement of both Parties. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.3 <u>Effect of Termination</u>. Subject to <u>Section 11.4</u>, upon expiration or termination for any reason, the Agreement will cease to be in effect and none of the parties will have any further obligation or liability to the other. In addition, each party shall remove all of the other party&#8216;s trade names, trademarks, and logos, from its marketing collateral, web site, and any other materials used in furtherance of Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.4 <u>Survival</u>. The parties&#8217; rights and obligations under Sections 2.3, 2.4, 6.1, 6.2, 6.3(i), 6.4(i), 6.4 and 11.3, and Articles 8, 9, 10 and 12, will survive any termination or expiration of this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ART</b><b>I</b><b>CLE </b><b>12 </b><b>&#8211; </b><b>M</b><b>I</b><b>SCELLA</b><b>N</b><b>E</b><b>OU</b><b>S</b><b>PR</b><b>O</b><b>V</b><b>I</b><b>S</b><b>I</b><b>ON</b><b>S</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.1 <u>Assignment</u>. Contractor may not assign or transfer this Agreement or its rights or obligations hereunder, in whole or in part, without the prior written consent of Sunrun, which consent shall not be unreasonably withheld, conditioned, or delayed. A change in control of Contractor, as defined by the California State Board of Equalization, shall be considered an assignment under this provision. Subject to the foregoing sentence, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, their successor and assigns. Any purported assignment in violation of this Section is void <i>ab initio</i>. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.2 <u>Amendments</u>. Except as otherwise set forth herein, no change, amendment or modification of this Agreement shall be valid or binding upon the parties hereto unless such change, amendment, or modification shall be in writing and duly executed by both Parties. If any subsequent amendment or modification of law, rules or regulations materially alters a Party's obligations hereunder to its detriment, the Parties will negotiate in good faith a mutually-acceptable amendment of the affected obligations. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.3 <u>No Waiver</u>. Any failure of Sunrun or Contractor to enforce any of the provisions of this Agreement or to require at any time performance by Contractor or Sunrun of any of the provisions hereof during the pendency of this Agreement shall in no way affect the validity of this Agreement, or any part hereof, and shall not be deemed a waiver of the right of Sunrun or Contractor thereafter to enforce any and each such provision. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.4 <u>No Third-Party Beneficiaries in Host Customer</u>. The Host Customer who may benefit hereby is an incidental beneficiary and shall not have the rights of a third party beneficiary of this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.5 <u>Applicable Law</u>. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of California. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak01e4f080-e418-4b1d-8eb9-7a52ed666350" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-18-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.6 <u>Insurance</u>. Contractor agrees to maintain insurance in the types and amounts as specified in the Master Solar Facility Turnkey Contract covering occurrences during the Term. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.7 <u>Entire Agreement</u>. This Agreement along with the attached exhibits (which are incorporated into this Agreement by this reference and deemed to be an integral part of this Agreement), the Master Solar Facility Turnkey Contract, and the NDA contain the entire understanding of the Parties with respect to the subject matter hereof and supersedes any and all prior negotiations, contracts, agreements, commitments, and writings with respect thereto. There are no oral understandings, terms or conditions and neither Party has relied upon any representation, express or implied, not contained in this Agreement, the Master Solar Facility Turnkey Contract, or the NDA. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.8 <u>Notice</u>. All written documentation or notices may be transmitted via US Post, private express mail service, electronic mail, or facsimile. Digital photographs may be transmitted via email or text message from a hand-held mobile device, to the following addresses: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">If to Sunrun:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><u>Sunrun Inc.</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Attn: Director, Operations </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">595 Market Street, 29th Floor </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">San Francisco, CA 94105 Fax: (415) 982-9021 </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Email: operations@Sunrunhome.com </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">With a Copy to: </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Attn: General Counsel </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">595 Market Street, 29th Floor</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">San Francisco, CA 94105 </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Email: legalnotices@sunrun.com</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">If to the Contractor: </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Solarmax Renewable Energy Provider, Inc. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3080 12th Street</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Riverside,, CA 92507 </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Attn: Guillermo Santomauro and David Hsu </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Local Phone: (951) 300-0788 </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Email: GuillermoS@solarmaxtech.com and DavidH@solarmaxtech.com </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Parties may reasonably update the contact information via written notification (email acceptable). All notices shall be effective upon receipt. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.9 <u>Severability</u>. If any term or provision of this Agreement is determined to be invalid, in conflict with any Law, void, or otherwise unenforceable, and provided the terms and provisions of the Agreement that are essential to the interests of Sunrun and the Contractor remain substantially in effect, then the remaining terms and provisions will continue in full force and effect and the offending term or provision will be given the fullest meaning and effect allowed by Law. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfdcc96e7-4c21-4c08-b056-e4211342d584" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-19-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.10 <u>Further Assurances</u>. Contractor and Sunrun agree to provide such information, execute and deliver any instruments and documents and to take such other actions as may be necessary or reasonably requested by the other Party which are not inconsistent with the provisions of this Agreement and which do not involve the assumptions of obligations other than those provided for in this Agreement, in order to give full effect to this Agreement and to carry out the intent of this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.11 <u>Mutual Non-disparagement</u>. The Parties agree that its officers and directors will not make any disparaging remarks about or otherwise take any action that could be reasonably be expected to adversely affect the personal or professional reputation or prospects of the other Party. The Parties may disclose truthful and accurate facts and opinions about the other Party where required to do so by legal process (such as subpoena, court order, or similar process); provided however, that the commenting Party shall notify the other Party in writing if such disclosure is sought within sufficient time to allow for a full and fair opportunity to object to such legal process. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.12 <u>Conflicts</u>. Each party represents and warrants that it has no agreements, relationships, or commitments to any other person or entity that conflict with the provisions of this Agreement and/or its obligations to the other party under this Agreement. Each party agrees not to enter into any such conflicting agreement during the term of this Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.13 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which taken together will constitute but one and the same instrument. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>[</i><i>S</i><i>i</i><i>gna</i><i>t</i><i>u</i><i>r</i><i>e Page Follows]</i></p> <p style="MARGIN: 0px"><br>&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2e92b076-bacf-4ce8-9a37-7b042095bc48" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-20-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, the Parties have hereto executed as of the Effective Date. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px"><b>Sun</b><b>r</b><b>un</b><b> I</b><b>nc</b><b>.</b></p></td> <td colspan="2"> <p style="MARGIN: 0px"><b>&nbsp;Solarmax Renewable Energy Provider, Inc. </b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">By: </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu </em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>Name:</td> <td> <p style="MARGIN: 0px">Anne Brennan </p></td> <td></td> <td>Name:</td> <td> <p style="MARGIN: 0px">David Hsu </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>Title: </td> <td> <p style="MARGIN: 0px">CFO</p></td> <td></td> <td>Title:</td> <td> <p style="MARGIN: 0px">CEO </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td>Date: </td> <td style="BORDER-BOTTOM: black 1px solid"></td> <td></td> <td>Date:</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>S</i><i>i</i><i>gna</i><i>t</i><i>u</i><i>r</i><i>e page to Channel Agreement</i></p> <p style="MARGIN: 0px"> <table id="pagebreak8f34e4bd-c943-4764-90e1-a5227a6ff5ee" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-21-</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>IT </u></b><b><u>A</u></b><b><u>-</u></b><b><u>1</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>S</b><b>UN</b><b>R</b><b>U</b><b>N</b><b>TRA</b><b>D</b><b>E</b><b>M</b><b>ARKS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Sunrun </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Sunrun Total Solar</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Logo:&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p><img src="solarmax_ex101img2.jpg"></p> <p style="MARGIN: 0px"> <table id="pagebreak43393665-fc9b-4f63-af46-b716f9b3634c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>A</u></b><b><u>-2</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>C</b><b>ON</b><b>TRACT</b><b>O</b><b>R</b><b>TRA</b><b>D</b><b>E</b><b>M</b><b>ARKS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p><img src="solarmax_ex101img3.jpg">&nbsp;</p> <p style="MARGIN: 0px">Save to the MAX with SolarMax </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb84e241e-fc5f-4076-94f2-95aefedd17d5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px 0px 0px 1pt"><b style="MARGIN: 0px"><u></u></b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt" align="center"><b style="MARGIN: 0px"><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>B</u></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>TERR</b><b>I</b><b>T</b><b>O</b><b>RY</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The &#8220;<b><u>Terr</u></b><b><u>it</u></b><b><u>ory</u></b>&#8221; includes the service areas of the following utilities: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">California</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">o</td> <td valign="top">Southern California Edison (SCE)</td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">o</td> <td valign="top">Pacific Gas &amp; Electric (PG&amp;E)</td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">o</td> <td valign="top">San Diego Gas &amp; Electric (SDG&amp;E)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd9696bc5-2fff-4539-b739-a006f678a0fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>C</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ON</b><b>L</b><b>I</b><b>N</b><b>E</b><b>PR</b><b>O</b><b>P</b><b>O</b><b>SAL</b><b>SYSTE</b><b>M</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The following description of the Online Proposal System is as of the Effective Date and is provided for descriptive purposes only. Sunrun reserves the right to modify any of the terms below in its sole discretion, at any time and without notice. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Online Proposal System, currently hosted at http://proposal.Sunrunhome.com/login, allows personnel of designated Contractors to create proposals, sales documents and manage certain operations functions. The Online Proposal System&#8217;s hours of operation are approximately 24 hours a day, seven days a week, subject to maintenance downtime. Sunrun provides technical support for the Online Proposal System via email, at solarmax@sunrunhome.com, and by phone at 415.982.9000. Support hours are presently Monday through Friday (excluding holidays) from 9:00 am to 6:00 pm (PT). Urgent, or after hours support issues may be directed to the designated Sunrun Contractor representative. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top"><i><u>Upgrades/Changes</u>. </i>Sunrun will periodically perform maintenance on and upgrades to Online Proposal System. This maintenance/release schedule and associated procedures shall be determined by Sunrun at its sole discretion. In some instances, Sunrun may at its sole discretion define a specific service change as &#8220;significant&#8221;. In the event of a &#8220;significant" service change, Sunrun will make commercially reasonable efforts to notify Contractor prior to change.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top"><i><u>Training</u>. </i>Sunrun will provide initial training at the Contractor&#8217;s site on the Online Proposal System to appropriate Contractor personnel.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">3.</td> <td valign="top"><i><u>Sunrun</u></i><i><u>o</u></i><i><u>ri</u></i><i><u>g</u></i><i><u>i</u></i><i><u>na</u></i><i><u>t</u></i><i><u>e</u></i><i><u>d</u></i><i><u>p</u></i><i><u>r</u></i><i><u>oposa</u></i><i><u>l</u></i><i>. </i>Contractor will use solely the materials generated by the Online Proposal System to market and sell Sunrun Products to potential customers. Any customized materials or materials not generated by the Online Proposal System representing Sunrun Products must not be used to market and sell Sunrun Products unless such materials have been approved in advance in writing by appropriate Sunrun personnel.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">4.</td> <td valign="top"><i><u>Proposal</u></i><i><u>da</u></i><i><u>t</u></i><i><u>a</u></i><i><u>synch</u></i><i><u>r</u></i><i><u>on</u></i><i><u>i</u></i><i><u>za</u></i><i><u>ti</u></i><i><u>o</u></i><i><u>n</u></i><i>.</i> Sunrun expects that the Parties will make reasonable commercial efforts to synchronize proposal data common to both the Online Proposal System and Contractor&#8217;s direct purchase proposal. Data points to be considered for synchronization include solar production estimates, utility cost estimates and savings estimates.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">5.</td> <td valign="top"><i><u>Proposal</u></i><i><u>da</u></i><i><u>t</u></i><i><u>a</u></i><i><u>i</u></i><i><u>n</u></i><i><u>t</u></i><i><u>eg</u></i><i><u>r</u></i><i><u>a</u></i><i><u>ti</u></i><i><u>o</u></i><i><u>n</u></i><i>. </i>By default, the Online Proposal System fields are filled out via manual data entry. Sunrun expects that the Contractor will make commercially reasonable efforts to implement technical interoperability to ensure the most efficient input methods are being utilized.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">6.</td> <td valign="top"><i><u>Administrator</u>. </i>Contractor may designate an Online Proposal System administrator to assist appropriate Contractor personnel with proposal creation, proposal manipulation and the management of Contractor users. It is expected that this administrator will keep Contractor users current and up to date.</td></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak843be7a9-42de-46f3-99b4-870485d7b93f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contractor designated Online Proposal System administrator(s): </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="85%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px" align="center"><b>Guillermo Santomauro</b></p></td> <td width="5%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px" align="center"><b>Sales Director </b></p></td> <td width="5%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px" align="center"><b>guillermos@solarmaxtech.com</b></p></td></tr> <tr> <td> <p style="MARGIN: 0px" align="center">Name</p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">Title </p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">Email </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>ON</u></b><b><u>-</u></b><b><u>L</u></b><b><u>I</u></b><b><u>N</u></b><b><u>E</u></b><b><u>PR</u></b><b><u>O</u></b><b><u>P</u></b><b><u>O</u></b><b><u>S</u></b><b><u>A</u></b><b><u>L</u></b><b><u>GU</u></b><b><u>I</u></b><b><u>D</u></b><b><u>EL</u></b><b><u>I</u></b><b><u>N</u></b><b><u>ES</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The On-Line Proposal Guidelines may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top">Contractor must accurately represent and reflect the Homeowner&#8217;s kWh usage so as to not under represent or inflate kWh usage (even at homeowner requests )</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top">If Host Customer has lived at the residence for a period of 1 year or longer, the previous 12 months of kWh usage must accurately be entered into the proposal tool system</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">3.</td> <td valign="top">If Host Customer has not lived at residence for at least a period of 1 year, then a minimum of 4 months kWh usage must be accurately entered into the proposal tool system and the remaining 8 months must be equal to or less than the average of the 4 actual months</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">4.</td> <td valign="top">Proposals may not be created for Host Customers on discounted rate structures, including but not limited low income rate structures.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">5.</td> <td valign="top">Contractor shall adhere to the minimum and maximum project sizes for each Order submitted to Sunrun as set forth in the Online Proposal System</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">6.</td> <td valign="top">Contractor shall not attempt to avoid limits on the minimum or maximum system size as set forth in the Online Proposal System by any method, including but not limited to, providing inaccurate information about the Host Customer&#8217;s electricity usage or designing multiple systems on one site.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">7.</td> <td valign="top">For non-standard rate structures, proposals showing the pre-solar and post-solar utility bills must be calculated without using the online proposal system.</td></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb8e14f5d-b68b-47f3-9382-fcbfc25df2b6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>D</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>TRA</b><b>I</b><b>N</b><b>I</b><b>NG </b><b>PR</b><b>OG</b><b>RA</b><b>M</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The following description of the Training Program is as of the Effective Date. Sunrun reserves the right to modify any of the terms below in its sole discretion, at any time and with reasonable notice. </p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><i></i></b>&nbsp;</p><b style="MARGIN: 0px"><i>M</i></b><b><i>anage</i></b><b><i>m</i></b><b><i>en</i></b><b><i>t </i></b><b><i>T</i></b><b><i>r</i></b><b><i>a</i></b><b><i>i</i></b><b><i>n</i></b><b><i>i</i></b><b><i>ng</i></b><b><i> (</i></b><b><i>1</i></b><b><i>day)</i></b><i><u> <p style="MARGIN: 0px 0px 0px 45px">W<i><u>ha</u></i><i><u>t</u></i><i><u>:</u></i>&nbsp;Introduce Solar and Sunrun to management team</p></u></i><i><u>W</u></i><i><u>ho</u></i><i><u>: </u></i><i><u>Execu</u></i><i><u>ti</u></i><i><u>v</u></i><i><u>e </u></i><i><u>M</u></i><i><u>anage</u></i><i><u>m</u></i><i><u>en</u></i><i><u>t</u></i><i><u>, </u></i><i><u>Sa</u></i><i><u>l</u></i><i><u>e</u></i><i><u>s </u></i><i><u>M</u></i><i><u>anage</u></i><i><u>m</u></i><i><u>en</u></i><i><u>t</u></i><i><u>, </u></i><i><u>O</u></i><i><u>pe</u></i><i><u>r</u></i><i><u>a</u></i><i><u>ti</u></i><i><u>onal </u></i><i><u>M</u></i><i><u>anage</u></i><i><u>m</u></i><i><u>ent</u></i> <p style="MARGIN: 0px 0px 0px 90px"><i>I</i><i>n</i><i>tr</i><i>oduc</i><i>ti</i><i>o</i><i>n to Sunrun</i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>Pa</i><i>rt</i><i>ne</i><i>r</i><i>sh</i><i>i</i><i>p</i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>M</i><i>anag</i><i>i</i><i>n</i><i>g solar business</i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>To</i><i>t</i><i>a</i><i>l Solar</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><b><i>Sy</i></b><b><i>st</i></b><b><i>e</i></b><b><i>m</i></b><b><i>De</i></b><b><i>si</i></b><b><i>gne</i></b><b><i>r </i></b><b><i>T</i></b><b><i>r</i></b><b><i>a</i></b><b><i>i</i></b><b><i>n</i></b><b><i>i</i></b><b><i>ng</i></b><b><i> (</i></b><b><i>2</i></b><b><i>day</i></b><b><i>s</i></b><b><i>)</i></b></p> <p style="MARGIN: 0px"><i style="MARGIN: 0px"><u></u></i>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><i style="MARGIN: 0px"><u>W</u></i><i><u>ha</u></i><i><u>t</u></i><i><u>:</u></i><i><u>D</u></i><i><u>es</u></i><i><u>i</u></i><i><u>gn</u></i><i><u>i</u></i><i><u>n</u></i><i><u>g</u></i><i><u>so</u></i><i><u>l</u></i><i><u>a</u></i><i><u>r</u></i><i><u>sys</u></i><i><u>t</u></i><i><u>e</u></i><i><u>m</u></i><i><u>s</u></i><i><u>&#8212;</u></i><i><u>m</u></i><i><u>ax</u></i><i><u>i</u></i><i><u>m</u></i><i><u>i</u></i><i><u>z</u></i><i><u>i</u></i><i><u>n</u></i><i><u>g</u></i><i><u>sys</u></i><i><u>t</u></i><i><u>e</u></i><i><u>ms</u></i><i><u>an</u></i><i><u>d</u></i><i><u>fi</u></i><i><u>n</u></i><i><u>e</u></i><i><u>t</u></i><i><u>un</u></i><i><u>i</u></i><i><u>n</u></i><i><u>g</u></i><i><u>p</u></i><i><u>ri</u></i><i><u>c</u></i><i><u>i</u></i><i><u>n</u></i><i><u>g</u></i></p> <p style="MARGIN: 0px 0px 0px 45px"><i><u>W</u></i><i><u>ho</u></i><i><u>:</u></i><i><u>Sys</u></i><i><u>t</u></i><i><u>em</u></i><i><u>Des</u></i><i><u>i</u></i><i><u>gne</u></i><i><u>r</u></i><i><u>s</u></i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>D</i><i>A</i><i>Y 1 </i><i>(same as Day 2 of Sales Rep Training)</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Total Solar</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>ri</i><i>c</i><i>i</i><i>n</i><i>g and Pricing Levers</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Co</i><i>m</i><i>pe</i><i>t</i><i>i</i><i>t</i><i>i</i><i>on </i><i>P</i><i>r</i><i>oposa</i><i>l Tool Contract</i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>D</i><i>A</i><i>Y 2</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>D</i><i>es</i><i>i</i><i>gn</i><i>i</i><i>n</i><i>g Solar Systems</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>r</i><i>ac</i><i>t</i><i>i</i><i>c</i><i>e</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><b><i>Sa</i></b><b><i>l</i></b><b><i>e</i></b><b><i>s </i></b><b><i>Rep</i></b><b><i>T</i></b><b><i>r</i></b><b><i>a</i></b><b><i>i</i></b><b><i>n</i></b><b><i>i</i></b><b><i>ng</i></b><b><i> (</i></b><b><i>2</i></b><b><i>day</i></b><b><i>s</i></b><b><i>)</i></b></p> <p style="MARGIN: 0px"><i style="MARGIN: 0px"><u></u></i>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><i style="MARGIN: 0px"><u>W</u></i><i><u>ha</u></i><i><u>t</u></i><i><u>: </u></i><i><u>Se</u></i><i><u>lli</u></i><i><u>n</u></i><i><u>g </u></i><i><u>Sun</u></i><i><u>r</u></i><i><u>u</u></i><i><u>n</u></i></p> <p style="MARGIN: 0px 0px 0px 45px"><i><u>W</u></i><i><u>ho</u></i><i><u>: </u></i><i><u>Sa</u></i><i><u>l</u></i><i><u>es </u></i><i><u>M</u></i><i><u>anage</u></i><i><u>r</u></i><i><u>, </u></i><i><u>Sa</u></i><i><u>l</u></i><i><u>es </u></i><i><u>Rep</u></i><i><u>s</u></i></p> <p style="MARGIN: 0px 0px 0px 90px" align="left"><i>D</i><i>A</i><i>Y 1</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>So</i><i>l</i><i>a</i><i>r Overview </i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Introduction to Sunrun</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Partnership</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>M</i><i>a</i><i>r</i><i>ke</i><i>t Overview</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Utility Territory</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>System Design</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Customer Profile</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px" align="left"><i>D</i><i>A</i><i>Y 2</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>To</i><i>t</i><i>a</i><i>l Solar</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>r</i><i>i</i><i>c</i><i>i</i><i>n</i><i>g</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>ri</i><i>c</i><i>i</i><i>n</i><i>g Levers</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Competition</i></p> <p style="MARGIN: 0px 0px 0px 135px"><em>Proposal Tool</em></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Con</i><i>tr</i><i>ac</i><i>t</i></p> <p style="MARGIN: 0px"><br> <table id="pagebreake1c0d077-0a23-4f8a-a109-1cf574551e27" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px" align="left"><i>D</i><i>A</i><i>Y 3</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Gene</i><i>ri</i><i>c Sales</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Objection Handling</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Power Play</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Sun</i><i>r</i><i>u</i><i>n Sales Process</i></p> <p style="MARGIN: 0px 0px 0px 90px" align="left"><i>D</i><i>A</i><i>Y 4</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>r</i><i>ac</i><i>ti</i><i>c</i><i>e and live sales</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>W</i><i>r</i><i>a</i><i>p Up</i></p> <p style="MARGIN: 0px 0px 0px 90px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px"><i>O</i><i>N</i><i>E MONTH LATER (In-person or webinar, based on needs)</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Review Total Solar</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Upda</i><i>t</i><i>e on Sunrun business model</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Rev</i><i>i</i><i>e</i><i>w Competitors</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Rev</i><i>i</i><i>e</i><i>w Power Play</i></p> <p style="MARGIN: 0px 0px 0px 90px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px"><i>T</i><i>W</i><i>O MONTHS LATER (In-person or webinar, based on needs)</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>TBD, based on needs of partner</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><b><i>Lea</i></b><b><i>d Generator Training (1 day total&#8212;mix of Day 1 and Day 2 Sales </i></b><b><i>Re</i></b><b><i>p Training)</i></b></p> <p style="MARGIN: 0px 0px 0px 45px"><i><u>W</u></i><i><u>ha</u></i><i><u>t</u></i><i><u>:</u></i><i><u>Gene</u></i><i><u>r</u></i><i><u>a</u></i><i><u>ti</u></i><i><u>n</u></i><i><u>g</u></i><i><u>qua</u></i><i><u>lifi</u></i><i><u>e</u></i><i><u>d</u></i><i><u>l</u></i><i><u>ead</u></i><i><u>s</u></i><i><u>f</u></i><i><u>o</u></i><i><u>r</u></i><i><u>Sa</u></i><i><u>l</u></i><i><u>e</u></i><i><u>s</u></i><i><u>t</u></i><i><u>ea</u></i><i><u>m</u></i></p> <p style="MARGIN: 0px 0px 0px 45px"><i><u>W</u></i><i><u>ho</u></i><i><u>:</u></i><i><u>Lea</u></i><i><u>d</u></i><i><u>gene</u></i><i><u>r</u></i><i><u>a</u></i><i><u>ti</u></i><i><u>o</u></i><i><u>n</u></i><i><u>m</u></i><i><u>anage</u></i><i><u>m</u></i><i><u>en</u></i><i><u>t</u></i><i><u>,</u></i><i><u>l</u></i><i><u>ea</u></i><i><u>d</u></i><i><u>gene</u></i><i><u>r</u></i><i><u>a</u></i><i><u>t</u></i><i><u>o</u></i><i><u>r</u></i><i><u>s</u></i></p> <p style="MARGIN: 0px 0px 0px 90px"><i>D</i><i>A</i><i>Y 1</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>So</i><i>l</i><i>a</i><i>r Overview </i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Introduction to Sunrun </i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>Partnership</i></p> <p style="MARGIN: 0px 0px 0px 135px" align="justify"><i>M</i><i>a</i><i>r</i><i>ke</i><i>t Overview </i></p> <p style="MARGIN: 0px 0px 0px 135px" align="justify"><i>Customer Profile </i></p> <p style="MARGIN: 0px 0px 0px 135px" align="justify"><i>Total Solar</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>r</i><i>i</i><i>c</i><i>i</i><i>n</i><i>g Compet</i><i>i</i><i>t</i><i>i</i><i>on</i></p> <p style="MARGIN: 0px 0px 0px 135px"><i>P</i><i>r</i><i>ocesse</i><i>s</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Sunrun will offer to Contractor other training on an ongoing basis, as mutually agreed to by the Parties from time to time. </p> <p style="MARGIN: 0px"><br> <table id="pagebreak101b3b34-da3f-40cc-a8a0-8f80133b14b7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>E</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>QU</b><b>ARTERLY</b><b>REV</b><b>I</b><b>E</b><b>W</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The parties will hold a strategic working session at least quarterly where senior management from both organizations will review performance and strategize for the upcoming quarter. The Quarterly Review will take place at a location mutually agreed upon by the parties or via teleconference or webinar. Attendance is required by the senior management personnel from both parties who are responsible for sales, marketing and operations. The topics of discussion will be determined by the parties in advance the Quarterly Review, but will generally cover the following topics: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top"><i>Concealed rankings</i>. Sunrun will provide feedback to Contractor consisting of its performance on key performance indicators, with the goal of assisting Contractor in gauging its relative strengths and weaknesses as compared to Sunrun&#8217;s other Contractors, without disclosure of the identity of any other Contractor. Key performance indicators may include, but are not limited to:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Sales close rates on Sunrun originated leads</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Number of Sunrun proposals created by Contractor</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Number of Sunrun site visits performed</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">2.</td> <td valign="top"><i>Sales review</i>. For the sales portion of the review, the Parties will evaluate for the prior quarter, and update for the next quarter the following:</td></tr></table></i><i>&nbsp; </i> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Unit Sales Targets</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Sales Metrics, to include proposal creation</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Sunrun Lead performance</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Solar Facility Pricing</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Sales Commission Program</td></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">3.</td> <td valign="top"><i>Marketing review</i>. For the marketing portion of the review, the Parties will:</td></tr></table></i><i>&nbsp; </i> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Evaluate applicable marketing campaigns, promotions and processes;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Evaluate metrics for Sunrun&#8217;s lead generation program, notably the number of leads</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">passed and the close rates on the aforementioned leads;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Share specific feedback received during the quarter from customers on each other&#8217;s services, including the names of joint customers who are happy and able to be used as references for other customers; and</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Discuss and review any updates to the Marketing and Brand Guidelines.</td></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">4.</td> <td valign="top"><i>Operations review</i>. For the operations portion of the review, the Parties will:</td></tr></table></i><i>&nbsp; </i> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Evaluate the prior quarter&#8217;s pipeline metrics, notably targeted vs. actual time to project completion;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Review installed system performance metrics and customer service issues;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Discuss equipment selection, supply issues, and potential new technologies, if applicable; and</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Discuss and review build timelines for the coming quarter.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Sunrun Reserves the right to call and hold a strategic review session if at any time any the Unit Minimum Volume Commitments are not being met. </p> <p style="MARGIN: 0px"><br> <table id="pagebreak93645b8a-5c36-425c-b7f1-49dfb1d5e2bc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T </u></b><b><u>F</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>M</u></b><b><u>I</u></b><b><u>N</u></b><b><u>I</u></b><b><u>MUM</u></b><b><u>V</u></b><b><u>O</u></b><b><u>L</u></b><b><u>UM</u></b><b><u>E</u></b><b><u>C</u></b><b><u>OMM</u></b><b><u>I</u></b><b><u>T</u></b><b><u>M</u></b><b><u>E</u></b><b><u>N</u></b><b><u>TS</u></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top">Contractor shall be obligated to deliver a minimum number of &#8220;net Orders&#8221; (&#8220;<b>Minimum Volume Commitment</b>&#8221;). The Parties may mutually agree in writing to an updated Minimum Volume Commitment from time to time without requiring an amendment to this Agreement. The first Minimum Volume Commitment includes a forecast of the four quarters immediately following the Effective Date. Annually, until the end of the Term, the Parties shall mutually agree on a Minimum Volume Commitment for the upcoming year.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top">The Volume Forecast shall include the following details and structure:</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">a.</td> <td valign="top">Number of &#8220;net Orders&#8221; (where &#8220;net Orders&#8221; means those Orders that are not expected to be cancelled by the Host Customer and that are not ultimately rejected by Sunrun pursuant to Section 4.2 (i)-(v) of the Agreement.)</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">b.</td> <td valign="top">Total DC kW of net Orders</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">For avoidance of doubt, items (a) and (b) above are for guidance only. Minimum Volume Commitment shall be based on the number of &#8220;net Orders&#8221; as set forth in the table below. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="20%"> <p style="MARGIN: 0px" align="center"><b>Month </b></p></td> <td width="5%"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="20%"> <p style="MARGIN: 0px" align="center"><b>Number of<br>net Orders* </b></p></td> <td width="5%"></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="20%"> <p style="MARGIN: 0px" align="center"><b>Total DC kW of </b></p> <p style="MARGIN: 0px" align="center"><b>net Orders* </b></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Jan 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">5 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">25 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Feb 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">20 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">100 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Mar 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">20 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">100 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Apr 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">20 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">100 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">May 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">25 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">125 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Jun 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">25 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">125 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Jul 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">30 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">150 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Aug 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">30 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">150 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Sept 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">35 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">175 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Oct 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">30 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">150 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Nov 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">25 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">150 </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="center">Dec 2015 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">25 </p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px" align="center">125 </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">* Orders must consist of a minimum system size of 2.00 kW DC </p> <p style="MARGIN: 0px"><br> <table id="pagebreakfee3c237-962e-4e67-982c-655b853b2e27" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T G</u></b></p> <p style="MARGIN: 0px" align="center"><b><u></u></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>W</b><b>EEKLY</b><b>REP</b><b>O</b><b>RT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Weekly Reports shall contain at least the following information, and Sunrun and Contractor may modify the requirements from time to time by mutual agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><u>F</u><u>r</u><u>o</u><u>m </u><u>Con</u><u>tr</u><u>ac</u><u>t</u><u>o</u><u>r t</u><u>o </u><u>Sun</u><u>r</u><u>un</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><i>Sa</i><i>l</i><i>e</i><i>s </i><i>r</i><i>epo</i><i>rt</i><i>i</i><i>ng</i>. Actual sales, including: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top" width="92%">Customer signed date</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Sales representative</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Solar Facility pricing</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Lea</i><i>d </i><i>s</i><i>t</i><i>a</i><i>t</i><i>u</i><i>s </i><i>r</i><i>epo</i><i>rt</i><i>i</i><i>ng</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Site visit dates that occurred and are scheduled</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Stage of completion for open Sunrun leads</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Qualitative descriptions on lead failure</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>O</i><i>pe</i><i>r</i><i>a</i><i>t</i><i>i</i><i>on</i><i>s </i><i>r</i><i>epo</i><i>rt</i><i>i</i><i>ng</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Actual time to project completion</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Update on all deals in pipeline, including progress on installation with in relation to Milestone Payments under the Master Solar Facility Turnkey Contract</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><u>F</u><u>r</u><u>o</u><u>m </u><u>Sun</u><u>r</u><u>un</u><u>&nbsp;t</u><u>o </u><u>Con</u><u>tr</u><u>ac</u><u>t</u><u>o</u><u>r</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i>Sa</i><i>l</i><i>e</i><i>s </i><i>m</i><i>et</i><i>r</i><i>i</i><i>c</i><i>s </i><i>r</i><i>epo</i><i>rt</i><i>i</i><i>ng</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Proposals created</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Deals that were &#8220;Marked as Sold&#8221;</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak86992818-46a4-4cf7-bb1a-f473cb9c42dd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EXHIBIT H</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>M</b><b>ARKET</b><b>I</b><b>NG</b><b>A</b><b>ND</b><b>BRA</b><b>ND</b><b>GU</b><b>I</b><b>D</b><b>EL</b><b>I</b><b>N</b><b>E</b><b>S</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Marketing and Brand Guidelines will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf2a284ff-5e42-4fb5-a442-2fd797a9febb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T</u></b><b style="MARGIN: 0px"><u> I</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>LE</b><b>A</b><b>DS</b><b>PR</b><b>O</b><b>GR</b><b>AM</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px" align="justify">The Leads Program will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak6cd96a50-bf5f-455a-8832-5a48ef95a2a5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T J</u></b></p> <p style="MARGIN: 0px" align="center"><br><b>S</b><b>A</b><b>LES</b><b>GU</b><b>I</b><b>D</b><b>EL</b><b>I</b><b>N</b><b>ES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px" align="justify">The Sales Guidelines will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px" align="justify">Sunrun is committed to an outstanding customer experience and to partnering with companies that take the utmost care in helping homeowners make an educated choice about Sunrun&#8217;s solar power service. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Sunrun requires its partners to: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Always treat Host Customer&#8217;s and potential Host Customers with courtesy and respect;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Understand the potential Host Customer and Host Customer&#8217;s situation, including their</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">suitability for solar;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Create proposals that accurately represent pre-solar energy consumption and the home&#8217;s</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">physical properties;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Explain accurately the benefits of the Sunrun Products and the Solar Customer Agreement;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Take care to explain the key terms of the Solar Customer Agreement, including but not limited to, the duration of the contract (20 years), and if applicable, the presence of an annual increase and the PPA or lease rate;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Make accurate representations regarding savings from solar and potential increases in the cost</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">of electricity from the utility;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Set accurate expectations with regard to installation process and timeline;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Behave professionally and respectfully when encountering competitive proposals;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Avoid high pressure sales tactics;</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Comply with all applicable Laws</td></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak313fb388-7a89-4d40-9889-f2120ae55b3f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T</u></b><b style="MARGIN: 0px"><u>&nbsp;K</u></b><br>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>C</u></b><b><u>U</u></b><b><u>ST</u></b><b><u>OM</u></b><b><u>ER</u></b><b><u>PR</u></b><b><u>OMO</u></b><b><u>T</u></b><b><u>I</u></b><b><u>ON</u></b><b><u>GU</u></b><b><u>I</u></b><b><u>D</u></b><b><u>EL</u></b><b><u>I</u></b><b><u>N</u></b><b style="MARGIN: 0px"><u>ES</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Customer Promotion Guidelines will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px"><br>&nbsp; <table id="pagebreakcb585f9b-d708-404f-9bdc-71d37e31c3f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1pt" align="center"><b><u>EX</u></b><b><u>H</u></b><b><u>I</u></b><b><u>B</u></b><b><u>I</u></b><b><u>T</u></b><b><u>L</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>C</u></b><b><u>U</u></b><b><u>ST</u></b><b><u>OM</u></b><b><u>ER</u></b><b><u>O</u></b><b><u>R</u></b><b><u>I</u></b><b><u>G</u></b><b><u>I</u></b><b><u>N</u></b><b><u>AT</u></b><b><u>I</u></b><b><u>ON</u></b><b><u>P</u></b><b><u>O</u></b><b><u>L</u></b><b><u>I</u></b><b><u>CY</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Customer Origination Policy will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p><font size="5">OR</font><font size="5">I</font><font size="5">GI</font><font size="5">N</font><font size="5">A</font><font size="5">TION</font><font size="5"></font><font size="5">POLICY</font><font size="5"></font><font size="5">DOCU</font><font size="5">M</font><font size="5">ENT <p style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN: 0px">&nbsp;</p></font><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp; <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="4">Loca</font></b><b><font size="4">tion and proximity to landmarks </font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">1. Contractor shall not sell Sunrun Products in a utility territory where Sunrun does not operate. </p> <p style="MARGIN: 0px 0px 0px 30px">2. Contractor shall not sell Sunrun Products for a property located less than 500 feet from a golf course. </p> <p style="MARGIN: 0px 0px 0px 30px">3. Contractor shall provide correct site and customer information in the Sunrun Online Proposal Tool and during Sunrun deal review. </p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;</p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="4">Comp</font></b><b><font size="4">liance with laws and building codes </font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 0px">1. Contractor shall not sell Sunrun Products to a potential Host Customer if, at the Host Customer Site, Host Customer is knowingly engaged in activities that violate local, state, or Federal laws. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 0px">2. Contractor shall sell Sunrun Products associated only with a system design that meets all local code requirements for structural, electrical, zoning, planning, etc., as well as the National Electric Code. Sunrun will not buy the project if its design and construction will violate local code, the National Electric Code, or the International Building Code. </p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;</p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="4">System</font></b><b><font size="4"> design and cost </font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 0px">1. Contractor shall not sell Sunrun Products that require installation on a mobile home or a mobile home property. Contractor will only submit a system to Sunrun for approval on a manufactured or pre-fabricated home if accompanied by stamped plans from a licensed Civil or Structural Engineer with full calculations. See section II.C in the Residential Technical Sales and Site Survey Section. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 0px">2. Trellis and carports </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">a. Contractor will only submit for Sunrun approval a system design on an existing trellis or carport structure if accompanied by stamped approval and full calculations from a licensed Civil or Structural Engineer. See section II.D in the Residential Technical Sales and Site Survey Section. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">b. Contractor shall not sell a Sunrun Product that includes a system designed for the purpose of shade, cover, or any other non-PV-related purpose. Sunrun ground-mounted systems must be designed and erected exclusively to hold solar panels. . See section II.D in the Residential Technical Sales and Site Survey Section. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0614502a-de35-4013-b6f5-471e594019df" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">3. Contractor shall not sell Sunrun Products that include a system designed to serve as a battery back-up or storage system. All Sunrun systems must be directly connected to the grid, and all energy produced must be fully back-fed into the grid. Sunrun will not purchase AC coupled systems, and Sunrun power cannot be connected to critical load centers powered by charge controllers and/or batteries. </p> <p style="MARGIN: 0px 0px 0px 30px">4. Contractor must charge the customer for the cost of the fence surrounding the ground mounted solar facility separately from the Sunrun Product. This is the same policy as with a main panel upgrade. </p> <p style="MARGIN: 0px 0px 0px 30px">5. Contractor must charge the customer for the cost of a main panel upgrade separately from the Sunrun Product. </p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6. Contractor shall not sell a Sunrun Product on a property for which the design would require reverse racks or compound tilts. If the property will require a system with a reverse rack or compound tilt, that system is not eligible for Sunrun ownership. </p> <p style="MARGIN: 0px 0px 0px 30px">7. Contractor shall not sell Sunrun Products that require interconnection with 3-phase electrical services. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="4">Custome</font></b><b><font size="4">r and property type</font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">1. Contractor shall not sell Sunrun Products for a commercial property or to a non-profit or corporate entity. </p> <p style="MARGIN: 0px 0px 0px 30px">2. Contractor shall sell Sunrun Products only when the Property owner is an individual resident or resident holding property in a Trust. The Property Owner must also be the Sunrun Customer. </p> <p style="MARGIN: 0px 0px 0px 30px">3. Contractor shall not sell a Sunrun Product with a monthly payment to a customer without explicit Sunrun approval of the customer&#8217;s current utility rate schedule. </p> <p style="MARGIN: 0px 0px 0px 30px">4. Contractor shall not sell Sunrun Products to a property zoned only for commercial or industrial use. </p> <p style="MARGIN: 0px 0px 0px 30px">5. Contractor shall not sell Sunrun Products for properties with multiple units. </p> <p style="MARGIN: 0px 0px 0px 30px">6. If a property is owned by multiple parties, Sunrun strongly recommends Contractor review contract with and get signature from all property owners listed on the deed. </p> <p style="MARGIN: 0px 0px 0px 30px">7. For properties owned by a trust, the following requirements apply to projects and customers: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">a. Revocable trust. The grantor/trustor/settlor must sign the Sunrun agreement. In order to validate the nature of the trust and the customer as the grantor/trustor/settlor, customer must send Sunrun the first 5 pages of the Trust document for review. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">b. Irrevocable trust<b>. </b>Contractor shall not sell and Sunrun shall not purchase deals in which the Host Customer Site is owned by an irrevocable trust. </p> <p style="MARGIN: 0px 0px 0px 30px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdec85689-ce6a-4a72-9447-dd0ad5cba226" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">8. Contractor shall not sell Sunrun Products to an LLC, unless the LLC is single person with single associated tax ID. The requirements for acceptance of contracts with single-person LLCs are as follows </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">a. Customer must submit the LLC incorporation documents to Sunrun for review. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">b. Customer must fully prepay all costs associated with the Sunrun Customer Contract. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">c. Sunrun will not make any milestone payments until the customer pays the full&nbsp;&nbsp;Prepayment amount owed. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">d. Sunrun signoff/project approval requires the LLC&#8217;s officer certification that the customer can sign the Sunrun Customer Contract for the LLC. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="4">Sunru</font></b><b><font size="4">n system count per site, and required meters</font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">1. There must be only 1 utility meter associated with each Sunrun Customer Contract. </p> <p style="MARGIN: 0px 0px 0px 30px">2. Contractor shall not sell a Sunrun Product that shares a Sunrun meter with any other system. All Sunrun systems must have at least one Sunrun meter. The Sunrun meter(s) must be on the plan set in both the site plan and the line drawing. Each Sunrun system and its associated contract and production estimate shall have its own Sunrun meter. Multiple contracts or systems at a site, or add-ons to an existing site, shall be designed with their own Sunrun meter. </p> <p style="MARGIN: 0px 0px 0px 30px">3. If a property and customer require multiple Sunrun systems, Contractor shall adhere to the following requirements </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">a. The reason for multiple systems must be contained to unique property requirements&nbsp;such as multiple distant buildings on single property, multiple utility meters. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">b. Each Sunrun system is electrically independent and each Sunrun system is metered and billed separately in a separate contract. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">c. The aggregate size and production of the Sunrun facilities on the property must comply with the maximum size and offset rules for a single Sunrun system. </p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">d. The aggregate pricing of the contracts comply with Sunrun pricing rules for the total offset and system size. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="4">Sunru</font></b><b><font size="4">n system size, electricity offset, and pricing model account for design characteristics</font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">1. Contractor shall adhere to the system size limits per Customer Site set forth and enforced in the Online Proposal Tool. </p> <p style="MARGIN: 0px 0px 0px 30px">2. Contractor shall not sell Sunrun Products where the expected solar electricity will exceed more </p> <p style="MARGIN: 0px 0px 0px 30px">than 100% of the customer&#8217;s previous 12 months of utility electricity usage, where utility electricity usage is always net of any pre-existing solar electricity generation or other electricity generation onsite. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak829e6708-9b3c-490d-8cb5-8548cf8c9980" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="4">Loca</font></b><b><font size="4">l, utility, state subsidy programs</font></b><font size="4"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">1. Sunrun customers should not participate in net energy metering (NEM) programs or rate schedules that allow them to share electricity with another utility meter and a customer&#8217;s value proposition should never be described to include such a program. As such, Contractor shall not sell Sunrun Products that offset more than 100% of the last 12 months of customer utility electricity usage in order to share electricity with a separate utility meter. This policy holds for a customer with multiple utility meters associated with their utility account and their property. </p> <p style="MARGIN: 0px 0px 0px 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px">2. Contractor shall not price in to a Sunrun Customer Contract an incentive that Sunrun must apply for and receive and has not previously approved. Contractor may apply for and receive an incentive from a program not yet approved by Sunrun and apply the incentive value in a way that reduces the Contract Price charged to Sunrun. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1f66e154-9e08-4a6d-81d0-63cede1adc42" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>9
<FILENAME>solarmax_ex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<html><head><title>solarmax_ex102.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.2</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>DEALER PARTICIPATION AGREEMENT</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">(SUNPOWER RESIDENTIAL SOLAR LEASE PROGRAM)</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This DEALER PARTICIPATION AGREEMENT (this &#8220;<u>Agreement</u>&#8221;) is deemed to be effective as of the later of August 1, 2014 or the date the Agreement is signed by both parties (&#8220;<u>Effective Date</u>&#8221;) between Solarmax Renewable Energy Provider, Inc., a Corporation (type of entity) organized under the laws of California (state), with its principal place of business at &lt;account address&gt; (&#8220;<u>Dealer</u>&#8221;) and SunPower Corporation, Systems, a Delaware corporation (&#8220;<u>SunPower</u>&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Dealer has been accepted by SunPower as one of a select group of SunPower authorized solar lease originators and installers to participate in SunPower&#8217;s residential solar system leasing program (the &#8220;<u>Lease Program</u>&#8221;). Dealer and SunPower wish to set forth in this Agreement the terms and conditions with respect to Dealer&#8217;s participation in the Lease Program.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">SunPower shall act as the developer of a project in which a SunPower photovoltaic system (each a &#8220;<u>System</u>&#8221;) will be installed and interconnected by Dealer and, in connection therewith, a Lease Agreement to be entered into between an affiliate of SunPower (&#8220;<u>Lessor</u>&#8221;) and a residential customer (&#8220;<u>Lessee</u>&#8221;) (in each case, the &#8220;<u>Lease</u>&#8221;). SunPower shall pay Dealer fees for lease origination, design, procurement, administration, installation, and interconnection services (collectively, &#8220;<u>Services</u>&#8221;), concurrently with Dealer&#8217;s delivery of the applicable invoices for such Services and other required documentation, as further described below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">To the extent that Dealer entered into a dealer participation agreement with respect to the Lease Program prior to this Agreement, Dealer and SunPower hereby acknowledge and agree that this Agreement shall amend and replace such previous dealer participation agreement in its entirety on the Effective Date for all Leases signed by Customers on or after August 1, 2014.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Accordingly, for good and valuable consideration, and intending to be legally bound, Dealer and SunPower agree as follows:</p> <p style="MARGIN: 0px; TEXT-INDENT: 35.95pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <p style="MARGIN: 0px">1.&nbsp;&nbsp;&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">DEALER PARTICIPATION IN THE PROGRAM</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="3%"></td> <td valign="top" width="3%">(a)</td> <td valign="top">To be eligible for the Lease Program, a Dealer must (i) be in good standing as an authorized dealer in accordance with its Residential Dealer Agreement with SunPower North America, LLC (&#8220;<u>Dealer Agreement</u>&#8221;), (ii) have employees certified in accordance with the SunPower Authorization Requirements set forth <u>Exhibit C </u>(&#8220;<u>SunPower</u><u>Certification Program</u>&#8221;), (iii) have on file with SunPower up to date items listed in <u>Exhibit G </u>hereto, and (iv) be in compliance with its obligations under this Agreement and the materials related to the Lease Program that have been or will be provided to the Dealer by SunPower, including, but not limited to newsletters, funding instructions, technical requirements documentation, and frequently asked questions documents (collectively, the &#8220;<u>Program Materials</u>&#8221;).</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top">(b)</td> <td valign="top">Dealer shall provide all lease origination, professional design and engineering services, equipment procurement (other than SunPower Equipment, as defined below), supervision, labor, materials, equipment, tools, construction equipment and machinery, utilities, transportation, and procurement of permits for each System (subject to the limitations set forth herein), and other facilities, items and services, in each case to the extent necessary to complete the Services in accordance with this Agreement, the Lease Documents and the Program Materials.</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <table id="pagebreakaf01cf8e-0a1d-4018-bc21-d7ea6708f253" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"></td> <td valign="top" width="3%">(c)</td> <td valign="top">Dealer, and not SunPower, is responsible for confirming that leasing is allowed in the utility service territories in which Dealer plans to utilize in its participation in the Lease Program, including, but not limited to, confirmation that: (i) the utility permits its customers to install and receive power from solar systems that the customers do not own; (ii) the utility offers net metering to customers that have installed solar systems owned and/or operated by a third party; and (iii) if the utility does not offer net metering to customers that have installed solar systems owned and/or operated by a third party, the utility offers stand-by or back up service to such customers.</td></tr></table>&nbsp; <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN: 0px">2.</p></td> <td colspan="2">LEASE ORIGINATION SERVICES</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="3%"></td> <td valign="top" width="3%">(a)</td> <td valign="top">Dealer shall contact and solicit potential customers for the Lease Program in accordance with (i) this Agreement, including <u>Exhibit A </u>and <u>Exhibit B </u>hereto, (ii) the procedures set forth in the SunPower Certification Program and (iii) the Program Materials.</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top">(b)</td> <td valign="top">Dealer hereby acknowledges and agrees that it, and each of its employees who sell or support the Lease Program, (i) will become familiar with the requirements of the Lease Program as detailed in each Lease, this Agreement, the SunPower Certification Program and the Program Materials and (ii) it will use its best efforts to ensure that each prospective Lessee that applies to the Lease Program is qualified to enter into the Lease in accordance with the terms and conditions thereof.</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top">(c)</td> <td valign="top">In connection with the origination of each Lease under the Lease Program, Dealer shall, in each case in accordance with the Lease, this Agreement, the SunPower Certification Program and the Program Materials:</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Confirm the prospective Lessee is qualified to participate in the Lease Program, which includes, among other things that may be set forth in the SunPower Certification Program and the Program Materials, the requirement that the prospective Lessee owns and resides in the home as its primary residence;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Using (and in accordance with) SunPower&#8217;s lease origination system, invite a prospective Lessee to submit an online credit application to Lessor per the specific instructions contained in the Program Materials;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">Using (and in accordance with) the SunPower proposal tool described in the Program Materials, enter the Dealer Fees (as defined below) to be paid for the Services in accordance with Section 8 this Agreement, configure the System, prepare and quote to the prospective Lessee(s) estimates of the System output projections, related utility cost savings and economic terms of the Lease per the specific instructions contained in the Program Materials. Dealer shall specifically inform the prospective Lessee(s) that such quoted economic terms are indicative only and that the actual economic terms to be included in the Lease will be calculated by Lessor (or the Lessor&#8217;s representatives);</td></tr></table></p> <p style="MARGIN: 0px"> <table id="pagebreak058e4b31-56aa-4b55-b5c1-37206a18446c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iv)</td> <td valign="top">Upon receiving notice from Lessor that the potential Lessee has passed SunPower&#8217;s credit check, complete a quote in the SunPower proposal tool, submit to Lessor a request for the generation of the Lease and the other documents to be executed by the Lessee in connection therewith, including, without limitation, the applicable incentive reservation form(s), the Production Guarantee or the Production Guarantee and Limited Warranty, as applicable depending on the version of the Lease (&#8220;<u>PeGu</u>&#8221;), provided by SunPower and fixture filings (together with the Lease, the &#8220;<u>Lease Documents</u>&#8221;), to the Lessee(s) for signature in accordance with the Program Materials;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(v)</td> <td valign="top">Either prior to or upon Dealer&#8217;s receipt of Lease Documents for Lessee execution, or notice that the Lessee has been provided with Lease Documents for execution, check the identification of all prospective Lessee(s) to ensure a match to the Lessee names and the address of the premises stated in the Lease, including confirmation that such premises is the Lessee(s)&#8217;s primary residence and assist the prospective Lessee as necessary to execute the Lease Documents and ensure the delivery to Lessor of the fully executed Lease Documents and copy of the identification; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(vi)</td> <td valign="top">Upon notice from Lessor that it has countersigned the Lease Documents, commence performance of the remaining Services in accordance with this Agreement.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SunPower shall confirm Dealer&#8217;s quote submitted through the SunPower proposal in accordance with clause (c)(iii) by provision of an email confirmation substantially in the form of <u>Exhibit H </u>hereto with respect to such Lease and related System. Dealer shall review such confirmation within two business days of receipt and such confirmation shall be deemed accepted by Dealer if Dealer does not respond to SunPower with its basis for disputing such confirmation within five business days.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>3.</td> <td valign="top" colspan="2">ADMINISTRATION SERVICES</td></tr> <tr> <td width="3%"></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td></td> <td valign="top">(a)</td> <td valign="top"><u>Solar Incentive Amount Reservations and Claims</u>. Dealer acknowledges and agrees that if the Lessee is the party entitled to an incentive to which either Lessee or Lessor is entitled to under any applicable incentive program (or a successor of any such program) administered by the local utility or other authority or agency providing incentives with, such incentive will be assigned by the Lessee(s) to Lessor in accordance with the terms of the Lease and Dealer agrees to assist the Lessee(s) with the process of applying for and obtaining the Solar Incentive Amount. Dealer shall be responsible for understanding the requirements of the applicable incentive programs available with respect to each System and ensure that the configuration of the System and the lease of the System by Lessor conform to the requirements of the applicable incentive program. Lessor makes no representations that the System as configured by Dealer, or the terms of the Lease, will conform to the requirements of any incentive program.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Dealer shall make a reservation for the incentive, and receive confirmation thereof, prior to the date Dealer invoices SunPower for the Installation Completion Payment (as defined below) in accordance with Section 8. SunPower agrees to execute, or cause to be executed, any documentation required of the owner of the System to support the reservation process. Dealer shall submit evidence of the incentive reservation confirmation with the invoice for the Installation Completion Payment as a condition of payment by SunPower of such invoice.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; </p> <table id="pagebreak7a749355-6aad-4e77-a181-f675ef462394" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Dealer shall make a claim for payment of the incentive prior to the date Dealer invoices SunPower for the Interconnection Completion Payment in accordance with Section 8. SunPower agrees to execute, or cause to be executed, any documentation required of the owner of the System to support the claim process. Dealer shall submit evidence of the Solar Incentive Amount claim with the invoice for the Interconnection Completion Payment as a condition of payment by SunPower of such invoice.</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top"><u>Timing of Solar Incentive Amount</u>. Dealer acknowledges that Lessor will establish the economic terms of the Lease between Lessor and Lessee based upon the expectation that the amount of such incentive (as defined in the Lease, the &#8220;<u>Solar Incentive Amount</u>&#8221;) shall be paid to Lessor or one of its affiliates in a timely fashion. The Solar Incentive Amount shall be determined to have been paid by the administrator according to the following formulations:</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">In the case of an incentive that is paid in one installment (an &#8220;<u>Up-Front</u><u>Incentive</u>&#8221;), if the Up-Front Incentive is received by SunPower or one of its affiliates within a maximum of 200 days from the date of full interconnection of the System (the &#8220;<u>Incentive Deadline</u>&#8221;).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">In the case of an incentive that is paid in multiple installments over time as a function of the performance of the System (a &#8220;<u>Performance Based Incentive</u>&#8221;), if the first installment of the Performance Based Incentive is received by SunPower or one of its affiliates within the Incentive Deadline.</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top"><u>Amount of Solar Incentive Amount</u>. If applicable to the Lease, Dealer agrees to calculate the Solar Incentive Amount. Dealer acknowledges and agrees that if the Solar Incentive Amount actually paid by the administrator of the applicable incentive program is less than the Solar Incentive Amount calculated by Dealer for whatever reason on or prior to the Incentive Deadline, including, but not limited to, disqualification of the System for a Solar Incentive Amount payment due to the System configuration or the terms of the Lease or a change in the terms or amount of the Solar Incentive Amount, then Dealer will contribute the amount of such shortfall within 30 days of SunPower&#8217;s request for such amount to SunPower or Lessor, as applicable. SunPower agrees to reimburse Dealer for any Solar Incentive Amount received by SunPower or Lessor from the administrator of the applicable incentive program subsequent to the Dealer making such a Solar Incentive Amount payment to SunPower or Lessor. Dealer authorizes SunPower to set-off any shortfalls or overpayments outstanding in accordance with this provision against any outstanding dollar amounts due and owing by Dealer or SunPower or any affiliate of SunPower under this Agreement or the Dealer Agreement. SunPower reserves the right to revise or terminate the Lease, as set forth in the terms and conditions of the Lease, should the incentives change in the applicable market and the Dealer agrees to be bound by such changes in such event.</td></tr></table>&nbsp; <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">4.</td> <td valign="top">DESIGN SERVICES</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Dealer shall perform engineering and design services as are necessary to design and install the System in accordance with this Agreement, the Lease Documents, the Program Materials and the requirements of the applicable municipal or county authorities, homeowners association, historical society, or other organization with jurisdiction over the System. Additionally, Dealer shall design each System in accordance with the following:</td></tr></table></p>&nbsp; <table id="pagebreak44743cd9-02e0-43a2-9db3-74d30c15e2ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Dealer will configure the System in SunPower&#8217;s proposal tool and/or other SunPower system, and shall be required to communicate additional information to SunPower related to the Lease, including but not limited to, the Lease identification number, Lessee contact information, Dealer Fees as defined below and projected installation completion date. Detailed requirements will be made available to Dealer in the Program Materials;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Each System must be comprised of solar modules, inverters and monitoring systems supplied by SunPower; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">The System configuration requirements included in <u>Exhibit F, </u>which SunPower may amend from time to time at its sole discretion with five days notice as they pertain to unsold Leases.</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Per detailed instructions contained the Program Materials, Dealer shall provide to SunPower computer-drafted design plans which, if required by the local permitting authorities, shall be stamped by a licensed professional engineer. The shading analysis entered into the SunPower proposal tool shall conform to the shading analysis provided with the design services.</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">5.</td> <td valign="top">EQUIPMENT MANAGEMENT AND REPORTING</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Dealer shall provide SunPower with delivery request dates for equipment or material to be supplied by SunPower (&#8220;<u>SunPower Equipment</u>&#8221;) in accordance with the Program Materials. SunPower shall ship SunPower Equipment to the installation site per information entered in the SunPower proposal tool, unless SunPower and Dealer mutually agree that SunPower will ship to another location. Upon receipt, Dealer shall inspect the SunPower Equipment and commence installation or notify SunPower of any missing or damaged material within 48 hours of the delivery of such SunPower Equipment. Complete serial number reporting of installed SunPower Equipment is required upon completion of the installation work as per <u>Exhibit D </u>(Funding Instructions).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">In addition to SunPower Equipment, Dealer may supply equipment and/or material to be used in its performance of the Services (&#8220;<u>Dealer Equipment</u>&#8221;) and SunPower&#8217;s payment for such Dealer Equipment is included within the Installation Completion Payment. Title to this equipment or material shall transfer to SunPower at the time the Installation Completion Payment is paid.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">Title to SunPower Equipment will not transfer to Dealer at any time. Title to the Services and Dealer Equipment included in the invoice required for the Installation Completion Payment, as further detailed in <u>Exhibit D</u>, shall pass to SunPower upon payment by SunPower of the Installation Completion Payment to the Dealer. Dealer agrees to provide any documentation reasonably necessary in order to evidence the transfer of title from Dealer to SunPower.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top">Until the receipt of the Interconnection Completion Payment, Dealer assumes risk of loss and full responsibility for the cost of replacing or repairing any damage to each System and all materials, equipment, supplies and maintenance equipment (including temporary materials, equipment and supplies and SunPower Equipment) for permanent installation in each System or for use during installation of such System, regardless of whether SunPower has title thereto under this Agreement. SunPower or Lessor, as applicable, shall bear the risk of loss and full responsibility in respect of a System from and after the date SunPower pays the Interconnection Completion Payment.</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;&nbsp; </p> <table id="pagebreak7e8b9487-4a0c-41a4-96d2-35c86f8b0280" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top">Changes to SunPower Equipment delivered to Dealer or Premises as a result of a change to the System shall be communicated per SunPower&#8217;s procedures for returns and/or corrections in accordance with to the Dealer Agreement. In the event of a modification to the System, the Dealer must modify the configuration and related Dealer Fees in the SunPower proposal tool and obtain either new Lease Documents or amended Lease Documents prior to SunPower fulfilling the revised order for such SunPower Equipment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top">If a System cannot be completed due to defective or incorrect SunPower Equipment, SunPower shall be responsible for the shipping, handling and other costs of returning and replacement of such SunPower Equipment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(g)</td> <td valign="top">SunPower reserves the right to terminate the Lease prior to shipment, as set forth in the terms and conditions of the Lease, and the Dealer agrees to be bound by such termination.</td></tr></table>&nbsp; <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">6.</td> <td valign="top">INSTALLATION SERVICES</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="MARGIN: 0px"> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top"> <p style="MARGIN: 0px">Dealer shall perform and furnish all labor, services, tools and other things necessary for the successful installation of each System in accordance with this Agreement, the Lease Documents, the Program Materials and the requirement of applicable municipal or county authorities with jurisdiction over the System.</p> <p style="MARGIN: 0px">Dealer may not subcontract such work without SunPower&#8217;s prior written consent and SunPower will not provide its consent unless a subcontractor satisfies SunPower&#8217;s installation certification requirements in accordance with the Program Materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dealer shall complete such Services with respect to each System installed in accordance with this Agreement no later than 30 days after SunPower&#8217;s shipment of the SunPower Equipment related to such System; provided Dealer shall not be in breach of its delivery obligation hereunder to the extent (i) a delay in installation is directly caused by a delay in obtaining permits and provided Dealer has (A) complied with all filing and application requirements and deadline of the relevant municipality or county authority and (B) otherwise used commercially reasonable efforts to obtain such permits, including coordinating and cooperating with such municipality and county authorities, (ii) a delay in obtaining municipal and/or county authority inspection or authority from the local utility to commence parallel operation is directly caused by SunPower&#8217;s delay in delivering the required Notice to Proceed (as defined below) or (iii) a delay in installation is directly caused by a Force Majeure Event.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Dealer shall conduct a physical inspection of the Lessee&#8217;s premises where the System is to be installed (&#8220;<u>Premises</u>&#8221;) to determine if the Premises are suitable for the System and whether the installation of the System is feasible. Dealer may determine as a result of the inspection that certain conditions on the roof or otherwise at the Premises should be corrected before the installation may be undertaken. If Dealer determines that the Premises are not suitable, or corrective work has not been satisfactorily performed (or the prospective Lessee(s) refuse to conduct such corrective work), or any required permits or other governmental authorizations are not received, Dealer will not have the obligation to install the System. Additionally, Lessor shall not have the obligation to lease the System to the prospective Lessee(s) and the Lease, if executed, may be terminated in accordance with its terms.</td></tr></table></p> <table id="pagebreakcfe51062-b62f-4ffe-8fa8-5a263e95ac2e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">In the event that the Dealer ascertains after an inspection of the Premises that the configuration of the System as provided in the Lease executed by the Lessee or Lessor is not feasible as initially provided, Dealer will follow the amendment process set forth in the Program Materials, including updating the fees to be paid to Dealer, and either request new Lease Documents or an amendment to the existing Lease Documents from Lessor according to guidance from Lessor contained in the Program Materials. Lessor will process the request for new Lease Documents or amendments in a timely manner and will retain the original fully executed Lease Documents until the replacement Lease Documents or the amendment is fully executed by Lessee.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top">When Dealer is satisfied that the System configuration as described in the executed or amended Lease Documents represents the System as it will be installed at the Premises, any necessary corrective work has been performed and completed and paid for, and any necessary zoning, land use or building permits are received, Dealer shall begin the installation of the System. The order of SunPower Equipment by the Dealer shall serve as a representation by Dealer that the Premises are in sufficient condition to support the System as designed. Dealer shall construct, install, test and commission the System at the Premises in a professional, and good and workmanlike manner, in accordance with all applicable laws, regulations, codes and permits, and accepted professional practices in the solar panel installation industry and electrical installation industry generally.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top">Installation of the System shall comply with, among other things, the requirements set forth in <u>Exhibit F </u>and Dealer shall inform Lessee of obligation under the Lease and PeGu, to keep the monitoring system online and report any failures to SunPower.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top">If a System cannot be completed due to defective or incorrect SunPower Equipment, SunPower shall be responsible for the shipping, handling and other costs of return and replacement of such SunPower Equipment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(g)</td> <td valign="top">Dealer shall keep the Lessee(s) informed of the progress of installation work.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(h)</td> <td valign="top">Dealer will be responsible for all injury or damage to individuals or property that may occur as a result of its negligence in connection with the installation and testing of each System.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Following installation, Dealer shall notify the applicable municipal or county authorities with jurisdiction over the System that the System is mechanically complete and arrange for an inspection and final permitting by such authorities. Dealer acknowledges that SunPower requires Dealer to submit a copy of the final permit issued by the authorities with jurisdiction over the System as a condition of payment by SunPower of the Installation Completion Payment. Notwithstanding the foregoing or anything else set forth in this Agreement, if the local municipality processes requires that the Dealer refrain from arranging an inspection and final permitting until a Notice to Proceed is received to prevent the occurrence of Placed in Service (in violation of the Lease Program) and, in the event this becomes applicable to Dealer, Dealer shall notify SunPower of this and refrain from taking any actions that could result in Placed in Service (as defined below) occurring prior to Notice to Proceed. Following receipt of such notice or otherwise becoming aware of the local municipality processes, SunPower shall make an exception to the standard process and its duration by providing updated Funding Instructions to the Dealer.</td></tr></table>&nbsp;&nbsp; <table id="pagebreak492d2c58-609e-42b1-b683-0ed271611d65" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(j)</td> <td valign="top">After a System is installed and prior to the Installation Completion Payment, Dealer will remove all debris and surplus materials from the site where the System is located and leave the site in &#8220;broom clean&#8221; condition and otherwise in accordance with this Agreement, the Lease Documents and the Program Materials.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(k)</td> <td valign="top">Before (i) the System has been interconnected with the local utility grid, (ii) the local utility conducts its inspection of the installed System and issues its final authorization to operate, and (iii) system-wide performance testing commences (that is, before the system is &#8220;in service&#8221;), but after (A) the racking is complete, the panels and the inverter are installed and the System is otherwise mechanically complete (this condition of the installation of the System is referred to in this Agreement as &#8220;ready to interconnect&#8221;) and (B)&nbsp;&nbsp; municipal and/or county authorities have inspected and approved the System and provided written evidence of such approval (unless an exception has been made by <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">SunPower as described in clause (i) above), Dealer shall:</p></td></tr></table>&nbsp; <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">provide written notice to SunPower that the System is ready to interconnect;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">permit a representative of SunPower to inspect the System, which shall be at Dealer&#8217;s cost if SunPower has reason to be believe that the installation of the System is unsound, defective or improper or fails to conform to this Agreement, the Lease Documents or the Program Materials; provided that, if SunPower determines that the System or any portion thereof is unsound, defective or improper or as in any way failing to conform to this Agreement, the Lease Documents or the Program Materials, Dealer shall, within 24 hours after receiving written notice from SunPower to that effect, proceed to take down all portions of the Services and remove from the premises all materials whether worked or unworked, which, and Dealer, at its own cost and expense, shall replace the same with proper and satisfactory Services and make good all Services damaged or destroyed by or as a result of such unsound, defective, improper or nonconforming Services or by the taking down, removal or replacement thereof; provided that any defective or unsound SunPower Equipment, if directed by SunPower, shall be returned to SunPower at SunPower&#8217;s expense, and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">upon written notice from SunPower that such inspection has been completed or such right to inspect has been waived by the SunPower, obtain from the Lessee(s) an executed Certificate of Acceptance (in the form contemplated by the Program Materials and attached as Exhibit C to the Lease) to evidence Lessee(s) acceptance of the System and either containing the description of System to be leased pursuant to the Lease or referring to such description in the Lease; SunPower&#8217;s waiver of the right to inspect does not constitute Notice to Proceed and does not waive SunPower&#8217;s right to inspect at a future date which shall be conducted in accordance with clause (ii).</td></tr></table></p>&nbsp; <table id="pagebreakca642eda-0fb3-48c4-a333-2f5ad2ee8b9c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(l)</td> <td valign="top"><b>F</b><b>or the avoidance of doubt, the following actions are in direct violation of the Lease Program:</b></td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">including any improvements to the premises, including roof upgrades or repairs, or other work outside of installation of the System within the Lease Program, including the fees costs or fees related to such upgrades or repairs; any such work shall be separately arranged between Dealer and the Lessee and not be included in the Dealer Fees or any other portion of the Lease Program and shall be paid for by Lessee at a reasonable cost;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">providing cash back or other incentives to Lessees in connection with their participation in the Lease Program; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">using loan proceeds or other third party financing to finance all or any portion of the Lease.</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">7.</td> <td valign="top">INTERCONNECTION SERVICES</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Upon receipt by Dealer of a written notice from SunPower that it may proceed (the &#8220;<u>Notice to Proceed</u>&#8221;) to obtain permission to operate the System from the utility (&#8220;<u>PTO</u>&#8221;) and interconnect the, Dealer shall within ten business days of receipt of the Notice to Proceed complete the process of testing the System and will (i) arrange with the local utility company to inspect the installed System (if the utility requires such an inspection) and (ii) upon receipt of permission to interconnect from the utility, issue a commissioning report in the form provided to Dealer in the Program Materials (&#8220;<u>Commissioning</u><u>Report</u>&#8221;). Dealer shall submit the Commissioning Report with the invoice for the Interconnection Completion Payment as a condition of payment by SunPower of such invoice.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Dealer hereby acknowledges and agrees that any Systems accepted by SunPower in accordance with this Agreement must be leased to a Lessee pursuant to a valid and executed Lease.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">In the event Dealer interconnects or otherwise energizes the System (other than for the purposes of testing procedures that do not trigger Placed in Service (as defined below)) or obtains authority from the local utility to commence parallel operation prior to receiving the Notice to Proceed from SunPower, or otherwise compromises or eliminates SunPower&#8217;s or its partners&#8217; ability to obtain any available financial incentives through a breach of any obligation under this Agreement, <b>Dealer shall be fully liable for any recaptured, disallowed or otherwise lost financial incentives or lost benefits related to financing arrangements experienced by Lessor or SunPower (which can be greater than $3.00 per watt, depending on the jurisdiction and type of lease)</b>. For purposes of this Agreement, &#8220;Placed in Service&#8221; means (i) the System has been installed and tested and shown capable of operating in a reliable and continuous manner for its intended purpose, (ii) legal title and control over the System have been conveyed to SunPower or Lessor and/or (iii) all permits needed to operate the System (including authority from the local authority to commence parallel operation) and to put the System to its intended use of leasing it to the Lessee have been obtained.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top">Dealer shall ensure that the configuration of the System and the terms of the Lease conform to the requirements of the local electric utility company and any other regulatory bodies with jurisdiction over the interconnection of the System.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5de9e953-89e0-4554-b8cb-132ee95f3827" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Subject to the provisions in Section 6(g) above, Dealer shall assist Lessee in arranging for, and entering into, an interconnection agreement with the local electric utility company.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Dealer shall submit written permission to operate the System, or notification of interconnection, from the utility with the invoice for the Installation Completion Payment as a condition of payment by SunPower of such invoice.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">8.</td> <td valign="top">DEALER FEES; PAYMENT</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Dealer shall charge SunPower fees for the Services and for any material reimbursement required in connection with the Services provided hereunder (collectively, the &#8220;<u>Dealer</u><u>Fees</u>&#8221;). The Parties hereby agree that the sum of all Dealer Fees and the current market price of the SunPower Equipment to be supplied to Dealer (based upon the then current price list under the Dealer Agreement) shall not exceed $7.00 per watt DC. SunPower reserves the right to adjust this fee limitation, or implement any other fee limitation with respect to an individual Service, at any time in its sole discretion upon reasonable notice to Dealer. The Dealer Fees include all federal, state, county, municipal and other taxes imposed by law and based upon labor, services, materials, equipment or other items acquired, performed, furnished or used for or in connection with the Services. Where the law requires any such taxes to be stated and charged separately, the total Dealer Fees plus the amount of such taxes shall not exceed the amount included in the proposal tool in accordance with clause (b) below.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Dealer will enter into the SunPower proposal tool either the full system price that Dealer would normally charge a homeowner to sell them the System or the Dealer Fees related to each System. In the case where the Dealer enters a full system price, SunPower will impute the Dealer Fees that will be owed to the Dealer by subtracting the current market price of the SunPower Equipment to be supplied to Dealer (based upon the current price list at the time that the Lease is generated for the Lessee). SunPower will confirm fees to be paid to Dealer via the Lease Document Acknowledgment document generated for each Lease. Dealer Fees will be initially be broken down and paid by SunPower according to the payment schedule:</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="6%"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Lease Origination and Administration Services</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Design, Procurement &amp; Installation Services</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">60</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr> <tr bgcolor="#ffffff"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Interconnection Services</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">20</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top">SunPower reserves the right to modify this split in its sole discretion upon reasonable notice to the Dealer. The &#8220;<u>Installation Completion Payment</u>&#8221; will include the Dealer Fees for Services for lease origination, design, procurement of Dealer Equipment and installation. The &#8220;<u>Interconnection Completion Payment</u>&#8221; will include Dealer Fees for Services for interconnection of the System. No payment (final or otherwise) made under or in connection with this Agreement shall be conclusive evidence of the performance of the Services, in whole or in part, and no such payment shall be construed to be an acceptance of defective, faulty or improper work or materials nor shall it release Dealer from any of its obligations under this Agreement.</td></tr></table></p> <p style="MARGIN: 0px"> <table id="pagebreak6ebfb8d8-138f-45d3-91a0-22d12f7bbd40" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">SunPower shall pay the Dealer Fees in the amounts invoiced by Dealer in accordance with the payment schedule described in <u>Exhibit D </u>to this Agreement (&#8220;<u>Payment</u><u>Schedule</u>&#8221;) within 30 days after SunPower&#8217;s approval of such invoice. SunPower will only approve invoices that adhere to the terms and conditions herein and where Dealer has provided SunPower with all of the documentation required by the Payment Schedule for such payment, in accordance with the timeline and other terms detailed in <u>Exhibit D</u>. Dealer&#8217;s acceptance of the Interconnection Completion Payment shall constitute a waiver of any and all claims by Dealer with respect to such System. Dealer acknowledges and agrees that the submittal of documentation in accordance with <u>Exhibit D </u>is a material obligation of this Agreement and Dealer&#8217;s failure to comply will entitle SunPower to its exercise of remedies in accordance with this Agreement and applicable law.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top"><u>Liens</u>. Upon payment by SunPower of any invoice, Dealer shall promptly pay its relevant supplier amounts due with respect to the Services reflected in the invoice. Dealer shall be responsible to keep the Premises clear and free from all liens placed on the Premises by any supplier or Dealer with respect to Services provided by Dealer, and to defend, discharge or bond any such liens as soon as reasonably practicable. If any claim or lien is made or filed with or against SunPower, Lessor or Lessee by any person claiming that Dealer has failed to make payment for any labor, services, materials, equipment, taxes or other items or obligations furnished or incurred for or in connection with the Services or if Dealer fails to perform or is otherwise in default under any of the terms or provisions of this Agreement, whether before or after Interconnection Completion Payment is made, SunPower shall have the right: (i) to retain from any payment then due or thereafter to become due or require a refund of an amount which it deems sufficient to (A) satisfy, discharge and/or defend against any such claim or lien or any action which may be brought or judgment which may be recovered thereon, (B) make good any such nonpayment, damage, failure or default and/or (C) compensate SunPower, Lessor or Lessee for and indemnify and hold them harmless against any and all losses, liability, damages, costs and expenses, including legal fees and disbursements, which may be sustained or incurred by either or both of them in connection therewith; and (ii) to demand that Dealer provide, within 10 days of SunPower&#8217;s request, proof to the satisfaction of SunPower, Lessor or Lessee that such non-payment, claim or lien has been fully satisfied, dismissed and discharged.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top">SunPower shall have the right to set-off any amounts due and owing by Dealer under the Dealer Agreement. Dealer hereby expressly irrevocably agrees to waive any right of lien, set-off or counterclaim against SunPower and will not purport to exercise such rights (if any) in respect of the matters that are the subject of this Agreement.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top">SunPower shall be responsible for the collection and payment of sales or use tax related to the leasing of the Systems to Lessees. SunPower will issue a resale certificate to Dealer upon request.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">9.</td> <td valign="top">ADDITIONAL DEALER OBLIGATIONS</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Per detailed instructions contained the Program Materials, Dealer shall provide to SunPower with the invoice to SunPower for the Installation Completion Payment a detailed breakdown of all costs of the System required to obtain applicable incentives, including federal, state and local tax benefits and all other requirements outlined in <u>Exhibit D </u>and/or in the Program Materials.</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreak31dba8b2-c6ec-43cd-bc96-85c49b6833cd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">In connection with the Lease Program: (i) Dealer shall ensure all Dealer employees with any connection to the Lease Program are advised of the requirements related to offering the Lease Program to prospective Lessees and have completed the SunPower Certification Program; (ii) Dealer is prohibited from preparing or disseminating any written materials regarding the Lease Program other than those provided or expressly approved by Lessor or SunPower; (iii) Dealer shall not discuss with any potential Lessee(s) the likelihood of approval of such Lessee(s) for the Lease Program; (iv) Dealer shall not modify any of the Program Materials or any other documents associated with the Lease Program; and (v) Dealer shall not present any indicative monthly rent payments, Remaining Value Amounts (as such term is defined in the Lease) or estimated System production projections that are calculated by any source other than the SunPower proposal tool described in the Program Materials or otherwise approved by Lessor or SunPower.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">If Dealer receives any information related to a Lease, Dealer shall treat such information as confidential and shall not disclose it to any third party.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top">Dealer will not run any credit checks on prospective Lessees, nor advise any prospective Lessee of the likelihood of their application being accepted by Lessor.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top">Dealer shall not assess or accept any fee related to the Lessee&#8217;s participation in the Lease Program.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top">Dealer acknowledges and agrees that SunPower is not required to accept any specific prospective Lessee and may reject any prospective Lessee for any reason, including inadequate credit scores or other credit criteria used by Lessor.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(g)</td> <td valign="top">Dealer and its individual sales representatives shall not misrepresent, verbally or in writing, anything to SunPower or the prospective Lessee, including, without limitation, the following:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">the System output (including, without limitation, the incorrect insertion of any system output modeling parameter in the SunPower proposal tool, such as azimuth, tilt and monthly shading);</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">SREC values in excess of then-current spot market prices;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">Utility escalation rates in excess of published escalation rates or published rate schedules, if applicable; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iv)</td> <td valign="top">consumption of kWh and Dealer agrees to provide SunPower with copies of any utility bills provided by prospective Lessee to Dealer.</td></tr></table>&nbsp; <table id="pagebreak9cc1b3ea-ac64-4854-b7db-afc34e3b554b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(h)</td> <td valign="top">Dealer acknowledges and agrees that it has read and shall comply with the PeGu, as provided to the prospective Lessee by SunPower (a copy of which has been provided in the Program Materials).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Nothing in this Agreement or Dealer&#8217;s participation shall be deemed to restrict Dealer&#8217;s right to sell or lease solar power systems manufactured by manufacturers other than SunPower Corporation (or its affiliates), provided, however, that Dealer shall not engage in leasing any solar systems to residential Lessees pursuant to the Lease Program for Systems manufactured by manufacturers other than SunPower Corporation (or its affiliates).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(j)</td> <td valign="top">Dealer shall inform prospective Lessees that all utility rate and utility savings, renewable energy credit values and other projections contained in proposals or marketing materials are estimates for discussion purposes only and not guarantees.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(k)</td> <td valign="top">Dealer agrees to pay SunPower the monthly fees stipulated in <u>Exhibit E </u>in a manner consistent with Dealer&#8217;s participation in the SunPower Dealer Program and the Dealer Agreement (e.g. a debit memo). The fees are necessary to defray some, but not all, of SunPower&#8217;s cost to provide the Lease Program. These fees may be waived in whole or in part for an introductory period or for any other reason at SunPower&#8217;s sole discretion.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(l)</td> <td valign="top"><u>Dealer Responsibility for Safe Performance of the Services</u>. During the performance of the Services, Dealer shall be responsible for the safety of the persons at the Premises and for the safe performance of the Services. SunPower reserves the right to require Dealer to provide SunPower with a copy of its Injury and Illness Prevention Plan (&#8220;<u>IIPP</u>&#8221;) at any time during Dealer&#8217;s participation in the Lease Program. Dealer shall give notices and comply with all federal, state, municipal and local laws, ordinances, rules, regulations, codes, standards, orders, notices and requirements concerning the safety of persons or property or their protection from damage, injury or loss. Dealer agrees that the prevention of accidents to all personnel and property engaged upon, or in the vicinity of, the Services is its responsibility. Dealer agrees to provide, and require the use of, all applicable Personal Protective Equipment (P.P.E.) including, but not limited to, fall arrest and/or fall restraint system(s) while engaged in the Services on any/all roofs as mandated by the Federal Occupational Safety and Health Act of 1970 (OSHA), as amended, and all standards, rules, regulations and orders which have been or shall be adopted or issued there under, and with the safety standards established during the progress of the Services by SunPower. Dealer shall coordinate with its insurance providers and ensure the Dealer&#8217;s IIPP conforms to the requirements of Dealer&#8217;s insurance providers.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(m)</td> <td valign="top"><u>Dea l er &#8217;s Dut y t o Noti f y Regar di ng Inci dent s, Acci dents or Near -Misses</u>. For notification purposes only, Dealer shall promptly provide to the SunPower Safety Representative: (i) immediate oral notice of any accident, incident or near-miss related to the Services; (ii) written reports of any accident, incident or near-miss related to the Services no later than 24 hours after such accident, incident or near-miss; (iii) written accident reports of OSHA lost time or recordable accidents that occur related to the Services prepared in accordance with the Dealer&#8217;s IIPP; and (iv) copies of all written communications, including notices, with governmental authorities and SunPower&#8217;s insurance companies with respect to accidents that occur related to the Services and thereafter provide such written reports relating thereto as SunPower may reasonably request.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(n)</td> <td valign="top"><u>Dealer Solely Responsible for Implementing IIPP</u>. In the event any SunPower Representative observes unsafe behaviors or practices by Dealer or Dealer&#8217;s personnel, SunPower shall notify the Dealer and the Dealer shall act promptly to take reasonable action to correct such unsafe behavior or practice, and shall promptly notify SunPower in writing of actions reasonably taken by the Dealer to prevent such unsafe behavior or practice from occurring again. Notwithstanding SunPower&#8217;s exercise of its rights with respect to unsafe practices or behavior pursuant to the previous sentence, Dealer shall be solely responsible for implementing its IIPP and shall perform the Services in accordance with the Dealer&#8217;s IIPP.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(o)</td> <td valign="top"><u>Site Security</u>. During the performance of Services, Dealer shall provide all necessary and reasonably appropriate security and is responsible for the security at the Premises and the protection of the Services.</td></tr></table>&nbsp; <table id="pagebreakf7eee28c-fc17-4ef5-af62-aed98c55d499" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">10.</td> <td valign="top">LIMITED WARRANTIES</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%" colspan="2">Dealer shall provide SunPower with the following warranties with respect to the System (each a &#8220;<u>Limited Warranty</u>&#8221; and, collectively, the &#8220;<u>Limited Warranties</u>&#8221;). Please note that the Limited Warranties are subject to exclusions and disclaimers specified in Section 10(d) below. Dealer agrees that its duties and obligations under the Limited Warranties described below shall survive the termination or expiration of this Agreement and the Dealer Agreement.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top"><u>Installation, Workmanship, Defects and Roof Warranties</u>.</td></tr></table></p>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top"><u>Installation Warranty</u>: Dealer warrants for a period of one (1) year following the Lease Term Start Date (as defined in the Lease) that the System will be installed in the manner described in Section 6 above; provided that, if the System is located in Arizona, Dealer will provide this installation warranty for two (2) years following the Lease Term Start Date in accordance with the Lease and comply with the requirements of the Registrar of Contractors, which includes filing of its warranty.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top"><u>Workmanship; Defects Warranty</u>: Dealer warrants that, under normal use and service conditions, the System will conform to the requirements of this Agreement and the Lease Documents upon the date of installation and will be free from defects in workmanship or defects in, or a breakdown of, materials or components during the System Warranty Period (as defined below). This warranty will run from the Lease Term Start Date for ten (10) years (the &#8220;<u>System</u><u>Warranty Period</u>&#8221;).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top"><u>Roof Warranty</u>: Dealer warrants, and acknowledges that such warranty shall be passed through by SunPower to Lessor and from Lessor to Lessee(s) in accordance with the Lease, that, if in the course of the installation work Dealer is required to penetrate the roof of the Premises and thereby cause damage to areas of the roof that are within a three (3) inch radius of roof penetrations, Dealer will repair such damage for the benefit of the Lessee(s) during the Roof Warranty Period (as defined below). This roof warranty will run from the date Dealer begins installation of the System at the Premises through the longer of (i) one (1) year following the Lease Term Start Date and (ii) the length of any existing warranty on the roof of the Premises up to but not exceeding five (5) years (the &#8220;<u>Roof Warranty Period</u>&#8221;).</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top"><u>Repair Promise</u>. During the applicable Warranty Period as specified in Section 10(a) above, Dealer will: (i) respond to customer product or system field issues, (ii) contact SunPower Technical Support from the field to determine if issue is caused by a product malfunction or a workmanship malfunction and (iii) repair or replace any defective part, material or component not supplied by SunPower or correct any defective workmanship, at no cost or expense to SunPower, Lessor or Lessee (including all labor costs). In the case of SunPower Equipment warranty claim, the Dealer will correct the condition by means of SunPower&#8217;s standard Return Materials Authorization (&#8220;<u>RMA</u>&#8221;) process and can submit request for compensation under the RMA process, as set forth in the Program Materials.</td></tr></table>&nbsp;&nbsp;&nbsp;&nbsp; <table id="pagebreakc824f6c5-e522-46d0-8693-9edef9c1b7c0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top"><u>Ass i gnment of Manufac turer s&#8217; War ranti es ; Assignment of Limited Warranties</u>. To the extent permitted by the terms thereof, Dealer shall assign, upon transfer of title in accordance with Section 5(c), to SunPower, as the legal owner of the System, the limited warranties from the manufacturers of any System components not supplied by SunPower (the &#8220; <u>Ma nuf act ur er s&#8217; War ranti es </u>&#8221;). To the extent that Dealer performs warranty repair work or provides warranty replacement(s) to SunPower, Dealer reserves the right to make a corresponding claim (if available) under any such Manufacturers&#8217; Warranties and SunPower agrees to provide the support required by the System owner with respect to such Manufacturers&#8217; Warranties. Dealer hereby acknowledges and agrees that the Limited Warranties may be assigned to any legal owner of the System upon transfer of title of the System to such future owner.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top"><u>Exclusions and Disclaimers</u>. The Limited Warranties do not apply to any lost electricity production or any repair, replacement or correction required due to the following:</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">someone other than Dealer or a subcontractor specifically approved by SunPower (an &#8220;approved subcontractor&#8221;) installed, constructed, tested, removed, re- installed or repaired the System;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">destruction or damage to the System or its ability to safely produce energy not caused by Dealer or its approved subcontractor while servicing the System (for example, a tree falls on the System not due to any negligence of Dealer);</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">any event or condition beyond Dealer&#8217;s control that is a Force Majeure Event (as defined below);</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iv)</td> <td valign="top">a power or voltage surge caused by someone other than Dealer including a grid supply voltage outside of the standard range specified by the local utility or the System specifications or as a result of a local power outage or curtailment;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(v)</td> <td valign="top">shading from foliage that is new growth or is not kept trimmed to the same condition as on the date the System was installed;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(vi)</td> <td valign="top">any system failure not caused by a System defect (such as making roof repairs that affect the System); or</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(vii)</td> <td valign="top">theft of the System.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">&#8220;<u>Force Majeure Event</u>&#8221; means any event, condition or circumstance beyond Dealer&#8217;s control and not caused by Dealer or its subcontractor&#8217;s fault or negligence. Included among such events would be failure or interruption of the installation of the System or production of electricity by the System due to: an act of god; war (declared or undeclared); sabotage; riot; insurrection; civil unrest or disturbance; military or guerilla action; terrorism; economic sanction or embargo; civil strike, work stoppage, slow-down, or lock-out; explosion; fire; earthquake; abnormal weather condition or actions of the elements (including abnormal lack of or abnormally inadequate sunshine); hurricane; flood; lightning; wind; drought; the binding order of any governmental authority; the failure on the part of any governmental authority to issue a required permit (provided we have timely applied for such permit); unavailability of electricity from the utility grid, equipment, supplies or products; and failure of equipment not utilized by us or under our control (not including the System - that is, defective or faulty components of the System are not a Force Majeure Event).</td></tr></table>&nbsp; <table id="pagebreak7bc60888-16c7-41c7-a5f3-7bd454700063" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top"><u>Specific Rights.</u> This Agreement gives SunPower or assignee specific rights, and SunPower or such assignee may also have other rights which may vary from state to state. This Agreement does not warrant any specific electrical performance of the System.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top"><u>Making a Claim</u>. If SunPower or assignee believes it has a claim under a Limited Warranty (either through the monitoring of the SMS or through notification by a homeowner), SunPower or such assignee must give Dealer notice of such claim describing the problem it believes gives rise to the claim, in accordance with Section 20 below.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(g)</td> <td valign="top"><u>Transfer of Warranty</u>. Dealer will accept and honor any valid and properly submitted claim under a Limited Warranty made during the applicable warranty period by any person to whom SunPower or other legal owner properly transfers or assigns the Lease or leases the System. Dealer hereby acknowledges and agrees that the Manufacturers&#8217; Warranties may be transferred or assigned to any person to whom SunPower or other legal owner properly transfers or assigns the Lease or leases the System.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(h)</td> <td valign="top"><u>Maintenance and Operation</u>. When called upon by SunPower, Dealer shall provide maintenance and/or repair services for the System not covered by the Limited Warranties, at the fees and response times specified in the following table:</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td></td> <td valign="bottom"> <p style="MARGIN: 0px 0px 0px 4.85pt"><b>Service</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Fee Per On-</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Site Visit</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="center"> <p style="MARGIN: 0px 0px 0px 3.05pt">Required On-site</p> <p style="MARGIN: 0px 0px 0px 5.35pt">Response Time</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td width="6%"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Inverter Repair or Replacement</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">250</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" width="12%"> <p style="MARGIN: 0px 0px 0px 5.2pt">5 business days</p></td> <td width="1%">&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Visual System Inspection &amp; Checklist</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">250</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN: 0px 0px 0px 5.2pt">7 business days</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#ffffff"> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 4.85pt">Monitoring Connectivity Troubleshooting</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">150</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN: 0px 0px 0px 2.45pt">10 business days</p></td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top">Such maintenance services shall include, but not be limited to, removing and securing the System as necessary while the Lessee makes repairs to the Premises. For the avoidance of doubt, all other inspections, troubleshooting, or on-site analysis required to investigate or correct a failure by Dealer to conform to any warranty provided hereunder, including representations of System design and site conditions within the output expectations and the Limited Warranties provided by Dealer on installation, materials, and workmanship, shall be provided by Dealer in a timely manner, but in no event later than ten (10) days after SunPower alerts Dealer about such Dealer failure, at no cost to SunPower. Furthermore, if the System fails to pass the SPVT (as described in <u>Exhibit F </u>attached hereto) or the System connectivity fails for any reason not related to the failure of SunPower Equipment within 30 days of System interconnection, then Dealer agrees to provide maintenance and/or repair services for the System at the response times specified in the Service table above in this Section 10(h) at no charge to SunPower.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">THE LIMITED WARRANTIES DESCRIBED IN THIS SECTION 10 ARE THE ONLY EXPRESS WARRANTIES MADE BY DEALER WITH RESPECT TO THE SYSTEM. DEALER HEREBY DISCLAIMS, AND ANY BENEFICIARY OF THIS LIMITED WARRANTY HEREBY WAIVES, ANY WARRANTY WITH RESPECT TO ANY COST SAVINGS FROM USING THE SYSTEM.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak10d93a53-1f84-41fe-9ff0-2c10e033f57c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">11.</td> <td valign="top">DEFAULT; TERMINATION</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="MARGIN: 0px"> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top"> <p style="MARGIN: 0px">(i) <u>Default</u>. Dealer will be in default under this Agreement should it at any time, whether before or after final payment, (i) refuse or neglect to supply a sufficiency of skilled workers or materials of the proper quality and quantity within five (5) days, unless this Agreement indicates otherwise, of SunPower&#8217;s request for work to be performed in accordance with this Agreement, (ii) fail in any respect to prosecute the Services with promptness and diligence, (iii) fail in the performance of any of the terms and provisions of this Agreement or of the other Lease Documents or (iv) institute or have instituted against it a case under Title 11 of the United States Code or file for an arrangement or reorganization, become insolvent, be adjudicated bankrupt, go into liquidation or dissolution, either voluntarily or involuntarily or under a court order, or make a general assignment for the benefit of creditors, or otherwise acknowledge insolvency.</p> <p style="MARGIN: 0px">(ii) <u>Remedies</u>. Upon the occurrence of any of such events described in Section 11(a)(i) above, each of which shall constitute a default hereunder on Dealer&#8217;s part, SunPower shall have the right, in addition to any other rights and remedies provided by this Agreement and the other Lease Documents or by law, after three days&#8217; written notice to Dealer, (A) to perform and furnish through itself or through others any such labor or materials for the Services and to deduct the cost thereof from any monies due or to become due to Dealer under this Agreement, (B) retain from any payment then due or to become due to compensate SunPower for any and all losses, liability, damages, costs and expenses which may be sustained or incurred in connection with Dealer&#8217;s default and/or (C) o terminate this Agreement in accordance herewith, enter upon the premises and take possession, for the purpose of completing the Services, of all materials, equipment, scaffolds, tools, appliances and other items thereon, all of which Dealer hereby transfers, assigns and sets over to SunPower for such purpose, and to employ any person or persons to complete the Services and provide all the labor, services, materials, equipment and other items required therefore.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top"><u>Termination</u>.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Either party to this Agreement may terminate this Agreement by providing thirty (30) days written notice to the other. Notwithstanding anything herein to the contrary, SunPower may terminate this Agreement and Dealer&#8217;s participation in the Lease Program at any time and for any reason. In the event of such termination, Dealer shall be entitled to receive as its sole remedy, payment for Services properly executed prior to the effective date of termination.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Should SunPower terminate this Agreement upon a default by Dealer in accordance with clause (a), Dealer shall not be entitled to receive any further payment under this Agreement until the Services shall be wholly completed to the satisfaction of SunPower and shall have been accepted by SunPower at which time, (A) if the unpaid balance of the amount to be paid under this Agreement shall exceed the cost and expense incurred by SunPower in completing the Work, such excess shall be paid by SunPower to the Dealer, and (B) if such cost and expense shall exceed such unpaid balance, then the Dealer shall pay the difference to SunPower. Such cost and expense shall include, not only the cost of completing the Services to the satisfaction of SunPower and of performing and furnishing all labor, services, materials, equipment, and other items required therefore, but also all losses, damages, costs and expenses, (including legal fees and disbursements incurred in connection with reprocurement, in defending claims arising from such default and in seeking recovery of all such cost and expense from the Dealer and/or its surety), and disbursements sustained, incurred or suffered by reason of or resulting from Dealer&#8217;s default. Should SunPower take action by effectuating the provisions of this paragraph, and should it subsequently be determined that a termination effectuated by the terms of this paragraph was improper, such termination shall be treated as a termination for convenience pursuant to paragraph (i) above.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">Upon the termination of this Agreement, regardless of the cause for such termination, Dealer shall return all uninstalled SunPower Equipment delivered to Dealer under this Agreement within 30 days of the applicable termination date. If any uninstalled SunPower Equipment is not received by SunPower within such time period, then SunPower will invoice Dealer for the fair market value price, determined in SunPower&#8217;s sole discretion, of the unreturned SunPower Equipment and Dealer will be responsible for the immediate payment of such invoice.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakdda2b6c4-70bc-4ee1-999f-791bb19fb016" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">12.</td> <td valign="top">RELATIONSHIP</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The parties are, and intend to be, independent contractors with respect to the services described in this Agreement. Without limiting or affecting the requirements of this Agreement and the Program Materials, neither party shall act as an agent of the other, nor shall it be entitled to enter into any agreements or incur any obligations on behalf of the other party. No form of joint employer, joint venture, partnership, or similar relationship between the parties is intended to be created by this Agreement.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">13.</td> <td valign="top">CHANGES IN THE CONTRACT; ASSIGNMENT; SUBCONTRACTING</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The terms of this Agreement shall not be changed, amended, superseded or supplemented, except in writing signed by the parties hereto. Notwithstanding the foregoing, Dealer expressly agrees that all exhibits to this Agreement are subject to non-material and material changes, at SunPower&#8217;s sole discretion, upon 30 days&#8217; written notice to Dealer. Non-material changes to exhibits will become effective after the 30 days&#8217; written notice period has elapsed and material changes will become effective at the next July 1 or January 1 period. SunPower, in its sole discretion, shall determine whether an amendment is non-material or material. This Agreement shall not be assigned by Dealer without SunPower&#8217;s written consent, and any such attempted assignment without such consent shall be void and of no effect. SunPower may assign this Agreement to any affiliate of SunPower or any other person or entity if such person or entity is capable of performing the obligations of SunPower hereunder.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">14.</td> <td valign="top">INDEMNITY; INSURANCE</td></tr></table></p> <p style="MARGIN: 0px"><br> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top"><u>Indemnification</u>. Dealer hereby agrees to indemnify and hold SunPower and its affiliates and any lessor of a solar system in connection with the Lease Program harmless with respect to any claims, expenses (including attorney&#8217;s fees), liability or damages arising out of (i) any certification, representation or warranty of Dealer contained in this Agreement being false or misleading in any material respect, (ii) the failure of Dealer to comply with any of its obligations or agreements contained herein or referred to herein, or any applicable federal, state, or local law, rule or ordinance, unless such failure was attributable to negligence, fraud or other misconduct of SunPower, its employees and agents, (iii) the negligence, fraud, or other misconduct of Dealer or any of its employees, subcontractors or agents, or (iv) any defect in the goods sold by Dealer or in any services performed in connection therewith, or any breach of any express or implied warranty in connection with any such goods or services (provided that this clause (iv) shall not apply with respect to any express SunPower warranty provided with respect to solar system equipment). In the event that any such claims, expenses, liability or damages are made, asserted or threatened, SunPower shall have the right to withhold from any payments due or to become due to Dealer an amount sufficient in its judgment to protect and indemnify from and against any and all such claims, expenses, liability or damages.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top"><u>Insurance</u>. Dealer shall procure and maintain at its expense during the term of this Agreement, the following types of insurance:</td></tr></table></p>&nbsp; <table id="pagebreakc8f78f66-4730-40c3-8cac-204b58b910c1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">general liability with limits of liability maintained at $1,000,000 per occurrence and naming SunPower as an additional insured;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">workmen&#8217;s compensation as required by applicable law; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">full coverage of all equipment and materials (including SunPower Equipment) and the Services of Dealer, for their full replacement cost value on an all risk or special cause of loss form from the date the equipment is received by Dealer through the Interconnection Completion Date, in a form and including deductible levels typically found in the insurance market for similar solar projects and naming SunPower as an additional insured.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" colspan="2">Dealer shall provide SunPower with a certificate of insurance evidencing the insurance coverage as required by clauses (i) and (ii) within 30 days of its execution of this Agreement, with evidence of annual renewals thereof, and evidence of the insurance coverage required by clause (iii) prior to the commencement of Services with respect to the installation of any System.</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">The provisions of this Section 14 shall survive termination of this Agreement.</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">15.</td> <td valign="top">PERMITS AND LAWS</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">Dealer shall secure all licenses or permits required by law for its performance of the Services, and shall comply with all federal, state, municipal and local ordinances, laws, orders, rules and regulations pertaining to such work made by any governmental authority or public regulatory body including but not limited to, those relating to safety, discrimination in employment, fair employment practices or equal employment opportunity and, if applicable, Truth in Lending laws, without additional charge or expense to SunPower and shall also be responsible for and correct, at its own cost and expense, any violations thereof resulting from or in connection with the performance of the Services.</td></tr></table></p> <table id="pagebreakbccc1780-c4f8-4760-a138-67d591ec301f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">16.</td> <td valign="top">REPRESENTATIONS AND WARRANTIES</td></tr></table>&nbsp; <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Each party to this Agreement represents and warrants that (i) it has the full power, authority and legal right to enter into and perform its obligations under this Agreement and any document delivered pursuant hereto and (ii) this Agreement constitutes legal, valid and binding obligations of it and are enforceable against it in accordance with their respective terms.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Dealer hereby represents and warrants that as of the date of the payment by SunPower of the Installation Completion Payment to the Dealer:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">all permits required to install and test the System have been obtained and are in full force and effect, apart from a letter from the local utility authorizing parallel operation;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">the System is free and clear of all liens; and</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">the installation of each System will be consistent with manufacturer and design specifications relating to the relevant System, prudent industry practices, all applicable laws and permits, this Agreement, the Program Materials, the Lease and the Lease Documents.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">17.</td> <td valign="top">EFFECTIVE DATE; ENTIRE AGREEMENT; GOVERNING LAW; COUNTERPARTS</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">This Agreement is effective as of the Effective Date. The terms and conditions of this Agreement shall apply to any and all Leases signed by Customers on or after August 1, 2014. This Agreement shall be construed in accordance with and governed by the laws of California. With respect to the subject matter hereof, this Agreement supersedes all previous representations, understandings and negotiations either written or oral, and constitutes the entire agreement between the parties hereto (without limiting the references herein to the Program Materials). This Agreement is intended for the benefit of the parties hereto, and, with respect to any System subject to a Lease pursuant to the Lease Program, Lessor (and its successors and assigns) and does not grant any rights to any other third parties unless otherwise specifically stated herein. This Agreement may be executed in any number of separate counterparts by any one or more of the parties hereto, and all of said counterparts taken together shall constitute one and the same instrument. Signed execution copies of this Amendment may be delivered by mail or by facsimile or by electronic mail transmission in .pdf format.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%">18.</td> <td valign="top">DISPUTES; WAIVER OF JURY TRIAL</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">If a dispute arises out of or relates to this Agreement or its breach, the parties shall endeavor to settle the dispute first through direct discussions. If the dispute cannot be resolved through direct discussions, the parties shall participate in mediation under the Construction Industry Mediation Rules of the American Arbitration Association (&#8220;<u>AAA</u>&#8221;) before recourse to any other form of binding dispute resolution. The location of the mediation shall be in a mutually acceptable time and in San Jose, California. Once a party files a request for mediation with the other party and with AAA, the parties agree to commence such mediation within 30 days of filing of the request. Engaging in mediation is a condition precedent to any other form of binding dispute resolution.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp; </p> <table id="pagebreak695c1733-74a1-43db-b8fd-0f8d0c180bb2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Following such mediation procedures, if a dispute still exists Dealer agrees that all actions arising under this Agreement or otherwise must be commenced in the state or federal court of general jurisdiction located closest to SunPower&#8217;s then current principal business address, and Dealer irrevocably submits to the jurisdiction of those courts and waives any objection it might have to either the jurisdiction of or venue in those courts or that such courts provide an inconvenient forum. Nonetheless, Dealer agrees that SunPower may enforce this Agreement in the courts of the state in which Dealer maintains its principal business address.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">TO THE MAXIMUM EXTENT IS IT PERMITTED TO DO SO UNDER APPLICABLE LAW, EACH PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, OR STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATED TO THE LEASE PROGRAM.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%">19.</td> <td valign="top">CONFIDENTIALITY AND INTELLECTUAL PROPERTY</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top">Dealer shall not disclose the terms of this Agreement to any third party (other than the disclosing party&#8217;s affiliates, employees, legal counsel, accountants, agents or advisors who have to know such information and have agreed to keep such terms confidential) except (a) in order to comply with any applicable law or regulation, or request of any regulatory agency having jurisdiction over such party or in connection with any court or regulatory proceeding; provided, however, the applicable party will, to the extent practicable, use reasonable efforts to prevent or limit the disclosure and (b) to the extent contemplated herein, as to any System involved in the Lease Program, to SunPower or its successors and assigns. SunPower is entitled to all remedies available at law or in equity to enforce, or seek relief in connection with, this confidentiality obligation. The provisions of this Section 19 shall survive termination of this Agreement.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top">Dealer warrants that it owns or is licensed to use all intellectual property (&#8220;<u>IP</u>&#8221;) owned or licensed by the Dealer and which is in existence prior to the performance of this Agreement (&#8220;<u>Dealer Background IP</u>&#8221;) subsisting in or required to be used to provide the Services, and that where any such IP is owned by third parties, it has the requisite permission from such third parties to grant to SunPower the licenses referred to in clause 19(f).</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top">SunPower grants the Dealer a revocable, non-exclusive, royalty free, or fully paid-up, license in the US to use the IP owned or licensed by SunPower (or its affiliates) prior to the date of this Agreement and which IP is provided to the Dealer for the purpose of supplying the Services in accordance with the terms of this Agreement (&#8220;<u>SunPower Background IP</u>&#8221;). SunPower Background IP is granted to the Dealer solely to the extent necessary, for the duration necessary, and for the sole purpose of provision of Services.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top">Dealer acknowledges and agrees that all IP created in the provision of the Services vests immediately on its creation in and remains the property of SunPower. To the extent any IP arises under copyright law, it is to be considered &#8220;Work for Hire&#8221;.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp; </p> <table id="pagebreak3451e055-1dda-4855-b17d-1ed5ccf8f78e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(e)</td> <td valign="top">In providing the Services, Dealer must not, and must procure that the Dealer&#8217;s personnel do not, breach the IP rights or other protected rights of SunPower or any third party. If any of those rights are breached, Dealer hereby indemnifies SunPower against any claim, action, loss or damage SunPower may suffer arising out of the breach and must, if requested by SunPower, assume the defense of any suit, claim or action brought against SunPower for infringement of any third party IP rights, including any patents and the wrongful use of proprietary information.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(f)</td> <td valign="top">Dealer grants SunPower and any subsequent owner a royalty-free, non-exclusive, perpetual, worldwide license to use, reproduce, modify and adapt all Dealer Background IP which subsists in the Services or is provided in connection with the Services in order to allow SunPower and any subsequent owner to enjoy the full benefit and use of the Services.</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">20.</td> <td valign="top">NOTICES</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">All notices, requests, statements or payments under this Agreement shall, unless otherwise specified herein, be made in writing and shall be deemed properly given and received if delivered in person or sent by facsimile or email (with confirmation of transmission or, in the case of email, receipt), reliable overnight courier, or sent by registered or certified mail, postage prepaid to the address of the applicable party specified under that party&#8217;s signature below. Notice by confirmed facsimile or hand delivery shall be effective at the close of business on the day actually received, if received during a business day, and otherwise shall be effective at the close of the next business day. Notice by overnight United States mail or courier shall be effective on the second business day after it was sent. A party may change its addresses by providing notice of same in accordance with this section. Notices to SunPower shall comply with the requirements of this section and shall be given to such address as SunPower may specify from time to time.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%">21.</td> <td valign="top">RULES OF CONSTRUCTION</td></tr></table></p>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"></td> <td valign="top" width="3%">(a)</td> <td valign="top">Each of the parties to this Agreement expressly agrees it had the opportunity to review and negotiate the terms and provisions of this Agreement and to obtain the assistance of counsel in doing so prior to execution. In the event any claim is made by any party hereto relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or counsel for any particular party.</td></tr> <tr> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td></td> <td valign="top">(b)</td> <td valign="top">In this Agreement: (i) whenever the singular number is used, the same shall include the plural and the neuter, masculine and feminine genders shall include each other, as the context may require; (ii) the word &#8220;including&#8221; is construed in its broadest sense to mean &#8220;including without limitation&#8221; or &#8220;including, but not limited to&#8221;; (iii) references to agreements and other legal instruments include all subsequent amendments thereto, and changes to, and restatements or replacements of, such agreements or instruments; (iv) the words &#8220;shall&#8221; and &#8220;will&#8221; are used interchangeably and have the same meaning; and (v) the word &#8220;or&#8221; is not necessarily exclusive.</td></tr></table>&nbsp; <p style="MARGIN: 0px" align="center">[<i>The remainder of this page is intentionally left blank.</i>]</p> <p style="MARGIN: 0px" align="center">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreaka233b39e-15ae-4185-aa5a-6ec01aed628e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers or other authorized representatives as of the Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"><b>Solarmax Renewable Energy Provider, Inc. </b></td> <td colspan="2"><b>SUNPOWER CORPORATION, SYSTEMS</b></td> <td></td></tr> <tr> <td width="8%"></td> <td width="47%">&nbsp;</td> <td width="8%">&nbsp;</td> <td width="30%">&nbsp;</td> <td width="15%">&nbsp;</td></tr> <tr> <td><b>Signature:</b></td> <td> <p style="MARGIN: 0px">{{_es_signer_signature}}</p></td> <td><b>Signature:</b></td> <td> <p style="MARGIN: 0px"><img src="solarmax_ex102img1.jpg"></p></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><b>E</b><b>m</b><b>a</b><b>il:</b></p></td> <td> <p style="MARGIN: 0px">Sandy.McClure@sunpowercorp.com </p></td> <td>&nbsp;</td></tr> <tr> <td><b>T</b><b>itle:</b></td> <td>{{ *title_es_signer_title}}</td> <td><b>T</b><b>itle:</b></td> <td> <p style="MARGIN: 0px">Director Global RLC Customer Service</p></td> <td>&nbsp;</td></tr> <tr> <td></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="55%"> <p style="MARGIN: 0px">Primary Office: </p></td> <td width="45%"> <p style="MARGIN: 0px">Address for Notices:</p></td></tr> <tr> <td> <p style="MARGIN: 0px">3080 12th Street </p></td> <td> <p style="MARGIN: 0px">77 Rio Robles&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">Riverside, CA 92507&nbsp;&nbsp;</p></td> <td> <p style="MARGIN: 0px">San Jose, CA 95134</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SunPower and Dealer have caused this Agreement to be signed and delivered by their duly authorized representatives as of the Effective Date. Further, by electronically signing this document, all parties are agreeing to use electronic signatures and are agreeing to being subject to the provisions of the U.S. E- SIGN Act (i.e., the Electronic Signatures in Global and National Commerce Act - ESIGN, Pub.L. 106- 229, 14 Stat. 464, enacted June 30, 2000, 15 U.S.C. ch.96).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakdc83c05d-5682-423c-ac82-dff2f06c1e4f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT A</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>F</b><b>A</b><b>IR LENDING POLICY</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">SunPower does not discriminate against any applicant or discourage anyone on an unlawful basis from making an application for credit. SunPower&#8217;s policy is not to discriminate against an applicant on any unlawful basis, including race, color, religion, sex, national origin, sexual orientation, handicap status, marital status, age, location of the property, the fact that all or part of an applicant&#8217;s income comes from any public assistance program or because the applicant has exercised any right under the Consumer Credit Protection Act or any similar state law.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><br>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b> <table id="pagebreakff3c1cb9-c8d3-43ff-93f7-dcf796700e08" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT B</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>C</b><b>ONFIDENTIALITY REQUIREMENTS</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>C</b><b>onfidentiality of Homeowner Information: </b>The federal Gramm-Leach-Bliley Act, 15 U.S.C. &#167;&#167; 6801 et seq., the Federal Trade Commission&#8217;s Privacy Regulations, 16 CFR Part 313, the Federal Trade Commission&#8217;s Standards for Safeguarding Customer Information, 16 CFR Part 314, (collectively, &#8220;Federal Law&#8221;) and applicable state privacy law and regulations (&#8220;State Law&#8221;) require that &#8220;financial institutions&#8221; (persons covered by Section 4(k) of the Bank Holding Company Act and applicable regulations, 12 CFR &#167;&#167; 211.5, 225.28) comply with the confidentiality provisions of those laws with respect to the nonpublic personal information of consumers and customers. Nonpublic personal information (&#8220;NPI&#8221;) is personally identifiable financial information of the homeowners who are &#8220;lessees&#8221; under the lease of the System (&#8220;Lessees&#8221;).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">1.</td> <td valign="top">From time to time, Dealer may provide services to SunPower in the nature of assisting Lessees in applying for and obtaining approval for the lease of the System, and in servicing and repairing the System, or on occasion as necessary, de-installing the System from the Lessees&#8217; premises, for which Dealer is compensated by SunPower. The foregoing activities are referred to in this Agreement as &#8220;Business Purposes.&#8221;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">2.</td> <td valign="top">Dealer receives NPI from Lessees and from SunPower for Business Purposes, and agrees to treat NPI as confidential and use NPI only for the Business Purposes for which it is disclosed. Dealer shall not, except as provided in this Agreement, disclose NPI to any unaffiliated third party. Dealer may, as permitted by law, disclose NPI to its affiliate(s), but solely for the Business Purposes and its affiliate(s) may not otherwise disclose or use the NPI.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">3.</td> <td valign="top">SunPower and Dealer shall inform their employees, representatives, and agents of the contents and requirements of this Agreement, and as required by Federal and/or State law, shall establish, implement and maintain a comprehensive written information security program that contains administrative, technical and physical safeguards appropriate to the size and complexity of each of their businesses, the nature and scope of their activities, and the sensitivity of NPI sufficient to ensure the security, confidentiality and integrity of NPI.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">4.</td> <td valign="top">In the event Dealer becomes aware of an unauthorized access to the NPI stored in Dealer&#8217;s computerized or non-computerized books, records or systems, Dealer shall immediately notify SunPower.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In order to ensure compliance with this Agreement, SunPower shall have the right, upon reasonable notice, to conduct audits of Dealer&#8217;s books, records, systems, activities and premises at any reasonable time during normal business hours, in order to review, evaluate and confirm Dealer&#8217;s compliance with the requirements of this Agreement.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc79c40fb-4218-446a-8019-51288c995f5a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT C</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>R</b><b>E</b><b>SIDENTIAL LEASE AUTHORIZATION REQUIREMENTS</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>A.&nbsp;&nbsp;&nbsp;&nbsp; </b><b>Initial Authorization.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px">To begin selling the Lease, Dealer must complete the following initial certification requirements:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">1.</td> <td valign="top"><u>Ass ociate Des i gn Cer ti fi cati on </u>. At least one employee of the Dealer that will be providing design services pursuant to the Lease Program needs to achieve Associate Design Certification by either:</td></tr></table></p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">a.</td> <td valign="top">Attending a SunPower training class and passing the Associate Certification exam; or</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">b.</td> <td valign="top">Demonstrating North American Board of Certified Energy Practitioners (NABCEP) equivalency and providing proof of NABCEP PV Installer Certification.</td></tr></table> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">2.</td> <td valign="top"><u>Ass ociate Inst all ati on Cer tif i cati on </u>. At least one employee of the Dealer that will be providing installation services pursuant to the Lease Program needs to achieve Associate Install Certification by either:</td></tr></table> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">a.</td> <td valign="top">Attending a SunPower training class and passing the Associate Certification exam; or</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">b.</td> <td valign="top">Demonstrating NABCEP equivalency and providing proof of NABCEP PV Installer Certification.</td></tr></table> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">3.</td> <td valign="top"><u>Leas e Deal er Par ti ci pat i on Cer ti fi cat ion </u>. Dealer&#8217;s principal and at least one administrator who will be submitting Leases or addressing Lease Program problems (a minimum of two persons per Dealer for Initial Qualification) must pass the Lease Dealer Participation Exam.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">4.</td> <td valign="top"><u>Energy Pr oducti on Est i mation Cert if ica ti on </u>. Each salesperson, designer, and any person who will create energy production estimations for inclusion into proposals and Leases (at least one person per Dealer for Initial Qualification) must pass the Energy Estimation Exam.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">5.</td> <td valign="top"><u>Leas e Ter ms and Condit i ons Cert if ica ti on </u>. All salespersons who will develop or present Lease proposals, or who will provide Lease origination services (at least one person per Dealer for initial qualification) must pass the Lease Terms and Conditions Exam.</td></tr></table>&nbsp; <p style="MARGIN: 0px">The following materials should be reviewed prior to taking the certification exams listed above: Dealer Participation Agreement, Lease, PeGu, Lease proposal, Program Materials, etc.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6308cece-513c-4509-903c-4a61c7be32e8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>B.&nbsp;&nbsp;&nbsp;&nbsp; Continuing Authorization.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">To continue selling the Lease, Dealer must comply with the following continuing authorization requirements:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">1.</td> <td valign="top"><u>Cer ti fi cat ion </u>. Dealers must maintain their level of competence in the critical areas of skill and knowledge.</td></tr></table></p>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">a.</td> <td valign="top"><u>Cer ti fi cat ions </u>. If a Dealer&#8217;s employee whose certification was used to satisfy the SunPower</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">Certification Program is no longer employed with the Dealer, then the Dealer must ensure that another employee has the equivalent SunPower certification within 30 days.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">b.</td> <td valign="top"><u>Cer ti fi cat ion Cur r ency </u>. From time to time, SunPower may update the content of its existing certification exams based on new processes and best practices. In this case, SunPower will send a summary of the changes to anyone who has passed a specific topic, and they will be given at least 30 days to complete a short &#8220;Currency Quiz&#8221; that only covers such changes. If they pass the Currency Quiz, their certification will be considered current until any future changes. However, if they fail to pass a Currency Quiz by the specified deadline, then they may be required to pass the entire certification exam for that topic.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">c.</td> <td valign="top"><u>New Cer t if icat i on Topics </u>. SunPower may identify new certification topics. If new certification topics are identified, then SunPower will notify Dealers of the topics and work areas and roles required to become certified. Dealers will be given the new information in the form of documents or training, and will have at least 60 days for the specified people to complete the certification exam.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">d.</td> <td valign="top"><u>New Empl oyee s </u>. Any Dealer employee who performs a function that requires certification (such as selling or power estimation), must complete the appropriate certification exam(s) prior to working on the Lease Program.</td></tr></table>&nbsp; <p style="MARGIN: 0px"><b>C.&nbsp;&nbsp;&nbsp;&nbsp; Fleet Performance.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Dealer will periodically receive fleet performance tracking reports from SunPower. Dealer agrees to review such reports for issues affecting System performance, including but not limited to inverter outages, lost monitoring connections, and disconnected strings, all of which may constitute failures under the Limited Warranties provided by Dealer to SunPower. Dealer shall perform reasonable diligence in ascertaining whether issues listed in the fleet performance tracking report are covered under the Limited Warranties, in which case Dealer shall proactively remedy such issues at no cost to SunPower. Dealer acknowledges and agrees that SunPower may elect to terminate Dealer&#8217;s eligibility to participate in the Lease Program if Dealer fails to maintain, as determined in SunPower&#8217;s sole discretion, satisfactory fleet performance levels in the tracking report.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7c578ce2-4095-4069-bcb3-855938d3d7db" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT D</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>D</b><b>E</b><b>A</b><b>LE</b><b>R FEES PAYMENT SCHEDULE</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dealer shall invoice SunPower for the Dealer Fees in two stages in accordance with the following and commensurate with the Services performed hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="7%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Stage</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="14%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>% of </b><b>D</b><b>ealer Fees</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Work completed</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="41%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>R</b><b>equired documentation for Payment</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="7%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 16.5pt" align="center">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="14%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 15.9pt; TEXT-INDENT: -0.15pt" align="center">Installation Completion Payment:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 7.15pt; TEXT-INDENT: -0.05pt" align="center">Comprised of 20% of the Dealer Fee for Lease Origination and Administration Services (the &#8220;<u>Origination</u><u>Fee</u>&#8221;)</p> <p style="MARGIN: 0px 0px 0px 17.7pt; TEXT-INDENT: 16.2pt">and 60% of the</p> <p style="MARGIN: 0px 0px 0px 10.15pt" align="center">Dealer Fee for Design and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Installation</p> <p style="MARGIN: 0px 0px 0px 13.25pt" align="center">Services (the &#8220;<u>Installation</u><u>Completion</u><u>Fee</u>&#8221;)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 28.4pt; TEXT-INDENT: 8.5pt">System Installation</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="41%"> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp; Invoice to SunPower for 80% of Dealer Fees, breaking out the 20% Origination Fee from the 60% Installation Completion Fee, and including the purchase order number and vendor number;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp; Origination and Administration Services</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Lease Documents executed by Lessee;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; If applicable to the System, reservation of Solar Incentive Amount confirmed by incentive program administrator; and</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Design documents that were required by the municipality to issue the permits;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design and Installation Services</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; a detailed breakdown of all costs for equipment of the System required to obtain applicable incentives, including federal, state and local tax benefits;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Conditional lien waivers (subject solely to payment of amounts due) executed by Dealer which shall cover all Services performed and materials furnished for the System on or prior to such invoice date;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Original, fully executed Certificate of Acceptance;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Final permits, signed off by municipality; provided that if such requirement has been waived in accordance with Section 6(i) of the Agreement, Dealer shall provide a SMS checklist or other documentation required by SunPower in its place;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; At least two digital photos of the installed array(s) and one picture of the inverter(s) taken from different angles such that the type and quantity of the installed modules, inverters and external disconnect can be ascertained;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd3240c5c-0a36-41f8-96ec-d572b62fc32c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="7%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="14%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="41%"> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Copy of Suneye, Pathfinder or other similar shade analysis documentation that corresponds to the shading entered in the SunPower proposal tool;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Warranty Registration with serial numbers;</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; Any required state-specific sales tax forms as required in the Program Materials; and</p> <p style="MARGIN: 0px 0px 0px 45px">o&nbsp;&nbsp; The &#8220;subcontract details-sheet&#8221;, if applicable</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="7%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 16.5pt" align="center">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="14%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 7.35pt" align="center">Interconnection Completion Payment: Comprised of 20% for the Interconnection Services</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 18.55pt; TEXT-INDENT: 18.35pt">System Interconnection</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="41%"> <p style="MARGIN: 0px" align="justify"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invoice to SunPower for 20% of the Dealer Fees, including the purchase order number and vendor number;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditional lien waivers (subject solely to payment of amounts due) executed by Dealer which shall cover all Services performed and materials furnished for the System;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executed Commissioning Report;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copy of the PTO or notification from utility of interconnection;</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If waived for the Installation Completion Fee, final permits signed off by municipality; and</p> <p style="MARGIN: 0px"><font style="FONT-FAMILY: Symbol">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copy of Solar Incentive Amount claim filed with incentive program administrator.</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="7%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 16.5pt" align="center">3</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="14%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">N/A</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="41%"> <p style="MARGIN: 0px">Upon receipt of the Interconnection Completion</p> <p style="MARGIN: 0px">Fee, Dealer shall submit to SunPower final unconditional lien waivers executed by Dealer</p> <p style="MARGIN: 0px">which shall cover all Services performed and</p> <p style="MARGIN: 0px">materials furnished for the System. Failure to submit this document within 10 business days of</p> <p style="MARGIN: 0px">receipt of final payment may result in delay of</p> <p style="MARGIN: 0px">future shipments.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Invoice Submission Requirements.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dealer shall submit the documentation described above to SunPower within the following timeframes listed below. Prior to SunPower remitting payment to Dealer, the required documents must also be approved by SunPower to ensure that the Dealer is satisfying all compliance requirements:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stage 1 (Origination &amp; Installation Submittals):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dealer shall submit all Stage 1 required documentation to SunPower within 30 calendar days from SunPower&#8217;s delivery of all installation materials; provided Dealer shall not be in breach of its submission obligation hereunder to the extent a delay is directly caused by a delay in obtaining permits and provided Dealer has (A) complied with all filing and application requirements and deadline of the relevant municipality or county authority and (B) otherwise used commercially reasonable efforts to obtain such permits, including coordinating and cooperating with such municipality and county authorities.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5f9238e2-ff06-4825-87dc-b4afae96919d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stage 2 (Interconnection Submittals):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Dealer shall submit all Stage 2 required documentation to SunPower within 14 calendar days of the applicable utility provider issuing its PTO notice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stage 3 (Unconditional Final Lien Waiver Submittal)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Dealer shall submit all Stage 3 required documentation (the unconditional final lien waiver) within 14 calendar days of the Dealer&#8217;s receipt of the Interconnection Completion Payment from SunPower.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If more than 10% of leases do not comply with any combination of the above submission requirements, then SunPower may, among other remedies available, withhold 10% of the invoice payments of leases not meeting submission requirements and/or withhold shipment of further SunPower Equipment until the required documentation has been submitted. SunPower also reserves the right to suspend Dealer from the Lease Program, after which Dealer may be re-enrolled in the Lease Program at SunPower&#8217;s sole discretion. For clarification purposes, the percent of leases in non-compliance with any of the above submission requirements shall be calculated as follows: total number of leases that do not adhere to the invoice submission requirements specified above divided by the total number of leases where Dealer has (a)&nbsp;&nbsp; received installation materials from SunPower and (b) not submitted the unconditional final lien waiver to SunPower.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak34e1848a-40a0-47ce-94f8-e41a9bc56622" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT E</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>DEALE</b><b>R MONTHLY FEES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt"><b>C</b><b>ost</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt"><b>1-5 registered users</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt"><b>E</b><b>ach additional registered user</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Software license fee</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt">$40/month/user</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="27%"> <p style="MARGIN: 0px 0px 0px 5.1pt">$30/month/user</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka4bc8ca5-5889-4d40-982e-274c0ba681f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>E</b><b>X</b><b>HIBIT F</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>SYSTEM REQUIREMENTS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Dealer shall comply with the Lease Installation Requirements document located in the Program Materials, including but not limited to the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">1.</td> <td valign="top">Dealer must install a SunPower Monitoring System (&#8220;<u>SMS</u>&#8221;), which shall measure, record and display energy production data of the System, in one of the following configurations: (a) hardwired by connecting the data logger directly to the home local area network (&#8220;<u>LAN</u>&#8221;); or (b) by using a powerline network adaptor to communicate between the data logger and the Lessee LAN. After commissioning SMS, Dealer shall assist Lessee in creating a user account within the SMS website (http://www.sunpowermonitor.com or http://monitor.us.sunpower.com). Dealer acknowledges that SunPower requires the SMS be operational and transmitting information to SunPower, and that Lessee must have at least one user account registered in the SMS website, as a condition of payment by SunPower of Interconnection Completion Payment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">2.</td> <td valign="top">SunPower requires an external AC Disconnect in order to provide a means to lock the system out to prevent it being switched on prematurely (pre lease agreement execution) and thus invalidating the tax status. It also serves as a means for the System to be locked out should the Lessee default on a lease payment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top">Approved AC disconnects are Square D by Schneider Electric, SIEMMENS, Cutler-Hammer, Eaton or other equivalent products that have Underwriters Laboratories&#210; (UL&#210;), CSA or other Recognized Independent Testing Lab listing for use on dc applications when properly wired.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">System will be sized with optimum matching between dc array capacity and ac inverter capacity. This may require the installation more than one inverter unit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In the case of several roof orientations, Dealer shall use either multi-mppt channel inverters or separate inverters.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b style="MARGIN: 0px"><u></u></b>&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b style="MARGIN: 0px"><u>System Performance Verification</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">After Dealer completes the installation of a System, but prior to SunPower&#8217;s approval of the Interconnection Completion Payment, SunPower will perform a remote System performance verification test (&#8220;<u>SPVT</u>&#8221;) to ensure that the System is operating and reporting energy data as expected. If the System is unable to pass this SPVT, in SunPower&#8217;s sole discretion, after a minimum of 3 consecutive days of SPVT testing, then SunPower will instruct Dealer and Dealer agrees to troubleshoot the System and resolve any issues that may be affecting the System&#8217;s performance. Dealer acknowledges that the Interconnection Completion Payment will not be paid until the System successfully passes the SPVT over a minimum testing period of 3 consecutive days.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka1dab5cb-9fed-441c-a7c5-21c7101ab968" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT G</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SUPPLIER DOCUMENT REQUIREMENTS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">SunPower Vendor Enrollment Form</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Required for set up of Dealer to enable payment for Dealer Fees.</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">Non Disclosure Agreement (NDA)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Required (if not already on file).</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">3</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">W9</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Required (if not already on file).</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">4</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">Certificate of Insurance</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Evidence required within 30 days in accordance with Section 14.</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">5</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">Bank Details</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Required to facilitate ACH payment or wire transfer of funds to Dealer.</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">6</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">Dealer Injury and Illness Prevention Program (IIPP)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Provided upon request in accordance with Section 9(l).</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="5%"> <p style="MARGIN: 0px 0px 0px 5.1pt">7</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 4.95pt">Subcontractors: (a) Subcontractor Authorization Agreement- Lease and (b) written evidence of Subcontractor&#8217;s contractor&#8217;s license(s)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="30%"> <p style="MARGIN: 0px 0px 0px 5.1pt">Required for Dealers who use subcontractors for lease installation work</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Examples of required documents can be found in the Program Materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakf439ecca-4f9a-49a3-a92e-c4dc0bd3eabf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center"><br><b>EXHIBIT H</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 18.95pt" align="center"><b>FORM OF SYSTEM AND PRICING CONFIRMATION</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left">[Name of Dealer]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Lease Document Acknowledgment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Lease Documents requested by [Name of homeowner] are ready for customer presentation. The details of the project are included below for your review.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>L</b><b>ease Details</b>: </p> <p style="MARGIN: 0px">Lease #: [12345]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 15px">Homeowner:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Name]</p> <p style="MARGIN: 0px 0px 0px 15px">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Address] </p> <p style="MARGIN: 0px 0px 0px 15px">Install date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Date]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 15px">System&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SunPowerSolar Panel] </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 15px">Effective System Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; [$______]</p> <p style="MARGIN: 0px 0px 0px 15px">Effective Smart Pack Price&nbsp;&nbsp; &nbsp;[$______]</p> <p style="MARGIN: 0px">Total Dealer Fees</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Fee Schedule:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Origination Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [$______] (Invoiced when install completed)</p> <p style="MARGIN: 0px">Installation Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[$______] (Invoiced when install completed)</p> <p style="MARGIN: 0px">Interconnect Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [$_______] (Invoiced when interconnect completed)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Upon notification that the Lease has been fully executed, you will be contacted by your Partner Service Representative to confirm the schedule, shipping, and installation details.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>10
<FILENAME>solarmax_ex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
<html><head><title>solarmax_ex103.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.3</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="center">SOLAR MODULE SUPPLY AGREEMENT</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><font style="MSO-TAB-COUNT: 1">THIS SOLAR MODULE SUPPLY AGREEMENT</font> is entered into as of June 1, 2016 (the &#8220;<b>Effective Date</b>&#8221;), by and between SunSpark Technology Inc., a California corporation (&#8220;<b>SunSpark</b>&#8221;), and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;). SunSpark and SolarMax together shall be referred to as the &#8220;<b>Parties</b>&#8221; and individually as a &#8220;<b>Party</b>&#8221;.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">RECITALS</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><font style="MSO-TAB-COUNT: 1"></font>WHEREAS, SunSpark is in the business of designing, developing, manufacturing, marketing and selling photovoltaic modules, and SolarMax is in the business of installing, marketing and selling photovoltaic panels; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, SolarMax wishes to secure a supply of photovoltaic modules and to purchase quantities of photovoltaic modules from SunSpark, and SunSpark wishes to provide a supply of photovoltaic modules and to sell quantities of photovoltaic modules to SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, SunSpark and SolarMax agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE I <br>DEFINITIONS</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Capitalized terms have the meanings set out in this Section, or in the Section in which they first appear in this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Agreement</b>&#8221; shall mean this Solar Module Supply Agreement, including all Attachments and Exhibits hereto, as it may be amended, modified or supplemented from time to time in accordance with its terms.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Business Day</b>&#8221; shall mean any day of the year other than (i) any Saturday or Sunday, or (ii) any other day on which banks located in New York, New York generally are closed for business.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Dollar</b>&#8221;, &#8220;<b>Dollars</b>&#8221; or numbers preceded by the symbol &#8220;<b>$</b>&#8221; shall mean amounts in United States Dollars.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Governmental Authority</b>&#8221; shall mean any federal, state, local or foreign government or subdivision thereof, or any entity, body or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any federal, state, local or foreign government.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Indemnified Person</b>&#8221; shall mean the Person or Persons entitled to, or claiming a right to, indemnification under Article IV.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6ced11af-9b0a-4793-82ad-f839a07306d2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">1</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Indemnifying Person</b>&#8221; shall mean the Person or Persons claimed by the Indemnified Person to be obligated to provide indemnification under Article IV.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Initial Term</b>&#8221; shall have the meaning set forth in Section 3.01.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Law</b>&#8221; shall mean any law, statute, regulation, ordinance, rule, order, decree or governmental requirement enacted, promulgated or imposed by any Governmental Authority.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Loss</b>&#8221; or &#8220;<b>Losses</b>&#8221; shall mean any and all damages, fines, fees, taxes, penalties, deficiencies, losses (including lost profits or diminution in value) and expenses, including interest, reasonable expenses of investigation, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other expenses of litigation or other proceedings or of any claim, default or assessment (such fees and expenses to include all fees and expenses, including fees and expenses of attorneys, incurred in connection with (i) the investigation or defense of any third party claims, (ii) asserting or disputing any rights under this Agreement against any Party hereto or otherwise, or (iii) settling any action or proceeding or threatened action or proceeding).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Modules</b>&#8221; shall mean the photovoltaic modules described in <u>Attachment A</u> attached hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Person</b>&#8221; shall mean any natural person, corporation, proprietorship, firm, partnership, limited partnership, limited liability company or partnership, trust, joint venture, union, association, Governmental Authority or other entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<b>Subsidiaries</b>&#8221; shall mean any Person subject to control by either Party, or any of their respective affiliates. The term &#8220;<b>control</b>&#8221; as used in the preceding sentence means, with respect to a corporation, the right to exercise, directly or indirectly, fifty percent (50%) or more of the voting rights attributable to the shares of such corporation, or with respect to any Person other than a corporation, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE II <br>SUPPLY OF MODULES</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.01 <u>Module Specifications</u>. Subject to the annual technology reviews as set forth in Section 2.10 below, the Modules to be supplied under this Agreement shall meet the specifications as agreed to by the Parties as set forth in <u>Attachment A</u> attached hereto. SunSpark shall maintain, in accordance with SunSpark&#8217;s standard procedures, accurate records and data for any quality testing done by or for SunSpark of any Modules purchased by SolarMax hereunder and shall make such records and test data available to SolarMax upon reasonable request.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.02 <u>Quantity and Price</u>. During the Term, SolarMax agrees to purchase from SunSpark, and SunSpark agrees to supply SolarMax, a 150-megawatt quantity of Modules, at $0.75 per watt, or $112,500,000.00 in the aggregate; <i>provided</i>, in any given one-year period during the Term, SolarMax shall purchase no less than a 30-megawatt quantity of Modules.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake6e7c502-12c7-4fcf-9add-9dccadef0c78" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.03 <u>Purchase Orders and Order Acknowledgements</u>. SolarMax will issue each written purchase order to SunSpark through e-mail, fax or internationally recognized carrier. Such purchase orders shall contain the requested delivery dates. All such purchase orders shall be subject to the terms and conditions set forth in this Agreement. SunSpark shall, within five (5) Business Days after it receives any such purchase order, respond to such SolarMax purchase orders with a written order acknowledgement (a &#8220;<b>SunSpark Order Acknowledgement</b>&#8221;), which SunSpark Order Acknowledgement will set forth those requested SolarMax quantities for which SunSpark can then confirm a quantity (which quantity may be a partial quantity of the SolarMax purchase order) and an estimated shipment calendar week. Each SunSpark Order Acknowledgements shall reference the applicable SolarMax purchase order. Until such time as SunSpark has provided SolarMax with an SunSpark Order Acknowledgement for all Modules requested on a SolarMax purchase order, such purchase order shall not be deemed accepted by SunSpark for the full amount of Modules, but shall only be deemed accepted by SunSpark for that amount of Modules for which a confirmed quantity and shipment week has been provided. Unless expressly agreed in writing by SunSpark and SolarMax, no additional or different terms or conditions contained in any quotation, sales order, acknowledgement form, purchase order or other communication from SunSpark or SolarMax shall be binding upon SunSpark or SolarMax, and each Party hereby objects to any such additional or different terms or conditions. SolarMax shall, within seven (7) days after receipt of a SunSpark Order Acknowledgement, make arrangements for SunSpark to receive payment of 30% of the purchase price for that amount of Modules in the purchase order deemed accepted by SunSpark. To the extent there is any conflict among the terms and conditions of this Agreement, any SolarMax purchase order and any SunSpark Order Acknowledgement, the terms of this Agreement shall apply.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.04 <u>SunSpark Invoices</u>. SunSpark invoices shall reference the applicable SolarMax purchase order and shall be submitted for payment by SunSpark to the SolarMax accounts payable address specified in writing from time to time by SolarMax. To the extent there is any conflict between the terms and conditions of this Agreement and of any such invoice, the terms of this Agreement shall apply. All prices in the invoices shall be based on the $0.75 per watt price set forth in Section 2.02.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.05 <u>Shipment Terms</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">(a) <u>Shipping Terms</u>. All sales of Modules hereunder shall be delivered to one of SolarMax&#8217;s designated distribution warehouses. SunSpark shall give written notice of shipment to SolarMax when the Modules are delivered to a carrier for transportation to such warehouse. SunSpark shall provide SolarMax all shipping documents, including the commercial invoice, packing list, bill of lading and any other documents necessary to release the Modules to SolarMax after SunSpark delivers the Modules to the transportation carrier. SunSpark shall pack and ship Modules in accordance with then-current industry standards and practice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak25f6bb8e-661f-4865-9b1b-15f7b5503208" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) <u>Shipment Date</u>. Per Section 2.03 above, the scheduled shipment date for Modules will be specified by SunSpark in the SunSpark Order Acknowledgment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(c) <u>Shipment Instructions</u>. SolarMax shall furnish written shipping instructions to SunSpark from time to time, and such shipping instructions, if different from the last shipping instructions provided by SolarMax to SunSpark, shall take effect no earlier than five (5) Business Days after receipt of such written instructions by SunSpark.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(d) <u>Shipment Date Change Requests</u>. SolarMax may request to delay or pull in shipment of an individual delivery or any part thereof upon written notice to SunSpark, subject to the following conditions:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(i) Unless agreed to by SunSpark, the shipment date change request notice must be received by SunSpark at least seven (7) days prior to the scheduled shipment date; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(ii) In the event of an accepted shipment date change request, SolarMax shall accept delivery of and pay for Modules already manufactured or in the process of manufacture for such accepted purchase order at the time the shipment date change request notice is received by SunSpark.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.06 <u>Title and Risk of Loss</u>. Title to and risk of loss of Modules shall pass to SolarMax at the time when the Modules have been delivered to SolarMax at one of SolarMax&#8217;s designated distribution warehouses.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">Section 2.07 <u>Payment Terms; Delivery Terms; Freight Terms</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) SunSpark shall issue an invoice to SolarMax for each shipment of Modules. All invoices will be in Dollars. Payment of invoices by SolarMax shall be in Dollars, by wire transfer, check or by other means mutually agreed on by the Parties. For each shipment of Modules, arrangements for payment for the remaining 70% of the purchase price is due fifteen (15) days from the date SolarMax receives such shipment. If SolarMax fails to pay the purchase price when due for any shipment, SunSpark may, but need not, require receipt of payment in full prior to manufacturing the balance of any outstanding or subsequent order. Payment of sums due from SolarMax shall be made upon terms set forth above. SunSpark may recover for each delivery hereunder as a separate transaction, without reference to any other delivery.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) SunSpark shall select the carrier and shall negotiate with the carrier the transportation charges. SunSpark shall pay all freight and transportation costs associated with sales of Modules under this Agreement delivered to one of SolarMax&#8217;s designated distribution warehouses, pursuant to and consistent with Section 2.05(a).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.08 <u>Inspection</u>. No later than within twenty (20) Business Days after receipt of each shipment of Modules by SolarMax under Section 2.05 hereof, SolarMax shall inspect such Modules for any defect (including compliance with specifications), breakage, overage or shortage. SolarMax shall be deemed to have unconditionally accepted the entire shipment unless SunSpark receives, within twenty-five (25) Business Days after SolarMax&#8217;s receipt of the Modules under Section 2.05 hereof, a written notice specifying the alleged defect, breakage, overage or shortage. If, however, the condition is not discoverable upon inspection of the Modules, then the failure of SolarMax to provide SunSpark with a written notice of claim within ninety (90) days after SolarMax&#8217;s receipt of the Modules under Section 2.05 hereof shall be a waiver of any claim relating to the Modules, whether such claim be based in contract, tort, strict liability or otherwise. SunSpark will accept Modules returned by SolarMax and will pay transportation charges for such Modules so long as the return was authorized in advance by SunSpark and SunSpark&#8217;s Returned Material Authorization number is prominently marked on each shipping container. SunSpark will not unreasonably withhold authorization for return requests where SolarMax has provided SunSpark with reasonable proof of Modules not complying with specifications, or of shortages or breakages, etc. Where SunSpark has authorized a return of Modules in accordance with the above procedures and SunSpark&#8217;s standard returns process, SunSpark shall, at its option: (a) replace the non-conforming or damaged Modules, without any additional expense to SolarMax, within twenty (20) Business Days after receiving SolarMax&#8217;s written notice, or (b) reimburse to SolarMax the price paid for the non-conforming, missing or damaged Modules, within twenty (20) Business Days after SunSpark has authorized a return of Modules in accordance with the above procedures and SunSpark&#8217;s standard returns process.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5babe62a-2221-4ee3-b88d-9e67326bb7b8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.09 <u>Returns and Refunds</u>. SolarMax may return for return credit, Modules purchased under this Agreement to SunSpark for any or no reasons. SunSpark will provide a return merchandise authorization (RMA) number before shipping any Modules. SunSpark shall be responsible for all shipping and handling charges on returned items, and shall bear the risk of loss during shipment. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.10 <u>Annual Technology Reviews; Quality Considerations</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) <u>Annual Technology Reviews</u>. Both SunSpark and SolarMax agree that, starting no later than the one-year anniversary of the Effective Date, the Parties will conduct, at least annually, a review of the technology evolution for Modules, polysilicon and solar cells. The implementation of any output from such technology reviews as it relates to Modules, Module manufacturing or polysilicon manufacturing shall be made by mutual agreement if possible; <i>provided</i>, <i>however</i>, that if the Parties are unable to reach agreement, any changes to be made to Modules, Module manufacturing or polysilicon manufacturing (or not made) shall be in SunSpark&#8217;s sole reasonable discretion. The Parties also agree and acknowledge that continuous improvement efforts to Modules and Module specifications (set forth in <u>Attachment A</u> attached hereto) will be made by SunSpark, and SolarMax will cooperate with SunSpark to accommodate reasonable changes to such specifications. Similarly, SolarMax may also request changes to Module specifications, such as Module dimensions, with appropriate notice. SunSpark will make reasonable efforts to accommodate these requests. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) <u>Quality Considerations</u>. The parties acknowledge that there are certain Module quality characteristics that, by their nature, may fall outside of the agreed upon specifications set forth in <u>Attachment A</u> attached hereto, but still may affect product performance at the cell level or module level (<i>i.e.</i>, the Modules meet all specifications, but still cause significant deviation in performance or in SolarMax&#8217;s production line). For those Module quality characteristics that are part of the agreed upon specifications set forth in <u>Attachment A</u> attached hereto, Section 2.09 addresses these issues. For those Module quality characteristics that are not part of the agreed upon specifications, but such characteristics still appear to cause significant deviation in Module performance or in SolarMax&#8217;s production line, the parties will jointly agree to address such non-specification Module quality characteristics on a continuous improvement basis or on a Module replacement basis after joint analysis of Module characteristics can be correlated to any such issues (<i>e.g.</i>, the Parties will work together to ensure that the Module breakage rate is within industry norms, assuming that SolarMax&#8217;s processes (including handling) fall within industry norms).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(c) <u>Certifications</u>. All Modules shall comply with the certification standards set forth in UL1703, CEC and FSEC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak20dc17b7-5717-4e33-9b16-747bec403abe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.11 <u>Representations and Warranties</u>. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) SunSpark hereby acknowledges its warranty obligations set forth in <u>Attachment B</u> attached hereto, and further represents and warrants that the Modules delivered to SolarMax under this Agreement shall meet the specifications set forth in <u>Attachment A</u> attached hereto, and that SolarMax shall obtain full and unencumbered title to all Modules, free and clear of any and all rights of third parties, when title to the Modules passes to SolarMax pursuant to and consistent with Section 2.06 hereof. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, SUNSPARK MAKES NO OTHER WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, OF FITNESS OF THE MODULES FOR PARTICULAR USE OR OTHERWISE, INCLUDING WITHOUT LIMITATION, WARRANTY OF MERCHANTABILITY AND/OR FITNESS FOR A PARTICULAR PURPOSE.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) SunSpark represents and warrants that its business has not been, and is not being, conducted in violation of any applicable Law (including, but not limited to, all export and import Laws of all countries involved in the manufacture and sale of the Modules, and all applicable anti-bribery and corrupt practice Laws) and it has not received written notice from any Governmental Authority alleging that it is in violation of any Law or governmental order (including, antidumping duties, countervailing duties or any retaliatory duties imposed by any Governmental Authority on the Modules). </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 2.12 <u>Limitation of Liability</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) <u>Limitation</u>. SunSpark&#8217;s total liability, and SolarMax&#8217;s exclusive remedy, for any and all Losses and damages, arising out of any cause whatsoever under any theory of contract, tort, strict liability, or other legal or equitable theory, including under a breach of representations and warranties made under Section 2.11 hereof, shall be limited solely to SolarMax&#8217;s actual direct damages directly caused by the failure of the Modules to meet the specifications set forth in <u>Attachment A</u> attached hereto; <i>provided</i>, <i>however</i>, that such actual direct damages may not exceed the purchase price of the Modules that caused the damages, or, at SunSpark&#8217;s option, the repair or replacement of such Modules. In no event shall SunSpark be liable for lost profits, special, incidental, consequential or punitive damages. SunSpark shall not be liable for, and SolarMax assumes liability for, all personal injury and property damage connected with the handling, transportation, possession, processing, further manufacture, other use or resale of the Modules, whether the Modules are used alone or in combination with any other material.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) <u>Patents</u>. If any suit is brought against SolarMax for infringement of any patent, now or hereafter existing in the United States or in any country where SunSpark has furnished Modules alleging that the Modules or SunSpark&#8217;s methods of manufacturing such Modules infringe any such patent, SunSpark shall, at its own expense, defend and control the suit against these allegations, and shall pay any award of damages assessed against SolarMax in the suit to the extent only that the damages are awarded in connection specifically with the alleged infringement, provided that SolarMax gives SunSpark prompt notice in writing of the institution of the suit and, to the full extent of SolarMax&#8217;s power to do so, SunSpark is given information, reasonable assistance, and the sole authority to defend or settle the claim. SunSpark shall have no obligation under this Section 2.12(b) if the alleged infringement or violation is based upon (i) the compliance of SunSpark with SolarMax&#8217;s designs, specifications or instructions; or (ii) modifications of the Modules after they have been delivered to SolarMax; or (iii) the use of Modules in conjunction with other products not furnished by SunSpark if the alleged infringement is primarily related to such other products. SunSpark shall have no liability for infringement of patents or violation of any third party proprietary rights except as expressly provided in this Section 2.12(b).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfaa5013a-1d06-4baa-8c8b-e0f997049500" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE III <br>TERM AND TERMINATION</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.01 <u>Term</u>. The Term of this Agreement shall commence on the Effective Date and shall expire three (3) years following the Effective Date (the &#8220;<b>Initial Term</b>&#8221;). In no event shall this Agreement be extended beyond the Initial Term unless the Parties expressly agree on all material terms of such extension.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">Section 3.02 <u>Termination by Either Party</u>. Either Party to this Agreement may terminate this Agreement by written notice to the other Party if, and only if, such other Party (a) becomes insolvent, (b) makes a general assignment for the benefit of creditors, (c) suffers or permits the appointment of a receiver for its business or assets, (d) becomes subject as the debtor to any proceeding under any bankruptcy or insolvency Law, whether domestic or foreign, and such proceeding is not dismissed with prejudice within sixty (60) days after filing, or (e) commences liquidation or dissolution proceedings, voluntarily or otherwise. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.03 <u>SunSpark&#8217;s Right to Terminate</u>. SunSpark may terminate this Agreement, by providing written notice to SolarMax, if SolarMax fails to pay any amount when due under this Agreement. Upon such early termination of this Agreement, all indebtedness of SolarMax to SunSpark under this Agreement of any kind, shall become immediately due and payable to SunSpark, without further notice to SolarMax and any deliveries of Modules to SolarMax that are scheduled to be made subsequent to the effective date of early termination of this Agreement shall be automatically cancelled, whether or not any orders for such Modules had been accepted by SunSpark. With respect to any Modules that are still in transit upon such early termination of this Agreement, SunSpark may require, in its sole discretion, that all sales and deliveries of such Modules be made on either a cash-only or certified-check basis. For the avoidance of doubt, SolarMax shall be responsible for any and all Losses arising from or relating to any failure to pay any amount due under this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 3.04 <u>Effect of Termination</u>. Upon termination or expiration of this Agreement, the Parties&#8217; obligations hereunder shall terminate. Notwithstanding the foregoing, the provisions of Section 2.02, Section 2.11 (subject to the time limits of Section 2.08 and Section 4.03), Section 2.12, Article IV and Article V are of a continuing nature and shall survive termination of this Agreement for any reason. No such termination shall relieve any Party from liability for any prior or subsequent breach of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0341b5a8-ff5a-4dec-94d2-2a2d9be97a4a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE IV<font style="MSO-TAB-COUNT: 1"></font><br>INDEMNIFICATION</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.01 <u>Indemnification Generally</u>. Subject to Section 2.12, SunSpark shall indemnify and defend SolarMax and its directors, officers, employees, contractors and agents, from any liability (including reasonable attorneys&#8217; fees) for any Loss or injury to persons or property which may result from SunSpark&#8217;s breach of its representations, warranties or covenants in this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.02 <u>Resolution of Disputes; Litigation</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) Prior to initiating any legal or other action or proceeding against the other, the Parties shall attempt in good faith to resolve any controversy or claim arising from or relating to this Agreement promptly by negotiations between the respective representatives of the Parties. The disputing Party shall give the other Party written notice of the dispute. Within twenty (20) days after receipt of such notice, the receiving Party shall submit a written response to the other Party. The notice and response shall include a statement of the respective Party&#8217;s position and arguments supporting its position. The representatives shall meet at a mutually acceptable time and place within thirty (30) days after the date of the disputing Party&#8217;s notice and thereafter as often as they reasonably deem necessary to exchange relevant information and to attempt to resolve the dispute. If the matter has not been resolved through negotiation within sixty (60) days after the date of the disputing Party&#8217;s notice, or if either Party will not meet with the other Party within thirty (30) days after the date of the disputing Party&#8217;s notice, then either Party is free to bring any legal action or proceeding, so long as such legal action or proceeding complies with the provisions of Section 6.12 hereof. All deadlines specified herein may be extended by mutual written agreement of the Parties.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) If no agreement can be reached between the Parties after good faith negotiation above, either SolarMax or SunSpark may bring any legal action or proceeding, so long as such legal action or proceeding complies with the provisions of Section 6.12 hereof, unless the amount of the damage or loss is at issue in a pending action or proceeding involving a third party claim, in which event such action or proceeding shall not be commenced until such amount is ascertained or both Parties agree to the action or proceeding.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(c) In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing Party in such dispute shall be entitled to recover from the losing Party all fees, costs and expenses of enforcing any right of such prevailing Party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9b93b7ae-6504-4d7d-b4e9-13b83b88cc25" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">Section 4.03 <u>Time Limits</u>. Any right to indemnification or other recovery under this Article IV shall only apply to Losses arising from claims with respect to which the Indemnified Person shall have notified the Indemnifying Person in writing within one (1) year of the occurrence of the facts giving rise to the underlying claim; <i>provided</i>, <i>however</i>, that such obligations to indemnify and hold harmless shall not terminate with respect to any Losses arising from claims as to which the Indemnified Person shall have, before the expiration of the one (1) year period, previously delivered a notice pursuant to Section 4.02 to the Indemnifying Person.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 4.04 <u>General Indemnification Provisions</u>.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(a) The Indemnifying Party shall pay the Indemnified Party immediately available funds on an as-incurred basis for any Losses for which the Indemnified Party is entitled to indemnification hereunder.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(b) If and to the extent that any provision of Section 4.01 is unenforceable for any reason, each Party hereto agrees to make the maximum contribution to the payment and satisfaction of any Losses as to which such Party would otherwise have been responsible for indemnification which is permissible under applicable Law.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(c) Each Indemnifying Party hereby waives (i) presentment, demand, protest, notice of protest, notice of dishonor and notice of nonpayment; (ii) the right, if any, to the benefit of, or to direct the application of, any security hypothecated to Indemnified Party (if any), until all indemnification liability of another Indemnifying Party to Indemnified Party, howsoever arising, shall have been satisfied; (iii) the right to require the Indemnified Party to proceed against another Indemnifying Party, or to pursue any other remedy in Indemnified Party&#8217;s power (if any); and agrees that Indemnified Party may proceed against Indemnifying Party directly and independently of any other Indemnifying Party, and that any extension, forbearance, amendment, or acceptance, release or substitution of security, or any impairment or suspension of Indemnified Party&#8217;s remedies or rights against another Indemnifying Party or the cessation of the liability for indemnification hereunder of another Indemnifying Party for any reason other than full satisfaction of the indemnification obligation at issue, shall not in anywise affect the liability of Indemnifying Party hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd17dbac5-05a6-4271-b70e-72e883f677c2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE V <br>PUBLIC DISCLOSURE</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.01 <u>Public Disclosure</u>. The Parties to this Agreement shall consult with each other as to the form, substance and timing of any press release or other public disclosure related to this Agreement or the transactions contemplated hereby and no such press release or other public disclosure shall be made without the consent of the other Party hereto, which consent shall not be unreasonably withheld or delayed; <i>provided</i>, <i>however</i>, that the Parties may make such disclosure to the extent permitted above or to the extent required by applicable Law, including the requirements of the New York Stock Exchange or the United States Securities and Exchange Commission, and their applicable counterparts in the People&#8217;s Republic of China.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 5.02 <u>Equitable Relief</u>. Notwithstanding any other provision of this Agreement, it is understood and agreed that the remedy of indemnity payments pursuant to Article IV and other remedies at law may be inadequate in the case of any breach of the covenants contained in this Article V. Accordingly, either Party shall be entitled to seek equitable relief, including the remedy of specific performance, with respect to any breach or attempted breach of such covenants.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">ARTICLE VI<font style="MSO-TAB-COUNT: 1"></font><br>GENERAL PROVISIONS</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.01 <u>No Partnership</u>. Nothing contained in this Agreement shall create or shall be construed as creating a partnership, a joint venture or an agency relationship between the Parties to this Agreement. The Parties agree to perform in accordance with this Agreement only as independent contractors. Neither Party has the right or authority to assume or create any obligations or responsibilities, express or implied, on behalf of the other Party, and neither Party may bind the other Party in any manner or thing whatsoever. Neither Party shall be liable, except as expressly provided otherwise in this Agreement, for any expenses, liabilities or other obligations incurred by the other.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.02 <u>Expenses</u>. Each Party hereto shall bear its own fees and expenses with respect to the transactions contemplated hereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.03 <u>Amendment</u>. This Agreement may be amended, modified or supplemented only in writing signed by SunSpark and SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.04 <u>Notices</u>. Any notice, request, instruction or other document to be given or delivered hereunder by a Party hereto shall be in writing and shall be deemed to have been delivered, (a) when received if given in Person or by courier or a courier service, or (b) on the date of transmission if sent by electronic mail on a Business Day during the normal business hours of the intended recipient, and if not so sent on such a day and at such a time, on the following Business Day. Notices shall be sent to the Parties at the addresses set forth below. Any Party may, by like notice, change the address, person, e-mail to which notice shall be sent.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak22f61b53-4429-44c4-9c5a-d900e940f42f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">If to SolarMax, to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">SolarMax Technology, Inc.<br>3080 12th Street<br>Riverside, CA 92507<br>Attention: David Hsu<br>E-mail: davidh@solarmaxtech.com</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">If to SunSpark, to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">SunSpark Technology Inc.<br>3080 12th Street<br>Riverside, CA 92507<br>Attention: Jie Zhang<br>E-mail: zjf@sunsparkzj.net</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.05 <u>Waivers</u>. Except as otherwise provided in Section 4.03, the failure of a Party hereto at any time or times to require strict performance of any provision hereof or claim damages with respect thereto shall in no manner affect its right at a later time to enforce the same. No waiver by a Party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.06 <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns; <i>provided</i>, <i>however</i>, that, except with the written consent of the other Party, no assignment of this Agreement or any rights or obligations hereunder, by operation of Law or otherwise, may be made by either Party, other than to an at least eighty percent (80%) owned Subsidiary of such Party (but no such assignment shall relieve the assigning Party of its obligations hereunder), and any assignment in contravention of this Section 6.06 shall be of no effect and shall be void.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.07 <u>Captions</u>. Captions of Sections or Articles of this Agreement are included for reference only, shall not be construed as part of this Agreement and shall not be used to define, limit, extend or interpret the terms of this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.08 <u>Severability</u>. If any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the provision at issue.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak39606e2d-220f-4fea-ba49-f451ae735948" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.09 <u>Entire Understanding; Conflicts</u>. This Agreement sets forth the entire agreement and understanding of the Parties hereto with respect to the transactions contemplated hereby and supersedes any and all prior agreements, arrangements and understandings, both written and oral, among the Parties relating to the subject matter hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.10 <u>Language</u>. Each of SunSpark and SolarMax agree that the language used in this Agreement is the language chosen by the Parties to express their mutual intent, and that no rule of strict construction is to be applied against SunSpark or SolarMax. Each of SunSpark and SolarMax and their respective counsel have reviewed and negotiated the terms of this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.11 <u>Applicable Law</u>. This Agreement shall be governed by and construed and enforced in accordance with the internal Laws of the State of California, without giving effect to the principles of conflicts of law thereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.12 <u>Jurisdiction for Disputes</u>. Subject to the provisions of Section 4.01 and Section 4.02 which shall govern any claim for indemnification as discussed therein, each Party to this Agreement hereby (a) irrevocably consents and submits to the sole and exclusive jurisdiction of the United States District Court for the Central District of California and any state court in the State of California that is located in Riverside County (and of the appropriate appellate courts from any of the foregoing) in connection with any legal action, lawsuit, arbitration, mediation, or other legal or quasi legal proceeding; (b) agrees to waive to the full extent permitted by Law any objection that it may now or hereafter have to the venue of any such proceeding in any such court or that any such proceeding was brought in an inconvenient forum; (c) agrees to service of process in any such proceeding by mailing of copies thereof to such Party at its address set forth in Section 6.04; (d) agrees that any service made as provided herein shall be effective and binding service in every respect; and (e) agrees that nothing herein shall affect the rights of either Party to effect service of process in any other manner permitted by Law.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.13 <u>Cumulative Remedies</u>. Each and every right and remedy under this Agreement is cumulative with each and every other right and remedy in this Agreement or in any other agreement between the Parties or under applicable Law.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.14 <u>Counterparts; Facsimile Signatures</u>. This Agreement may be executed in counterparts, and when so executed each counterpart shall be deemed to be an original, and said counterparts together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature shall be deemed to have the same effect as if the original signature had been delivered to the other part(ies). The original signature copy shall be delivered to the other part(ies) by express overnight delivery. The failure to deliver the original signature copy and/or the nonreceipt of the original signature copy shall have no effect upon the binding and enforceable nature of this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.15 <u>Language</u>. This Agreement is made in the English language. For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Section 6.16 <u>Sunrun Approved Vendor List</u>. SolarMax will use commercially reasonable efforts to assist SunSpark for inclusion on the approved vendor list of Sunrun Inc.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><em>[Signature Page Follows]</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak165ea120-e39a-4857-ab7c-f5ddae665a4c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and delivered as of the date first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"> <p style="MARGIN: 0px"><b>SUNSPARK TECHNOLOGY INC.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ Jie Zhang </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td>Jie Zhang </td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title: </td> <td>CEO</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"><b>SOLARMAX TECHNOLOGY, INC.</b></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ David Hsu</em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name: </p></td> <td>David Hsu</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title: </td> <td>CEO</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;[SIGNATURE PAGE TO SOLAR MODULE SUPPLY AGREEMENT]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak155c51f3-a73e-4c4a-ba40-5a75356aa939" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>Attachment A</u></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Modules; Specifications</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX-250P<br>- Specifications: Pmax: 250w; Power tolerance:0~3%; Vmp:30.50V; Imp:8.20A; Voc:37.70V; Isc:8.85A ; Fire performance: type2</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX-255P<br>- Specifications: Pmax: 255w; Power tolerance:0~3%; Vmp:30.8V; Imp:8.28A; Voc:38.0V; Isc:8.92A; Fire performance: type2</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX-260P<br>- Specifications: Pmax: 260w; Power tolerance:0~3%; Vmp:31.1V; Imp:8.37A; Voc:38.1V; Isc:8.98A_; Fire performance: type2</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SMX-265P<br>- Specifications: Pmax: 265w; Power tolerance:0~3%; Vmp:31.4V; Imp:8.44A; Voc:38.6V; Isc:9.03A_; Fire performance: type2</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak63ca244c-440c-46f5-98e3-6e0346524b3f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>Attachment B</u></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Limited Performance Warranty</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">SunSpark guarantees that for a period of 25 years from the date of delivery, each Module will maintain performance as set forth below:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">During the first year, SunSpark guarantees the actual power output of such Module will be no less than 97.5% of the labeled power output; and</td></tr> <tr> <td>&nbsp;</td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <tr> <td></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Thereafter, the actual power output of such Module will be no less than 80% of the labeled power output.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">In the event it is determined that there is a negative deviation of actual performance from the foregoing Limited Performance Warranty, then SunSpark will, at its option, either (i) repair or replace the Modules, (ii) provide supplemental Modules to meet the minimum power output, or (iii) refund a prorated portion of the purchase price commensurate with the lost power.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>Limited Product Warranty</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">SunSpark warrants that its Modules will be free from defects in materials and workmanship under normal application, use, installation, operation and service for a period of ten (10) years from the date of sale to the end user customer (&#8220;<b>Customer</b>&#8221;) that purchases Modules from an authorized channel partner, installer or original equipment manufacturer. If the Modules do not conform to the foregoing sentence, SunSpark will, at its option, either repair or replace the Modules, or refund a prorated portion of the purchase price paid by the Customer. If replaced or repaired, the replacement or repaired Modules will be covered by this Limited Product Warranty for the remainder of the returned Modules&#8217; Limited Product Warranty period. This Limited Product Warranty does not warrant a specific power output, which is exclusively covered under the Limited Performance Warranty set forth above.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Exceptions</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">The Limited Performance Warranty and Limited Product Warranty set forth above DO NOT apply to any Module which has been subjected to negligence in transportation, handling, storage or use, or has been repaired, or in any way tampered with, or which has been subjected to extraordinary salt or chemical exposure, or which has been subjected to improper installation, application, alteration, unauthorized service, or which has been subjected to power failure surges, flood, fire, direct or indirect lightning strikes, or other acts of nature.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka755a47f-0e2b-410c-b070-13cc8e3efd54" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>AMENDMENT NO. 1 TO <br>SOLAR MODULE SUPPLY AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS AMENDMENT NO. 1 TO SOLAR MODULE SUPPLY AGREEMENT, dated as of June 17, 2016 (this &#8220;<b>Amendment</b>&#8221;), by and between SunSpark Technology Inc., a California corporation (&#8220;<b>SunSpark</b>&#8221;), and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;). SunSpark and SolarMax together shall be referred to as the &#8220;<b>Parties</b>&#8221; and individually as a &#8220;<b>Party</b>&#8221;.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, SunSpark and SolarMax are parties to that certain Solar Module Supply Agreement dated as of June 1, 2016 (the &#8220;<b>Agreement</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Parties desire to amend the Agreement, on and subject to the terms of this Amendment;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and other good and valuable consideration, the Agreement is amended in the following manner:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. <u>Terms of the Amendment</u>. Section 2.09 of the Agreement is hereby amended and restated in its entirety to read as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 90px" align="justify">Part 1. Section 2.09 <u>Returns and Refunds</u>. Intentionally deleted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. <u>Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of this Amendment. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. <u>Continuing Effect of the Agreement</u>. This Amendment shall not constitute an amendment of any other provision of the Agreement not expressly referred to herein. Except as expressly amended, the Agreement is and shall remain in full force and effect, and this Amendment shall be effective and binding upon SunSpark and SolarMax upon execution and delivery by SunSpark and SolarMax.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4. <u>Headings</u>. The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5. <u>Governing Law; Language</u>. The provisions of the Agreement relating to governing law set forth in the Agreement shall apply to this Amendment. This Amendment has been initially written in the English language; in the event of any conflict between the original English version and any translations into other languages, this original English version shall control.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[<i>Signature Page Follows</i>]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakdcc4c96a-4fc0-443f-92e2-220f8c216e69" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date first written above. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">SUNSPARK:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>&nbsp;</td> <td colspan="2"><b>SUNSPARK TECHNOLOGY INC.</b></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ Jie Zhang </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name: </p></td> <td>Jie Zhang</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">SOLARMAX:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>&nbsp;</td> <td colspan="2"><b>SOLARMAX TECHNOLOGY, INC.</b></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ David Hsu </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td>David Hsu</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title: </td> <td>Chief Executive Officer</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SIGNATURE PAGE TO AMENDMENT TO SOLAR MODULE SUPPLY AGREEMENT]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">17</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>11
<FILENAME>solarmax_ex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
<html><head><title>solarmax_ex104.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b style="MARGIN: 0px">EXHIBIT 10.4</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b style="MARGIN: 0px"><u></u></b>&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b style="MARGIN: 0px"><u>EXECUTIVE EMPLOYMENT AGREEMENT</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">AGREEMENT dated as the 7<sup>th</sup> day of October, 2016, by and between SolarMax Technology, Inc., a Nevada corporation with its principal office at 3080 12th Street, Riverside, California 92507 (the &#8220;Company&#8221;), and David Hsu, (the &#8220;Executive&#8221;), whose address is .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">W I T N E S S E T H:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, the Company has engaged Executive as its chief executive officer and desires to continue to obtain the benefits of Executive&#8217;s knowledge, skill and ability in connection with managing the operations of the Company and to continue to employ Executive as its chief executive officer on the terms and conditions hereinafter set forth; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS, Executive desires to provide his services to the Company and to accept employment by the Company on the terms and conditions hereinafter set forth;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. <u>Employment and Duties</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Subject to the terms and conditions hereinafter set forth, the Company hereby employs the Executive as its Chief Executive Officer, and he shall have the duties and responsibilities associated with the chief executive officer of a public corporation. The Executive shall report to the Company&#8217;s board of directors (the &#8220;Board&#8221;). Executive shall also perform such other duties and responsibilities as may be determined by the Board, as long as such duties and responsibilities are consistent with those of the Chief Executive Officer. Additionally, during the Term, as hereinafter defined, the Company shall include the Executive as one of the Board&#8217;s nominees for election as a director of the Company, and, if elected, the Executive shall serve as chairman of the board. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) The Executive shall serve as a director of the Company or any of its subsidiaries, if elected, and in such executive capacity or capacities with respect to any affiliate of the Company to which he may be elected or appointed, provided that such duties are consistent with those of the Company&#8217;s chief executive officer. The Executive shall receive no additional compensation for services rendered pursuant to this Section 1(b). </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Unless terminated earlier as provided for in Section 5 of this Agreement, this Agreement shall have an initial term (the &#8220;Initial Term&#8221;) of five years, commencing on January 1, 2017 and expiring on December 31, 2021, and shall continue on a year-to-year basis unless terminated by either party on not less than 90 days&#8217; written notice prior to the expiration of the Initial Term or any one-year extension. The Initial Term and the one-year extensions are collectively referred to as the &#8220;Term.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2. <u>Executive&#8217;s Performance</u>. Executive hereby accepts the employment contemplated by this Agreement. During the Term, Executive shall devote substantially all of his business time to the performance of his duties under this Agreement, and shall perform such duties diligently, in good faith and in a manner consistent with the best interests of the Company.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8c8c64a2-0292-43c8-902b-84aa7b1dc0da" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3. <u>Compensation and Other Benefits</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) For his services to the Company during the Term, the Company shall pay the Executive an annual salary (&#8220;Salary&#8221;) at the rate of $600,000 per year, which Salary shall be increased by not less than 3% on January 1<sup>st</sup> of each year, commencing January 1, 2018. The Executive&#8217;s Salary shall be reviewed at least annually by the Company&#8217;s compensation committee and may be increased (but not decreased) in the sole discretion of the compensation committee or the Board. All Salary payments shall be payable in such installments as the Company regularly pays its executive officers, but not less frequently than semi monthly. In the event that the Company does not have a compensation committee, all references in this Agreement to the compensation committee shall be deemed to refer to the Board without the participation or attendance by the Executive unless such participation is required in order that there be a quorum.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) The Executive shall be entitled to an annual bonus (the &#8220;Bonus&#8221;) for each year of the Term, commencing with the year ending December 31, 2017, equal to a percentage of consolidated gross revenue (&#8220;Revenue&#8221;), determined in accordance with generally accepted accounting principles consistently applied as reflected on the Company&#8217;s consolidated financial statements, based on the level of Revenue as set forth in the following table:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="left"><b>Revenue in Millions</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Bonus as a Percentage of Revenues</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Less than $30 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $30 million but less than $50 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">250,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $50 million but less than $100 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.55</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $100 million but less than $200 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.60</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $200 million but less than $300 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.75</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">More than $300 million</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.00</td> <td valign="bottom" width="1%">%</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) The Bonus payable for any calendar year shall be paid 70% in restricted stock and 30% in cash, and shall be paid not later than the earlier of (i) 30 days following the issuance of the Company&#8217;s audited financial statements for the calendar year in which the Bonus is earned or (ii) the last business day of December of such next following calendar year. The audited financial statement of the Company shall be deemed to be issued (x) on the date the Annual Report on Form 10-K is filed with the Securities and Exchange Commission if the Company is a reporting company under the Exchange Act and (y) if the Company is not a reporting company, on the date of the auditors&#8217; report. The equity component of the bonus shall be based on the average closing market price of the common stock on the principal exchange or market on which the Company&#8217;s common stock is traded for the period beginning on the first day of the quarter in which the bonus is payable pursuant to this Section 3(c) and ending on the third trading day prior to the date payment is made; except that, if the Company&#8217;s common stock is not publicly traded, the common stock shall be valued at the most recent price at which the common stock was sold in a private placement to non-affiliated investors. The restricted stock will vest immediately on issuance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) The Executive shall be eligible for restricted stock grants and stock options as determined by the compensation committee; provided, however, that in no event shall the equity incentives granted for any year exceed 1.5% of the Company&#8217;s outstanding common stock prior to the grant.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) During the Term, the Executive shall receive, at the Company&#8217;s full cost and expense:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Medical and dental insurance selected by the Executive from those coverage options that the Company offers to its executive employees from time to time.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Long-term disability insurance that provides a disability income benefit of not less than $25,000 per month, commencing no later than six (6) months following the occurrence of a Disability.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak360417bf-f347-4ee1-9c8e-f0eb04298bc9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) $2,000,000 of life insurance coverage, of which $1,000,000 shall be whole life and $1,000,000 shall be term life insurance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) Vacation in accordance with company policy; provided that any unused vacation shall be accrued without limitation or restriction.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) The Executive shall also receive such other benefits as the Board may grant to its executive officers.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4. <u>Reimbursement of Expenses</u>. The Company shall reimburse the Executive, upon presentation of proper expense statements, for all authorized, ordinary and necessary out of pocket expenses reasonably incurred by Executive during the Term in connection with the performance of his services pursuant to this Agreement in accordance with the Company&#8217;s expense reimbursement policy. Executive shall be entitled to travel business class for international travel and first class for domestic travel.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5. <u>Termination of Employment</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) This Agreement and Executive&#8217;s employment shall terminate immediately upon the death of the Executive.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) This Agreement and Executive&#8217;s employment, may be terminated by the Executive or by the Company on not less than thirty (30) days&#8217; written notice in the event of Executive&#8217;s Disability. The term &#8220;Disability&#8221; shall mean any medically determinable physical or mental impairment of the Executive which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, as a result of which either (i) the Executive is unable to perform his duties as Chief Executive Officer or (ii) the Executive receives income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. In the event of termination of Executive&#8217;s employment as a result of a Disability pursuant to this Section 5(b) or as a result of Executive&#8217;s death, the Company shall pay Executive or his beneficiary severance compensation or death benefits equal to one year&#8217;s compensation (based on the highest compensation paid or payable to the Executive during the three full years prior to the year in which such termination takes place) multiplied by the number of full years that Executive has been employed by the Company, including any predecessor or successor corporation to the Company. Such payment shall be made in annual installments, with each installment equal to one year&#8217;s total compensation and with the first annual installment paid within thirty (30) days of the Executive&#8217;s termination date due to death or Disability and subsequent installments paid on successive anniversaries of such termination date until the full amount has been paid. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) The Company may terminate this Agreement and the Executive&#8217;s employment for cause, in which event no further Salary or other benefits shall be payable to Executive subsequent to the date of termination. The term &#8220;Cause&#8221; shall mean:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) a material breach of Sections 6, 7 or 8 of this Agreement;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) fraud, dishonesty, gross misconduct or other breach of trust whereby the Executive obtains personal gain or benefit at the expense of or to the detriment of the Company;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) a conviction of or plea of nolo contendere or similar plea by the Executive of any felony;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) a conviction of or plea of nolo contendere or similar plea by of any other crime involving theft or misappropriation of property;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaked7681e2-d392-45f7-a9b9-c2a5425a763a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) The Executive may terminate this Agreement on 30 days&#8217; written notice for Good Reason. The Executive shall deliver to the Company, within ninety (90) days following the event constituting Good Reason, a written notice of termination for Good Reason setting forth in reasonable detail the facts and circumstances claimed by the Executive to provide a basis for the termination for Good Reason, and the Company shall have a period of thirty (30) days following receipt of such notice to cure such grounds for Good Reason prior to such termination by the Executive for Good Reason becoming effective. The Executive&#8217;s purported termination for Good Reason shall not take effect if the Company effects such cure within the thirty (30)-day period. As used in this Agreement, the term &#8220;Good Reason&#8221; shall mean:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Without the consent of the Executive, a material diminution in the Executive&#8217;s authority, duties or responsibilities as set forth in said Section 1 or which are materially inconsistent with the duties set forth in Section 1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Without the consent of the Executive, the Executive is no longer the Company&#8217;s chief executive officer reporting directly to the Board.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) Any material breach by the Company of the terms of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) The Executive or the Company may terminate this Agreement for any reason within 18 months following a Change of Control of the Company. A &#8220;Change of Control&#8221; shall occur or be deemed to have occurred if (A) any &#8220;person&#8221; (as such term is used in section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% percent of the combined voting power of the Company&#8217;s then outstanding securities, or (B) during any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof unless the election of each new director was nominated, ratified or approved by at least a majority of the directors then still in office who were either directors at the beginning of such period or who were elected or appointed with the approval or ratification of at least a majority of the directors who were directors at the beginning of such period, or (C) a sale by the Company of all or substantially all of its business and assets to an entity which is not affiliated with the Company. Notwithstanding the foregoing, (x) an acquisition of Common Stock or securities convertible into or exchangeable for Common Stock if such acquisition was acquired directly from the Company shall not be deemed to be a Change of Control, and (y) a merger or consolidation of the Company with or into another corporation or entity or similar transaction shall not be deemed a Change of Control if the stockholders of the Company prior to the merger, consolidation or other transaction own not less than 50% of the voting equity securities of the surviving entity immediately after the consummation of the merger, consolidation or other transaction. Each event comprising a Change of Control is intended to constitute a &#8220;change in ownership or effective control,&#8221; or a &#8220;change in the ownership of a substantial portion of the assets,&#8221; of the Company, as such terms are defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and &#8220;Change of Control&#8221; as used herein shall be interpreted consistently therewith.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd48d74ef-700d-490f-a50d-282d3882ba86" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f)&nbsp;In the event that either (x) the Company terminates Executive&#8217;s employment other than as provided in Sections&nbsp;5(a), 5(b) and 5(c) of this Agreement or (y) the Executive terminates this agreement for Good Reason or pursuant to Section 5(e), the prohibitions of Section 7 of this Agreement shall terminate, all unvested equity rights shall vest, and the Company shall:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Pay Executive accrued Salary, Bonus, if any, and vacation pay through the date of termination.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Pay severance pay equal to two times the highest compensation paid or payable to the Executive during the three full years prior to the year in which such termination takes place) multiplied by the number of full years of service with the Company (including any predecessor or successor corporation). Payment of such amount shall be made by the Company within thirty (30) days following the termination of the Executive&#8217;s employment. </p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) Pay or reimburse the Executive for the cost of COBRA continuation medical and dental insurance coverage for the Executive and the Executive&#8217;s family members for the balance of the current Term (without regard to any termination pursuant to this Section 5). If for any reason COBRA continuation coverage cannot be provided to the Executive for the balance of such Term or the Company cannot reimburse such cost, the Company shall pay or continue to pay the Executive an amount equal to the cost of such COBRA coverage for the balance of such Term.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) Transfer to Executive all life insurance policies on his life. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6. <u>Trade Secrets and Proprietary Information</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Executive recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed and will continue to develop in the future information concerning customers, clients, marketing, patents, products, services, business, research and development activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or any other confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have a material adverse effect on the Company, its business, any business it proposes to engage in, its operations, financial condition or prospects and that the same are confidential and proprietary and considered &#8220;Confidential Information&#8221; of the Company for the purposes of this Agreement. In consideration of his employment, the Executive agrees that he will not, during or after the Term, without the consent of the Board make any disclosure of Confidential Information now or hereafter possessed by the Company, to any person, partnership, corporation or entity either during or after the term here of, except that nothing in this Agreement shall be construed to prohibit Executive from using or disclosing such information (a) if such disclosure is necessary in the normal course of the Company&#8217;s business in accordance with Company policies or instructions or authorization from the Board, (b) such information shall become public knowledge other than by or as a result of disclosure by a person not having a right to make such disclosure, (c) complying with legal process as provided in Section 6(b) of this Agreement, or (d) subsequent to the Term, if such information shall have either (i) been developed by Executive independent of any of the Company&#8217;s confidential or proprietary information or (ii) been disclosed to Executive by a person not subject to a confidentiality agreement with or other obligation of confidentiality to the Company. For the purposes of Sections 6, 7 and 8 of this Agreement, the term &#8220;Company&#8221; shall include the Company, its parent, its subsidiaries and affiliates.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8f0954bf-1876-4f16-a8e4-ed2ee2904280" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) In the event that any Confidential Information is required to be produced by Executive pursuant to legal process, the Executive shall give the Company notice of such legal process within a reasonable time, but not later than ten business days prior to the date such disclosure is to be made, unless Executive has received less notice, in which event the Executive shall immediately notify the Company. The Company shall have the right to object to any such disclosure, and if the Company objects (at the Company&#8217;s cost and expense) in a timely manner, the Executive shall not make any disclosure until there has been a court determination on the Company&#8217;s objections. If disclosure is required by a court order, final beyond right of review, or if the Company does not object to the disclosure, the Executive shall make disclosure only to the extent that disclosure is required by the court order, and the Executive will exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) The Executive shall, upon expiration or termination of the Term, or earlier at the request of the Company, turn over to the Company all documents, papers, computer disks or other material in the Executive&#8217;s possession or under the Executive&#8217;s control which may contain or be derived from Confidential Information. To the extent that any Confidential Information is on Executive&#8217;s hard drive or other storage media, he shall, upon the request of the Company, cause such information to be erased from his computer disks and all other storage media.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7. <u>Covenant Regarding Improper Use of Confidential Information</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) During the period from the date of this Agreement until one (1) year following the date on which Executive&#8217;s employment is terminated, subject to Section 5(e) of this Agreement, Executive will not, directly or indirectly:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Utilize the Company&#8217;s Confidential Information to persuade or attempt to persuade any person or entity which is or was a customer, client or supplier of the Company to cease doing business with the Company, orto reduce the amount of business it does with the Company (the terms &#8220;customer&#8221; and &#8220;client&#8221; as used in this Section 7 to include any potential customer or client to whom the Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive&#8217;s employment or during the twelve (12) months preceding the termination of his employment;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Utilize the Company&#8217;s Confidential Information to solicit for himself or any other person or entity other than the Company the business of any person or entity which is a customer or client of the Company, or was a customer or client of the Company within one (1) year prior to the termination of his employment; or</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) Persuade or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the one (1) year period prior to the termination of this Agreement, to leave the Company&#8217;s employ, or to become employed by any person or entity other than the Company</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) The Executive acknowledges that the restrictive covenants (the &#8220;Restrictive Covenants&#8221;) contained in Sections 6 and 7 of this Agreement are a condition of his employment and are reasonable and valid in geographical and temporal scope and in all other respects. If any court or arbitrator determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall remain in full force and effect, without regard to the invalid portion. If any court or arbitrator determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court or arbitrator shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak046162d6-020f-417d-8b7c-5010cae315ba" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8. <u>Ownership of Intellectual Property</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) &#8220;Inventions&#8221; means all inventions, ideas, discoveries, developments, methods, data, information, improvements, original works, know-how, including, but not limited to, algorithms, technology, trade secrets, processes, codes and hardware (whether or not reduced to practice and whether or not protectable under the patent, copyright, trade secrecy or similar laws of the United States, the Peoples&#8217; Republic of China or any applicable foreign country which:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) relate to the Company&#8217;s business at the time of conception or reduction to practice or actual or demonstrably anticipated research or development of Company that were conceived, created or developed by the Executive (whether alone or with others, whether or not during working hours or on the Company&#8217;s premises or whether or not using material or property provided by the Company) during the Term or having conceived, created or developed prior to the Term while Executive was employed by the Company; and/or </p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) were conceived, created or developed by the Executive (whether alone or with others) during the Term, even if having possibly been conceived, created or developed prior to the Term but completed while in the employ of the Company, or which result from any work performed by the Executive for Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) All Inventions are, will be, and shall constitute &#8220;works-for-hire&#8221; and the exclusive property of the Company, and the Company may use and exploit them without restriction or additional compensation to the Executive. The Executive shall promptly and fully disclose to the Company any and all Inventions. The Executive shall maintain complete written records of all Inventions and of all work or investigations done or carried out by the Executive at all stages thereof, which records shall be the exclusive property of the Company and will be treated as Confidential Information for all purposes of this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) The Executive hereby irrevocably assigns and transfers to the Company, its successors, assigns or Affiliates, as the case may be, all of Executive&#8217;s right, title and interest in and to any Inventions without additional consideration therefor from the moment of their creation or inception, to be held and enjoyed by the Company, its successors, assigns or Affiliates, as the case may be, to the full extent of the term for which any intellectual property protection may be granted and as fully as the same would have been held by Executive had this Agreement, or such assignment or transfer not been made. In addition to the foregoing assignments of Inventions to the Company, Executive hereby irrevocably assigns and transfers to the Company: (i) all worldwide patents, trademarks, copyrights, mask works, trade secrets, applications for the foregoing and other intellectual property rights in any Inventions; and (ii) any and all &#8220;Moral Rights&#8221; (as defined below) that Executive may have in or with respect to any Inventions. Executive hereby forever waives and agrees never to assert any and all Moral Rights Executive may have in or with respect to any such Inventions, even after the termination of Executive&#8217;s employment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) &#8220;<u>Moral Rights</u>&#8221; means any right to claim authorship of any Inventions, or to withdraw from circulation or control the publication or distribution of any Inventions, and any similar right, existing under judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a moral right.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Executive agrees to cooperate fully in obtaining patent, copyright or other proprietary protection for such Inventions, all in the name of the Company, its successors, assigns or Affiliates, as the case may be, and at the Company&#8217;s cost and expense, and shall execute and deliver all requested applications, assignments and other documents and take such other actions as the Company, its successors, assigns or Affiliates, as the case may be, shall request in order to perfect, enforce and exploit the Company&#8217;s, its successors,&#8217; assigns&#8217; or Affiliates,&#8217; as the case may be, right in the Inventions (including transfer of possession to the Company, its successors, assigns or Affiliates, as the case may be, of all Inventions embodied in tangible materials), including granting Company a non-revocable, royalty-free license in any pre-existing works. Executive irrevocably designates and appoints the Company and its duly authorized officers and agents as his agents and attorneys-in-fact to execute and file any and all applications and other necessary documents and to do all other lawfully permitted acts to further perfect and enforce the Company&#8217;s, its successors,&#8217; assigns&#8217; or Affiliates&#8217; (as the case may be) right in the Inventions and to further the prosecution, issuance or enforcement of patents, copyrights, trade secrets and similar protections related to the Inventions with the same legal force and effect as he had executed them himself. The Executive shall receive no additional compensation for complying with Executive&#8217;s obligations under this Section 8. The Executive agrees that, to the extent this Agreement shall be construed in accordance with any laws that limit the assignability to the Company, its successors, assigns or Affiliates (as the case may be) of the Inventions, this Agreement shall be interpreted not to apply to any Invention which a court rules or the Company agrees is subject to such state limitation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2871e23c-6f9c-4788-8e17-f69d588d7263" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) California Labor Code &#167; 2870 provides as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">a. Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer&#8217;s equipment, supplies, facilities, or trade secret information except for those inventions that either:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(1) Relate at the time of conception or reduction to practice of the invention to the employer&#8217;s business, or actual or demonstrably anticipated research or development of the employer.</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(2) Result from any work performed by the employee for his employer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">b. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The assignment of Inventions under this Agreement, accordingly, shall not extend to those items set forth in Labor Code &#167; 2870.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) Any copyrightable work created by the Executive in connection with or during the performance of his employment duties, whether published or unpublished, shall be the property of the Company as author and owner of copyright in such work. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) The Executive warrants and represents that there are no Inventions (whether patentable or not), patents, trade secrets, trademarks, trade names, copyrights, or other intellectual property owned by him prior to entering into employment with the Company hereunder, and that he has not executed and will not execute any document or instrument in conflict herewith.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) An &#8220;Affiliate&#8221; of the Company shall mean any person or entity which controls, is controlled by or is under common control with the Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9. <u>Injunctive Relief</u>. The Executive agrees that his violation or threatened violation of any of the provisions of Sections 6, 7 or 8 of this Agreement shall cause immediate and irreparable harm to the Company. In the event of any breach or threatened breach of any of said provisions, the Executive consents to the entry of preliminary and permanent injunctions by a court of competent jurisdiction prohibiting the Executive from any violation or threatened violation of such provisions and compelling the Executive to comply with such provisions. This Section 9 shall not affect or limit, and the injunctive relief provided in this Section 9 shall be in addition to, any other remedies available to the Company at law or in equity or in arbitration for any such violation by the Executive. Subject to Section 7(b) of this Agreement, the provisions of Sections 6, 7, 8 and 9 of this Agreement shall survive any termination of this Agreement and the Executive&#8217;s employment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2939140a-90a6-46d1-ae0e-7357bffdface" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10. <u>Indemnification</u>. The Company shall provide Executive with payment of legal fees and indemnification to the maximum extent permitted by the Company&#8217;s Certificate of Incorporation, By Laws, and Nevada law. The Company shall also provide officers and directors liability insurance of not less than $5,000,000, and the Company shall be responsible for any deductibles under such policy. The Company shall also provide so-called tail coverage in not less than $5,000,000 following such date as Executive ceases to be an officer or director. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11. <u>Key Man Insurance</u>. Executive will cooperate with the Company in connection with any application by the Company to obtain key-man life insurance on his life, on which the Company will be the beneficiary. Such cooperation shall include the execution of any applications or other documents requiring his signature and submission of insurance applications and submission to a physical examination.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12. <u>Code Section 409A Compliance</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) This Agreement is intended to comply with the provisions of Section 409A of the Code, and, to the extent practicable, this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Terms used in this Agreement shall have the meanings given such terms under Section 409A of the Code if, and to the extent required, in order to comply with Section 409A of the Code.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) The payment schedules provided hereunder are intended to be exempt from or to comply with the requirements of Section 409A of the Code and shall be interpreted consistently therewith.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Any payments under Section 5 shall be made or shall commence only after the Executive has a &#8220;separation from service&#8221; with the Company, as defined under Section 409A of the Code and the guidance issued thereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Notwithstanding anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charged under Section 409A of the Code, if any of the Company&#8217;s stock is publicly traded and the Executive is deemed to be a &#8220;specified employee&#8221; as determined by the Company for purposes of Section 409A(a)(2)(B) of the Code, the Executive agrees that any non-qualified deferred compensation payments due to him under this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six (6)-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum on the first day of the seventh (7<sup>th</sup>) month following the Executive&#8217;s separation from service (or, if the Executive dies during such period, within 30 days after the Executive&#8217;s death).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Each payment of termination benefits under Section 5 of this Agreement, including, without limitation, each installment payment, shall be considered a separate payment, as described in Treasury Regulations Section 1.409A-2(b)(2), for purposes of Section 409A of the Code. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7f4ff13b-afb0-4f70-b420-4d62e98e27b4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any payment under this Agreement that constitutes &#8220;nonqualified deferred compensation&#8221; subject to Section 409A of the Code, except to the extent specifically permitted or required by Section 409A of the Code.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) If the Executive is entitled to be paid or reimbursed for any expenses under this Agreement, and such payments or reimbursements are includible in the Executive&#8217;s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of the Executive to reimbursement of expenses under Section 4 or any other Section of this Agreement shall be subject to liquidation or exchange for another benefit.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., &#8220;payment shall be made within thirty (30) days following the date of termination&#8221;), the actual date of payment within the specified period shall be within the sole discretion of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes &#8220;nonqualified deferred compensation&#8221; subject to Section 409A of the Code be subject to offset, counterclaim or recoupment by any other amount payable to the Executive unless otherwise permitted by Section 409A of the Code.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13. <u>Representations and Warranties of the Parties</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) The Executive represents, warrants, covenants and agrees that he has a right to enter into this Agreement, that he is not a party to any agreement or understanding, oral or written, which would prohibit performance of his obligations under this Agreement, and that he will not use in the performance of his obligations hereunder any proprietary information of any other party which he is legally prohibited from using.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) The Company represents, warrants and agrees that it has full power and authority to execute and deliver this Agreement and perform its obligations hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14. <u>Miscellaneous</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Any notice, consent or communication required under the provisions of this Agreement shall be given in writing and sent or delivered by hand, overnight courier or messenger service, against a signed receipt or acknowledgment of receipt, or by registered or certified mail, return receipt requested, or telecopier, email or similar means of communication (collectively &#8220;electronic communications&#8221;) if receipt is acknowledged or if transmission is confirmed by mail as provided in this Section 13(a), to the parties at their respective addresses set forth at the beginning of this Agreement or by electronic delivery to the telecopier or email set forth on the signature page of this Agreement, with notice to the Company being sent to the attention of the individual who executed this Agreement on behalf of the Company. Either party may, by like notice, change the person, address or electronic communications number or address to which notice is to be sent. If no telecopier number is provided for either party, notice to such party shall not be sent by telecopier.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake30d0124-56e3-4312-ae04-4f9a7d34fdff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) This Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall be governed by, the laws of the State of California applicable to agreements executed and to be performed wholly in such state without regard to principles of conflicts of laws, except as provided in the first sentence of Section 10.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) If any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any extent, be determined to be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant or condition to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law, and any court or arbitrator having jurisdiction may reduce the scope of any provision of this Agreement, including the geographic and temporal restrictions set forth in Section 8 of this Agreement, so that it complies with applicable law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) This Agreement constitutes the entire agreement of the Company and the Executive as to the subject matter hereof, superseding all prior or contemporaneous written or oral understandings or agreements, with respect to the subject matter covered in this Agreement. This Agreement may not be modified or amended, nor may any right be waived, except by a writing which expressly refers to this Agreement, states that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment or by the party granting the waiver. No course of conduct or dealing between the parties and no custom or trade usage shall be relied upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Neither party hereto shall have the right to assign or transfer any of its or his rights hereunder except in connection with a merger of consolidation of the Company or a sale by the Company of all or substantially all of its business and assets.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) Except for actions, suits, or proceedings taken pursuant to or under Section 6, 7, 8 or 9 of this Agreement, any dispute concerning this Agreement or the rights of the parties hereunder shall be submitted to binding arbitration in Riverside County, California before a single arbitrator under the rules of the American Arbitration Association. The award of the arbitrator shall be final, binding and conclusive on all parties, and judgment on such award may be entered in any court having jurisdiction. The arbitrator shall have the power, in his discretion, to award counsel fees and costs to the prevailing party. The arbitrator shall have no power to modify or amend any specific provision of this Agreement except as expressly provided in Section 13(c) of this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) Notwithstanding the provisions of Section 13(f) of this Agreement, with respect to any claim for injunctive relief or other equitable remedy pursuant to Section 9 of this Agreement or any claim to enforce an arbitration award or to compel arbitration, the parties hereby (i) consents to the exclusive jurisdiction of the federal and state courts sitting in Riverside County, California, (ii) agree that any process in any action commenced in such court under this Agreement may be served upon him personally, either (A) by certified or registered mail, return receipt requested, or by an overnight courier service which obtains evidence of delivery, with the same full force and effect as if personally served upon him in Riverside County, California, or (B) by any other method of service permitted by law, and (iii) waives any claim that the jurisdiction of any such court is not a convenient forum for any such action and any defense of lack of in personam jurisdiction with respect thereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, executors, administrators and permitted assigns.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak21afb90f-1e4e-4586-8b2c-92db8b422931" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) The headings in this Agreement are for convenience of reference only and shall not affect in any way the construction or interpretation of this Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(j) No delay or omission to exercise any right, power or remedy accruing to either party hereto shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver of any breach hereof shall be deemed to be a waiver of any other breach hereof theretofore or thereafter occurring. Any waiver of any provision hereof shall be effective only to the extent specifically set forth in an applicable writing. All remedies afforded to either party under this Agreement, by law or otherwise, shall be cumulative and not alternative and shall not preclude assertion by such party of any other rights or the seeking of any other rights or remedies against any other party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signatures on following page]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak14b21a5d-8b12-4956-be8a-86165dc99d90" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>IN WITNESS WHEREOF</b>, the parties have executed this Agreement as of the date first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Telecopier and Email</u></p></td> <td colspan="2"> <p style="MARGIN: 0px"><u>Signature</u></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"></td> <td colspan="2"> <p style="MARGIN: 0px" align="justify"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td></td></tr> <tr height="15"> <td width="50%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="12%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Ching Liu </em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Ching Liu, Executive Vice President </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"></td> <td></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="justify"><em>/s/ David Hsu </em></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>[Signature page of Employment Agreement between SolarMax Technology, Inc. and David Hsu]</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">13</p></td></tr></table></p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>12
<FILENAME>solarmax_ex105.htm
<DESCRIPTION>EX-10.5
<TEXT>
<html><head><title>solarmax_ex105.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.5</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b><u>EXECUTIVE EMPLOYMENT AGREEMENT</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">AGREEMENT dated as the 7<sup>th</sup> day of October, 2016, by and between SolarMax Technology, Inc., a Nevada corporation with its principal office at 3080 12th Street, Riverside, California 92507 (the &#8220;Company&#8221;), and Ching Liu, (the &#8220;Executive&#8221;), whose address is .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">W I T N E S S E T H:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">WHEREAS, the Company has engaged Executive as its executive vice president and desires to continue to obtain the benefits of Executive&#8217;s knowledge, skill and ability in connection with managing the operations of the Company and to employ Executive as its executive vice president, chief strategy officer and treasurer on the terms and conditions hereinafter set forth; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">WHEREAS, Executive desires to provide her services to the Company and to accept employment by the Company on the terms and conditions hereinafter set forth;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment and Duties</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions hereinafter set forth, the Company hereby employs the Executive as its Executive Vice President, Chief Strategy Officer and Treasurer, and she shall have the duties and responsibilities associated with the executive vice president, chief strategy officer and treasurer of a public corporation. The Executive shall report to the Company&#8217;s chief executive officer. Executive shall also perform such other duties and responsibilities as may be determined by the Company&#8217;s board of directors (the &#8220;Board&#8221;) or the Company&#8217;s chief executive officer, as long as such duties and responsibilities are consistent with those of the Executive Vice President, Chief Strategy Officer and Treasurer. Additionally, during the Term, as hereinafter defined, the Company shall include the Executive as one of the Board&#8217;s nominees for election as a director of the Company, and, if elected, the Executive shall serve as vice chair of the board. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp;&nbsp;The Executive shall serve as a director of the Company or any of its subsidiaries, if elected, and in such executive capacity or capacities with respect to any affiliate of the Company to which she may be elected or appointed, provided that such duties are consistent with those of the Company&#8217;s executive vice president, chief strategy officer and treasurer. The Executive shall receive no additional compensation for services rendered pursuant to this Section 1(b). </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Unless terminated earlier as provided for in Section 5 of this Agreement, this Agreement shall have an initial term (the &#8220;Initial Term&#8221;) of five years, commencing on January 1, 2017 and expiring on December 31, 2021, and shall continue on a year-to-year basis unless terminated by either party on not less than 90 days&#8217; written notice prior to the expiration of the Initial Term or any one-year extension. The Initial Term and the one-year extensions are collectively referred to as the &#8220;Term.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Executive&#8217;s Performance</u>. Executive hereby accepts the employment contemplated by this Agreement. During the Term, Executive shall devote substantially all of her business time to the performance of her duties under this Agreement, and shall perform such duties diligently, in good faith and in a manner consistent with the best interests of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreaka38b3fd0-1310-49f6-8034-34d6ebab8754" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Other Benefits</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;For her services to the Company during the Term, the Company shall pay the Executive an annual salary (&#8220;Salary&#8221;) at the rate of $560,000 per year, which Salary shall be increased by not less than 3% on January 1<sup>st</sup> of each year, commencing January 1, 2018. The Executive&#8217;s Salary shall be reviewed at least annually by the Company&#8217;s compensation committee and may be increased (but not decreased) in the sole discretion of the compensation committee or the Board. All Salary payments shall be payable in such installments as the Company regularly pays its executive officers, but not less frequently than semi monthly. In the event that the Company does not have a compensation committee, all references in this Agreement to the compensation committee shall be deemed to refer to the Board without the participation or attendance by the Executive unless such participation is required in order that there be a quorum.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp;&nbsp;The Executive shall be entitled to an annual bonus (the &#8220;Bonus&#8221;) for each year of the Term, commencing with the year ending December 31, 2017, equal to a percentage of consolidated gross revenue (&#8220;Revenue&#8221;), determined in accordance with generally accepted accounting principles consistently applied as reflected on the Company&#8217;s consolidated financial statements, based on the level of Revenue as set forth in the following table:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="50%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><u>Revenue in Millions</u></p></td> <td valign="top" width="50%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><u>Bonus as a Percentage of Revenues</u></p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Less than $30 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">0%</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">More than $30 million but less than $50 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">$200,000</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">More than $50 million but less than $100 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">0.45%</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">More than $100 million but less than $200 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">0.50%</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">More than $200 million but less than $300 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">0.65%</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">More than $300 million</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">0.90%</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp; The Bonus payable for any calendar year shall be paid 70% in restricted stock and 30% in cash, and shall be paid not later than the earlier of (i) 30 days following the issuance of the Company&#8217;s audited financial statements for the calendar year in which the Bonus is earned or (ii) the last business day of December of such next following calendar year. The audited financial statement of the Company shall be deemed to be issued (x) on the date the Annual Report on Form 10-K is filed with the Securities and Exchange Commission if the Company is a reporting company under the Exchange Act and (y) if the Company is not a reporting company, on the date of the auditors&#8217; report. The equity component of the bonus shall be based on the average closing market price of the common stock on the principal exchange or market on which the Company&#8217;s common stock is traded for the period beginning on the first day of the quarter in which the bonus is payable pursuant to this Section 3(c) and ending on the third trading day prior to the date payment is made; except that, if the Company&#8217;s common stock is not publicly traded, the common stock shall be valued at the most recent price at which the common stock was sold in a private placement to non-affiliated investors. The restricted stock will vest immediately on issuance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d)&nbsp;&nbsp;&nbsp;The Executive shall be eligible for restricted stock grants and stock options as determined by the compensation committee; provided, however, that in no event shall the equity incentives granted for any year exceed 1.0% of the Company&#8217;s outstanding common stock prior to the grant.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4fdd6182-a04c-4164-aad5-c000c3a1b36a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e)&nbsp;&nbsp;&nbsp;During the Term, the Executive shall receive, at the Company&#8217;s full cost and expense:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical and dental insurance selected by the Executive from those coverage options that the Company offers to its executive employees from time to time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term disability insurance that provides a disability income benefit of not less than $25,000 per month, commencing no later than six (6) months following the occurrence of a Disability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2,000,000 of life insurance coverage, of which $1,000,000 shall be whole life and $1,000,000 shall be term life insurance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vacation in accordance with company policy; provided that any unused vacation shall be accrued without limitation or restriction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Executive shall also receive such other benefits as the Board may grant to its executive officers.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Reimbursement of Expenses</u>. The Company shall reimburse the Executive, upon presentation of proper expense statements, for all authorized, ordinary and necessary out of pocket expenses reasonably incurred by Executive during the Term in connection with the performance of her services pursuant to this Agreement in accordance with the Company&#8217;s expense reimbursement policy. Executive shall be entitled to travel business class for international travel and first class for domestic travel.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Termination of Employment</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp; &nbsp;This Agreement and Executive&#8217;s employment shall terminate immediately upon the death of the Executive.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp; This Agreement and Executive&#8217;s employment, may be terminated by the Executive or by the Company on not less than thirty (30) days&#8217; written notice in the event of Executive&#8217;s Disability. The term &#8220;Disability&#8221; shall mean any medically determinable physical or mental impairment of the Executive which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, as a result of which either (i) the Executive is unable to perform her duties as Executive Vice President, Chief Strategy Officer and Treasurer or (ii) the Executive receives income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. In the event of termination of Executive&#8217;s employment as a result of a Disability pursuant to this Section 5(b) or as a result of Executive&#8217;s death, the Company shall pay Executive or her beneficiary severance compensation or death benefits equal to one year&#8217;s compensation (based on the highest compensation paid or payable to the Executive during the three full years prior to the year in which such termination takes place) multiplied by the number of full years that Executive has been employed by the Company, including any predecessor or successor corporation to the Company. Such payment shall be made in annual installments, with each installment equal to one year&#8217;s total compensation and with the first annual installment paid within thirty (30) days of the Executive&#8217;s termination date due to death or Disability and subsequent installments paid on successive anniversaries of such termination date until the full amount has been paid. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf1ff2fdc-badc-426b-8422-6cdde424af48" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company may terminate this Agreement and the Executive&#8217;s employment for cause, in which event no further Salary or other benefits shall be payable to Executive subsequent to the date of termination. The term &#8220;Cause&#8221; shall mean:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a material breach of Sections 6, 7 or 8 of this Agreement;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fraud, dishonesty, gross misconduct or other breach of trust whereby the Executive obtains personal gain or benefit at the expense of or to the detriment of the Company;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a conviction of or plea of nolo contendere or similar plea by the Executive of any felony;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a conviction of or plea of nolo contendere or similar plea by of any other crime involving theft or misappropriation of property;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d)&nbsp;&nbsp; The Executive may terminate this Agreement on 30 days&#8217; written notice for Good Reason. The Executive shall deliver to the Company, within ninety (90) days following the event constituting Good Reason, a written notice of termination for Good Reason setting forth in reasonable detail the facts and circumstances claimed by the Executive to provide a basis for the termination for Good Reason, and the Company shall have a period of thirty (30) days following receipt of such notice to cure such grounds for Good Reason prior to such termination by the Executive for Good Reason becoming effective. The Executive&#8217;s purported termination for Good Reason shall not take effect if the Company effects such cure within the thirty (30)-day period. As used in this Agreement, the term &#8220;Good Reason&#8221; shall mean:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without the consent of the Executive, a material diminution in the Executive&#8217;s authority, duties or responsibilities as set forth in said Section 1 or which are materially inconsistent with the duties set forth in Section 1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without the consent of the Executive, the Executive is no longer the Company&#8217;s chief executive vice president, strategy officer and treasurer reporting to the chief executive officer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any material breach by the Company of the terms of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e)&nbsp;&nbsp;&nbsp; The Executive or the Company may terminate this Agreement for any reason within 18 months following a Change of Control of the Company. A &#8220;Change of Control&#8221; shall occur or be deemed to have occurred if (A) any &#8220;person&#8221; (as such term is used in section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% percent of the combined voting power of the Company&#8217;s then outstanding securities, or (B) during any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof unless the election of each new director was nominated, ratified or approved by at least a majority of the directors then still in office who were either directors at the beginning of such period or who were elected or appointed with the approval or ratification of at least a majority of the directors who were directors at the beginning of such period, or (C) a sale by the Company of all or substantially all of its business and assets to an entity which is not affiliated with the Company. Notwithstanding the foregoing, (x) an acquisition of Common Stock or securities convertible into or exchangeable for Common Stock if such acquisition was acquired directly from the Company shall not be deemed to be a Change of Control, and (y) a merger or consolidation of the Company with or into another corporation or entity or similar transaction shall not be deemed a Change of Control if the stockholders of the Company prior to the merger, consolidation or other transaction own not less than 50% of the voting equity securities of the surviving entity immediately after the consummation of the merger, consolidation or other transaction. Each event comprising a Change of Control is intended to constitute a &#8220;change in ownership or effective control,&#8221; or a &#8220;change in the ownership of a substantial portion of the assets,&#8221; of the Company, as such terms are defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and &#8220;Change of Control&#8221; as used herein shall be interpreted consistently therewith.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9f01531c-5cd8-4e0f-9c96-e4b9f9bad168" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f)&nbsp;&nbsp;&nbsp; In the event that either (x) the Company terminates Executive&#8217;s employment other than as provided in Sections&nbsp;5(a), 5(b) and 5(c) of this Agreement or (y) the Executive terminates this agreement for Good Reason or pursuant to Section 5(e), the prohibitions of Section 7 of this Agreement shall terminate, all unvested equity rights shall vest, and the Company shall:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pay Executive accrued Salary, Bonus, if any, and vacation pay through the date of termination.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pay severance pay equal to two times the highest compensation paid or payable to the Executive during the three full years prior to the year in which such termination takes place) multiplied by the number of full years of service with the Company (including any predecessor or successor corporation). Payment of such amount shall be made by the Company within thirty (30) days following the termination of the Executive&#8217;s employment. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pay or reimburse the Executive for the cost of COBRA continuation medical and dental insurance coverage for the Executive and the Executive&#8217;s family members for the balance of the current Term (without regard to any termination pursuant to this Section 5). If for any reason COBRA continuation coverage cannot be provided to the Executive for the balance of such Term or the Company cannot reimburse such cost, the Company shall pay or continue to pay the Executive an amount equal to the cost of such COBRA coverage for the balance of such Term.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Executive all life insurance policies on her life. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Trade Secrets and Proprietary Information</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp; Executive recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed and will continue to develop in the future information concerning customers, clients, marketing, patents, products, services, business, research and development activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or any other confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have a material adverse effect on the Company, its business, any business it proposes to engage in, its operations, financial condition or prospects and that the same are confidential and proprietary and considered &#8220;Confidential Information&#8221; of the Company for the purposes of this Agreement. In consideration of her employment, the Executive agrees that she will not, during or after the Term, without the consent of the Board make any disclosure of Confidential Information now or hereafter possessed by the Company, to any person, partnership, corporation or entity either during or after the term here of, except that nothing in this Agreement shall be construed to prohibit Executive from using or disclosing such information (a) if such disclosure is necessary in the normal course of the Company&#8217;s business in accordance with Company policies or instructions or authorization from the Board, (b) such information shall become public knowledge other than by or as a result of disclosure by a person not having a right to make such disclosure, (c) complying with legal process as provided in Section 6(b) of this Agreement, or (d) subsequent to the Term, if such information shall have either (i) been developed by Executive independent of any of the Company&#8217;s confidential or proprietary information or (ii) been disclosed to Executive by a person not subject to a confidentiality agreement with or other obligation of confidentiality to the Company. For the purposes of Sections&nbsp;6, 7 and&nbsp;8 of this Agreement, the term &#8220;Company&#8221; shall include the Company, its parent, its subsidiaries and affiliates.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9a12c0ca-c0cc-420d-a19c-0c9f26eb3808" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp; In the event that any Confidential Information is required to be produced by Executive pursuant to legal process, the Executive shall give the Company notice of such legal process within a reasonable time, but not later than ten business days prior to the date such disclosure is to be made, unless Executive has received less notice, in which event the Executive shall immediately notify the Company. The Company shall have the right to object to any such disclosure, and if the Company objects (at the Company&#8217;s cost and expense) in a timely manner, the Executive shall not make any disclosure until there has been a court determination on the Company&#8217;s objections. If disclosure is required by a court order, final beyond right of review, or if the Company does not object to the disclosure, the Executive shall make disclosure only to the extent that disclosure is required by the court order, and the Executive will exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp; The Executive shall, upon expiration or termination of the Term, or earlier at the request of the Company, turn over to the Company all documents, papers, computer disks or other material in the Executive&#8217;s possession or under the Executive&#8217;s control which may contain or be derived from Confidential Information. To the extent that any Confidential Information is on Executive&#8217;s hard drive or other storage media, she shall, upon the request of the Company, cause such information to be erased from her computer disks and all other storage media.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenant Regarding Improper Use of Confidential Information</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp; During the period from the date of this Agreement until one&nbsp;(1) year following the date on which Executive&#8217;s employment is terminated, subject to Section 5(e) of this Agreement, Executive will not, directly or indirectly:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilize the Company&#8217;s Confidential Information to persuade or attempt to persuade any person or entity which is or was a customer, client or supplier of the Company to cease doing business with the Company, orto reduce the amount of business it does with the Company (the terms &#8220;customer&#8221; and &#8220;client&#8221; as used in this Section&nbsp;7 to include any potential customer or client to whom the Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive&#8217;s employment or during the twelve (12) months preceding the termination of her employment;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilize the Company&#8217;s Confidential Information to solicit for herself or any other person or entity other than the Company the business of any person or entity which is a customer or client of the Company, or was a customer or client of the Company within one (1) year prior to the termination of her employment; or</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Persuade or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the one (1) year period prior to the termination of this Agreement, to leave the Company&#8217;s employ, or to become employed by any person or entity other than the Company</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp; The Executive acknowledges that the restrictive covenants (the &#8220;Restrictive Covenants&#8221;) contained in Sections&nbsp;6 and 7 of this Agreement are a condition of her employment and are reasonable and valid in geographical and temporal scope and in all other respects. If any court or arbitrator determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall remain in full force and effect, without regard to the invalid portion. If any court or arbitrator determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court or arbitrator shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak1d435277-ee56-467f-8857-40e3e0b3f678" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership of Intellectual Property</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&#8220;Inventions&#8221; means all inventions, ideas, discoveries, developments, methods, data, information, improvements, original works, know-how, including, but not limited to, algorithms, technology, trade secrets, processes, codes and hardware (whether or not reduced to practice and whether or not protectable under the patent, copyright, trade secrecy or similar laws of the United States, the Peoples&#8217; Republic of China or any applicable foreign country which:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;relate to the Company&#8217;s business at the time of conception or reduction to practice or actual or demonstrably anticipated research or development of Company that were conceived, created or developed by the Executive (whether alone or with others, whether or not during working hours or on the Company&#8217;s premises or whether or not using material or property provided by the Company) during the Term or having conceived, created or developed prior to the Term while Executive was employed by the Company; and/or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;were conceived, created or developed by the Executive (whether alone or with others) during the Term, even if having possibly been conceived, created or developed prior to the Term but completed while in the employ of the Company, or which result from any work performed by the Executive for Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Inventions are, will be, and shall constitute &#8220;works-for-hire&#8221; and the exclusive property of the Company, and the Company may use and exploit them without restriction or additional compensation to the Executive.&nbsp; The Executive shall promptly and fully disclose to the Company any and all Inventions.&nbsp; The Executive shall maintain complete written records of all Inventions and of all work or investigations done or carried out by the Executive at all stages thereof, which records shall be the exclusive property of the Company and will be treated as Confidential Information for all purposes of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive hereby irrevocably assigns and transfers to the Company, its successors, assigns or Affiliates, as the case may be, all of Executive&#8217;s right, title and interest in and to any Inventions without additional consideration therefor from the moment of their creation or inception, to be held and enjoyed by the Company, its successors, assigns or Affiliates, as the case may be, to the full extent of the term for which any intellectual property protection may be granted and as fully as the same would have been held by Executive had this Agreement, or such assignment or transfer not been made.&nbsp;&nbsp; In addition to the foregoing assignments of Inventions to the Company, Executive hereby irrevocably assigns and transfers to the Company: (i) all worldwide patents, trademarks, copyrights, mask works, trade secrets, applications for the foregoing and other intellectual property rights in any Inventions; and (ii) any and all &#8220;Moral Rights&#8221; (as defined below) that Executive may have in or with respect to any Inventions.&nbsp; Executive hereby forever waives and agrees never to assert any and all Moral Rights Executive may have in or with respect to any such Inventions, even after the termination of Executive&#8217;s employment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<u>Moral Rights</u>&#8221; means any right to claim authorship of any Inventions, or to withdraw from circulation or control the publication or distribution of any Inventions, and any similar right, existing under judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a moral right.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9126aebb-2392-4324-82dd-c67dc17a1cce" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e)&nbsp;&nbsp;&nbsp;Executive agrees to cooperate fully in obtaining patent, copyright or other proprietary protection for such Inventions, all in the name of the Company, its successors, assigns &nbsp;or Affiliates, as the case may be, and at the Company&#8217;s cost and expense, and shall execute and deliver all requested applications, assignments and other documents and take such other actions as the Company, its successors, assigns or Affiliates, as the case may be, shall request in order to perfect, enforce and exploit the Company&#8217;s, its successors,&#8217; assigns&#8217; or Affiliates,&#8217; as the case may be, right in the Inventions (including transfer of possession to the Company, its successors, assigns or Affiliates, as the case may be, of all Inventions embodied in tangible materials), including granting Company a non-revocable, royalty-free license in any pre-existing works.&nbsp; Executive irrevocably designates and appoints the Company and its duly authorized officers and agents as her agents and attorneys-in-fact to execute and file any and all applications and other necessary documents and to do all other lawfully permitted acts to further perfect and enforce the Company&#8217;s, its successors,&#8217; assigns&#8217; or Affiliates&#8217; (as the case may be) right in the Inventions and to further the prosecution, issuance or enforcement of patents, copyrights, trade secrets and similar protections related to the Inventions with the same legal force and effect as she had executed them herself.&nbsp; The Executive shall receive no additional compensation for complying with Executive&#8217;s obligations under this Section 8.&nbsp; The Executive agrees that, to the extent this Agreement shall be construed in accordance with any laws that limit the assignability to the Company, its successors, assigns or Affiliates (as the case may be) of the Inventions, this Agreement shall be interpreted not to apply to any Invention which a court rules or the Company agrees is subject to such state limitation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f)&nbsp;&nbsp;&nbsp; California Labor Code &#167; 2870 provides as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 120px" align="justify">a. Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer&#8217;s equipment, supplies, facilities, or trade secret information except for those inventions that either:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 105px; TEXT-INDENT: 0.5in" align="justify">(1) Relate at the time of conception or reduction to practice of the invention to the employer&#8217;s business, or actual or demonstrably anticipated research or development of the employer.</p> <p style="MARGIN: 0px 0px 0px 105px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 150px" align="justify">(2) Result from any work performed by the employee for his or her employer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 120px" align="justify">b. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The assignment of Inventions under this Agreement, accordingly, shall not extend to those items set forth in Labor Code &#167; 2870.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(g)&nbsp;&nbsp;Any copyrightable work created by the Executive in connection with or during the performance of her employment duties, whether published or unpublished, shall be the property of the Company as author and owner of copyright in such work.&nbsp; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(h)&nbsp;&nbsp;The Executive warrants and represents that there are no Inventions (whether patentable or not), patents, trade secrets, trademarks, trade names, copyrights, or other intellectual property owned by her prior to entering into employment with the Company hereunder, and that she has not executed and will not execute any document or instrument in conflict herewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(i)&nbsp;&nbsp;&nbsp;An &#8220;Affiliate&#8221; of the Company shall mean any person or entity which controls, is controlled by or is under common control with the Company.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakdc9a39fb-91e0-4ff0-bf8d-467b09dfc815" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; <u>Injunctive Relief</u>. The Executive agrees that her violation or threatened violation of any of the provisions of Sections&nbsp;6, 7 or 8 of this Agreement shall cause immediate and irreparable harm to the Company. In the event of any breach or threatened breach of any of said provisions, the Executive consents to the entry of preliminary and permanent injunctions by a court of competent jurisdiction prohibiting the Executive from any violation or threatened violation of such provisions and compelling the Executive to comply with such provisions. This Section&nbsp;9 shall not affect or limit, and the injunctive relief provided in this Section&nbsp;9 shall be in addition to, any other remedies available to the Company at law or in equity or in arbitration for any such violation by the Executive. Subject to Section 7(b) of this Agreement, the provisions of Sections 6, 7, 8 and 9 of this Agreement shall survive any termination of this Agreement and the Executive&#8217;s employment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Indemnification</u>. The Company shall provide Executive with payment of legal fees and indemnification to the maximum extent permitted by the Company&#8217;s Articles of Incorporation, By Laws, and Nevada law. The Company shall also provide officers and directors liability insurance of not less than $5,000,000, and the Company shall be responsible for any deductibles under such policy. The Company shall also provide so-called tail coverage in not less than $5,000,000 following such date as Executive ceases to be an officer or director. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<u>Key Man Insurance</u>. Executive will cooperate with the Company in connection with any application by the Company to obtain key-man life insurance on her life, on which the Company will be the beneficiary. Such cooperation shall include the execution of any applications or other documents requiring her signature and submission of insurance applications and submission to a physical examination.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Code Section 409A Compliance</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp; This Agreement is intended to comply with the provisions of Section 409A of the Code, and, to the extent practicable, this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Terms used in this Agreement shall have the meanings given such terms under Section 409A of the Code if, and to the extent required, in order to comply with Section 409A of the Code.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp;The payment schedules provided hereunder are intended to be exempt from or to comply with the requirements of Section 409A of the Code and shall be interpreted consistently therewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp;Any payments under Section 5 shall be made or shall commence only after the Executive has a &#8220;separation from service&#8221; with the Company, as defined under Section 409A of the Code and the guidance issued thereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d)&nbsp;&nbsp; Notwithstanding anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charged under Section 409A of the Code, if any of the Company&#8217;s stock is publicly traded and the Executive is deemed to be a &#8220;specified employee&#8221; as determined by the Company for purposes of Section 409A(a)(2)(B) of the Code, the Executive agrees that any non-qualified deferred compensation payments due to her under this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six (6)-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum on the first day of the seventh (7<sup>th</sup>) month following the Executive&#8217;s separation from service (or, if the Executive dies during such period, within 30 days after the Executive&#8217;s death).</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak86683110-9c6e-4a81-abc0-4a145f85c7ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e)&nbsp;&nbsp;&nbsp; Each payment of termination benefits under Section 5 of this Agreement, including, without limitation, each installment payment, shall be considered a separate payment, as described in Treasury Regulations Section 1.409A-2(b)(2), for purposes of Section 409A of the Code. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f)&nbsp;&nbsp;&nbsp; Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any payment under this Agreement that constitutes &#8220;nonqualified deferred compensation&#8221; subject to Section 409A of the Code, except to the extent specifically permitted or required by Section 409A of the Code.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(g)&nbsp;&nbsp; If the Executive is entitled to be paid or reimbursed for any expenses under this Agreement, and such payments or reimbursements are includible in the Executive&#8217;s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of the Executive to reimbursement of expenses under Section 4 or any other Section of this Agreement shall be subject to liquidation or exchange for another benefit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(h)&nbsp;&nbsp; Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., &#8220;payment shall be made within thirty (30) days following the date of termination&#8221;), the actual date of payment within the specified period shall be within the sole discretion of the Company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes &#8220;nonqualified deferred compensation&#8221; subject to Section 409A of the Code be subject to offset, counterclaim or recoupment by any other amount payable to the Executive unless otherwise permitted by Section 409A of the Code.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Representations and Warranties of the Parties</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp; The Executive represents, warrants, covenants and agrees that she has a right to enter into this Agreement, that she is not a party to any agreement or understanding, oral or written, which would prohibit performance of her obligations under this Agreement, and that she will not use in the performance of her obligations hereunder any proprietary information of any other party which she is legally prohibited from using.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp; The Company represents, warrants and agrees that it has full power and authority to execute and deliver this Agreement and perform its obligations hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Miscellaneous</u>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a)&nbsp;&nbsp;&nbsp; Any notice, consent or communication required under the provisions of this Agreement shall be given in writing and sent or delivered by hand, overnight courier or messenger service, against a signed receipt or acknowledgment of receipt, or by registered or certified mail, return receipt requested, or telecopier, email or similar means of communication (collectively &#8220;electronic communications&#8221;) if receipt is acknowledged or if transmission is confirmed by mail as provided in this Section&nbsp;13(a), to the parties at their respective addresses set forth at the beginning of this Agreement or by electronic delivery to the telecopier or email set forth on the signature page of this Agreement, with notice to the Company being sent to the attention of the individual who executed this Agreement on behalf of the Company. Either party may, by like notice, change the person, address or electronic communications number or address to which notice is to be sent. If no telecopier number is provided for either party, notice to such party shall not be sent by telecopier.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8d5edf21-7c97-478e-be24-4bccac856739" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b)&nbsp;&nbsp; This Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall be governed by, the laws of the State of California applicable to agreements executed and to be performed wholly in such state without regard to principles of conflicts of laws, except as provided in the first sentence of Section 10.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c)&nbsp;&nbsp;&nbsp; If any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any extent, be determined to be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant or condition to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law, and any court or arbitrator having jurisdiction may reduce the scope of any provision of this Agreement, including the geographic and temporal restrictions set forth in Section&nbsp;8 of this Agreement, so that it complies with applicable law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d)&nbsp;&nbsp; This Agreement constitutes the entire agreement of the Company and the Executive as to the subject matter hereof, superseding all prior or contemporaneous written or oral understandings or agreements, with respect to the subject matter covered in this Agreement. This Agreement may not be modified or amended, nor may any right be waived, except by a writing which expressly refers to this Agreement, states that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment or by the party granting the waiver. No course of conduct or dealing between the parties and no custom or trade usage shall be relied upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e)&nbsp;&nbsp;&nbsp; Neither party hereto shall have the right to assign or transfer any of its or her rights hereunder except in connection with a merger of consolidation of the Company or a sale by the Company of all or substantially all of its business and assets.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f)&nbsp;&nbsp;&nbsp; Except for actions, suits, or proceedings taken pursuant to or under Section 6, 7, 8 or 9 of this Agreement, any dispute concerning this Agreement or the rights of the parties hereunder shall be submitted to binding arbitration in Riverside County, California before a single arbitrator under the rules of the American Arbitration Association. The award of the arbitrator shall be final, binding and conclusive on all parties, and judgment on such award may be entered in any court having jurisdiction. The arbitrator shall have the power, in his discretion, to award counsel fees and costs to the prevailing party. The arbitrator shall have no power to modify or amend any specific provision of this Agreement except as expressly provided in Section 13(c) of this Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(g)&nbsp;&nbsp; Notwithstanding the provisions of Section 13(f) of this Agreement, with respect to any claim for injunctive relief or other equitable remedy pursuant to Section 9 of this Agreement or any claim to enforce an arbitration award or to compel arbitration, the parties hereby (i) consents to the exclusive jurisdiction of the federal and state courts sitting in Riverside County, California, (ii) agree that any process in any action commenced in such court under this Agreement may be served upon her personally, either (A) by certified or registered mail, return receipt requested, or by an overnight courier service which obtains evidence of delivery, with the same full force and effect as if personally served upon her in Riverside County, California, or (B) by any other method of service permitted by law, and (iii) waives any claim that the jurisdiction of any such court is not a convenient forum for any such action and any defense of lack of in personam jurisdiction with respect thereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9e86e254-331a-4fc6-995e-39641398d2aa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(h)&nbsp;&nbsp; This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, executors, administrators and permitted assigns.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp; The headings in this Agreement are for convenience of reference only and shall not affect in any way the construction or interpretation of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp; No delay or omission to exercise any right, power or remedy accruing to either party hereto shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver of any breach hereof shall be deemed to be a waiver of any other breach hereof theretofore or thereafter occurring. Any waiver of any provision hereof shall be effective only to the extent specifically set forth in an applicable writing. All remedies afforded to either party under this Agreement, by law or otherwise, shall be cumulative and not alternative and shall not preclude assertion by such party of any other rights or the seeking of any other rights or remedies against any other party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">[Signatures on following page]</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake92f7eb1-6aa3-451b-aff0-5f1cdd04ecd8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify"><b>IN WITNESS WHEREOF</b>, the parties have executed this Agreement as of the date first above written.&nbsp;</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td><u>Telecopier and Email</u></td> <td colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><u>Signature</u></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="47%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="30%">&nbsp;</td> <td width="15%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid">/s/ David Hsu </td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>David Hsu, Chief Executive Officer </td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">/s/ Ching Liu </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Ching Liu</p></td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>[Signature page of Employment Agreement between SolarMax Technology, Inc. and Ching Liu]</i></p> <p style="MARGIN: 0px" align="center"><em></em>&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>13
<FILENAME>solarmax_ex106.htm
<DESCRIPTION>EX-10.6
<TEXT>
<html><head><title>solarmax_ex106.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>&nbsp;EXHIBIT 10.6</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="center"><b>Employment contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Shanghai Solarmax Technology Co. Ltd. ( Party A hereby employ <u>GU YU-MIN</u> (Party B) as a contract employee. According to &lt;The labor contract law of PRC&gt;, &lt;Regulations of Shanghai Municipality on the administration of labor and personnel of foreign enterprises &gt; ( as Regulations), and the relative Chinese laws, regulations, Party A and Party B reach the agreement and sign this contract, and comply with this contract:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause one: Contract period, probation period</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. The contract period started at <b><u>2016/6/22 and end at 2018/6/23</u></b>, for <b><u>two</u></b> years.</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2. Since the contract becomes effective, <b><u>0</u></b>months will be the probation period. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3. The contract immediately terminated with the expiry date of the contract. For the working requirement, after the negotiation between both parties, the contract can be extended. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause two: working position</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. Party A assign Party B as the <b><u>executive manager</u></b> position. Party B must obey the job assignment and complete the assignment in terms of quality and quantity on time. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2. According to requirement of production and operation and Party B&#8217;s working performance and ability, Party A remain the right to adjust the working position of Party B. Party B remain the right to reflect personal view to party A. However, without Party A&#8217;s permission, Party B must obey the assignment and management of Party A. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause three: working condition, labor protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. Party A must offer the working condition which satisfy the national health and security regulations, ensure the personal security of Party B and allow Party B to work under non-harmful working environment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2. According to the real circumstance, Party A should obey the regulation and provide party be with necessary labor protection instrument </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3e0e5767-adcb-4ec5-8db3-78856e97c047" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause four: education and training</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. During the period of contract, Party A must offer ethic, technique, security and all other regulated training and education. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause five: Working hours</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. Party A introduce five day a week , forty hours, 8 hours per day work principle. The beginning and end time is obey the principle of Party A</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2. Party B has the right to enjoy all legal holidays with salary. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3. If it is necessary Party A require Party B to work on extra hours, the economical compensation will be offer according to Regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause six</b><b>Labour remuneration</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. Obey to Party A&#8217;s current Labour remuneration regulation</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2. When Party adjust the salary standard , new Labour remuneration are executed, Party B&#8217;s working portion or situation changes, Party A is allow to adjust Party B' wage. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3. Party A releases wages on <b><u>15<sup>th</sup></u></b><b>every month</b>, the remuneration of Party B will be <b><u>30000 </u></b><b>RMB</b> including all the benefits listed in &lt;stuff manual&gt;, the remuneration during the probation period will be<b><u>30000</u> RMB</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause seven</b><b>labour insurance</b><b>benefits</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">1. In accordance with national laws, regulations and policies relating to social insurance,Party B is able to enjoy the rights of labour insurance,medical insurance and all benefits. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">2.In accordance with the national and Shanghai policies and regulations ,Party A shall pay the basic pension, basic medical, unemployment, work injury and maternity insurance costs, for the Party B</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3.Due to Party B&#8217;s illness or injury of work, in accordance with Regulations, should be offered with medical period. During that period, the wage of Party B and the medical fee should obey the national and Shanghai policies. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak76dd304e-1c7b-4c8c-bbb4-4f83a606c7e9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause eight: work principle </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Party B should obey Party A&#8217;s &lt;stuff manual&gt;, obey the regulated working procedure, regulations, ethic standard, confidential contract and etc. Party A may reward or punish Party B due to certain situation. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause nine: confidential contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">During the period of contract, Party B shall be able to contact with the relative business opportunities, classified information, research, innovation, engineer project &amp; information, the content of meeting ( the secret of company asset). Due to the trust, Party A release those information to Party B Party B should obey the following agreement:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">1. Confirm Party A&#8217; s company be unique owner of the secret of company asset, hold all kind of rights </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">2. Party B should take the secret of company asset as classified information, should not disclose to any other third party or allow any other third party get access to these information. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">3. Party B should do the best to keep such kind of information from disclosure. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">4. Party B should not use the benefits, which originated from secret of company assets, on himself or any other group or organization, unless achieve an agreement with Party A with a written agreement. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">5. In accordance with Party A&#8217;s request in any time,Party B should return the all information of secret of compamy assets within three hour or at lest the end of the working hour. No copy is allow to remain. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">6. If Party B violates those regulations, Party B should make compensation to Party A for all the resulting damage. Pay back 10 times of wages per months and pay back all the benefits which offered by Party A. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak97e56597-3595-4152-a183-4a60834ced3d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause Ten</b><b> termination of contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">1. One of the following situation, Party A can terminate the contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(1) Party B do not qualified during the probation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(2) Severely violate the regulation. </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(3) Severe misconduct , corruption and make major damage to Party A&#8217;s benefit</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(4) Violate the law</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(5) For medical reason, can not recover to qualify the previous working position </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(6) Fail to qualify the job , even after training or position adjustment </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(7) The objective conditions changed dramatically, can not execute the original contract, can not reach an agreement of contract modification. </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(8) Party A is bankrupted or meets a crisis which can be not allow to operate, require cut down members. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">2. one of the following situation, Party B can terminate the contract </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(1) in the period of probation</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(2) Party A did not pay salary or offer work condition according to the contract</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(3) Party A use violence, threaten or illegal methods to force working </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px">(4) Party B resigned</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak87ee668a-8fd1-4074-ae87-246260de470d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3. one of the following situation, Party B can not terminate the contract </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px" align="justify">(1) medical reason </p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px" align="justify">(2 working damage or work illness during treatment</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px" align="justify">(3) female pregnancy</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px" align="justify">(4) during the contract period, do not fit into certain clause of the contract</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 60px" align="justify">(5) against any laws or regulations </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">4. Party A or Party B want to terminate the contract, should inform the other party at one month before. Exceptions are allowed for special circumstance </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">5. After termination of the contract , Party B&#8217;s compensation obeys Regulations. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Clause ten : Liability for breach the contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">1. Either Party, who breach the contract, should take the liability and compensate the other party. </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">2. During the contract period, Party A offer Party B a foreign training project, need a extension of the contract. A new contract should be made. If Party B resigned after the training, Party B should return the training fee. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause eleven: labour dispute</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">When dispute occur during the contract of the period, both parties should negotiate first. If negotiation does not work, the parties have the rights to require arbitration from the arbitration committee.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc0282290-b98b-4254-ac8d-81a3dcbffcaf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify"><b>Clause twelve</b><b>others</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">1. There are two contracts in one form, each for one Party, the contract is valid after the signing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px">2. The missing information of this contract has been regulated in the &lt;staff manual&gt; of the company, Party B had been acknowledge and agree to obey the &lt;staff manual&gt; </p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 30px" align="justify">3. Through negotiations the Parties may reach a mutual agreement to enter into a supplemental agreement to address other issues not referred to in this Agreement. The supplementary agreement and its annexures shall be considered part of the Agreement and have same legal effect.</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 30px">4.This Agreement shall be governed by the laws of the People&#8217;s Republic of China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="50%" align="left" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px">Party A </p></td> <td width="50%"> <p style="MARGIN: 0px">Party B</p></td></tr> <tr> <td> <p style="MARGIN: 0px">Legal representative </p></td> <td> <p style="MARGIN: 0px">Employee</p></td></tr> <tr> <td> <p style="MARGIN: 0px">Time</p></td> <td> <p style="MARGIN: 0px">Time </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;6</p></td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>14
<FILENAME>solarmax_ex107.htm
<DESCRIPTION>EX-10.7
<TEXT>
<html><head><title>solarmax_ex107.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.7</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>2016 LONG-TERM INCENTIVE PLAN</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Restricted Stock Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This Restricted Stock Award Agreement evidences a grant of Restricted Stock pursuant to the provisions of the 2016 Long-Term Incentive Plan (the &#8220;Plan&#8221;) of SolarMax Technology, Inc., a Nevada corporation (the &#8220;Company&#8221;) to the individual whose name appears below (the &#8220;Participant&#8221;), pursuant to the provisions of the Plan and on the following terms and conditions (capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Plan):</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. <u>Name of Participant</u>: </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. <font style='FONT: 7pt "Times New Roman"'></font><u>Number of Shares of Restricted Stock (the &#8220;Shares&#8221;)</u>: </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. <u>Date of Grant</u>: October 7, 2016</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. <u>Issuance of the Shares</u>: Until a Forfeiture Termination Event occurs, the Shares shall be reflected as book entry, rather than physical certificates; and the Participant shall have the rights of ownership with respect to the Shares as and to the extent set forth in Section 5. The Company&#8217;s stock record books shall include a notation that the Shares are subject to this Agreement. Upon the occurrence of a Forfeiture Termination Event, the Company shall remove the restriction notation on its stock record books and, if requested by the Participant, shall issue a certificate for the Shares to the Participant in the name of the Participant. If a Forfeiture Event shall occur, the Recipient shall transfer the Shares to the Company for cancelation. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. <u>Risk of Forfeiture</u>: </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">(a) The Participant shall have all rights of ownership with respect to the Shares, including the right to vote the shares and to receive dividends and distributions with respect to the Shares until and unless a Forfeiture Event shall occur; provided, however, that prior to a Forfeiture Termination Event, (i) the Participant shall have no rights to sell, encumber or otherwise transfer the Shares, and (ii) any shares of any class or series of capital stock of the Company which are issued to the Participant as a holder of the Shares as a result of a stock dividend, stock split, stock distribution, reverse split, recapitalization, or similar event, shall be subject to the same forfeiture provisions as the Shares.</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">(b) A Forfeiture Termination Event shall mean such date as is six months following a Public Stock Event, which shall be the vesting date. A Public Stock Event shall mean the first to occur of (i) the effective date of a registration statement covering an underwritten public offering of the Company&#8217;s common stock on a firm commitment basis; (ii) the closing date with respect to a public offering of the Company&#8217;s common stock other than pursuant to a firm commitment underwritten offering; (iii) the date on which the Company&#8217;s common stock is first trading on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; (iv) the date on which the common equity of a Successor Corporation is publicly traded on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; (v) a Change in Control, as defined in the Plan, or (vi) such other transaction or event which the Company&#8217;s board of directors determines, in its sole discretion, is an Public Stock Event.</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify"> <table id="pagebreakc7c77c73-6e23-4b3b-a107-f5d7414f5de9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">(c) A Successor Corporation shall mean the successor of the Company by merger, reverse acquisition, sale of assets or other transaction provided that a majority of the shares of the resulting corporation is owned by those persons who were the stockholders of the Company immediately prior to the transaction.</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 60px" align="justify">(d) A Forfeiture Event shall occur on December 31, 2017 if, and only if, a Public Stock Event shall not have occurred by such date; provided, however, that the board of directors shall have the right, in its sole discretion, to defer the Forfeiture Event. If a Forfeiture Event shall occur, there shall be no vesting and the Company shall cause the Shares to be transferred to the Company for cancellation, and the Participant consents to such cancellation. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6. <u>Stock Power</u>: The Participant shall execute a stock power transferring the Shares to the Company and shall have his or her signature medallion guaranteed and the Company shall hold the stock power subject to the terms of this Agreement. The stock power shall only be used to transfer the Shares to the Company for cancellation if a Forfeiture Event shall occur. Following the occurrence of a Forfeiture Termination Event, the Company shall return the stock power to the Participant.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7. <u>Withholding Tax</u>: If and at the time required by law, the Participant shall pay or make arrangements for payment of any withholding tax required to be paid or withheld with respect to the Shares.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8. <u>Section 83(b) Election</u>: By signing this Agreement, the Participant acknowledges that he or she has been advised by his or her tax advisors with respect to the filing of an election pursuant to Section 83(b) of the Internal Revenue Code and the tax consequences of such election. It shall be in the Participant&#8217;s sole discretion as to whether to make such an election.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9. <u>Governing Law</u>: This Agreement shall be governed by the laws of the State of Nevada applicable to agreements executed and to be performed wholly within such state without regard to principles of conflict of laws.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Participant hereby acknowledges receipt of a copy of the Plan as presently in effect. The text and all of the terms and provisions of the Plan are incorporated herein by reference, and the grant of the Shares is subject to these terms and provisions in all respects. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">SOLARMAX TECHNOLOGY, INC. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">By: ________________________________<u></u><br>David Hsu, Chief Executive Officer </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Agreed to and Accepted as of October 7, 2016:</p><u><br></u>[Name of Participant] <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>15
<FILENAME>solarmax_ex109.htm
<DESCRIPTION>EX-10.9
<TEXT>
<html><head><title>solarmax_ex109.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.9</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>2016 EQUITY INCENTIVE PLAN </b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. <i>Purpose</i>. The purpose of the SolarMax Technology, Inc. 2016 Equity Incentive Plan is to provide a means through which the Company and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, managers, employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company&#8217;s stockholders.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2. <i>Definitions</i>. The following definitions shall be applicable throughout this Plan:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) &#8220;<i><u>Affiliate</u></i>&#8221; means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest as determined by the Committee in its discretion. The term &#8220;control&#8221; (including, with correlative meaning, the terms &#8220;controlled by&#8221; and &#8220;under common control with&#8221;), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) &#8220;<i><u>Award</u></i>&#8221; means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award or Performance Compensation Award granted under this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) &#8220;<i><u>Award Agreement</u></i>&#8221; means an agreement made and delivered in accordance with Section 15(a) of this Plan evidencing the grant of an Award hereunder.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) &#8220;<i><u>Board</u></i>&#8221; means the Board of Directors of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <i>&#8220;<u>Business Day</u>&#8221;</i> means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City are authorized or obligated by federal law or executive order to be closed for all or part of a normal business day.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) &#8220;<i><u>Cause</u></i>&#8221;<sup></sup>means, in the case of a particular Award, unless the applicable Award Agreement otherwise provides (i) the Company or an Affiliate having &#8220;cause&#8221; to terminate a Participant&#8217;s employment or service, as defined in any employment or consulting agreement or similar document or policy between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement, document or policy (or the absence of any definition of &#8220;Cause&#8221; contained therein), (A) a continuing material breach or material default (including, without limitation, any material dereliction of duty) by Participant of any agreement between the Participant and the Company, except for any such breach or default which is caused by the Disability of the Participant, or a continuing failure by the Participant to follow the direction of a duly authorized representative of the Company; (B) gross negligence, willful misfeasance or breach of fiduciary duty by the Participant; (C) the commission by the Participant of an act of fraud, embezzlement or any felony or other crime of dishonesty in connection with the Participant&#8217;s duties; or (D) conviction of the Participant of a felony or any other crime that would materially and adversely affect: (i) the business or reputation of the Company or (ii) the<sup></sup>performance of the Participant&#8217;s duties to the Company. Any determination of whether Cause exists shall be made by the Committee in its sole discretion.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak962f0e6c-811b-45b3-be9b-a9225b1fa766" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) &#8220;<i><u>Change in Control</u></i>&#8221; shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or contains a different definition of &#8220;Change in Control,&#8221; be deemed to occur upon: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) A tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding voting securities of the Company (which percentage shall include any voting securities owned by the tendering party prior to the commencement of the tender offer) unless as a result of such tender offer more than 50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by (A) the stockholders of the Company (as of the time immediately prior to the commencement of such offer excluding shares held by the Person making the tender offer), or (B) any employee benefit plan of the Company or its Subsidiaries, and their Affiliates;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) The Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more than 50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by (A) the stockholders of the Company (as of the time immediately prior to such transaction); <i>provided</i>, that a merger or consolidation of the Company with another corporation which is controlled by Persons owning more than 50% of the outstanding voting securities of the Company shall not constitute a Change in Control unless the Committee, in its discretion, determines otherwise, or (B) any employee benefit plan of the Company or its Subsidiaries, and their Affiliates;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) The Company shall sell substantially all of its assets to another entity that is not wholly owned by the Company, unless as a result of such sale more than 50% of such assets shall be owned in the aggregate by (A) the stockholders of the Company (as of the time immediately prior to such transaction), or (B) any employee benefit plan of the Company or its Subsidiaries, and their Affiliates;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) A Person shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly, beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by (A) the stockholders of the Company (as of the time immediately prior to the first acquisition of such securities by such Person), or (B) any employee benefit plan of the Company or its Subsidiaries, and their Affiliates; or</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak0b7d17cb-86e6-4ea0-b5a1-be0e85935ed0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(v) Either (i) the individuals who, as of the date hereof, constitute the members of the Board (the &#8220;Current Board Members&#8221;) cease, by reason of a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company, to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members or (ii) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board cease for any reason to constitute a least a majority thereof unless the election of each new director was nominated, ratified or approved by at least two thirds (2/3) of the directors then still in office who were either directors at the beginning of such period or who were elected or appointed with the approval or ratification of at least two thirds (2/3) of the directors who were directors at the beginning of such period.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For purposes of this Section 2(g), ownership of voting securities shall take into account and shall include ownership as determined by applying the provisions of Rule 13d-3(d)(I)(i) under the Exchange Act (as in effect on the date hereof). In addition, for such purposes, &#8220;Person&#8221; shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however, a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) &#8220;<i><u>Code</u></i>&#8221; means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in this Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance issued by any governmental authority under such section, and any amendments or successor provisions to such section, regulations or guidance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) &#8220;<i><u>Committee</u></i>&#8221; means a committee of at least two people as the Board may appoint to administer this Plan or, if no such committee has been appointed by the Board, the Board. Unless altered by an action of the Board, the Committee shall be the Compensation Committee of the Board; provided, however, that in the event that the Board shall not have appointed a Committee, references to the Committee shall relate to the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(j) &#8220;<i><u>Common Stock</u></i>&#8221; means the common stock, par value $0.001 per share, of the Company (and any stock or other securities into which such common stock may be converted or into which they may be exchanged).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(k) &#8220;<i><u>Company</u></i>&#8221; means SolarMax Technology, Inc., a Nevada corporation, together with its successors and assigns.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(l) &#8220;<i><u>Current Board Members</u></i>&#8221; has the meaning given such term in the definition of &#8220;Change in Control.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(m) &#8220;<i><u>Date of Grant</u></i>&#8221; means the date on which the granting of an Award is authorized, or such other date, not earlier than the date the grant is approved by the Committee, as may be specified in such authorization.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8ac2e427-da70-498d-bbf9-6152d72d5312" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) &#8220;<i><u>Disability</u></i>&#8221; means any physical or mental illness, disability or incapacity of the Participant which prevents him from substantially performing his regular duties for a period of three (3) consecutive months or four (4) months, even though not consecutive, in any twelve (12) month period; provided, however, that if the Participant is a party to an employment, consulting or other service agreement with the Company, &#8220;Disability&#8221; shall have the meaning set forth in such agreement. The determination of whether a Participant has incurred a Disability shall be made by the Committee, which may rely on advice from a physician designated by the Committee, whose determination shall be final and binding. Notwithstanding the foregoing, for purposes of Section 409A of the Code and for any Award which constitutes an award subject to said Section 409A, Disability shall have the meaning set forth in Section 409A(a)(2)(C) of the Code or any subsequent provision.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(n) &#8220;<i><u>Effective Date</u></i>&#8221; means the date as of which this Plan is adopted by the Board, subject to Section 3 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(o) &#8220;<i><u>Eligible Director</u></i>&#8221; means a person who is (i) a &#8220;non-employee director&#8221; within the meaning of Rule 16b-3 under the Exchange Act, and (ii) an &#8220;outside director&#8221; within the meaning of Section 162(m) of the Code.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(p) &#8220;<i><u>Eligible Person</u></i>&#8221; means any (i) individual employed by the Company or an Affiliate; <i><u>provided</u>, <u>however</u></i>, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of the Company or an Affiliate; or (iii) consultant or advisor to the Company or an Affiliate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(q) &#8220;<i><u>Exchange Act</u></i>&#8221; means the Securities Exchange Act of 1934, as amended, including any rules, regulations or other interpretative guidance issued by any governmental authority under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(r) &#8220;<i><u>Exercise Price</u></i>&#8221; has the meaning given such term in Section 7(b) of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(s) &#8220;<i><u>Fair Market Value</u></i><u>,</u>&#8221; unless otherwise provided by the Committee in accordance with all applicable laws, rules regulations and standards, means, on a given date, (i) if the Common Stock is listed on a securities exchange, the closing sales price on the principal such exchange on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date; provided, that if there are no reported sales on either of such dates, the average of the closing bid and asked prices on such shall be used, or (ii) if the Common Stock is not listed on a securities exchange, the mean between the bid and asked prices as quoted on such date by any nationally recognized interdealer quotation system or other service that provides such service which is selected by the Committee, or (iii) if the Common Stock is not quoted on an interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5fa5747c-7aba-484e-aab1-4c5287e4ff52" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(t) &#8220;<i><u>Immediate Family Members</u></i>&#8221; shall have the meaning set forth in Section 15(b)(ii) of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(u) &#8220;<i><u>Incentive Stock Option</u></i>&#8221; means an Option that is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(v) &#8220;<i><u>Indemnifiable Person</u></i>&#8221; shall have the meaning set forth in Section 4(e) of this Plan. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(w) &#8220;<i><u>Negative Discretion</u></i>&#8221; shall mean the discretion authorized by this Plan to be applied by the Committee to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(x) &#8220;<i><u>Nonqualified Stock Option</u></i>&#8221; means an Option that is not designated by the Committee as an Incentive Stock Option.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(y) &#8220;<i><u>Option</u></i>&#8221; means an Award granted under Section 7 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(z) &#8220;<i><u>Option Period</u></i>&#8221; has the meaning given such term in Section 7(c) of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(aa) &#8220;<i><u>Participant</u></i>&#8221; means an Eligible Person who has been selected by the Committee to participate in this Plan and to receive an Award pursuant to Section 6 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(bb) &#8220;<i><u>Performance Compensation Award</u></i>&#8221; shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(cc) &#8220;<i><u>Performance Criteria</u></i>&#8221; shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(dd) &#8220;<i><u>Performance Formula</u></i>&#8221; shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ee) &#8220;<i><u>Performance Goals</u></i>&#8221; shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ff) &#8220;<i><u>Performance Period</u></i>&#8221; shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant&#8217;s right to, and the payment of, a Performance Compensation Award. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakeb630a9c-0f20-4a8d-b842-412246ea6d0d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(gg) &#8220;<i><u>Permitted Transferee</u></i>&#8221; shall have the meaning set forth in Section 15(b) of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(hh) &#8220;<i><u>Person</u></i>&#8221; has the meaning given such term in the definition of &#8220;Change in Control.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ii) &#8220;<i><u>Plan</u></i>&#8221; means this SolarMax Technology, Inc. 2016 Equity Incentive Plan, as amended from time to time.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(jj) &#8220;<i><u>Retirement</u></i>&#8221; means, unless otherwise provided in the Award or pursuant to an agreement between the Company or an Affiliate and the Participant, the fulfillment of each of the following conditions: (i) the Participant is good standing with the Company as determined by the Committee; (ii) the voluntary termination by a Participant of such Participant&#8217;s employment or service to the Company and (iii) that at the time of such voluntary termination, the sum of: (A) the Participant&#8217;s age (calculated to the nearest month, with any resulting fraction of a year being calculated as the number of months in the year divided by 12) and (B) the Participant&#8217;s years of employment or service with the Company (calculated to the nearest month, with any resulting fraction of a year being calculated as the number of months in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing shall only be applicable if, at the time of such Retirement, the Participant shall be at least 55 years of age and shall have been employed by or served with the Company for no less than five years).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(kk) &#8220;<i><u>Restricted Period</u></i>&#8221; means the period of time determined by the Committee during which an Award is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ll) &#8220;<i><u>Restricted Stock Unit</u></i>&#8221; means an unfunded and unsecured promise to deliver Common Stock, cash, other securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(mm) &#8220;<i><u>Restricted Stock</u></i>&#8221; means Common Stock, subject to certain specified restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(nn) &#8220;<i><u>SAR Period</u></i>&#8221; has the meaning given such term in Section 8(c) of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(oo) &#8220;<i><u>Securities Act</u></i>&#8221; means the Securities Act of 1933, as amended, and any successor thereto, and includes any rules, regulations or other official interpretative guidance issued by any governmental authority under such section, and any amendments or successor provisions to such section, rules, regulations or guidance.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfac9a199-7b99-46a2-9ea4-4b18a6617452" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(pp) &#8220;<i><u>Stock Appreciation Right</u></i>&#8221; or <i>&#8220;<u>SAR</u>&#8221;</i> means an Award granted under Section 8 of this Plan which, if granted to a resident of the United States, meets all of the requirements of Section 1.409A-1(b)(5)(i)(B) of the Treasury Regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(qq) &#8220;<i><u>Stock Bonus Award</u></i>&#8221; means an Award granted under Section 10 of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(rr) &#8220;<i><u>Strike Price</u></i>&#8221; means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value of Common Stock on the Date of Grant.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(ss) &#8220;<i><u>Subsidiary</u></i>&#8221; means, with respect to any specified Person:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) any corporation, association or other business entity of which more than 50% of the total voting power of shares of voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders&#8217; agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) any partnership or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member (or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b) the only general partners or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(tt) &#8220;<i><u>Substitute Award</u></i>&#8221; has the meaning given such term in Section 5(e).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(uu) &#8220;<i><u>Treasury Regulations</u></i>&#8221; means any regulations, whether proposed, temporary or final, promulgated by the U.S. Department of Treasury under the Code, and any successor provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3. <i>Effective Date; Duration</i>. This Plan shall be effective on the date on which it is approved by the Board; provided, however, that with respect to Incentive Stock Options and any other Awards for which the Code requires stockholder approval within twelve months after approval by the Board, no such Awards shall be granted until and unless stockholder approval is obtained within the required time period. The expiration date of this Plan, on and after which date no Awards may be granted hereunder, shall be October 7, 2026; <i><u>provided</u>, <u>however</u></i>, that such expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply to such Awards.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0f9178ee-cb2a-40f7-86bf-123d788ce8d4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4. <i>Administration</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) The Committee shall administer this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under this Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee shall, at the time he takes any action with respect to an Award under this Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under this Plan. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. Whether a quorum is present shall be determined based on the Committee&#8217;s charter as approved by the Board. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Subject to the provisions of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by this Plan and its charter, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall be made; (vii) interpret, administer, reconcile any inconsistency in, settle any controversy regarding, correct any defect in and/or complete any omission in this Plan and any instrument or agreement relating to, or Award granted under, this Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of this Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) The Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need not be officers of the Company, the authority, within specified parameters as to the number and types of Awards, to (i) designate officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under this Plan, and (ii) to determine the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties and responsibilities may not be made with respect to grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably expected to be, &#8220;covered employees&#8221; for purposes of Section 162(m) of the Code. The acts of such delegates shall be treated as acts of the Board, and such delegates shall report regularly to the Board and the Committee regarding the delegated duties and responsibilities and any Awards granted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other decisions under or with respect to this Plan or any Award or any documents evidencing Awards granted pursuant to this Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak487b90d6-90cf-44ac-9c62-54b03dc5605c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) No member of the Board, the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board or the Committee (each such person, an &#8220;<i><u>Indemnifiable Person</u></i>&#8221;) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from (and the Company shall pay or reimburse on demand for) any loss, cost, liability, or expense (including court costs and attorneys&#8217; fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under this Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company&#8217;s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, <u>provided</u>, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company&#8217;s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person&#8217;s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company&#8217;s Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which any such Indemnifiable Person may be entitled under the Company&#8217;s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) Notwithstanding anything to the contrary contained in this Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer this Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under this Plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5. <i>Grant of Awards; Shares Subject to this Plan; Limitations</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards and/or Performance Compensation Awards to one or more Eligible Persons.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Subject to Section 12 of this Plan, the Committee is authorized to deliver under this Plan an aggregate of 6,500,000 shares of Common Stock (the &#8220;Available Shares&#8221;). </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Common Stock underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall be available again for Awards under this Plan at the same ratio at which they were previously granted, except that the following shares of Common Stock shall not be available again for Awards under this Plan: (i) shares tendered or held back upon the exercise of an Option or settlement of an Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld to satisfy tax withholding obligations of the Participant; (iii) shares for which the Company paid cash equal to the Fair Market Value of the shares of Common Stock in lieu of issuing the Common Stock, and (iv) shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the SAR upon exercise thereof. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5a3f0d19-b673-449f-9f04-5946f7f667ab" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or any combination of the foregoing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) Subject to compliance with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee, be granted under this Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines (&#8220;<i><u>Substitute Awards</u></i>&#8221;). The number of shares of Common Stock underlying any Substitute Awards shall be counted against the aggregate number of shares of Common Stock available for Awards under this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) Notwithstanding any provision in this Plan to the contrary (but subject to adjustment as provided in Section 12), the Committee shall not grant to any one Eligible Person in any one calendar year Awards (i) for more than 1,500,000 shares, or (ii) payable in cash in an amount exceeding $1,000,000 in the aggregate. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6. <i>Eligibility</i>. Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7. <i>Options</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Generally</u></i>. Each Option granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement. All Options granted under this Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Notwithstanding any designation of an Option, to the extent that the aggregate Fair Market Value of Common Stock with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company or any Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless this Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such failure to qualify, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9dfca624-fea1-4c86-b01d-3462b3d05751" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Exercise Price</u></i>. The exercise price (&#8220;<i><u>Exercise Price</u></i>&#8221;) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; <i>provided, however</i>, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per share shall not be less than 110% of the Fair Market Value per share on the Date of Grant; <i>and, provided further,</i> that notwithstanding any provision herein to the contrary, the Exercise Price shall not be less than the par value per share of Common Stock.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <i><u>Vesting and Expiration</u></i>. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and as set forth in the applicable Award Agreement, and shall expire after such period, not to exceed ten (10) years from the Date of Grant, as may be determined by the Committee (the &#8220;<i><u>Option Period</u></i>&#8221;); <i><u>provided</u>, <u>however</u></i>, that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate; <i>and, <u>provided</u>, <u>further</u></i>, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. Unless otherwise provided by the Committee in an Award Agreement: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) an Option shall vest and become exercisable with respect to 1/3 of the Common Stock subject to such Option on each anniversary of the Date of Grant; </p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option, and the vested portion of such Option shall remain exercisable for:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(A) one year following termination of employment or service by reason of such Participant&#8217;s death or Disability (with the determination of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the Option Period;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(B) for directors, officers and employees of the Company only, for ninety (90) days following termination of employment or service by reason of such Participant&#8217;s Retirement, but not later than the expiration of the Option Period; </p> <p style="MARGIN: 0px; TEXT-INDENT: 180px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(C) 90 calendar days following termination of employment or service for any reason other than such Participant&#8217;s death, Disability or Retirement, and other than such Participant&#8217;s termination of employment or service for Cause, but not later than the expiration of the Option Period; and </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2f4b93b9-5c10-42b0-ab7f-0ffd79931ada" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) both the unvested and the vested portion of an Option shall immediately expire upon the termination of the Participant&#8217;s employment or service by the Company for Cause.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) Notwithstanding the foregoing provisions of Section 7(c) and consistent with the requirements of applicable law, the Committee, in its sole discretion, may extend the post-termination of employment period during which a Participant may exercise vested options. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <i><u>Method of Exercise and Form of Payment</u></i>. No Common Stock shall be delivered pursuant to the exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company or otherwise provided for payment of an amount equal to any federal, state, local and/or foreign income and employment taxes required to be withheld. Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award Agreement accompanied by payment of the Exercise Price. Unless otherwise provided by the Committee in an Award Agreement, the Exercise Price shall be payable (i) in cash, check (subject to collection), cash equivalent and/or vested Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company); <i><u>provided</u>, however,</i> that such Common Stock are not subject to any pledge or other security interest and; (ii) by such other method as the Committee may permit in accordance with applicable law, in its sole discretion, including without limitation: (A) in other property having a fair market value (as determined by the Committee in its discretion) on the date of exercise equal to the Exercise Price or (B) if there is a public market for the Common Stock at such time and the Common Stock may be issued pursuant to a registration statement on Form S-8 or subsequent similar for, by means of a broker-assisted &#8220;cashless exercise&#8221; pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a &#8220;net exercise&#8221; method whereby the Company withholds from the delivery of the Common Stock for which the Option was exercised that number of shares of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the Common Stock for which the Option was exercised. Any fractional shares of Common Stock shall be settled in cash.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <i><u>Notification upon Disqualifying Disposition of an Incentive Stock Option</u></i>. Each Participant awarded an Incentive Stock Option under this Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6ac95d00-b6f7-4b8c-877b-46694b78a41a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) <i><u>Compliance with Laws, etc</u></i>. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8. <i>Stock Appreciation Rights</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Generally</u></i>. Each SAR granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement. Any Option granted under this Plan may include tandem SARs (i.e., SARs granted in conjunction with an Award of Options under this Plan). The Committee also may award SARs to Eligible Persons independent of any Option.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Exercise Price</u></i><u>. </u>The Exercise Price per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <i><u>Vesting and Expiration</u></i>. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the &#8220;<i><u>SAR Period</u></i>&#8221;); <i>provided, however</i>, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. Unless otherwise provided by the Committee in an Award Agreement: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) an SAR shall vest and become exercisable with respect to 100% of the Common Stock subject to such SAR on the third anniversary of the Date of Grant;<sup></sup></p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the vested portion of such SAR shall remain exercisable for:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(A) one year following termination of employment or service by reason of such Participant&#8217;s death or Disability (with the determination of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak09fd6e17-0f21-47a5-b41b-bff7fa46d8d1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(B) for directors, officers and employees of the Company only, for the remainder of the SAR Period following termination of employment or service by reason of such Participant&#8217;s Retirement; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 180px" align="justify">(C) 90 calendar days following termination of employment or service for any reason other than such Participant&#8217;s death, Disability or Retirement, and other than such Participant&#8217;s termination of employment or service for Cause, but not later than the expiration of the SAR Period; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) both the unvested and the vested portion of a SAR shall expire immediately upon the termination of the Participant&#8217;s employment or service by the Company for Cause. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <i><u>Method of Exercise</u></i>. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <i><u>Payment</u></i>. Upon the exercise of a SAR, the Company shall pay to the Participant the number of shares subject to the SAR that are being exercised multiplied by a fraction, the numerator of which is the amount by which the Fair Market Value of one share of Common Stock on the exercise date exceeds Strike Price and the denominator of which is the Fair Market Value on such date, and subtracting therefrom an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld which the Participant has not otherwise provided for. Unless the SAR Agreement otherwise provides, the Company shall issue the number of shares of Common Stock computed as provided in the previous sentence or pay the Fair Market Value of such shares in cash, or any combination thereof, as determined by the Committee. Any fractional share of Common Stock shall be settled in cash.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9. <i>Restricted Stock and Restricted Stock Units</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Generally</u></i>. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement. Restricted Stock and Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of Performance Goals or otherwise, as the Committee determines at the time of the grant of an Award or thereafter. Except as otherwise provided in an Award Agreement, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Common Stock are paid in settlement of such Awards.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake852ec3e-b087-4bdd-9a24-3ecf70bf6416" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Restricted Accounts; Escrow or Similar Arrangement</u></i>. Upon the grant of Restricted Stock, a book entry in a restricted account shall be established in the Participant&#8217;s name at the Company&#8217;s transfer agent and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with signature medallion guaranteed with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and void <i>ab initio</i>. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <i><u>Vesting; Acceleration of Lapse of Restrictions</u></i>. The Restricted Period shall lapse with respect to Restricted Stock and Restricted Stock Units at such times and under such conditions as are determined by the Committee. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <i><u>Delivery of Restricted Stock and Settlement of Restricted Stock Units</u></i>. (i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share).Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award Agreement).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Common Stock for each such outstanding Restricted Stock Unit; <i><u>provided</u>, <u>however</u></i>, that the Committee may, in its sole discretion and subject to the requirements of Section 409A of the Code, elect to (i) pay cash or part cash and part Common Stock in lieu of delivering only Common Stock in respect of such Restricted Stock Units or (ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld the payment of which is not otherwise provided for by the Participant. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfc4c4213-03da-47f1-95bb-a6c46d1ec54d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10. <i>Stock Bonus Awards</i>. The Committee may issue unrestricted Common Stock, or other Awards denominated in Common Stock, under this Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time in its sole discretion determine, provided that the shares of Common Stock shall only be unrestricted if such shares may be issued to the Participant pursuant a registration statement on Form S-8 or subsequent similar form. Each Stock Bonus Award granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11. <i>Performance Compensation Awards</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Generally</u></i>. The provisions of this Plan are intended to enable Options and Stock Appreciation Rights granted hereunder to certain Eligible Persons to qualify for an exemption under Section 162(m) of the Code. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of this Plan, to designate such Award as a Performance Compensation Award intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Discretion of Committee with Respect to Performance Compensation Awards</u></i>. With regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), the Committee shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <i><u>Performance Criteria</u></i>. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company and/or one or more Affiliates, divisions or operational units, or any combination of the foregoing, as determined by the Committee, which criteria will be based on one or more of the following business criteria: (i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit margins or other corporate profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate earnings measures); (v) net income (before or after taxes, operating income or other income measures); (vi) cash (cash flow, cash generation or other cash measures); (vii) stock price or performance; (viii) total stockholder return (stock price appreciation plus reinvested dividends divided by beginning share price); (ix) economic value added; (x) return measures (including, but not limited to, return on assets, capital, equity, investments or sales, and cash flow return on assets, capital, equity, or sales); (xi) market share; (xii) improvements in capital structure; (xiii) expenses (expense management, expense ratio, expense efficiency ratios or other expense measures); (xiv) business expansion or consolidation (acquisitions and divestitures); (xv) internal rate of return or increase in net present value; (xvi) working capital targets relating to inventory and/or accounts receivable; (xvii) inventory management; (xviii) service or product delivery or quality; (xix) customer satisfaction; (xx) employee retention; (xxi) safety standards; (xxii) productivity measures; (xxiii) cost reduction measures; and/or (xxiv) strategic plan development and implementation. Any one or more of the Performance Criteria adopted by the Committee may be used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code, the Committee shall, within the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate such Performance Criteria to the Participant.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf9122430-92de-4010-9686-572e9dbe3669" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <i><u>Modification of Performance Goal(s)</u></i>. In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining stockholder approval. The Committee is authorized at any time during the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), or at any time thereafter to the extent the exercise of such authority at such time would not cause the Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code, in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management&#8217;s discussion and analysis of financial condition and results of operations appearing in the Company&#8217;s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; and (ix) a change in the Company&#8217;s fiscal year.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <i><u>Payment of Performance Compensation Awards</u></i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) <i><u>Condition to Receipt of Payment</u></i>. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) <i><u>Limitation</u></i>. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant&#8217;s Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) <i><u>Certification</u></i>. Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant&#8217;s Performance Compensation Award actually payable for the Performance Period and, in so doing, may apply Negative Discretion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) <i><u>Use of Negative Discretion</u></i>. In determining the actual amount of an individual Participant&#8217;s Performance Compensation Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not have the discretion, except as is otherwise provided in this Plan, to (A) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of this Plan.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1cd6f708-9b7a-4d65-8603-a8ea782e5084" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) <i><u>Timing of Award Payments</u></i>. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications required by this Section 11, but in no event later than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed in order to comply with the short-term deferral rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding the foregoing, payment of a Performance Compensation Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of the Treasury Regulations, to the extent that the Company reasonably anticipates that if such payment were made as scheduled, the Company&#8217;s tax deduction with respect to such payment would not be permitted due to the application of Section 162(m) of the Code.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12. <i>Changes in Capital Structure and Similar Events</i>. In the event of (a) any dividend or other distribution (whether in the form of cash, Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, split-up, split-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Stock, or (b) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate in order to prevent dilution or enlargement of rights, then the Committee shall make any such adjustments that are equitable, including without limitation any or all of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals);</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) subject to the requirements of Section 409A of the Code, providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence of such event; and</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak38d62502-de07-4025-abde-daf3a7dbce8c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) subject to the requirements of Section 409A of the Code, canceling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor); <i><u>provided</u>, <u>however</u></i>, that in the case of any &#8220;equity restructuring&#8221; (within the meaning of the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 (revised 2004) or ASC Topic 718, or any successor thereto), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock Options under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a &#8220;modification&#8221; within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13. <i>Effect of Change in Control</i>. Except to the extent otherwise provided in an Award Agreement, in the event of a Change in Control, notwithstanding any provision of this Plan to the contrary, with respect to all or any portion of a particular outstanding Award or Awards: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) all of the then outstanding Options and SARs shall immediately vest and become immediately exercisable as of a time prior to the Change in Control;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) the Restricted Period shall expire as of a time prior to the Change in Control (including without limitation a waiver of any applicable Performance Goals);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Performance Periods in effect on the date the Change in Control occurs shall end on such date, and the Committee shall (i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited or unaudited financial information or other information then available as it deems relevant and (ii) cause the Participant to receive partial or full payment of Awards for each such Performance Period based upon the Committee&#8217;s determination of the degree of attainment of the Performance Goals, or assuming that the applicable &#8220;target&#8221; levels of performance have been attained or on such other basis determined by the Committee.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) through (c) shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transactions with respect to the Common Stock subject to their Awards.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14. <i>Amendments and Termination</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Amendment and Termination of this Plan</u></i>. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any portion thereof at any time; <u>provided</u>, that (i) no amendment to the definition of Eligible Person in Section 2(q) or to Section 5(b), Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without stockholder approval, and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to this Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Common Stock may be listed or quoted or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); <i>and,</i><i><u>provided</u>, <u>further</u></i>, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the prior written consent of the affected Participant, holder or beneficiary. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2f3c293b-8da7-4e6a-86a7-e7e9344fa6e7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Amendment of Award Agreements</u></i>. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; <i><u>provided, however</u></i> that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; <i>and, <u>provided</u>, <u>further</u></i>, that without stockholder approval, except as otherwise permitted under Section 12 of this Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR, another Award or cash or take any action that would have the effect of treating such Award as a new Award for tax or accounting purposes and (iii) the Committee may not take any other action that is considered a &#8220;repricing&#8221; for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system on which the Common Stock are listed or quoted if the Common Stock is listed on an exchange or included in an inter-dealer quotation system that requires stockholder approval.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15. <i>General</i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <i><u>Award Agreements</u></i>. Each Award under this Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation, the effect on such Award of the death, Disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee. The Company&#8217;s failure to specify any term of any Award in any particular Award Agreement shall not invalidate such term, provided such terms was duly adopted by the Board or the Committee.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <i><u>Nontransferability; Trading Restrictions</u></i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Each Award shall be exercisable only by a Participant during the Participant&#8217;s lifetime, or, if permissible under applicable law, by the Participant&#8217;s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5f193ceb-73b4-4b8f-9772-0dd5093986a4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, with or without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of this Plan, to: (A) any person who is a &#8220;family member&#8221; of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the &#8220;<i><u>Immediate Family Members</u></i>&#8221;); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or (C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a &#8220;<i><u>Permitted Transferee</u></i>&#8221;); <u>provided,</u> that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of this Plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) The terms of any Award transferred in accordance with subparagraph (ii) above shall apply to the Permitted Transferee and any reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under this Plan or otherwise; and (D) the consequences of the termination of the Participant&#8217;s employment by, or services to, the Company or an Affiliate under the terms of this Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in this Plan and the applicable Award Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) The Committee shall have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes of Awards, to condition the delivery of vested Common Stock received in connection with such Award on the Participant&#8217;s agreement to such restrictions as the Committee may determine. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <i><u>Tax Withholding</u></i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) A Participant shall be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and is hereby authorized to withhold, from any cash, Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under this Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes. In addition, the Committee, in its discretion, may make arrangements mutually agreeable with a Participant who is not an employee of the Company or an Affiliate to facilitate the payment of applicable income and self-employment taxes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakde542368-f212-486e-843c-3d729ad25451" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) owned by the Participant having a Fair Market Value equal to such withholding liability or (B) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares of Common Stock with a Fair Market Value equal to such withholding liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <i><u>No Claim to Awards; No Rights to Continued Employment; Waiver</u></i>. No employee of the Company or an Affiliate, or other person, shall have any claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee&#8217;s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither this Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under this Plan, unless otherwise expressly provided in this Plan or any Award Agreement. By accepting an Award under this Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under this Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <i><u>International Participants</u></i>. With respect to Participants who reside or work outside of the United States of America and who are not (and who are not expected to be) &#8220;covered employees&#8221; within the meaning of Section 162(m) of the Code, the Committee may in its sole discretion amend the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for such Participants, the Company or its Affiliates.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) <i><u>Designation and Change of Beneficiary</u></i>. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under this Plan upon his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation filed with the Committee shall be controlling; <i><u>provided</u>, <u>however</u></i>, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant&#8217;s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. Upon the occurrence of a Participant&#8217;s divorce (as evidenced by a final order or decree of divorce), any spousal designation previously given by such Participant shall automatically terminate.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3aa64182-b017-4bef-9dd2-c28f80e3128c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g) <i><u>Termination of Employment/Service</u></i>. Unless determined otherwise by the Committee at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or service with the Company or an Affiliate; and (ii) if a Participant&#8217;s employment with the Company and its Affiliates terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate for purposes of this Plan unless the Committee, in its discretion, determines otherwise.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(h) <i><u>No Rights as a Stockholder</u></i>. Except as otherwise specifically provided in this Plan or any Award Agreement, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(i) <i><u>Government and Other Regulations</u></i>. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Common Stock to be offered or sold under this Plan. The Committee shall have the authority to provide that all certificates for Common Stock or other securities of the Company or any Affiliate delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under this Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of Section 9 of this Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in this Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under this Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8f1707fc-d299-4382-928d-02300bf5c599" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company&#8217;s acquisition of Common Stock from the public markets, the Company&#8217;s issuance of Common Stock to the Participant, the Participant&#8217;s acquisition of Common Stock from the Company and/or the Participant&#8217;s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, unless doing so would violate Section 409A of the Code, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof. The Committee shall have the discretion to consider and take action to mitigate the tax consequence to the Participant in cancelling an Award in accordance with this clause.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(j) <i><u>Payments to Persons Other Than Participants</u></i>. If the Committee shall find that any person to whom any amount is payable under this Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(k) <i><u>Nonexclusivity of this Plan</u></i>. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(l) <i><u>No Trust or Fund Created</u></i>. Neither this Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of this Plan or any Award shall require the Company, for the purpose of satisfying any obligations under this Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under this Plan other than as general unsecured creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under applicable law.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb57a742d-50d7-4fb7-ba22-74afe6425752" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(m) <i><u>Reliance on Reports</u></i>. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with this Plan by any agent of the Company or the Committee or the Board, other than himself.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(n) <i><u>Relationship to Other Benefits</u></i>. No payment under this Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(o) <i><u>Governing Law</u></i>. This Plan shall be governed by and construed in accordance with the internal laws of the State of Nevada, without giving effect to the conflict of laws provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(p) <i><u>Severability</u></i>. If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws in the manner that most closely reflects the original intent of the Award or this Plan, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of this Plan and any such Award shall remain in full force and effect.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(q) <i><u>Obligations Binding on Successors</u></i>. The obligations of the Company under this Plan shall be binding upon any successor corporation or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(r) <i><u>Code Section 162(m) Approval</u></i>. If so determined by the Committee, the provisions of this Plan regarding Performance Compensation Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in which stockholders previously approved such provisions, in each case in order for certain Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing in this clause, however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(s) <i><u>Expenses; Gender; Titles and Headings</u></i>. The expenses of administering this Plan shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such titles or headings shall control.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake8d82027-480f-4830-bdb5-75cb428cc774" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(t) <i><u>Other Agreements</u></i>. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of Common Stock under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and absolute discretion. </p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(u) <i><u>Section 409A</u></i><i>. </i>This Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, the requirements of Section 409A of the Code. This Plan and all Awards granted under this Plan shall be administered, interpreted, and construed in a manner consistent with Section 409A of the Code to the extent necessary to avoid the imposition of additional taxes under Section 409A(a)(1)(B) of the Code. Notwithstanding anything in this Plan to the contrary, in no event shall the Committee exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Section 409A of the Code unless, and solely to the extent that, such accelerated payment or settlement is permissible under Section 1.409A-3(j)(4) of the Treasury Regulations. If a Participant is a &#8220;specified employee&#8221; (within the meaning of Section 1.409A-1(i) of the Treasury Regulations) at any time during the twelve (12)-month period ending on the date of his termination of employment, and any Award hereunder subject to the requirements of Section 409A of the Code is to be satisfied on account of the Participant&#8217;s termination of employment, satisfaction of such Award shall be suspended until the date that is six (6) months after the date of such termination of employment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(v) <i><u>Payments</u></i><i>. </i>Participants shall be required to pay, to the extent required by applicable law, any amounts required in order to receive Common Stock under any Award made under this Plan. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">26</p></td></tr></table></p></BODY><!--Document Created by EDGARMaster--></html>
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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>16
<FILENAME>solarmax_ex1010.htm
<DESCRIPTION>EX-10.10
<TEXT>
<html><head><title>solarmax_ex1010.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.10</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>DISTRIBUTION AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">between</p> <p style="MARGIN: 0px" align="center"><b>LI-MAX TECHNOLOGY, INC.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">and</p> <p style="MARGIN: 0px" align="center"><b>SOLARMAX TECHNOLOGY, INC.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This MASTER DISTRIBUTION AGREEMENT (<b>&#8220;Agreement&#8221;</b>) is made effective June 9, 2016 by and between LI-MAX TECHNOLOGY, INC., a California corporation (<b>&#8220;Li-Max&#8221;</b>), and SOLARMAX TECHNOLOGY, INC., a Nevada corporation (<b>&#8220;Solarmax&#8221;</b>).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>RECITALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">WHEREAS, Li-Max is engaged in the manufacture of certain battery and control unit equipment known together as the <i>Li-Max Energy Storage System </i>(<b>&#8220;Li-Max Energy Equipment&#8221;</b>); and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">WHEREAS, Solarmax is engaged in the business of marketing, installing, designing and distributing solar energy systems and engaging in solar energy development projects with residential and commercial customers, but does not manufacture batteries or control units similar to the Li-Max Energy Equipment; and</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">WHEREAS, Solarmax wishes to offer customers a proprietary solar energy system which it has developed known as the <i>Flex Energy Storage System</i>, consisting of: (i) photovoltaic solar panels and transfer switches manufactured and/or sourced by Solarmax; along with (ii) batteries and control units manufactured by Li- Max as its Li-Max Energy Equipment (said system of panels, transfer switches, and Li-Max Energy Equipment together constituting one single solar energy system intended to be marketed by Solarmax as its <b>&#8220;Flex Energy Storage System&#8221;</b>); and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">WHEREAS, Solarmax possesses the technical expertise and support facilities necessary to promote the worldwide distribution and sale of Li-Max Energy Equipment; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">WHEREAS, Li-Max desires to appoint Solarmax as its exclusive distributor of Li-Max Energy Equipment over and within all countries and other areas of the world, other than within the countries of Asia (including but not limited to the Republic of China and the People&#8217;s Republic of China), and Solarmax desires to accept this appointment, on the terms and conditions set forth in this Agreement;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">NOW THEREFORE, in consideration of the premises and the mutual covenants contained in this Agreement, the parties to this Agreement agree as follows:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 1. Definitions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Words used throughout this Agreement as defined terms shall have the meanings set forth in the Territorial Distribution Agreement, as defined below. In addition, the following words shall be deemed to have the respective meanings set forth below:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Base Price&#8221;: </b>The meaning specified in Section 4.1.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Branding&#8221;: </b>The meaning specified in Section 2.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Derivative Energy Equipment&#8221;: </b>Any updated or modified version of any one or more Li-Max Energy Equipment products listed on ATTACHMENT A , whether now existing or later developed by Li-Max, its officers, employees, agents, or any Related Entity. Derivative Energy Equipment does not include products which are manufactured to have a mechanical or engineering process and/or functionality that differs from those of the products listed on ATTACHMENT A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake11351d8-aa6c-460e-af66-a07cbfe009c0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>&#8220;Flex Energy Storage System&#8221;: </b>The meaning specified in the third recital. <b>&#8220;Fulfillment&#8221;</b>, <b>&#8220;Fulfilled&#8221; </b>and <b>&#8220;Fulfill&#8221;: </b>The meanings specified in Section 4.4. <b>&#8220;Indemnifying Parties&#8221;: </b>The meaning specified in Section 6.4.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Indemnified Parties&#8221;: </b>The meaning specified in Section 6.4.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Li-Max Energy Equipment&#8221;: </b>The meaning specified in the first recital, as more particularly described in the Li-Max Energy Equipment Product List and Specifications attached hereto as ATTACHMENT A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Master Distribution Agreement&#8221;: </b>This Master Distribution Agreement between Li-Max and Solarmax.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Purchase Instruments&#8221;: </b>The meaning specified in Section 4.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Notice of Deficient Purchase&#8221;: </b>The meaning specified in Section 3.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Related Entity&#8221;: </b>Any entity that is owned or controlled by Li-Max, or which owns or controls Li-Max, or which has a contractual relationship or is otherwise affiliated with Li-Max (including but not limited to the parent companies, subsidiaries, affiliates, contractors, and agents of Li-Max), along with the officers, employees, and agents of said entity.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>&#8220;Term&#8221;: </b>The term of this appointment of Solarmax as specified in Article 5.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 2. Appointment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.1 <u>Appointment</u>. Li-Max appoints Solarmax its exclusive distributor of all Li-Max Energy Equipment and any Derivative Energy Equipment over and within all countries and other areas of the world, other than within the countries of Asia (including but not limited to the Republic of China and the People&#8217;s Republic of China), throughout the entire Term of this Agreement, and Solarmax accepts the appointment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.2 <u>Scope of Appointment</u>. Throughout the Term of this Agreement, Li-Max shall not sell, transfer, convey, ship, deliver or otherwise provide Li-Max Energy Equipment, nor any Derivative Energy Equipment, to any individual or entity other than Solarmax, except as may otherwise be provided in this Agreement; nor shall Li-Max cause or assist any Related Entity or other individual or entity to sell, transfer, convey, ship deliver or otherwise provide Li-Max Energy Equipment or Derivative Energy Equipment to any individual or entity other than Solarmax, except as may otherwise be provided herein. Furthermore, Li-Max shall not grant to any Related Entity or other individual or entity the authority or right to sell, transfer, convey, ship, deliver or otherwise provide Li-Max Energy Equipment, nor any Derivative Energy Equipment, except as may otherwise be provided herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.3 <u>Marketing and Advertising</u>. Throughout the Term of this Agreement, Li-Max authorizes Solarmax to utilize its and Li-Max Energy Equipment&#8217;s name, trademarks, images, branding images and copy, and (collectively, <b>&#8220;Branding&#8221;</b>) in the marketing, advertising, promotion, labeling, packaging, sale, and distribution of Flex Energy Storage Systems and/or any other activities involving Li-Max Energy Systems.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.4 <u>No Agency Relationship</u>. Notwithstanding the terms of Section 2.3, above, this Agreement does not establish either party hereto as the agent or legal representative of the other, for any purpose whatsoever. Neither party to this Agreement is granted any right or authority to assume or to create any obligation or responsibility, express or implied, on behalf of or in the name of the other, and neither party shall represent itself to be the agent or legal representative of the other.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">2.5 <u>Enforcement Authority</u>. The parties acknowledge and agree that a breach by Li-Max of the obligations under Sections 2.1 and 2.2 above may be enforced by Solarmax by way of a legal action for injunctive relief or such other relief as may be necessary to compel a cessation of the breach or other available remedy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak147a841e-7c34-42d9-a702-f1087b347647" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 3. Distribution Terms</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">3.1 <u>Resale Rights and Incorporation in Flex Energy Storage Systems</u>. Li-Max authorizes Solarmax to resell, transfer, and otherwise distribute Li-Max Energy Equipment purchased by Solarmax to any individual or entity, at prices determined by Solarmax in its sole and absolute discretion; and Li-Max agrees not to interfere with Solarmax&#8217;s resale, transfer or distribution of Li-Max Energy Equipment, nor influence Solarmax&#8217;s pricing therefor. The authorization herein includes Solarmax&#8217;s right to: (i) incorporate Li-Max Energy Systems as components of and/or within Flex Energy Storage Systems; (ii) incorporate Li-Max Energy Systems on projects developed by Solarmax; (iii) sell Li-Max Energy Systems independent of other systems; (iv) incorporate Li-Max Energy Systems in any other system(s) which Solarmax may develop and/or market to its customers no or in the future; and (v) enter into sub-distribution agreements with other individuals and/or entities providing for the same.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">3.2 <u>Initial Purchase Commitment</u>. Solarmax estimates that it will purchase and sell to its customers a minimum of three hundred seventy-five (375) Li-Max Energy System units within the first six (6) months of the Term of this Agreement. If, by the conclusion of said 6-month period, Solarmax has not purchased at least sixty percent (60%) of said minimum number of Li-Max Energy System units, then Li-Max shall have the right to give Solarmax notice thereof (<b>&#8220;Notice of Deficient Purchase&#8221;</b>), the receipt of which shall obligate Solarmax to purchase, within sixty (60) days, an additional number of Li-Max Energy System units sufficient to meet the 60% threshold. If, by the conclusion of said 60-day period, Solarmax has not purchased an additional number of Li-Max Energy System units sufficient to meet the 60% threshold, then Li-Max shall have the right, but not the obligation, to terminate this Agreement. Notice of such termination must be given within ten (10) days of the conclusion of said 60-day period, and shall be effective thirty (30) days from the date such notice is delivered to Solarmax. Failure to adhere to the foregoing terms for termination shall constitute a waiver of Li-Max&#8217;s termination rights under this Section. To the extent Solarmax&#8217;s purchases meet or exceed the 60% threshold, or to the extent Solarmax timely purchases a sufficient number of additional Li-Max Energy System units following receipt of a Notice of Deficient Purchase, Li-Max shall have no right to terminate this Agreement under this Section.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 4. Pricing and Fulfillment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.1 <u>Pricing</u>. Li-Max agrees to charge Solarmax, and Solarmax agrees to pay Li-Max, those per-unit prices for Li-Max Equipment as stated on the Price List attached hereto as ATTACHMENT B (the <b>&#8220;Base Price&#8221;</b>), subject to adjustments as provided herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.2 <u>Other Price Adjustment</u>. Any change in the Base Price shall be subject to separate negotiated- agreement between Li-Max and Solarmax. Any such agreed-upon change in the Base Price shall be stated in writing signed by both parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.3 <u>Purchase Procedures</u>. Solarmax may place orders for Li-Max Energy Equipment by any customary means agreed-to by the parties, and agrees to provide all forms, materials and information which Li-Max reasonably requires for such orders. Upon receipt of an order, Li-Max shall commence to promptly Fulfill the order in conformance with the terms of Section 4.4, below. The parties shall use those documents and instruments which are standard within the industry in the purchase and delivery of Li-Max Energy Equipment (including standard purchase orders, bills of lading, invoices, and similar instruments; collectively, <b>&#8220;Purchase Instruments&#8221;</b>).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.4 <u>Li-Max Fulfillment Obligations</u>. Li-Max agrees to fulfill all orders placed by Solarmax as soon as reasonably practical, but in no event shall fulfillment take more than sixty (60) days from receipt of an order. In the event an order is not Fulfilled within said 60-day period, Solarmax shall be entitled to a price adjustment on the order of one percent (1.0%) per day, not to exceed a maximum price adjustment of five percent (5.0%) of the full price due. As used herein, <b>&#8220;Fulfillment&#8221;</b>, <b>&#8220;Fulfilled&#8221; </b>and <b>&#8220;Fulfill&#8221; </b>refer to the delivery of Li-Max Energy Equipment units to Solarmax at its warehouse located at 3080 Twelfth Street in the City of Riverside, California, U.S.A., and acceptance thereof by Solarmax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.5 <u>Payment</u>. Unless stated otherwise in the applicable Purchase Instrument agreed-to by the parties, Solarmax shall submit payment for each order within thirty (30) days of Fulfillment. Payment shall be made by wire transfer or other reasonable means as may be agreed-to by the parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4f3c9b28-397b-44e0-b39b-4b1c8a4732ab" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4.6 <u>Title to Li-Max Energy Equipment and Risk of Loss</u>. Unless stated otherwise in the applicable Purchase Instrument agreed-to by the parties, title to Li-Max Energy Equipment ordered by Solarmax shall remain vested in Li-Max until such order is Fulfilled, and Li-Max shall bear the risk of loss until Fulfillment has occurred. Unless stated otherwise in the applicable Purchase Instrument agreed-to by the parties, title to Li-Max Energy Equipment shall pass to Solarmax upon Fulfillment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 5. Term; Termination of Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">5.1 <u>Term</u>. The Term of this Agreement shall commence on June 9, 2016 and shall continue for a period of five (5) years unless terminated earlier according to the terms herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">5.2 <u>Termination for Non-Payment</u>. Li-Max shall have the right, but not the obligation, to terminate this Agreement in the event Solarmax fails or refuses to submit payment in conformance with the terms under Article 4, above. Notice of such termination must be given within ten (10) days of the date that payment was due, receipt of which shall entitle Solarmax to cure by submitting payment, plus a late fee of three percent (3.0%) of the payment amount, to Li-Max within five (5) days. Any such cure shall render the notice of termination void and forego the termination. Failure to adhere to the foregoing terms for termination shall constitute a waiver of Li-Max&#8217;s termination rights under this Section. To the extent Solarmax makes timely payments in conformance with the Terms under Article 4, above, or timely cures any non-payment as provided herein, Li-Max shall have no right to terminate this Agreement under this Section.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">5.3 <u>Other Termination</u>. Except as provided otherwise herein, no party may terminate this Agreement prior to expiration of the Term unless the other is in material breach of a provision herein, and such material breach has not been cured within a reasonable period of time following receipt of a demand to cure by the non-breaching party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">5.4 <u>Effect of Termination</u>. Upon expiration of the Term or any earlier termination, all rights and duties of the parties hereunder shall void and neither party shall have any obligation to the other hereunder, save those provided at Article 6, below, which shall survive termination and remain binding for the period stated therein, irrespective of termination. This Section 5.4 shall not be construed to waive or limit the rights which a party hereunder may have against the other for breach or other cause, regardless of any early termination or any natural expiration of the Term.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 6. Warranty and Indemnification</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">6.1 <u>Warranty</u>. Li-Max warrants that: (i) all Li-Max Energy Equipment delivered to Solarmax shall be free and clear of all liens and encumbrances; (ii) all Li-Max Energy Equipment shall be free from defects in material or workmanship under normal use and service for a period of ten (10) years from the date of Fulfillment; and (iii) all Li-Max Energy Equipment shall be subject to a further warranty which shall extend to the customers of Solarmax and/or any other individual or entity which purchases or otherwise comes to acquire Li-Max Energy Equipment from Solarmax, according to the Customer Warranty provided at ATTACHMENT C hereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak063951b4-127b-46f9-beb6-113fffab0c54" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">6.2 <u>Indemnification</u>. In addition to any other terms for indemnification and/or warranty provided herein, Li-Max and each of its Related Entity(ies)&#8217;s, and their predecessors in interest, successors in interest, assignees, transferees (collectively, the <b>&#8220;Indemnifying Parties&#8221;</b>), shall jointly and severally defend, indemnify and hold harmless Solarmax, and their respective shareholders, officers, directors, partners, distributors, attorneys, agents, volunteers, and employees (collectively, the <b>&#8220;Indemnified Parties&#8221;</b>), from any and all claims arising from and/or relating to Li-Max Energy Equipment and/or Derivative Energy Equipment (including costs, expenses and reasonable attorney fees).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 7. General Provisions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.1 <u>Assignment</u>. Neither party hereto may transfer or assign its interests in this Agreement to any third party without the express prior written consent of the other, which consent shall not be unreasonably withheld.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.2 <u>Binding Upon Successors</u>. Notwithstanding the terms of Section 7.1, above, each party intends that this Agreement shall bind its successors, assigns, and all other entities and/or individuals which may succeed to such party&#8217;s rights and/or interests hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.3 <u>Governing Law</u>. This Agreement shall be governed by the laws of the State of California and venue for all disputed matters shall be the state and federal courts, or in an arbitration forum, located in Los Angeles county, State of California without regard for choice of law or conflict of law provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.4 <u>Severability</u>. If any provision herein is determined by a court of law, arbitration forum or other binding legal authority to be invalid, in whole or in part, such determination shall not affect the validity or enforceability of any other provision hereof. Any waiver of any term of this Agreement in a particular instance shall not be a waiver of such term for the future.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5 <u>Attorney Fees</u>. Except as provided otherwise at Section 7.6, below, in the event litigation, arbitration or other legal proceeding(s) commence between the parties hereunder, the prevailing party in such litigation or legal proceeding(s) shall be entitled to recover from the other any and all reasonable attorney fees and costs incurred in connection therewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6 <u>Mediation</u>. In the event a dispute or claim arises between the parties out of this Agreement, before resorting to any arbitration or other legal action, the parties agree to mediate such dispute or claim within a reasonable period of time after the dispute or claim arises. Such mediation shall occur before a mediator selected by agreement of the parties, the cost for which shall be shared equally by the parties. Any party which commences a legal action or arbitration without first attempting to resolve the dispute or claim by mediation, or which otherwise refuses to participate in any such mediation, shall waive any and all rights which it may otherwise have to recover attorney fees by such dispute or claim under Section 7.5, above. Notwithstanding the foregoing, a legal action and/or arbitration undertaken pursuant to Section 2.5, above, need not be first submitted for mediation, Solarmax shall have the right to commence such legal action and/or arbitration without regard to the provisions of this Section 7.6, and the terms of this Section 7.6 shall not apply to any such legal action and/or arbitration.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.7 <u>Arbitration</u>. The parties hereto agree that any dispute or claim arising between them out of this Agreement or any resulting transaction, which is not settled pursuant to Section 7.6, above, shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The arbitrator in such proceeding must apply applicable statutes of limitations and claims of privilege recognized at law, and applicable substantive law consistent with the Federal Arbitration Act. The arbitrator is authorized to award all remedies permitted by the substantive law that would apply if the action were pending in court, and shall award attorney fees in conformance with the provisions of Sections 7.5 and 7.6, above. Notwithstanding the foregoing, a dispute or claim arising under Section 2.5, above, need not be subject to the arbitration requirements of this Section 7.7, but instead may, at Solarmax&#8217;s sole discretion, be commenced and prosecuted to completion by way of legal action in Superior Court or Federal Court, in which case the terms of this Section 7.7 shall not apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7b3c7856-c307-41c9-8e7b-326c718fa711" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">7.8 <u>Entire Agreement</u>. The entire agreement between Li-Max and Solarmax covering Li-Max Energy Equipment and Derivative Energy Equipment is set forth herein and any amendment or modification of this Agreement must be in writing. The provisions of this Agreement are severable, and if any one or more such provisions are determined to be illegal or otherwise unenforceable, in whole or in part, under the laws of any jurisdiction, the remaining provisions or portions hereof shall, nevertheless, be binding on and enforceable by and between the parties hereto. Any provisions, terms or conditions of Purchase Instruments which contradict this Agreement, except those additional provisions specifying quantity and shipping instructions, shall be void.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.9. <u>Signatures and Counterparts</u>: This Agreement may be executed in multiple counterparts and by signature communicated via fax, PDF, or other electronic form, all of which together shall constitute one and the same Agreement, provided that each party delivers to the other at least one counterpart of this Agreement signed by that party.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Each individual signing this document on behalf of a party hereby acknowledges and represents that: (i) he/she has read the foregoing terms of this Agreement; (ii) he/she is authorized to sign this Agreement on behalf of such party; (iii) he/she understands this Agreement, and all terms herein; and (iv) he/she signs this Agreement voluntarily as of his/her own free act and deed. No oral representations, statements, or inducements, apart from the foregoing terms have been made.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">IN WITNESS WHEREOF, the parties to this Agreement have caused this Master Distribution Agreement to be executed by their duly authorized representatives as of the day and year first set forth above.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Li-Max Technology, Inc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px">David Yang </p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="35%"> <p style="MARGIN: 0px"><em>/s/ David Yang </em></p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">July 29, 2016</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Printed/Typed Name</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">President</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">Signature</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">Date</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Solarmax Technology, Inc.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="bottom"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">Sandee Messel </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Sandee Messel </em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">7/29/2016 </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Printed/Typed Name</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">VP Marketing</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">Signature</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">Date</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title </p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Signed agreement is subject to the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">1. SolarMax agrees to pay 40% Down and </p> <p style="MARGIN: 0px">2. Pay the balance within 30 day of receipt of goods</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">David Hsu agreed via text 7/29/2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka40a1063-2f8e-493d-b55b-0754ebe3d690" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">ATTACHMENT A</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Li-Max Energy Equipment Product List and Specifications</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">(<i>to be attached</i>)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">BMT - CN200R</p> <p style="MARGIN: 0px">BMT - ES500R</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7e8a0ee8-a7db-44e8-b78f-e3f7cc653c3e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">ATTACHMENT B</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Li-Max Equipment as stated on the Price List</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">(<i>to be attached</i>)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9e23310c-9ffc-4bd3-8065-2b3da79f9ba2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">ATTACHMENT C</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Li-Max Energy Equipment Customer Warranty</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">(<i>to be attached</i>)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2ce4ece7-77b8-4fcb-9651-d5c35fd27cf2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="4">LI-MAX TECHNOLOGY INC. LIMITED </font></b></p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="4">PRODUCT WARRANTY</font></b></p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"></b>&nbsp;</p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3">Guaranteed Product Part Number:</font></b></p> <p style="MARGIN: 0px"><b><font size="3">Energy Storage BMT-ES5000R &amp; Inverter Charger BMT-CU2000R</font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="3"><b>Shipped Serial Number: Energy Storage</b>/ ___________________</font></p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inverter Charger/&nbsp;__________________&nbsp;Buyer: </font></b></p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3">_______________________________________________________ Location: </font></b></p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3">_______________________________________________________&nbsp;ZIP CODE: </font></b></p> <p style="MARGIN: 0px">____________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="3"><b>Date to Install:___</b>/___/___</font></p> <p style="MARGIN: 0px"><font size="3"><b>Warranty </b><b>Start Date </b>(mm/dd/yy):___/___/___</font></p> <p style="MARGIN: 0px 0px 0px 75px"><font size="3"><b>End Date </b>(mm/dd/yy) :___/___/___</font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">I.</td> <td valign="top">LIMITED WARRANTY</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">LI-MAX TECHNOLOGY INC. (&#8220;Li-Max&#8221;) warrants that for a period of 10 years beginning on the date of installation (the &#8220;Warranty Period&#8221;), the Li-Max products identified above (&#8220;Energy Product&#8221;) shall be free from defects in materials and workmanship under normal application, installation, use and service conditions. Additionally, Li-Max warrants that, throughout the Warranty Period, the power output of the Energy Product will be at least 60% of Total Battery Power Capacity.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the Energy Product fails to conform to this Limited Product Warranty, and provided that any such failure is determined by Li-Max (in its sole discretion) not to have resulted from one of the excluded events set forth in Section III below, then for the Warranty Period, Li-Max will, at its discretion, repair, replace (new or refurbished, in Li-Max&#8217;s sole discretion) the defective Energy Products as set forth herein. This Limited Warranty for any repaired or replaced Energy Product shall not extend beyond the Warranty Period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">II.</td> <td valign="top">GENERAL CONDITIONS FOR WARRANTY CLAIMS</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top">Warranty claims must in all events be filed within the Warranty Period.</td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top">Warranty claims may only be made by (i) the original end customer, as named in the certificate of guarantee or invoice, as applicable, or (ii) any subsequent title holder of the Energy Products upon satisfactory proof of succession or transfer from the original end customer as named in the certificate of guarantee or invoice, as applicable</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4141beb5-c88c-414d-95c2-b522e6e1e632" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">III.</td> <td valign="top">EXCLUSIONS AND LIMITATIONS</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Limited Warranty does not apply to any of the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. Energy Products subjected to: misuse, abuse, neglect or accident; alteration, improper installation, application or removal (including but not limited to installation, application or removal by any party other than Li-Max or Li-Max&#8217;s authorized distributor); improper siting or installation at an improper location; non-observance of the distributor&#8217;s installation instructions and/or the applicable instructions of users and/or maintenance instructions; non-compliance with national and local electric codes; repair or modifications by someone other than an authorized technician; conditions exceeding the voltage, current and other load specifications; power failure surges, lightning, flood, or fire; damage from persons, insects, animals, or industrial chemical exposure; component and/or surface area breakage from impact or other events outside Li-Max&#8217;s control.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2. Energy Products which are not maintained or used in compliance with user manuals, specifications, safety regulations, or the instructions of an authorized Li-Max technician.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3. Conditions arising from the non-observance of instructions requiring periodic charging and/or discharging of the Energy Product, and/or the occurrence of conditions exceeding the Energy Product&#8217;s specified voltage.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4. Cosmetic affects stemming from normal wear and tear of Energy Product materials or other cosmetic variations which do not cause power output below 60% of Total Battery Power Capacity guaranteed by the Limited Warranty.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5. Energy Products for which the labels containing product type or serial number have been altered, removed or made illegible. Energy Products are altered, modified, repaired and installed with no express consent of Authorized Technician or Installer.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6. This Limited Warranty applies to the original purchaser of the Energy Product and is nontransferable without written consent.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7. This warranty covers Energy Products situated only in the United States of America. Li-Max, at its option, may require proof of purchase consisting of a copy of the original invoice.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8. Force majeure: Li-Max shall not be held responsible or liable to the customer or any third-party arising out of any non-performance or delay in performance of any terms and conditions of sale, including this Limited Warranty, due to acts of God, war, riots, strikes, fire, flood or any other cause or circumstance beyond the reasonable control of Li-Max.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak32bb3305-5c56-4f5e-93d6-b785bc36ae84" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">IV.</td> <td valign="top">LIMITATION OF WARRANTY SCOPE</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">SUBJECT TO THE LIMITATIONS UNDER APPLICABLE LAW, THE LIMITED WARRANTY SET FORTH HEREIN IS EXPRESSLY IN LIEU OF AND EXCLUDE ALL OTHER EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR PARTICULAR PURPOSE, USE, OR APPLICATION, AND ALL OTHER OBLIGATIONS OR LIABILITIES ON THE PART OF LI-MAX, UNLESS SUCH OTHER WARRANTIES, OBLIGATIONS OR LIABILITIES ARE EXPRESSLY AGREED TO IN WRITING, SIGNED AND APPROVED BY LI-MAX. LI-MAX SHALL HAVE NO RESPONSIBILITY OR LIABILITY WHATSOEVER FOR DAMAGE OR INJURY TO PERSONS OR PROPERTY OR FOR OTHER LOSS OR INJURY RESULTING FROM ANY CAUSE WHATSOEVER ARISING OUT OF OR RELATED TO THE ENERGY PRODUCTS, INCLUDING, WITHOUT LIMITATION, ANY DEFECTS IN THE ENERGY PRODUCT, OR FROM USE OR INSTALLATION. UNDER NO CIRCUMSTANCES SHALL LI-MAX BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWSOEVER CAUSED. LOSS OF USE, LOSS OF PROFITS, LOSS OF PRODUCTION, LOSS OF REVENUES ARE THEREFORE SPECIFICALLY BUT WITHOUT LIMITATION EXCLUDED. LI-MAX&#8217;S AGGREGATE LIABILITY, IF ANY, IN DAMAGES OR OTHERWISE, SHALL NOT EXCEED THE PURCHASE PRICE PAID TO LI-MAX BY THE CUSTOMER, FOR THE UNIT OF PRODUCT OR SERVICE FURNISHED OR TO BE FURNISHED, AS THE CASE MAY BE, WHICH GAVE RISE TO THE WARRANTY CLAIM. SOME JURISDICTIONS DO NOT ALLOW LIMITATIONS ON IMPLIED WARRANTIES OR THE EXCLUSION OF DAMAGES SO THE ABOVE LIMITATIONS OR EXCLUSIONS MAY NOT APPLY TO YOU.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">IF ANY PROVISION OF THIS LIMITED WARRANTY IS HELD UNENFORCEABLE OR ILLEGAL BY A COURT OR OTHER BODY OF COMPETENT JURISDICTION, SUCH PROVISIONS SHALL BE MODIFIED TO THE MINIMUM EXTENT REQUIRED SUCH THAT THE REST OF THIS LIMITED WARRANTY WILL CONTINUE IN FULL FORCE AND EFFECT.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">V.</td> <td valign="top">OBTAINING WARRANTY PERFORMANCE</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If you feel you have a justified claim covered by this Limited Warranty, immediately notify Li-Max directly or contact its authorized distributor at 951.300.0788. Li-Max will give advice on handling the claim, which shall include, without exception, invoice, evidence of the date of delivery of the Energy Product, serial number and product number of components, and evidence of claim. The return of any Energy Product will not be accepted unless prior written authorization has been given by Li-Max. Li-Max will accept and process a claim if Li-Max determines that the returned Energy Product is not subject to the Exclusions and Limitations stated above. Upon acceptance of a claim, Li-Max may, at its discretion, determine the scope of the required remedy, including but not limited to the repair method, required materials, necessity for refurbishment, and necessity for replacement.</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">12</p> <div align="center"> <p style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN: 0px">&nbsp;</p></div></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>17
<FILENAME>solarmax_ex1011.htm
<DESCRIPTION>EX-10.11
<TEXT>
<html><head><title>solarmax_ex1011.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.11</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>LOAN AGREEMENT</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS <b>LOAN AGREEMENT</b> (&#8220;Agreement&#8221;) is entered into as of the 26<sup>th</sup> day of August, 2014, by and between <b>Solarmax LED, Inc</b>., a California corporation, (&#8220;Borrower&#8221;) and <b>Clean Energy Funding II, LP</b>, a limited partnership organized in California, (&#8220;Lender&#8221;), with reference to the following facts: </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Borrower is a provider of LED system for commercial and residential customers. Lender is to provide a loan up to $13 million to Borrower. The loan proceeds will be used by Borrower to finance the purchase of LED equipment, engineering and installation costs, as well as marketing, advertising and other expenses related to residential and commercial LED system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b>NOW, THEREFORE,</b> in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 1 <br>AMOUNTS AND TERMS OF THE LOAN</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 1.1. </b>The Loan. Lender agrees, on the terms and conditions hereinafter set forth, to make a loan (&#8220;Loan&#8221;) to the Borrower in an amount not to exceed Thirteen Million Dollars ($13,000,000.00) (&#8220;Maximum Loan Amount&#8221;). </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 1.2. </b>Advances<b>.</b> From and after the date hereof, Lender shall advance proceeds of the Loan in increments of (each an &#8220;Advance&#8221;), at such times as Lender shall determine in its sole and absolute discretion. At such time as Lender desires to make an Advance, Lender shall give Borrower 3 business days prior written notice of the making of an Advance (an &#8220;Advance Notice&#8221;), which Advance Notice shall include the amount of the Advance and the date upon which the Advance will be made (&#8220;Advance Date&#8221;). A business day means any day other than Saturday, Sunday or a public or bank holiday in Los Angeles, California.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 1.3. </b>Interest and Repayment. Interest on the aggregate disbursed, but unpaid, principal amount of the Loan shall accrue at the rate of 3% per annum from each Advance Date, and shall be paid on a quarterly basis beginning the end of the quarter following the quarter in which the first Advance is made . Principal shall be due and payable 48 months from the last Advance Date. The Lender agrees and reserves the right to extend the term of the Loan as may be necessary to meet applicable USCIS immigrant investor visa requirements. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 1.4. </b>Mandatory Uses of Proceeds. Borrower agrees that the proceeds of the Loan shall only be used by Borrower to finance the purchase of LED equipment, engineering and installation costs, as well as marketing, advertising and other expenses related to residential and commercial LED system.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 1.5. </b>Loan Payments Unconditional. Borrower&#8217;s obligations to make all payments hereunder and to perform and observe all of the covenants and agreements contained herein shall be absolute and unconditional in all events, without abatement, diminution, deduction, setoff or defense for any reason. Notwithstanding any dispute between Borrower and Lender, or any other person, Borrower shall make all payments when due and shall not withhold any payments pending final resolution of such dispute, nor shall Borrower assert any right of setoff or counterclaim against its obligation to make such payments required under this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc9b5c1f2-2475-49bf-b3fc-9b58ef5dded8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 2 <br>SECURITY INTEREST </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 2.1. </b>Grant of Security. As a security for the payment and performance of all debts, liabilities and obligations of Borrower due to Lender pursuant to or in connection with this Agreement, Borrower hereby grants to Lender a security interest (the &#8220;Security Interest&#8221;) in all of their right, title and interest in and to the following, in each case whether now owned or existing or hereafter acquired or arising and however and wherever arising or located (collectively, &#8220;Collateral&#8221;): </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) ACCOUNTS: All present and future accounts, accounts receivable and other rights of Borrower to payment for the sale and installation of LED systems or the rendition of services, including without limitation all Borrower&#8217;s sales and installation contracts with its commercial and residential customers for of LED systems provided by Borrower (collectively, &#8220;LED Contracts&#8221;) whether now existing or hereafter arising and wherever arising, and whether or not they have been earned by performance, including, without limitation, accounts arising under any contracts (collectively, &#8220;Accounts&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) INVENTORY: All of Borrower&#8217;s present and future (i) inventory, (ii) goods, merchandise and other personal property furnished or to be furnished under any contract of service or intended for sale or finance, and all goods consigned by such Borrower and all other items which have previously constituted Equipment but are then currently being held for sale or finance in the ordinary course of Borrower&#8217;s business, (iii) raw materials, work-in-process and finished goods, (iv) materials, components and supplies of any kind, nature or description used or consumed in Borrower&#8217;s business or in connection with the manufacture, production, packing, shipping, advertising, finishing or sale of any of the Property described in clauses (i) through (iii) above (collectively, &#8220;Inventory&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 2.2. </b>Enforcement. In the Event of Default, Lender may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the Uniform Commercial Code in effect in the State of California or any other relevant jurisdiction at that time (the &#8220;Uniform Commercial Code&#8221;) (whether or not the Uniform Commercial Code applies to the affected Collateral).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 3 <br>REPRESENTATIONS AND WARRANTIES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 3.1. </b>Representations and Warranties of the Borrower. The Borrower represents and warrants as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(a) Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of California,</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4b4d73d2-7095-4dce-b2cf-a78f806a3db3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(b) The execution, delivery and performance of this Agreement do not contravene any law or any contractual restriction binding on or affecting Borrower.</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(c) This Agreement is, when delivered hereunder will be, legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms.</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(d) There is no action, suit, proceeding, claim, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, public board or body pending or, to the best of Borrower&#8217;s knowledge, threatened against or affecting Borrower.</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(e) Borrower will (a) comply with the requirements of applicable laws and regulations, the noncompliance with which could reasonably be expected to cause a material adverse effect on its financial condition, operations, business or prospects and (b) use and keep the Collateral, and will require that others use and keep the Collateral, only for lawful purposes, without violation of any federal, state or local law, statute or ordinance. Borrower shall secure all permits and licenses, if any, necessary for the installation and operation of the Collateral.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 4 <br>AFFIRMATIVE COVENANTS OF BORROWER</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">So long as the Loan shall remain unpaid, Borrower will comply with the following requirements:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 4.1. </b>Sale of Assets<i>.</i> Borrower will not, without Lender&#8217;s consent, sell, lease (except in the ordinary course of business), assign, transfer or otherwise dispose of all or a substantial part of its assets or of any of the Collateral or any interest therein (whether in one transaction or in a series of transactions).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 4.2. </b>Consolidation and Merger<i>.</i> Borrower will not without Lender&#8217;s consent consolidate with or merge into any person, or permit any other person to merge into it or acquire (in a transaction analogous in purpose or effect to a consolidation or merger) all or substantially all of the assets of any other person.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 5 <br>EVENTS OF DEFAULT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 5.1. </b>Events of Default. If any of the following events (&#8220;Events of Default&#8221;) shall occur and be continuing:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(a) Borrower shall fail to pay any principal, or interest, or any other sums due; or</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">(b) Borrower shall fail to perform or observe any term, covenant or agreement contained in this Agreement on the Borrower&#8217;s part to be performed or observed (other than the payment of principal, interest or other monies), if such failure shall remain unremedied for ten (10) days after written notice thereof shall have been given to Borrower by Lender then, and in any such event, Lender may, by notice to Borrower, declare all interest and all other amounts payable under this Agreement to be due and payable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakff67dd50-008e-453a-bdcd-3be1aa196f24" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 6 <br>MISCELLANEOUS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.1. </b>Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by Lender and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.2. </b>Notices, Etc. All notices and other communications provided for hereunder shall be in writing and mailed or delivered as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"></td> <td valign="top" width="15%"> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">If to Borrower:</p></td> <td valign="top"> <p style="MARGIN: 0px">Solarmax LED, Inc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">3080 12th Street </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Riverside, CA 92507 </p></td></tr> <tr height="15"> <td></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td></td> <td valign="top"> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">If to the Lender:</p></td> <td valign="top"> <p style="MARGIN: 0px">Clean Energy Funding II, LP</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">c/o Inland Empire Renewable Energy Regional Center, LLC</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">3230 Fallow Field Drive </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Diamond Bar, CA 91765</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">or, as to each party, at such other address as shall be designated by such party in a written notice to the other party complying with the terms of this section. All such notices and communications shall, when mailed, be effective when deposited in the mails addressed as aforesaid.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.3. </b>No Waiver; Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.4. </b>Costs, Expenses. Borrower agrees to pay all costs and expenses, if any (including reasonable counsel fees and expenses), in connection with the enforcement of this Agreement, and any other documents to be delivered under this Agreement (or in connection herewith), whether or not suit is filed in connection therewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak195db0ea-812a-4f14-81be-1b1427b3316e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.5. </b>Acknowledgment of Waivers. <b>BORROWER ACKNOWLEDGES THAT THIS AGREEMENT WAIVERS OF CERTAIN RIGHTS AND DEFENSES THAT BORROWER WOULD OTHERWISE HAVE UNDER APPLICABLE LAW. BORROWER WARRANTS AND AGREES THAT EACH OF THE WAIVERS AND CONSENTS SET FORTH HEREIN AND THEREIN ARE MADE AFTER CONSULTATION WITH LEGAL COUNSEL AND WITH FULL KNOWLEDGE OF THEIR SIGNIFICANCE AND CONSEQUENCES, WITH THE UNDERSTANDING THAT EVENTS GIVING RISE TO ANY DEFENSE OR RIGHT WAIVED MAY DIMINISH, DESTROY OR OTHERWISE ADVERSELY AFFECT RIGHTS WHICH BORROWER OTHERWISE MAY HAVE AGAINST LENDER OR OTHERS, OR AGAINST ANY PROPERTY, AND THAT, UNDER THE CIRCUMSTANCES, THE WAIVERS AND CONSENTS HEREIN AND THEREIN GIVEN ARE REASONABLE AND NOT CONTRARY TO PUBLIC POLICY OR LAW. IF ANY OF THE WAIVERS OR CONSENTS HEREIN OR THEREIN ARE DETERMINED TO BE UNENFORCEABLE UNDER APPLICABLE LAW, SUCH WAIVERS AND CONSENTS SHALL BE EFFECTIVE TO THE MAXIMUM EXTENT PERMITTED BY LAW</b>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">______________________</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>(initialed)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>Section 6.6. </b>Binding Effect: Governing Law. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender. Lender and Borrower agree that this Agreement shall be governed by, and construed in accordance with, laws of the State of California.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>IN WITNESS WHEREOF</b>, the parties hereto have caused this Agreement to be executed as of the date first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px"><b>&#8220;LENDER&#8221;</b></p></td> <td></td> <td colspan="2"> <p style="MARGIN: 0px"><b>&#8220;BORROWER&#8221;</b></p></td> <td></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px"><b>CLEAN ENERGY FUNDING II, LP </b></p></td> <td></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SOLARMAX LED, INC.</b></p></td> <td></td></tr> <tr height="15"> <td width="5%"></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"></td> <td width="5%"></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"></td></tr> <tr height="15"> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu </em></p></td> <td></td> <td>By: </td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Ching Liu </em></p></td> <td></td></tr> <tr height="15"> <td>Name: </td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td></td> <td>Name: </td> <td> <p style="MARGIN: 0px">Ching Liu</p></td> <td></td></tr> <tr height="15"> <td>Title: </td> <td valign="top"> <p style="MARGIN: 0px">CEO</p></td> <td></td> <td>Title: </td> <td valign="top"> <p style="MARGIN: 0px">President</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp; </p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">5</p> <p style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>18
<FILENAME>solarmax_ex1012.htm
<DESCRIPTION>EX-10.12
<TEXT>
<html><head><title>solarmax_ex1012.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.12</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-DECORATION: underline; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; text-underline: single" align="center"><b>LOAN AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">THIS <b>LOAN AGREEMENT</b> (&#8220;Agreement&#8221;) is entered into as of the 3rd day of January, 2012, by and between <b>Solarmax Renewable Energy Provider, Inc</b>., a California corporation, (&#8220;Borrower&#8221;) and <b>Clean Energy Funding, LP</b>, a limited partnership organized in California, (&#8220;Lender&#8221;), with reference to the following facts: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">Borrower is a provider of solar energy system for commercial and residential customers. Lender is to provide a loan up to $45 million to Borrower. The loan proceeds will be used by Borrower to finance the purchase of solar energy equipment, engineering and installation costs, as well as marketing, advertising and other expenses related to residential and commercial solar energy system.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in"><b>NOW, THEREFORE,</b> in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>ARTICLE 1 <br>AMOUNTS AND TERMS OF THE LOAN</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 1.1. The Loan</b>. Lender agrees, on the terms and conditions hereinafter set forth, to make a loan (&#8220;Loan&#8221;) to the Borrower in an amount not to exceed Forty-Five Million Dollars ($45,000,000.00) (&#8220;Maximum Loan Amount&#8221;). </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 1.2. Advances</b><b>.</b> From and after the date hereof, Lender shall advance proceeds of the Loan in increments of Two Million Five Hundred Thousand Dollars ($2,500,000) (each an &#8220;Advance&#8221;), subject to Lender&#8217;s right to make Advances in lesser amounts in its discretion, at such times as Lender shall determine in its sole and absolute discretion. At such time as Lender desires to make an Advance, Lender shall give Borrower 3 business days prior written notice of the making of an Advance (an &#8220;Advance Notice&#8221;), which Advance Notice shall include the amount of the Advance and the date upon which the Advance will be made (&#8220;Advance Date&#8221;). A business day means any day other than Saturday, Sunday or a public or bank holiday in Los Angeles, California.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 1.3. Interest and Repayment</b>. Interest on the aggregate disbursed, but unpaid, principal amount of the Loan shall accrue at the rate of 3% per annum from each Advance Date, and shall be paid on a quarterly basis beginning the end of the quarter following the quarter in which the first Advance is made . With respect to each Advance, principal shall be due and payable 48 months from the Advance Date. The Lender agrees and reserves the right to extend the term of the Loan as may be necessary to meet applicable USCIS immigrant investor visa requirements. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Section 1.4. Mandatory Uses of Proceeds</b>. Borrower agrees that the proceeds of the Loan shall only be used by Borrower to finance the purchase of solar energy equipment, engineering and installation costs, as well as marketing, advertising and other expenses related to residential and commercial solar energy system.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd85730e4-6d81-442d-9744-8dd943432867" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 1.5. Loan Payments Unconditional</b>. Borrower&#8217;s obligations to make all payments hereunder and to perform and observe all of the covenants and agreements contained herein shall be absolute and unconditional in all events, without abatement, diminution, deduction, setoff or defense for any reason. Notwithstanding any dispute between Borrower and Lender, or any other person, Borrower shall make all payments when due and shall not withhold any payments pending final resolution of such dispute, nor shall Borrower assert any right of setoff or counterclaim against its obligation to make such payments required under this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>ARTICLE 2 <br>SECURITY INTEREST </b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 2.1. Grant of Security</b>. As a security for the payment and performance of all debts, liabilities and obligations of Borrower due to Lender pursuant to or in connection with this Agreement or the Note, Borrower hereby grants to Lender a security interest (the &#8220;Security Interest&#8221;) in all of their right, title and interest in and to the following, in each case whether now owned or existing or hereafter acquired or arising and however and wherever arising or located (collectively, &#8220;Collateral&#8221;): </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in">(a) ACCOUNTS: All present and future accounts, accounts receivable and other rights of Borrower to payment for the sale or lease of goods or the rendition of services, including without limitation all Borrower&#8217;s installment sales contracts with its commercial and residential customers for the sale or lease of solar energy systems provided by Borrower (collectively, &#8220;Solar Energy Contracts&#8221;) whether now existing or hereafter arising and wherever arising, and whether or not they have been earned by performance, including, without limitation, accounts arising under any contracts (collectively, &#8220;Accounts&#8221;);</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in">(b) INVENTORY: All of Borrower&#8217;s present and future (i) inventory, (ii) goods, merchandise and other personal property furnished or to be furnished under any contract of service or intended for sale or lease, and all goods consigned by such Borrower and all other items which have previously constituted Equipment but are then currently being held for sale or lease in the ordinary course of Borrower&#8217;s business, (iii) raw materials, work-in-process and finished goods, (iv) materials, components and supplies of any kind, nature or description used or consumed in Borrower&#8217;s business or in connection with the manufacture, production, packing, shipping, advertising, finishing or sale of any of the Property described in clauses (i) through (iii) above (collectively, &#8220;Inventory&#8221;);</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 2.2. Enforcement</b>. In the Event of Default, Lender may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the Uniform Commercial Code in effect in the State of California or any other relevant jurisdiction at that time (the &#8220;Uniform Commercial Code&#8221;) (whether or not the Uniform Commercial Code applies to the affected Collateral).</p> <p style="MARGIN: 0px"> <table id="pagebreak71b053bf-cace-4010-b7e9-1aaab6b3c63e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>ARTICLE 3 <br>REPRESENTATIONS AND WARRANTIES</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 3.1. Representations and Warranties of the Borrower</b>. The Borrower represents and warrants as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(a) Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of California,</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(b) The execution, delivery and performance of this Agreement do not contravene any law or any contractual restriction binding on or affecting Borrower.</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(c) This Agreement is, when delivered hereunder will be, legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms.</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(d) There is no action, suit, proceeding, claim, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, public board or body pending or, to the best of Borrower&#8217;s knowledge, threatened against or affecting Borrower.</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(e) Borrower will (a) comply with the requirements of applicable laws and regulations, the noncompliance with which could reasonably be expected to cause a material adverse effect on its financial condition, operations, business or prospects and (b) use and keep the Collateral, and will require that others use and keep the Collateral, only for lawful purposes, without violation of any federal, state or local law, statute or ordinance. Borrower shall secure all permits and licenses, if any, necessary for the installation and operation of the Collateral.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>ARTICLE 4 <br>AFFIRMATIVE COVENANTS OF BORROWER</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in">So long as the Loan shall remain unpaid, Borrower will comply with the following requirements:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 4.1. Sale of Assets</b><i>.</i> Borrower will not, without Lender&#8217;s consent, sell, lease (except in the ordinary course of business), assign, transfer or otherwise dispose of all or a substantial part of its assets or of any of the Collateral or any interest therein (whether in one transaction or in a series of transactions).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Section 4.2. Consolidation and Merger</b><i>.</i> Borrower will not without Lender&#8217;s consent consolidate with or merge into any person, or permit any other person to merge into it or acquire (in a transaction analogous in purpose or effect to a consolidation or merger) all or substantially all of the assets of any other person.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfaadd90d-bd97-4bbb-9760-6c98996447e5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 5 <br>EVENTS OF DEFAULT</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 5.1. Events of Default</b>. If any of the following events (&#8220;Events of Default&#8221;) shall occur and be continuing:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(a) Borrower shall fail to pay any principal, or interest, or any other sums due; or</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px; TEXT-INDENT: 30px">(b) Borrower shall fail to perform or observe any term, covenant or agreement contained in this Agreement on the Borrower&#8217;s part to be performed or observed (other than the payment of principal, interest or other monies), if such failure shall remain unremedied for ten (10) days after written notice thereof shall have been given to Borrower by Lender</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">then, and in any such event, Lender may, by notice to Borrower, declare all interest and all other amounts payable under this Agreement to be due and payable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in" align="center"><b>ARTICLE 6 <br>MISCELLANEOUS</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 6.1. Amendments, Etc</b>. No amendment or waiver of any provision of this Agreement, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by Lender and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 6.2. Notices, Etc</b>. All notices and other communications provided for hereunder shall be in writing and mailed or delivered as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr height="15"> <td valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If to Borrower:</p></td> <td valign="top" width="50%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Renewable Energy Provider, Inc.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">17011 Green Drive </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">City of Industry, CA 91745 </p></td></tr> <tr height="15"> <td valign="top" width="18%"></td> <td valign="top" width="50%"></td></tr> <tr height="15"> <td valign="top" width="18%"> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If to the Lender:</p></td> <td valign="top" width="50%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Clean Energy Funding, LP</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">c/o Inland Empire Renewable Energy Regional Center LLC</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">17700 Castleton Street # 488 </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">City of Industry, CA 91748</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">or, as to each party, at such other address as shall be designated by such party in a written notice to the other party complying with the terms of this section. All such notices and communications shall, when mailed, be effective when deposited in the mails addressed as aforesaid.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Section 6.3. No Waiver; Remedies</b>. No failure on the part of Lender to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak335fdc88-a77d-4d12-9bdc-9ec53badf95e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 6.4. Costs, Expenses</b>. Borrower agrees to pay all costs and expenses, if any (including reasonable counsel fees and expenses), in connection with the enforcement of this Agreement, and any other documents to be delivered under this Agreement (or in connection herewith), whether or not suit is filed in connection therewith.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 6.5. Acknowledgment of Waivers</b>. <b>BORROWER ACKNOWLEDGES THAT THIS AGREEMENT AND THE NOTE CONTAIN WAIVERS OF CERTAIN RIGHTS AND DEFENSES THAT BORROWER WOULD OTHERWISE HAVE UNDER APPLICABLE LAW. BORROWER WARRANTS AND AGREES THAT EACH OF THE WAIVERS AND CONSENTS SET FORTH HEREIN AND THEREIN ARE MADE AFTER CONSULTATION WITH LEGAL COUNSEL AND WITH FULL KNOWLEDGE OF THEIR SIGNIFICANCE AND CONSEQUENCES, WITH THE UNDERSTANDING THAT EVENTS GIVING RISE TO ANY DEFENSE OR RIGHT WAIVED MAY DIMINISH, DESTROY OR OTHERWISE ADVERSELY AFFECT RIGHTS WHICH BORROWER OTHERWISE MAY HAVE AGAINST LENDER OR OTHERS, OR AGAINST ANY PROPERTY, AND THAT, UNDER THE CIRCUMSTANCES, THE WAIVERS AND CONSENTS HEREIN AND THEREIN GIVEN ARE REASONABLE AND NOT CONTRARY TO PUBLIC POLICY OR LAW. IF ANY OF THE WAIVERS OR CONSENTS HEREIN OR THEREIN ARE DETERMINED TO BE UNENFORCEABLE UNDER APPLICABLE LAW, SUCH WAIVERS AND CONSENTS SHALL BE EFFECTIVE TO THE MAXIMUM EXTENT PERMITTED BY LAW</b>.</p> <p style="MARGIN: 0px" align="center">________________________</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>(initialed)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Section 6.6. Binding Effect: Governing Law</b>. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender. Lender and Borrower agree that this Agreement shall be governed by, and construed in accordance with, laws of the State of California.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in"><b>IN WITNESS WHEREOF</b>, the parties hereto have caused this Agreement to be executed as of the date first above written.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>&#8220;LENDER&#8221;</b></p></td> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>&#8220;BORROWER&#8221;</b></p></td></tr> <tr height="15"> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0in"><b>CLEAN ENERGY FUNDING, LP </b></p></td> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</b></p></td></tr> <tr height="15"> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">By: /s/ Ching Liu<br>Name: Ching Liu <br>Title: EVP </p></td> <td valign="top" width="40%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">By: /s/ David Hsu <br>Name: David Hsu <br>Title: CEO </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>19
<FILENAME>solarmax_ex1013.htm
<DESCRIPTION>EX-10.13
<TEXT>
<html><head><title>solarmax_ex1013.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.13</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Loan Agreement</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">THIS LOAN AGREEMENT, made 24th of October, 2016, by and between Solarmax Technology, Inc. ("Borrower") and China Everbright Bank ("Lender"). Lender shall lend to Borrower the amount of RMB 38.5million (RMB 38,500,000.00) (the "Loan"). The Loan shall be funded immediately upon the full execution hereof, by wire transfer, certified check, or cash, as determined in the sole discretion of the Borrower. The interest rate on the outstanding and unpaid principal amount of the Loan shall be four percent (3.8%) simple interest, as calculated on an annual basis assuming a 365-day year. The term of the Loan shall be twelve (12) months in length, beginning on 24th of October, 2016, and concluding on 24th of October, 2017, (the "Term").The entire outstanding and unpaid principal amount of the Loan and penalties thereon, shall be due and payable at the end of the Term. Under this contract, the interest shall be settled by quarter, expiry date for interest is at 20<sup>th</sup> of each quarter. As security for the repayment by borrower of the amounts payable under the loan, RMB 40 million (RMB 40,000,000.00) fixed deposit in China Ever bright bank Putuo Branch has been assigned as security and pledges to Lender.</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">DEPOSIT PLEDGE AGREEMENT</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">This Deposit Pledge Agreement is made and entered into as of the 24th of October, 2016, by and between Shanghai Cichang Green Energy Technology Co., Ltd (&#8220;Pledgor&#8221;) and China Everbright Bank (&#8220;Pledgee&#8221;).</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">In consideration of, and as an inducement for Creditor to lend funds to Debtor under the Master Agreement, dated as of 24th of October, 2016, and to secure the payment and performance of all of Debtor&#8217;s obligations under the Master Agreement, Pledgor hereby agrees to pledge with the Pledgee the rights entitled to deposit which the Pledgor has with China Ever bright bank Putuo Branch .The evidence of the rights entitled to deposit is as follows: </p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-JUSTIFY: inter-ideograph" align="justify">Savings deposit certificate, fixed No. <u>30037501</u> deposited amount RMB 40,000,000.00&nbsp;As security for due and proper performance of obligations under Master agreement and for any damage suffered by the Pledgee due to failure to perform obligations by the Pledgor and/or Debtor, the Pledgor hereby covenants not to withdraw any sums from the Rights Entitled to Deposit (except for withdrawal for settlement of debts secured to the Pledgee or discretion by the Pledgee to allow the Pledgor to withdraw). The Pledgor hereby agrees to be liable with the Debtor as joint debtors. The Pledgor also agrees to any extension granted to the Pledgor and/or Debtor whether or not the Pledgor shall be notified and no release from obligations on the part of the Pledgor shall be raised unless and until all obligations shall have been fully settled by the Pledgor and/or Debtor. </p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Upon the termination of the Master agreement and the satisfaction of all of the obligations of Debtor thereunder, this Agreement shall thereupon be without further effect.</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>20
<FILENAME>solarmax_ex1014.htm
<DESCRIPTION>EX-10.14
<TEXT>
<html><head><title>solarmax_ex1014.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.14</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>TABLE OF CONTENTS</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="12%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 1.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Definitions</p></td> <td width="1%"></td> <td width="9%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">2</p></td> <td width="1%"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 2.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Premises</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 3.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Term; Condition of Premises</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 4.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Rental</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 5.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Escalation Rent</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 6.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Use</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 7.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Services</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 8.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Impositions</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">6</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 9.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Alterations</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">7</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 10.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Liens</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">7</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 11.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Repairs</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 12.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Damage or Destruction</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 13.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Subrogation</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 14.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Indemnification</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 15.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Compliance with Legal Requirements</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 16.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Assignment and Subletting</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 17.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Rules</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 18.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Entry by Landlord</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 19.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Events of Default</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">11</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 20.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Termination upon Default</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 21.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Continuation after Default</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 22.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Other Relief</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 23.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Right of Landlord to Cure Defaults</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 24.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Attorney Fees</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 25.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Eminent Domain</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 26.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Subordination</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 27.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">No Merger</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 28.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Sale</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 29.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Estoppel Certificate</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 30.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Light, Air, or View Rights</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 31.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Holding Over</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 32.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Security Deposit</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 33.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Waiver</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 34.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Notices and Consents</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 35.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Entire Agreement</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 36.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Authority</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 37.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Plural and Singular</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 38.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Joint and Several Obligations</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 39.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Time of the Essence</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 40.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Examination of Lease</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 41.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Heirs, Successors, and Assigns</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 42.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Name of Building</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 43.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Illegality or Unenforceability of Portion of Lease</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 44.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Governing Law</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Section 45.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Exhibits</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">15</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak178609a2-c44f-4055-a211-c539ddcea640" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">THIS OFFICE LEASE (this &#8220;Lease&#8221;) dated as of January 1 2017 is entered into between SMX Property, LLC (&#8220;Landlord&#8221;), and SolarMax Technology, Inc. (U.S.A.) (&#8220;Tenant&#8221;).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">RECITALS</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">A. Landlord is the owner of real property (&#8220;Real Property&#8221;) located at 3080 12th Street, Riverside, CA 92507 described in Exhibit A 50,000 Sq Ft of Distribution, 35,731 Sq Ft Office/Admin, and 15,825 Sq Ft of Lobby and Education Space, attached to this Lease and incorporated by reference, and the Building (as later defined) located on it. The Real Property and the Building are collectively the &#8220;Property.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">B. Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord the Premises (as later defined) for the term and subject to the terms, covenants, agreements, and conditions in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">AGREEMENT</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">NOW THEREFORE, for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 1. Definitions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">As used in this Lease, the following capitalized terms are defined as follows.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Alterations&#8221; is defined in Section 9(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Operating Expenses&#8221; means the Operating Expenses paid or incurred by Landlord in the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Property Taxes&#8221; means the amount of Property Taxes for the tax year ending2016 of the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Rent&#8221; means the Base Rent as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Year&#8221; means the calendar year specified in the Basic Lease Information as the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Basic Lease Information&#8221; is attached to and incorporated in this Lease as Exhibit B hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Building&#8221; means the building constructed on the Real Property known as<i> 3080 12th Street, Riverside, CA 92507 </i>, any property interest in the area of 3080 12th Street, Riverside, CA 92507 and all other improvements on or appurtenances to the Real Property or the streets abutting the Real Property. The Building includes, but is not limited to, an office building with 1 floors of office space and a parking space located on the same property.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Commencement Date&#8221; means the Commencement Date as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Common Area&#8221; means the total area on a floor consisting of rest rooms, janitor, telephone and electrical closets, mechanical areas, public corridors providing access to tenant space, public stairs, elevator shafts and pipe shafts, together with their enclosing walls.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Deposit&#8221; is defined in Section 32 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Escalation Rent&#8221; is defined in Section 4(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Event of Default&#8221; is defined in Section 19 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Impositions&#8221; is defined in Section 8 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Landlord&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Legal Requirements&#8221; is defined in Section 15 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak1425674e-7d21-418a-9139-750345b79b5d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Lease&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Operating Expenses&#8221; means (a) all costs of management, operation, and maintenance of the Building, including without limitation: wages, salaries, and payroll burden of employees; property management fees and other related compensation; janitorial, maintenance, security, and other services; Building office rent or rental value; power, water, waste disposal, and other utilities; materials and supplies; maintenance and repairs; license costs; insurance premiums and the deductible portion of any insured loss under Landlord&#8217;s insurance; and depreciation on personal property; and (b) the cost of any capital improvements made to the Building by Landlord after the Base Year that (i) are made in the reasonable expectation of reducing other Operating Expenses during the term of this Lease, (ii) are required for the health and safety of tenants, or (iii) are required under any governmental law or regulation that was not applicable to the Building at the time it was constructed, this cost to be amortized over a reasonable period determined by Landlord, together with interest on the unamortized balance at the rate of ten percent (10%) per annum, or a higher rate equal to that paid by Landlord on funds borrowed for the purpose of constructing or installing those capital improvements. Operating Expenses shall not include: Property Taxes; depreciation on the Building other than depreciation on exterior window draperies, if any, provided by Landlord, and carpeting in multi-tenant floor public corridors and common areas; costs of tenants&#8217; improvements; real estate brokers&#8217; commissions; interest; costs incurred in connection with the repair of damage to the Building, to the extent Landlord is reimbursed by insurance proceeds; and capital items other than those referred to in clause (b). Actual Operating Expenses for both the Base Year and each subsequent calendar year will be adjusted to equal Landlord&#8217;s reasonable estimate of Operating Expenses had the total rentable area of the Building been occupied.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Premises&#8221; means the portion of the Building located on the floor or floors specified in the Basic Lease Information which is outlined in red on the floor plan or plans attached to this Lease as Exhibit A hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Property Taxes&#8221; means all real property taxes (and any tax levied wholly or partly in lieu of real property taxes) levied against the Building, and all real estate tax consultant expenses and attorney&#8217;s fees incurred for the purpose of maintaining an equitable assessed valuation of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Real Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Rentable Area&#8221; means the rentable area of the Premises specified on the Basic Lease Information. If any office space is added to or deleted from the Premises, the rentable area of the space added or deleted shall mean: (a) as to an entire floor added to or deleted from the Premises, all areas within outside permanent Building walls, measured to the inside glass surface of outside permanent Building walls, including rest rooms; janitor, telephone, and electrical closets; allocated mechanical areas and columns and projections necessary to the Building, but excluding public stairs, elevator shafts, and pipe shafts, together with their enclosing walls; (b) as to a portion of a floor added to or deleted from the Premises, the aggregate of the usable area of the portion of the floor added to or deleted from the Premises, plus the result obtained by multiplying the area of the Common Area on this floor by a fraction, whose numerator is the usable area of added or deleted portion of the floor and whose denominator is the usable area of all tenant space on the floor.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8217;s Percentage Share&#8221; means the percentage figure specified as &#8220;Tenant&#8217;s Percentage Share&#8221; in the Basic Lease Information. Tenant&#8217;s Percentage Share has been obtained by dividing the net rentable area of the Premises, as specified in the Basic Lease Information, by the total net rentable area of the Building, which is111872 square feet of office space, and multiplying that quotient by one hundred (100). In the event the rentable area of the Premises is increased or decreased by the addition to or deletion from the Premises of any office space, Tenant&#8217;s percentage share shall be appropriately adjusted. For the purposes of Section 4, Tenant&#8217;s Percentage Share shall be based on the number of days during the calendar year in which this change occurs.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Term&#8221; is defined in Section 3 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Termination Date&#8221; means the Termination Date in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Usable Area&#8221; means all floor area in a tenant space, measured to the inside glass surface of outer Building walls, to the office side of corridors and other permanent partitions, and to the center of partitions that separate the tenant space from adjoining tenant spaces, without deduction for columns and projections necessary to the Building.</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify"> <table id="pagebreak680cc633-dc80-47d2-a732-2e63332f056e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 2. Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord leases to Tenant, and Tenant leases from Landlord the Premises for the term and subject to the terms, covenants, agreements, and conditions later set forth, to each of which Landlord and Tenant mutually agree.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 3. Term; Condition of Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The term (&#8220;Term&#8221;) of this Lease shall commence on the Commencement Date and, unless sooner terminated as later provided, shall end on the Termination Date. Unless otherwise agreed by Landlord and Tenant in this Lease, Landlord shall deliver the Premises to Tenant on the Commencement Date in their then existing condition with no alterations being made by Landlord. If Landlord has undertaken in this Lease to make any alterations to the Premises before the Commencement Date and the alterations are completed before that date, and if Tenant desires to take occupancy in advance of that date, Landlord shall deliver the Premises to Tenant at that time in advance of a date that will be mutually approved by Landlord and Tenant and, notwithstanding anything to the contrary contained in this Lease, the Term of the Lease shall commence on delivery. If Landlord, for any reason, cannot deliver the Premises to Tenant on the Commencement Date, this Lease shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting from nondelivery, but in that event rental shall be waived for the period between the Commencement Date and the time when Landlord delivers the Premises to Tenant. No delay in delivery of the Premises shall extend the Term of this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 4. Rental</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall pay to Landlord throughout the Term as rental for the Premises the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes. The increased rental due pursuant to this Section 4(a) is the &#8220;Escalation Rent.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this Lease and on or before the first day of each successive calendar month during the Term of this Lease. In the event the Term of this Lease commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due. Nothing contained in this Lease shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable under this Lease, or to limit any other remedy of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 19(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received when due, or if a cure period is applicable under Section 19(a), prior to the expiration of the cure period, Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant&#8217;s default for the overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Landlord&#8217;s Initials&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant&#8217;s Initials</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) Any amount due to Landlord, if not paid within five (5) days following the due date, will bear interest from the due date until paid at the rate of ten percent (10%) per year or, if a higher rate is legally permissible, at the highest rate legally permitted. However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) All payments due shall be paid to Landlord, without deduction or offset, in lawful money of the United States of America at Landlord&#8217;s address for notices under this Lease or to another person or at another place as Landlord may designate by notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak33bd32b5-88db-4cba-8318-a34e46d1c9c8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 5. Escalation Rent</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Escalation Rent shall be paid monthly on an estimated basis, with subsequent annual reconciliation, in accordance with the following procedures: Annual increases of 2.99% of the prior year rent. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">30 days prior to the end of the Base Year and no later than 30 days prior to the end of each subsequent calendar year, or as soon after that time as practicable, Landlord shall give Tenant notice of Landlord&#8217;s estimate of any Escalation Rent due under Section 4(a) for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year, Tenant shall pay to Landlord one-twelfth (1/12th) of the estimated Escalation Rent. If Landlord fails to give notice as required in this Section, Tenant shall continue to pay on the basis of the prior year&#8217;s estimate until the month after that notice is given. If at any time it appears to Landlord that the Escalation Rent for the current calendar year will vary from the estimate by more than five percent (2.99%), Landlord shall, by notice to Tenant, revise the estimate for that year, and subsequent payments by Tenant for that year shall be based on the revised estimate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Within ninety (90) days after the close of each calendar year, or as soon after the ninety (90) day period as practicable, Landlord shall deliver to Tenant a statement of the actual Escalation Rent for that calendar year, accompanied by a statement from certified public accountants for the Building showing Operating Expenses and Property Taxes on the basis of which the actual Escalation Rent was determined. At Tenant&#8217;s request, Landlord shall provide Tenant reasonable supporting detail underlying the calculations of Operating Expenses and Property Taxes. If Landlord&#8217;s statement discloses that Tenant owes an amount that is less than the estimated payments for the calendar year previously made by Tenant, Landlord shall credit the excess first against any sums then owed by Tenant, and then against the next payments of rental due. If Landlord&#8217;s statement discloses that Tenant owes an amount that is more than the estimated payments for the calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the statement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) The amount of Escalation Rent for any fractional year in the Term shall be appropriately prorated. The pro-ration of Operating Expenses for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Operating Expenses for that entire calendar year; the pro-ration of Property Taxes for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Property Taxes for that entire calendar year, but shall exclude any Property Taxes attributable to any increase in the assessed valuation of the Building occurring after termination. The termination of this Lease shall not affect the obligations of the parties pursuant to Section 5(b) to be performed after the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 6. Use</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The Premises shall be used for general office purposes and no other. Tenant shall not do or permit to be done on the Premises, nor bring or keep or permit to be brought or kept in the Premises, anything (a) which is prohibited by or in conflict with any law, ordinance, or governmental rule or, (b) which is prohibited by the standard form of fire insurance policy or, (c) which will increase the existing rate of or affect fire or other insurance on the Building or its contents or cause a cancellation of any insurance policy covering the Building or any part of it or its contents. Tenant shall not use or store in the Premises any hazardous or toxic substances, with the sole exception of reasonably necessary substances that are kept in reasonably necessary quantities for normal office operations, provided that their use and storage are in accordance with applicable laws. Tenant shall not do or permit anything to be done on the Premises that will obstruct or interfere with the rights of other tenants of the Building, or injure or annoy them, or use or allow the Premises to be used for any unlawful purposes, nor shall Tenant cause, maintain, or permit any nuisance or waste on or about the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 7. Services</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Landlord shall maintain the public and Common Areas of the Building, including lobbies, stairs, elevators, corridors, restrooms, all exterior landscaping, windows, the mechanical, plumbing, and electrical equipment serving the Building, and the structure itself, in reasonably good order and condition so as to meet the reasonable needs of Tenant, except for damage, excluding normal wear and tear, caused by the Tenant. Damage by Tenant shall be repaired by Landlord at Tenant&#8217;s expense. The standard of maintenance shall be equal to that of other office buildings of a similar class in _____.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Landlord shall furnish utilities that includes water, power and gas (water heaters.) Utility payments will be paid previously agreed upon. Landlord will bill tenant all extra utilities usage based on previous average utlity invoice. based on the total rental square feel relative to the whole property (ie prorated to only your square feet / total square feet).<i>Comfortable occupancy by Tenant in Tenant&#8217;s use of the Premises during the period from 7:00 a.m. to 6:00 p.m. on weekdays. Landlord is not responsible for internet or telephone services. Tenant will bear all costs associated with internet and telephone services. Tenant has the option to contract with our third party janitorial services. </i></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak1180dfef-c2d1-409a-b24f-010e28d2853c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord may establish reasonable measures to conserve energy and water, including but not limited to, automatic light shut off after hours and efficient lighting forms, so long as these measures do not unreasonably interfere with Tenant&#8217;s use of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) Landlord shall not be in default under this Lease, nor be liable for any damages resulting from, nor shall the required rental be abated because of: (i) the installation, use, or interruption of use of any equipment in connection with furnishing the previously listed services, (ii) failure to furnish or delay in furnishing these services, when failure or delay is caused by accident or conditions beyond the reasonable control of Landlord or by necessary repairs or improvements to the Premises or to the Building, or (iii) the limitation, curtailment, rationing, or restrictions on use of water, electricity, gas, or any other form of energy serving the Premises or the Building. Landlord shall use reasonable efforts to diligently remedy interruptions in the furnishing of these services.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) If heat-generating equipment or lighting, other than building standard lights, are installed or used in the Premises, and this equipment or lighting affects the temperature otherwise maintained by the air conditioning system, or if equipment is installed in the Premises that requires a separate temperature controlled room, on Tenant&#8217;s request or at Landlord&#8217;s election after notice to Tenant, Landlord shall install supplementary air conditioning facilities in the Premises or shall modify the ventilating and air conditioning system serving the Premises. The capital and maintenance costs of these facilities and modifications shall be borne by Tenant. However, if Tenant objects to the proposed installation of supplementary air conditioning facilities or the modification of the ventilating and air conditioning system, Landlord shall not make the installation or modification, but Landlord shall be relieved of obligations under Section 7(b)(ii) hereof to the extent that comfortable occupancy of the Premises cannot be provided without the installation or modification.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) On receipt of a bill, Tenant shall reimburse Landlord for the cost of (i) all heat or air conditioning provided to the Premises during hours requested by Tenant when those services are not otherwise furnished by Landlord, and (ii) all power and cooling energy provided for supplementary air conditioning facilities in the Premises. Tenant shall also pay the cost of any transformers, additional risers, panel boards, and other facilities, if reasonably required to furnish power for supplementary air conditioning facilities in the Premises. The cost of item (i) shall be a per hour charge reflecting the electrical energy, labor, and fixed plant costs (excluding depreciation) of running the heating and air conditioning system.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) In the event that Landlord, at Tenant&#8217;s request, provides services to Tenant that are not otherwise provided for in this Lease, Tenant shall pay Landlord&#8217;s reasonable charges for these services on billing of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 8. Impositions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">In addition to the monthly rental and other charges to be paid by Tenant under this Lease, Tenant shall pay Landlord for all of the following items (collectively, &#8220;Impositions&#8221;): (i) taxes, other than local, state, and federal personal or corporate income taxes measured by the net income of Landlord; (ii) assessments, including without limitation, all assessments for public improvements, services, or benefits, irrespective of when commenced or completed; (iii) excises; (iv) levies; (v) business taxes; (vi) license, permit, inspection, and other authorization fees; (vii) transit development fees; (viii) assessments or charges for housing funds; (ix) service payments in lieu of taxes and; (x) any other fees or charges that are levied, assessed, confirmed, or imposed by a public authority; provided, however, that Impositions shall not include amounts otherwise included in Operating Expenses or Property Taxes. Tenant is obligated to pay only to the extent that the Impositions are: (a) on, measured by, or reasonably attributable to, the cost or value of Tenant&#8217;s equipment, furniture, fixtures, and other personal property located in the Premises, or the cost or value of any leasehold improvements made to the Premises by or for Tenant, regardless of whether title to the improvements shall be in Tenant or Landlord; (b) based on or measured by the monthly rental or other charges payable under this Lease, including without limitation, any gross receipts tax levied by a municipality, the State of California, the Federal Government, or any other governmental body with respect to the receipt of the rental; (c) based on the development, possession, leasing, operation, management, maintenance, alteration, repair, use, or occupancy by Tenant of the Premises or any portion of the Premises; or (d) on this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. If it is unlawful for Tenant to reimburse Landlord for the Impositions, but lawful to increase the monthly rental to take into account Landlord&#8217;s payment of the Impositions, the monthly rental payable to Landlord shall be revised to net Landlord the same net return without reimbursement of the Impositions as would have been received by Landlord with reimbursement of the Impositions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak9aca00bd-1d63-410f-a6dc-021c94ef4f4d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 9. Alterations.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall not make or allow any alterations, additions, or improvements to the Premises or any part of the Premises (collectively, &#8220;Alterations&#8221;), without Landlord&#8217;s prior consent, which shall not be unreasonably withheld. The installation of furnishings, fixtures, equipment, or decorative improvements, none of which shall affect Building systems or the structure of the Building, and the repainting or recarpeting of the Premises, shall not constitute Alterations. All Alterations shall be made by Landlord for Tenant&#8217;s account, including increased costs, if any, in accordance with the procedures set forth in this Section, subject to any tenant improvement allowance provided in the Basic Lease Information. All Alterations shall immediately become Landlord&#8217;s property and, at the end of the Term, shall remain on the Premises without compensation to Tenant, unless Landlord elects by notice to Tenant to have Tenant remove any Alterations that are peculiar to Tenant&#8217;s use of the Premises and are not normally required or used by other tenants. In this event, Tenant shall bear the cost of restoring the Premises to their condition prior to the installment of the Alterations. When plans and specifications for any Alterations are approved by Landlord pursuant to Section 9(b), Landlord shall advise Tenant on request whether proposed Alterations would entitle Landlord to require their removal and restoration of the Premises at the end of the Term. The tenant is approved for a sign outside the tenant&#8217;s entrance on the outside of the building. Tenant is responsible for all fees and associated payments in regards to the sign along with permit and construction costs. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Plans and specifications for Alterations shall be prepared at Tenant&#8217;s expense by Tenant&#8217;s architect or by Landlord&#8217;s architect if Tenant so elects, and by engineers approved by Landlord, where the nature of the Alterations requires mechanical or electrical engineering services. Any architect retained by Tenant shall be instructed to follow standard construction administration procedures and use standard specifications and details reasonably promulgated by Landlord for the Building. The plans and specifications shall be subject to approval by Landlord and Tenant, and shall not be unreasonably withheld or delayed by either party. Plans and specifications that have neither been approved nor disapproved by Landlord within thirty (30) days after submittal by Tenant shall be deemed to have been approved. Following approval, Landlord shall obtain cost quotations for the Alterations from one or more general contractors approved by Landlord, including any general contractors requested by Tenant that Landlord has approved. Tenant may specify subcontractors in the finish trades to be included in the general contractors&#8217; bids. Landlord shall submit the quotations to Tenant, accept the quotation approved by Tenant, and then contract for the construction or installation of the Alterations with the contractor approved by Tenant. Landlord does not warrant the cost of the Alterations, the timeliness of performance, or the quality of the contractor&#8217;s work, but Landlord shall use reasonable best efforts to secure performance of the construction contract for Tenant&#8217;s benefit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) In the event Tenant instructs Landlord or the contractor to proceed with any changes to the Alterations without a prior determination of increased costs resulting from those changes and without approval of the increases by Tenant, or in the event Tenant is responsible for increased costs attributable to a delay or acceleration in the time for construction, the amount of any increased costs shall be reasonably determined by Landlord on completion of the Alterations, subject only to Landlord&#8217;s reasonable efforts in causing the contractor to furnish Tenant appropriate back-up information concerning increased costs, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) The cost of the Alterations to be paid by Tenant shall include a reasonable charge for the administration, by Landlord or an agent, of the construction or installation of the Alterations, the amount of which shall bear a reasonable relationship to the scope of the Alterations and the costs of performing the administration.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) Tenant shall pay to Landlord all amounts payable by Tenant pursuant to this Section after billing by Landlord. Billing may be in advance of or during the progress of the Alterations to enable Landlord to pay the contractor, architect, or engineer without advancing Landlord&#8217;s own funds. At Tenant&#8217;s request, Landlord shall furnish a copy of each bill to Tenant for Tenant&#8217;s approval at least ten (10) days prior to the due date of the bill. Tenant may contest any payment to a contractor for Alterations and Landlord shall withhold this payment, provided that the provisions of Section 10 are satisfied and Tenant indemnifies and defends Landlord against all claims and liability arising out of the contested payment. At Landlord&#8217;s option and prior to commencement of Alterations, Tenant shall deposit with Landlord the estimated cost of Alterations, or a lesser portion as specified by Landlord for the cost as incurred. Any surplus funds shall be returned to Tenant when the Alterations have been paid for in full.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) Landlord may delegate some or all authority and responsibilities under this Section to a manager.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 10. Liens</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall keep the Premises and the Building free from any liens arising out of any work performed, materials furnished, or obligations incurred by Tenant. Landlord may have posted on the Premises any notices that may be provided by law or that Landlord may deem proper for the protection of Landlord, the Premises, and the Building from those liens. Tenant may contest any lien for which Tenant is responsible under this Section, provided that Tenant shall have caused the lien to be bonded against.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak66519de6-c0d7-4aee-8fa8-442044e7c7c4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 11. Repairs</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant accepts the Premises as being in the condition in which Landlord is obligated to deliver the Premises, subject to the tenant improvements, if any, that Landlord has agreed to make. At all times during the term of this Lease and at Tenant&#8217;s sole cost, Tenant shall keep the Premises in good condition and repair; ordinary wear and tear and damage to the Premises by fire, earthquake, or act of God or the elements are excepted. Tenant waives all rights to make repairs at the expense of Landlord or instead to vacate the Premises, and Tenant further waives the provisions of Civ. Code &#167;&#167; 1941 and 1942 with respect to Landlord&#8217;s obligations under this Lease. At the end of the term of this Lease, Tenant shall surrender to Landlord the Premises and all Alterations that are to remain in the Premises in the same condition as when received; ordinary wear and tear and damage by fire, earthquake, or act of God or the elements are excepted. Landlord has no obligation and has made no promise to alter, remodel, improve, repair, decorate, or paint the Premises or any part of them, except as specifically set forth in this Lease. Landlord has made no representations respecting the condition of the Premises or the Building, except as specifically set forth in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 12. Damage or Destruction</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) In the event the Premises or any portion of the Building necessary for Tenant&#8217;s occupancy are damaged by fire, earthquake, act of God, the elements, or other casualty, within thirty (30) days after that event, Landlord shall notify Tenant of the estimated time, in Landlord&#8217;s reasonable judgment, required for repair or restoration. If the estimated time is one hundred and eighty (180) days or less after the commencement of the physical work and one (1) year or less after the casualty event, Landlord shall proceed promptly and diligently to adjust the loss with applicable insurers, to secure all required governmental permits and approvals, and to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. This Lease shall remain in full force, except that for the time unusable, Tenant shall receive a rental abatement for that part of the Premises rendered unusable in the conduct of Tenant&#8217;s business.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If the estimated time for repair or restoration is in excess of one hundred and eighty (180) days after the commencement of the physical work or one (1) year after the casualty event, Tenant may elect to terminate this Lease as of the date of the casualty event by giving notice to Landlord within fifteen (15) days following receipt of Landlord&#8217;s notice of the estimated time for repair. If the estimated time is more than one hundred and eighty (180) days after commencement of the physical work or one (1) year after the casualty event, but Tenant has not elected to terminate this Lease, Landlord may elect, on notice to Tenant within twenty (20) days after the period for Tenant&#8217;s election to terminate has expired, to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. In that event, this Lease shall continue in full force, but the rent shall be abated. If Landlord does not elect to repair or restore, this Lease shall terminate as of the date of the casualty event. However, if Landlord has not commenced the physical repair or restoration of the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy within one (1) year from the casualty event, Tenant may elect to terminate this Lease by notice to Landlord given at any time following the expiration of one (1) year from the casualty event, but prior to the commencement of the physical repair or restoration work.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If the Premises or the Building are to be repaired or restored under this Section, Landlord shall repair or restore at Landlord&#8217;s cost the Building itself and all improvements in the Premises, including but not limited to, any tenant improvements constructed pursuant to this Lease, but excluding Alterations made by or for Tenant subsequent to completion of those tenant improvements. Tenant shall pay the cost of repairing or restoring any Alterations made by or for Tenant subsequent to completion of the tenant improvements made pursuant to this Lease and shall be responsible for carrying casualty insurance as Tenant deems appropriate for those Alterations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) In the event of any damage to or destruction of the Premises or the Building, Landlord and Tenant acknowledge that their respective rights and obligations are to be governed exclusively by this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) In the event the Premises are to be repaired or restored and Tenant requires temporary offices as a result of a casualty event affecting the Premises, Landlord shall use best efforts to locate offices for Tenant within the Building. Tenant acknowledges that Landlord makes no commitment as to the availability of any offices or as to their cost.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 13. Subrogation</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord and Tenant shall each obtain from their respective insurers under all policies of fire, theft, public liability, worker&#8217;s compensation, and other insurance maintained during the term of this Lease covering the Building, or any portion of it, or operations in it, a waiver of all rights of subrogation that the insurer of one party might have against the other party. Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorney&#8217;s fees, resulting from the failure to obtain this waiver. Tenant must have adequate insurance at all times throughout the life of the lease. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakeb61351a-d2c3-42ae-9a10-9e180a62a1e9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 14. Indemnification</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant waives all claims against Landlord for damage to any property or injury or death of any person on the Premises arising at any time and from any cause other than the gross negligence or willful misconduct of Landlord or Landlord&#8217;s employees, agents, or contractors. Tenant shall hold Landlord harmless from and defend Landlord against all claims, liability, damage, or loss arising out of any injury or death of any person or damage to or destruction of property attributable to the use of the Premises by Tenant, except that caused by the gross negligence or willful misconduct of Landlord or Landlord&#8217;s agents, contractors, or employees. Tenant shall also hold Landlord harmless from any liability, cost, or expense arising from Tenant&#8217;s use or storage in the Premises of any hazardous or toxic substance. These indemnity obligations shall include reasonable attorney&#8217;s fees, investigation costs, and all other reasonable costs incurred by Landlord from the first notice that any claim or demand is to be made or may be made. Landlord shall promptly give notice to Tenant of any claim or demand. The provisions of this Section shall survive the termination of this Lease for any event occurring prior to the termination. The provisions of this Section to indemnify and hold Landlord harmless are limited to the amount of loss that is not paid to Landlord out of insurance proceeds, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 15. Compliance with Legal Requirements</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">At Tenant&#8217;s sole cost, Tenant shall promptly comply with all laws and governmental rules now or later in force; with the requirements of any board of fire underwriters or other similar body now or in the future constituted; with any direction or occupancy certificate issued by public officers (&#8220;Legal Requirements&#8221;), insofar as they relate to the condition, use, or occupancy of the Premises. Excluded are: (a) structural changes or changes to the electrical, mechanical, or plumbing systems of the Building, all to the extent not necessitated by Tenant&#8217;s acts or by improvements made for Tenant, other than the tenant improvements to be made pursuant to this Lease by Landlord, if any; (b) alterations or improvements to the Building as a whole or the Premises of tenants generally that are not by law the tenants&#8217; responsibility with which to comply; and (c) work necessitated by defects in the construction of the Building. Landlord shall comply in a timely manner with all Legal Requirements that are not Tenant&#8217;s responsibility under this Section to the extent noncompliance would adversely affect Tenant&#8217;s use or occupancy of the Premises. Furthermore due to the landlord&#8217;s requirements a financial report will be needed from each Tenant as requested. The tenant agrees to provide the financial report to the landlord within 30 days of written request. A format will be provided for review. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 16. Assignment and Subletting</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Except as otherwise expressly permitted by this Lease, Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld or delayed, assign or hypothecate this Lease or any interest in this Lease, sublet the Premises or any part of them, or license the use of the Premises by any party other than Tenant. Neither this Lease nor any interest in this Lease shall be assignable without the consent of Landlord, which shall not be unreasonably withheld or delayed. Any of the previous acts without consent shall be void and shall, at the option of Landlord, constitute a noncurable default under this Lease. In connection with each consent requested by Tenant, Tenant shall submit to Landlord the terms of the proposed transaction, the identity of the parties to the transaction, the proposed documentation for the transaction, and all other information reasonably requested by Landlord concerning the proposed transaction and the parties involved. However, Tenant may, without resulting in a default under this Lease and without notice to Landlord, license to or otherwise permit the use of the Premises by: (i) any entity of which Tenant, any of Tenant&#8217;s subsidiaries, or Tenant&#8217;s parent is a limited partner, general partner, joint venturer, or shareholder; (ii) any other limited partner, general partner, joint venturer or shareholder in that entity; (iii) any consultant, contractor, accountant, or counsel of Tenant; or (iv) any of the directors, officers, employees, contractors, accountants, or counsel of any of the foregoing. The license or other permitted use does not in any way create in the licensee or any other party rights to possess or remain in the Premises beyond the termination of the Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Without limiting other instances in which Landlord may reasonably withhold consent to an assignment or subletting, Landlord and Tenant acknowledge that it shall be reasonable for Landlord to withhold consent in the following instances:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(i) if at the time consent is requested or at any time prior to the granting of consent, an Event of Default has occurred under this Lease or if Tenant is in monetary default under this Lease or would be in monetary default under this Lease but for the pendency of any grace or cure period under Section 19;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(ii) if the proposed assignee or subtenant is a governmental agency;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(iii) if, in Landlord&#8217;s reasonable judgment, use of the Premises by the proposed assignee or subtenant would not be comparable to the office use by other tenants in the Building, would entail alterations that would materially lessen the value of the leasehold improvements in the Premises (unless Tenant provides adequate security to ensure that the Premises will be restored to their prior condition pursuant to Section 9(a)), would result in more than a reasonable number of occupants per floor, or would require substantially increased services by Landlord;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak61dedd11-e120-46dc-bd03-95c84a96579a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(iv) if Landlord reasonably determines that circumstances warrant a consideration of the financial worth of a proposed assignee or subtenant, and the financial worth, in Landlord&#8217;s reasonable judgment, does not meet the credit standards applied by Landlord for other tenants under leases with comparable terms;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(v) if, in Landlord&#8217;s reasonable judgment, the character, reputation, or business of the proposed assignee or subtenant is not consistent with the quality of the other tenancies in the Building; and</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(vi) if subletting less than the entire Premises and the parcel to be sublet and all other parcels then sublet in the Premises exceed a total of 2 parcels.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If at any time during the Term, Tenant desires to sublet all or any part of the Premises, Tenant shall notify Landlord of the terms of the proposed subletting and the space proposed to be sublet. Landlord shall have the option, exercisable by notice given to Tenant within thirty (30) days after Tenant&#8217;s notice is given, or within five (5) days after Tenant&#8217;s notice is given if Tenant submits terms that have already been negotiated with a specific proposed subtenant, to sublet from Tenant this space at the rental and other terms in Tenant&#8217;s notice, or, if the proposed subletting is for the entire Premises for a sublet term ending within the last year of the Term, to terminate this Lease. If Landlord does not exercise this option, Tenant shall be free to sublet the space to any third party or to the specific proposed subtenant, at the same rental and on substantially the same terms in the notice given to Landlord, subject to obtaining Landlord&#8217;s prior consent as provided previously.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) Notwithstanding the provisions of paragraphs (a) and (b), Tenant may assign this Lease or sublet the Premises or any portion of the Premises, with notice to Landlord but without the necessity of Landlord&#8217;s consent and without extending any option to Landlord pursuant to paragraph (c), to any corporation which controls, is controlled by, or is under common control with Tenant, to any corporation resulting from the merger or consolidation with Tenant, or to any person or entity that acquires all the assets of Tenant as a going concern of the business that is being conducted on the Premises or the assets of any corporation that controls, is controlled by, or is under common control with Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) No subtenant shall have a right to further sublet without Landlord&#8217;s prior consent, which Tenant acknowledges may be withheld in Landlord&#8217;s absolute discretion, and any assignment by a subtenant of the sublease shall be subject to Landlord&#8217;s prior consent in the same manner as if Tenant were entering into a new sublease. No sublease, once consented to by Landlord, shall be modified or terminated by Tenant without Landlord&#8217;s prior consent, which shall not be unreasonably withheld.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) In the case of an assignment, one-half (1/2) of any sums or other economic consideration received by Tenant as a result of the assignment (excluding any consideration reasonably attributed to assets other than this Lease) shall be paid to Landlord after first deducting the unamortized cost of leasehold improvements paid for by Tenant, and the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the assignment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(g) In the case of a subletting, one-half (1/2) of any sums or economic consideration received by Tenant as a result of the subletting shall be paid to Landlord after first deducting: (i) the rental due under this Lease, prorated to reflect only rental allocable to the sublet portion of the Premises, (ii) the cost of leasehold improvements made to the sublet portion of the Premises at Tenant&#8217;s cost, amortized over the term of this Lease, except for leasehold improvements made for the specific benefit of the subtenant, which shall be amortized over the term of the sublease, and (iii) the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the subletting.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(h) Regardless of Landlord&#8217;s consent, no subletting or assignment shall release or alter Tenant&#8217;s obligation or primary liability to pay the rental and perform all other obligations under this Lease. The acceptance of rental by Landlord from any other person shall not be deemed a waiver by Landlord of any provision of this Lease. Consent to one assignment or subletting shall not be deemed consent to any subsequent assignment or subletting. In the event of default by any assignee or successor of Tenant in the performance of any of the terms of this Lease, after notice of default to Tenant pursuant to Section 19 and the expiration of any applicable cure period, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against the assignee or successor. Landlord may consent to subsequent assignments or subletting of this Lease or amendments or modifications to this Lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining consent. This action shall not relieve Tenant of liability under this Lease provided, however, that Tenant shall not be liable for any increase in Tenant&#8217;s obligations under this Lease because of any amendment or modification to this Lease, unless Tenant has consented to it in writing.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak70ab33dc-9292-415d-9f2f-0ff80f7ed536" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(i) If Tenant assigns this Lease, sublets the Premises, or requests the consent of Landlord to any assignment, subletting, hypothecation, or other action requiring Landlord&#8217;s consent under this Lease, Tenant shall pay Landlord&#8217;s reasonable attorney&#8217;s fees incurred in connection with the action.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 17. Rules</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall comply with the rules attached to and incorporated in this Lease as Exhibit C, and after notice, with all reasonable modifications and additions to these rules, from time to time promulgated in writing by Landlord. Landlord shall not be responsible to Tenant for the nonperformance of any of these rules by any other tenant or occupant of the Building, but Landlord shall take reasonable steps to enforce any rules, the nonperformance of which by other tenants materially and adversely affects Tenant in the use of the Premises. However, if any rule conflicts with any term, covenant, or condition of this Lease, this Lease shall prevail. In addition, no rule, or any subsequent amendment to it adopted by Landlord shall alter, reduce, or adversely affect any of Tenant&#8217;s rights or enlarge Tenant&#8217;s obligations under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 18. Entry by Landlord</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord may enter the Premises at reasonable hours and, except in the event of an emergency, on reasonable prior notice, to: (a) inspect the Premises; (b) exhibit the Premises to prospective purchasers, lenders, or tenants; (c) determine whether Tenant is complying with all obligations under this Lease; (d) supply janitorial service and any other services to be provided by Landlord under this Lease; (e) post notices of nonresponsibility; and (f) make repairs or perform maintenance required of Landlord by this Lease, make repairs to any adjoining space or utility services, or make repairs, alterations, or improvements to any other portion of the Building. However, all this work shall be done as promptly as reasonably possible and cause as little interference to Tenant as reasonably possible. Subject to Landlord&#8217;s undertakings in the previous sentence, Tenant waives any damage claims for inconvenience to or interference with Tenant&#8217;s business or loss of occupancy or quiet enjoyment of the Premises caused by Landlord&#8217;s entry. At all times Landlord shall have a key with which to unlock the doors on the Premises, excluding Tenant&#8217;s vaults, safes, and similar areas designated as secure areas in writing by Tenant in advance. In an emergency, Landlord shall have the right to use any means that Landlord deems proper to open Tenant&#8217;s doors and enter the Premises. Entry to the Premises by Landlord in an emergency shall not be construed as a forcible or unlawful entry, a detainer, or an actual or constructive eviction of Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 19. Events of Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The following events shall constitute events of default under this Lease (each an Event of Default):</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) a default by Tenant in the payment when due of any rent or other sum payable under this Lease and the continuation of this default for ten (10) or more days after notice of the default from Landlord, provided that if Tenant has failed two (2) or more times in any twelve (12) months to pay any rent or other sum when due and notice of this default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months in which all rental and other sums payable under this Lease have been paid on or before the date due;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) a default by Tenant in the performance of any of the terms, covenants, agreements, or conditions in this Lease, other than a default by Tenant in the payment when due of any rent or other sum payable under this Lease, and the continuation of the default beyond thirty (30) days after notice by Landlord or, if the default is curable and would require more than thirty (30) days to remedy, beyond the time reasonably necessary for cure; provided, however, that if Tenant has defaulted in the performance of the same obligation two (2) or more times in twelve (12) months and notice of the default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months without any default by Tenant;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) the bankruptcy or insolvency of Tenant, a transfer by Tenant in fraud of creditors, an assignment by Tenant for the benefit of creditors, or the commencement of proceedings of any kind by or against Tenant under the Federal Bankruptcy Act or under any other insolvency, bankruptcy, or reorganization act, unless Tenant is discharged from voluntary proceedings within ninety (90) days;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) the appointment of a receiver for a substantial part of Tenant&#8217;s assets;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) the abandonment of the Premises; and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) the levy upon this Lease or any estate of Tenant under this Lease by attachment or execution and the failure to have the attachment or execution vacated within thirty (30) days.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakebb207bf-7adb-4883-ae7f-faa38a02a345" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 20. Termination upon Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">On occurrence of any Event of Default by Tenant, Landlord may, in addition to any other rights and remedies given here or by law, terminate this Lease and exercise remedies relating to it without further notice or demand in accordance with the following provisions:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) So long as the Event of Default remains uncured, Landlord shall have the right to give notice of termination to Tenant, and on the date specified in this notice, this Lease shall terminate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If this Lease is terminated, Landlord may, by judicial process, reenter the Premises, remove all persons and property, and repossess and enjoy the Premises, all without prejudice to other remedies that Landlord may have because of Tenant&#8217;s default or the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If this Lease is terminated, Landlord shall have all of the rights and remedies of a landlord provided by Civ. Code &#167; 1951.2, in addition to any other rights and remedies Landlord may have. The damages which Landlord may recover shall include, without limitation: (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of the award exceeds the amount of the rental loss that Tenant proves could have been reasonably avoided; (iii) the worth at the time of award computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%) of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; (iv) all reasonable legal expenses and other related costs incurred by Landlord following Tenant&#8217;s default; (v) all reasonable costs incurred by Landlord in restoring the Premises to good order and condition to relet the Premises; and (vi) all reasonable costs, including without limitation, any brokerage commissions incurred by Landlord in reletting the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 21. Continuation after Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant&#8217;s right to possession, and Landlord may enforce all rights and remedies under this Lease, including the right to recover the rental as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver upon initiative of Landlord to protect Landlord&#8217;s interest under this Lease shall not constitute a termination of Tenant&#8217;s right to possession.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 22. Other Relief</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The remedies provided in this Lease are in addition to any other remedies available to Landlord at law, in equity, by statute, or otherwise.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 23. Right of Landlord to Cure Defaults</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Agreements and provisions to be performed by Tenant under this Lease shall be at Tenant&#8217;s sole cost and without abatement of rental, except as specifically provided in this Lease. If Tenant (a) fails to pay any sum of money, other than rental, required under this Lease, or (b) fails to perform any other act under this Lease, and this failure continues for thirty (30) days after notice of the failure by Landlord, or a longer period as may be allowed under this Lease, Landlord may, without waiving or releasing Tenant from any obligations of Tenant, make payment or perform other acts required by this Lease on Tenant&#8217;s behalf. All sums paid by Landlord and all necessary incidental costs shall be payable to Landlord on demand and shall constitute additional rental under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 24. Attorney Fees</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If, as a result of a breach or default under this Lease, Landlord uses an attorney to secure compliance with Lease provisions, to recover damages, to terminate this Lease, or to evict Tenant, Tenant shall reimburse Landlord, on demand, for all reasonable attorney&#8217;s fees and expenses incurred by Landlord; provided that, if Tenant becomes the prevailing party in any legal action brought by Landlord, Tenant shall be entitled to recover reasonable attorney&#8217;s fees and expenses incurred by Tenant and need not reimburse Landlord for any attorney&#8217;s fees and expenses incurred by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak36ecbc5c-5363-4a80-a83d-6118ca12d81d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 25. Eminent Domain</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If all or any part of the Premises are taken through eminent domain, this Lease shall terminate for the part taken as of the date of taking. For a partial taking, either Landlord or Tenant shall have the right to terminate this Lease for the balance of the Premises by notice to the other within thirty (30) days after the taking. However, Tenant&#8217;s right to terminate arises only if the portion of the Premises taken substantially handicaps, impedes, or impairs Tenant&#8217;s use of the balance of the Premises. In the event of any taking, Landlord shall be entitled to all compensation, damages, income, rent, awards, or any interest that may be paid in connection with the taking, except for any portion specifically awarded to Tenant for moving expenses, trade fixtures, equipment, and any leasehold improvements in the Premises to the extent of the then unamortized value of these improvements for the remaining term of the Lease as determined in the award. However, Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or otherwise, other than for prepaid rent. In the event of a partial taking of the Premises that does not result in a termination of this Lease, the subsequent monthly rental shall be equitably reduced.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 26. Subordination</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) This Lease shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation for security now or later placed upon the Building and to any advances made on the security of it or Landlord&#8217;s interest in it, and to all renewals, modifications, consolidations, replacements, and extensions of it. However, if any mortgagee, trustee, or ground landlord elects to have this Lease prior to the lien of its mortgage or deed of trust or prior to its ground lease, and gives notice of that to Tenant, this Lease shall be deemed prior to the mortgage, deed of trust, or ground lease, whether this Lease is dated prior or subsequent to the date of the mortgage, deed of trust, or ground lease, or the date of recording of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of termination of any ground lease to which this Lease is subordinate, Tenant shall attorn to the ground landlord. Tenant agrees to execute any documents, in form and substance reasonably acceptable to Tenant, required to effectuate the subordination, to make this Lease prior to the lien of any mortgage or deed of trust or ground lease, or to evidence the attornment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, or in the event any ground lease to which this Lease is subordinate is terminated, this Lease shall not be barred, terminated, cut off, or foreclosed. Neither shall the rights and possession of Tenant under this Lease be disturbed, if Tenant is not then in default in the payment of rental and other sums due under this Lease or otherwise in default under the terms of this Lease, and if Tenant attorns to the purchaser, grantee, or ground landlord as provided in Section 26(a) or, if requested, enters into a new lease for the balance of the term of this Lease on the same terms and provisions contained in this Lease. Tenant&#8217;s covenant under Section 26(a) to subordinate this Lease to any ground lease, mortgage, deed of trust, or other hypothecation later executed is conditioned on each senior instrument containing the commitments specified in this subsection.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) Tenant agrees that Tenant shall not discriminate against or segregate any person or group of persons on account of race, sex, creed, color, marital status, sexual preference, national origin, or ancestry, in the occupancy, use, sublease, tenure, or enjoyment of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 27. No Merger</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">In the event that Landlord or any successor owner of the Building sells or conveys the Building, all liabilities and obligations of Landlord or the successor owner under this Lease accruing after the sale or conveyance terminates, shall be binding on the new owner, and Tenant shall release Landlord from all liability under this Lease. Tenant agrees to attorn to the new owner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 28. Sale</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The surrender of this Lease by Tenant, or a mutual cancellation of it, shall not work a merger and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or operate as an assignment to Landlord of all subleases or subtenancies.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 29. Estoppel Certificate</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">At any time with at least fifteen (15) days&#8217; prior notice by Landlord, Tenant shall execute, acknowledge, and deliver to Landlord a certificate in the form substantially the same as attached Exhibit D certifying: (a) that this Lease is unmodified and in full force or, if there have been modifications, that this Lease is in full force, as modified, together with the date and nature of each modification, (b) the amount of the Base Rent, most recent Escalation Rent, if any, and the date to which the rent has been paid, (c) that no notice has been received by Tenant of any default that has not been cured, except defaults specified in the certificate, (d) that no default of Landlord is claimed by Tenant, except defaults specified in the certificate, and (e) other matters as may be reasonably requested by Landlord. Any certificate may be relied on by prospective purchasers, mortgagees, or beneficiaries under any deed of trust on the Building or any part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak83847987-39ed-4d8c-91a0-54c8c368e3e0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 30. Light, Air, or View Rights</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Any diminution or shutting off of light, air, or view by any structure that may be erected on lands adjacent to the Building shall not affect this Lease or impose any liability on Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 31. Holding Over</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) If, without objection by Landlord, Tenant holds possession of the Premises after expiration of the term of this Lease, Tenant shall become a tenant with an option to renew for 5 years on the monthly terms specified in this Lease, payable in advance on or before the first day of each month. Each party shall give the other notice of intention to terminate the tenancy at least one (3) month prior to the date of termination of the tenancy</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If, over Landlord&#8217;s objection, Tenant holds possession of the Premises after expiration of the term of this Lease or expiration of the holdover tenancy, Tenant shall be deemed to be a tenant-at-sufferance and, without limiting the liability of Tenant for unauthorized occupancy of the Premises, Tenant shall indemnify Landlord and any replacement tenant for the Premises for any damages or loss suffered by either Landlord or the replacement tenant resulting from Tenant&#8217;s failure to vacate the Premises in a timely manner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 32. Security Deposit</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant has deposited with Landlord the sum specified in the Basic Lease Information (&#8220;Deposit&#8221;). The Deposit shall be held by Landlord as security for the faithful performance by Tenant of all provisions of this Lease. If Tenant fails to pay rent or other sums due under this Lease or defaults with respect to any provision of this Lease, Landlord may use, apply, or retain all or any portion of the Deposit for the payment of rent or other sums in default, for the payment of any other sums to which Landlord may become obligated because of Tenant&#8217;s default, or to compensate Landlord for any loss or damage that Landlord may suffer because of the Tenant&#8217;s actions. If Landlord uses or applies the Deposit, Tenant shall, within ten (10) days after demand, deposit cash with Landlord in an amount sufficient to restore the Deposit to the full amount, and Tenant&#8217;s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep the Deposit separate from Landlord&#8217;s general accounts. If Tenant performs all of Tenant&#8217;s obligations under this Lease, the Deposit or the amount not applied by Landlord shall be returned, without interest, to Tenant or at Landlord&#8217;s option, to the last assignee, if any, of Tenant&#8217;s interest under this Lease at the expiration of the Term and after Tenant has vacated the Premises. No trust relationship is created between Landlord and Tenant with respect to the Deposit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 33. Waiver</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The waiver by Landlord of any agreement, condition, or provision contained in this Lease shall not be deemed to be a waiver of any subsequent breach of the agreement, condition, or provision or any other agreement, condition, or provision contained in the Lease, nor shall any custom or practice that may arise between the parties in the administration of the terms of this Lease be construed to waive or to lessen the right of Landlord to the performance by Tenant in strict accordance with these terms. The subsequent acceptance of rental under this Lease by Landlord shall not be deemed to be a waiver of any preceding breach by the other party of any agreement, condition, or provision of this Lease, other than the failure of Tenant to pay the particular accepted rental, regardless of knowledge of the preceding breach at the time of the rental acceptance.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 34. Notices and Consents</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">All notices, consents, demands, and other communications from one party to the other that are given pursuant to the terms of this Lease shall be in writing and shall be deemed to have been fully given when delivered, including delivery by commercial delivery services or facsimile transmission, or if deposited in the United States mail, certified or registered, postage prepaid, when received or refused. All notices, consents, demands, and other communications shall be addressed as follows: to Tenant at the address specified in the Basic Lease Information, or to another place or person as Tenant may designate in a notice to Landlord, or delivered to Tenant at the Premises; to Landlord at the address specified in the Basic Lease Information, or to another place as Landlord may designate in a notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 35. Entire Agreement</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">There are no oral agreements between Landlord and Tenant affecting this Lease, and this Lease supersedes and cancels all previous negotiations, arrangements, brochures, agreements, and understandings between Landlord and Tenant or displayed by Landlord to Tenant with respect to the subject matter of this Lease. There are no representations between Landlord and Tenant other than those contained in this Lease. All implied warranties, including implied warranties of merchantability and fitness, are excluded.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakea52745a-cd89-4132-8c3e-36ff105b19f0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 36. Authority</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If either of the parties signs this Lease as a corporation, each person executing this Lease on behalf of the party warrants that the party is an authorized and existing corporation, that it is qualified to do business in California, that it has the right and authority to enter into this Lease, and that each person signing on behalf of the corporation is authorized to do so. If either of the parties signs this Lease as a partnership, each person executing this Lease on behalf of the party warrants that the party is a partnership, that the partnership has the right and authority to enter into this Lease, and that each person signing on behalf of the partnership is authorized to sign.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 37. Plural and Singular</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The words &#8220;Landlord&#8221; and &#8220;Tenant&#8221; as used in this Lease shall include the plural as well as the singular.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 38. Joint and Several Obligations</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If there is more than one Tenant, the obligations imposed on Tenant shall be joint and several.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 39. Time of the Essence</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Time is of the essence in this Lease and all of its provisions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 40. Examination of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 41. Heirs, Successors, and Assigns</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The agreements, conditions, and provisions contained in this Lease shall, subject to the provisions for assignment, apply to and bind the heirs, executors, administrators, successors, and assigns of the parties to it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 42. Name of Building</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall not, without the consent of Landlord, use the name of the Building for any purpose other than as the address of the business to be conducted by Tenant in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 43. Illegality or Unenforceability of Portion of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If any provision of this Lease is determined to be illegal or unenforceable, this determination shall not affect any other provision of this Lease, and all other provisions shall remain in full force and effect.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 44. Governing Law</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">This Lease shall be governed by and construed pursuant to law of the State of California.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 45. Exhibits</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The exhibits A to D and addendum, if any, specified in the Basic Lease Information are attached to this Lease and by this reference made a part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakbd2cad96-7d99-48dd-aacc-c82080d0fb3f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">IN WITNESS WHEREOF, the parties have executed this Lease as of the date first set forth above.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="53%">&nbsp;</td> <td width="35%"> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="left">LANDLORD:</p></td> <td width="12%"></td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>Date:&nbsp;<u>9/16/2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">/s/ Ching Liu </p></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Signature</p></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">Ching Liu </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>&nbsp;</td> <td style="BORDER-BOTTOM: black 1px solid">General Partner of SMX Property LLC </td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Title</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">TENANT:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Date: <u>9/16/2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">/s/ Simon Yuan </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Signature</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">Simon Yuan </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">CFO </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Title</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak322ab21d-4689-476a-9b92-ed5c4cc229d9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT A</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Floor Plan&nbsp;</p> <p align="center"><img src="solarmax_ex1014img1.jpg"></p> <p style="MARGIN: 0px"> <table id="pagebreak8933652c-429f-4401-bb90-607f73c3ba8c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT B</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Basic Lease Information</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Date: January 1, 2017___________________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Landlord: SMX Property LLC. ____________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Tenant: SolarMax Technology Inc._________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Premises: Please see Appendix A 165000 Sq Ft Total</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Base Year: 2017________________________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Rentable Area of Premises: 50,000 Sq Ft of Distribution, 35,731 Sq Ft Office/Admin, and 15,825 Sq Ft of Lobby and Education Space</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Total Lease= 50,000 Sq Ft of Distribution, 35,731 Sq Ft Office/Admin, and 15,825 Sq Ft of Lobby and Education Space ___________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Tenant&#8217;s Percentage Share<u> : All utilities (power, water, internet), trash and waste are paid by Tenant</u></p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Term Commencement: 1/1/2017_________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Term Expiration: 10 Years from Commencement date with 5 year renewal option ____________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Base Rent: $1.00for office space and $0.60 for warehouse space</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">$81,556.00 per month for the first year of the lease </p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Security Deposit: $100,000 (Already received)____________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Tenant&#8217;s Address for Notice: 3080 12th Street, Riverside, CA 92507 ____________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Landlord&#8217;s Address for Notice: 3080 12th Street, Riverside, CA 92507 ___________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px 0px 0px 45px" align="justify">Exhibits and Addendum: Floor Plan, Rules and Rent payment plan_____________________________________</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd62aa744-eda7-46d4-9ec7-a3a95d5832cf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT C </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Rules</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">1. The sidewalks, halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways of the Building shall not be obstructed by any of the tenants or used for any purpose other than for ingress to and egress from their respective Premises. The halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways are not for the general public, and Landlord shall in all cases retain the right to control and prevent access to them by all persons whose presence in the judgment of Landlord would be prejudicial to the safety, character, reputation, and interests of the Building and its tenants. However, nothing here shall be construed to prevent access to persons with whom any tenant normally deals in the ordinary course of business, unless these persons are engaged in illegal activities. No tenant and no employee or invitee of any tenant shall go on the roof of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">2. A sign, placard, picture, name, advertisement, or notice visible from the exterior of any tenant&#8217;s Premises shall not be inscribed, painted, affixed, or otherwise displayed by any tenant on any part of the Building without the prior written consent of Landlord. Landlord will adopt and furnish to tenants general guidelines relating to signs inside the Building on the office floors. Each tenant shall conform to these guidelines, but may request approval of Landlord for modifications, which will not be unreasonably withheld. All approved signs or lettering on doors shall be printed, painted, affixed, or inscribed at the expense of the tenant by a person approved by Landlord, which will not be unreasonably withheld. Material visible from outside the Building will not be permitted.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">3. The Premises of each tenant shall not be used for the storage of merchandise held for sale to the general public or for lodging. No cooking shall be done or permitted by any tenant on the Premises, except that (a) each tenant may establish and operate a lunchroom facility for use by tenant&#8217;s employees, and (b) each tenant may use and install food and beverage vending machines and Underwriters&#8217; Laboratory approved microwave ovens and equipment for brewing coffee, tea, hot chocolate, and similar beverages, provided that adequate provisions are made for venting and control of odors and all facilities and equipment are in accordance with all applicable federal, state, and city laws, codes, ordinances, rules, and regulations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">4. No tenant shall employ any person other than Landlord&#8217;s janitorial service for cleaning the Premises, unless otherwise approved by Landlord. No person other than those approved by Landlord shall be permitted to enter the Building to clean it. No tenant shall cause any unnecessary labor because of carelessness or indifference in the preservation of good order and cleanliness. Janitor service will not be furnished on nights when rooms are occupied after 9:30 p.m. unless, by prior arrangement with Landlord, service is extended to a later hour for specifically designated rooms.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">5. Landlord will furnish each tenant, free of charge, two keys to each door lock in the Premises. Landlord may make a reasonable charge for any additional keys. No tenant shall have any keys made. No tenant shall alter any lock or install a new or additional lock or any bolt on any door of the premises without the prior consent of Landlord. The tenant shall in each case furnish Landlord with a key for any lock. Each tenant, upon the termination of the tenancy, shall deliver to Landlord all keys to doors in the Building that have been furnished to the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">6. The freight elevator shall be available for use by all tenants in the Building, subject to reasonable scheduling as Landlord deems appropriate. The persons employed to move equipment in or out of the Building must be acceptable to Landlord. Landlord shall have the right to prescribe the weight, size, and position of all equipment, materials, furniture, or other property brought into the Building. Heavy objects shall, if considered necessary by Landlord, stand on wood strips of a thickness necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any property from any cause, and all damage done to the Building by moving or maintaining property shall be repaired at the expense of the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">7. No tenant shall use or keep in the Premises or the Building any kerosene, gasoline, or inflammable or combustible fluid or material other than limited quantities reasonably necessary for the operation or maintenance of office equipment, and may not, without Landlord&#8217;s prior approval, use any method of heating or air conditioning other than that supplied by Landlord. No tenant shall use or keep any foul, noxious, or hazardous gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building because of noise, odors, or vibrations, or interfere in any way with other tenants or those having business in the Building. No pets shall be kept in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">8. Landlord shall have the right, exercisable without notice and without liability to any Tenant, to change the name and street address of the Building.</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakf2d02bc9-9763-4cdb-ad99-7f0669b97022" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">9. Landlord reserves the right to exclude from the Building between the hours of 6:00 p.m. and 7:00 a.m. and at all hours on Saturdays, Sundays, and legal holidays any person who does not present a proper access card or other identification as a tenant or an employee of a tenant, or who does not otherwise present proper authorization by a tenant for access to the premises. Each tenant shall be responsible for all persons for whom it authorizes access and shall be liable to Landlord for all acts of these persons. Landlord shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In the case of invasion, mob, riot, public excitement, or other circumstances rendering an action advisable in Landlord&#8217;s opinion, Landlord reserves the right to prevent access to the Building during the continuance of the circumstance by any action Landlord deems appropriate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">10. A directory of the Building will be provided to display the name and location of tenants, their subtenants, and a reasonable number of the principal officers and employees of tenants, and Landlord reserves the right to exclude any other names. Any additional name that a tenant desires to have added to the directory shall be subject to Landlord&#8217;s approval and may be subject to a charge.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">11. No curtains, draperies, blinds, shutters, shades, screens, or other coverings, hangings, or decorations shall be attached to, hung, or placed in, or used in connection with any exterior window in the Building without the prior consent of Landlord. If Landlord consents, these items shall be installed on the office side of the standard window covering and shall in no way be visible from the exterior of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">12. Messenger services and suppliers of bottled water, food, beverages, and other products or services shall be subject to reasonable regulations as may be adopted by Landlord. Landlord may establish a central receiving station in the Building for delivery and pick up by all messenger services, and may limit delivery and pick up at tenant Premises to Building personnel.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">13. Each tenant shall see that the doors of the premises are closed and locked and that all water faucets or apparatus, cooking facilities, and office equipment, excluding office equipment required to be operative at all times, are shut off before the tenant or employees leave the Premises at night, so as to prevent waste or damage. For any default or carelessness in this regard the tenant shall be responsible for any damage sustained by other tenants or occupants of the Building or Landlord. On multiple-tenancy floors, tenants shall keep the doors to the Building corridors closed at all times except for ingress and egress.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">14. The toilets, urinals, wash bowls, and other restroom facilities shall not be used for any purpose other than that for which they were constructed. No foreign substance of any kind shall be thrown in them, and the expense of any breakage, stoppage, or damage resulting from the violation of this rule shall be borne by the tenant who, or whose employees or invitees, have caused it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">15. Except with the prior consent of Landlord, no tenant shall sell, or permit the sale at retail, of newspapers, magazines, periodicals, theater tickets, or any other goods or merchandise to the general public in the Premises, nor shall any tenant carry on, permit, or allow any employee or other person to carry on the business of stenography, typewriting, or any similar business in or from the Premises for the service or accommodation of occupants of any other portion of the Building, nor shall the Premises of any tenant be used for manufacturing of any kind, or any business or activity other than that specifically provided for in the tenant&#8217;s lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">16. No tenant shall install any antenna, loudspeaker, or other device on the roof or exterior walls of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">17. No motorcycles or motor scooters shall be parked or stored anywhere in the Building other than the garage of the Building, and no bicycles may be parked or stored anywhere in the Building other than in facilities provided in the garage or the Common Area of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">18. Hand trucks or other material handling equipment, except those equipped with rubber tires and side guards, may not be used in any portion of the Building unless approved by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">19. Each tenant shall store refuse within that tenant&#8217;s premises. No material of a nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of refuse in the city of Riverside without being in violation of any law or ordinance governing this disposal shall be placed in the refuse boxes or receptacles. All refuse disposal shall be made only through entryways and elevators provided for these purposes and at the times Landlord shall designate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">20. Canvassing, peddling, soliciting, and distributing handbills or any other written materials in the Building is prohibited, and each tenant shall cooperate to prevent this type of occurrence.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">21. The requirements of the tenants will be attended to only on application by telephone or in person at the office of the Building. Employees of Landlord shall not perform any work or do anything outside of their regular duties unless under special instructions from Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreake2048486-0b64-46a3-9a17-77ffbd95b1d7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">22. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant, so long as Tenant&#8217;s use of the Premises is not adversely affected by the waiver, and no waiver by Landlord shall be construed as a waiver of the Rules in favor of any other tenant, nor prevent Landlord from later enforcing any of the Rules against any of the tenants of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">23. These Rules are in addition to, and shall not be construed to modify or amend, in whole or in part, the terms, covenants, agreements, and conditions of any lease of Premises in the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">24. Landlord reserves the right to make other reasonable rules as Landlord judges may be needed for the safety, care, and cleanliness of the Building, and for the preservation of good order, provided that Tenant&#8217;s use and occupancy of the Premises shall not be adversely affected by other rules.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT D</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Lease schedule. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Year 1 starts the beginning of the lease on January 1, 2017. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 1 </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 2</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 3</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 4</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 5</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">81,556</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">83,995</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">86,506</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">89,092</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">91,756</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">978,672</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,007,934</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,038,072</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,069,110</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,101,076</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 6</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 7</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 8</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 9</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 10</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">94,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">97,325</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">100,235</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">103,232</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">106,319</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,133,998</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,167,905</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,202,825</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,238,790</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,275,830</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">21</p></td></tr></table></p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>21
<FILENAME>solarmax_ex1015.htm
<DESCRIPTION>EX-10.15
<TEXT>
<html><head><title>solarmax_ex1015.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.15</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>TABLE OF CONTENTS<br>&nbsp; </b></p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="9%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Section 1.</p></td> <td>Definitions</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">2</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 2.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Premises</td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 3.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Term; Condition of Premises</td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 4.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Rental</td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 5.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Escalation Rent</td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 6.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Use</td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 7.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Services</td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 8.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Impositions</td> <td></td> <td> <p style="MARGIN: 0px" align="right">6</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 9.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Alterations</td> <td></td> <td> <p style="MARGIN: 0px" align="right">7</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 10.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Liens</td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 11.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Repairs</td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 12.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Damage or Destruction</td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 13.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Subrogation</td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 14.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Indemnification</td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 15.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Compliance with Legal Requirements</td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 16.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Assignment and Subletting</td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 17.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Rules</td> <td></td> <td> <p style="MARGIN: 0px" align="right">11</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 18.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Entry by Landlord</td> <td></td> <td> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 19.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Events of Default</td> <td></td> <td> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 20.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Termination upon Default</td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 21.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Continuation after Default</td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 22.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Other Relief</td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 23.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Right of Landlord to Cure Defaults</td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 24.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Attorney Fees</td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 25.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Eminent Domain</td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 26.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Subordination</td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 27.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">No Merger</td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 28.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Sale</td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 29.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Estoppel Certificate</td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 30.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Light, Air, or View Rights</td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 31.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Holding Over</td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 32.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Security Deposit</td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 33.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Waiver</td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 34.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Notices and Consents</td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 35.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Entire Agreement</td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 36.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Authority</td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 37.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Plural and Singular</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 38.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Joint and Several Obligations</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 39.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Time of the Essence</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 40.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Examination of Lease</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 41.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Heirs, Successors, and Assigns</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 42.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Name of Building</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 43.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Illegality or Unenforceability of Portion of Lease</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 44.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Governing Law</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr style="HEIGHT: 15pt; mso-height-rule: exactly; mso-yfti-irow: 44; mso-yfti-lastrow: yes" height="20"> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Section 45.</td> <td style="VERTICAL-ALIGN: top; COLOR: black; PADDING-BOTTOM: 0in; PADDING-TOP: 0in">Exhibits</td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcbce6845-bbc4-4a0f-b60a-144691a97cde" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">THIS OFFICE LEASE (this &#8220;Lease&#8221;) dated as of September 1 2016 is entered into between Fallow Field, LLC (&#8220;Landlord&#8221;), and SolarMax LED, Inc. (U.S.A.) (&#8220;Tenant&#8221;).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">RECITALS</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">A. Landlord is the owner of real property (&#8220;Real Property&#8221;) located at 3230 Fallow Field Dr, Diamond Bar, CA 91765, attached to this Lease and incorporated by reference, and the Building (as later defined) located on it. The Real Property and the Building are collectively the &#8220;Property.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">B. Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord the Premises (as later defined) for the term and subject to the terms, covenants, agreements, and conditions in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">AGREEMENT</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">NOW THEREFORE, for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 1. Definitions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">As used in this Lease, the following capitalized terms are defined as follows.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Alterations&#8221; is defined in Section 9(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Operating Expenses&#8221; means the Operating Expenses paid or incurred by Landlord in the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Property Taxes&#8221; means the amount of Property Taxes for the tax year ending2016 of the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Rent&#8221; means the Base Rent as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Year&#8221; means the calendar year specified in the Basic Lease Information as the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Basic Lease Information&#8221; is attached to and incorporated in this Lease as Exhibit B hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Building&#8221; means the building constructed on the Real Property known as<i> 3230 Fallow Field Dr, Diamond Bar, CA 91765 </i>, any property interest in the area of 3230 Fallow Field Dr, Diamond Bar, CA 91765 and all other improvements on or appurtenances to the Real Property or the streets abutting the Real Property. The Building includes, but is not limited to, an office building with 2 floors of office space and a parking space located on the same property.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Commencement Date&#8221; means the Commencement Date as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Common Area&#8221; means the total area on a floor consisting of rest rooms, janitor, telephone and electrical closets, mechanical areas, public corridors providing access to tenant space, public stairs, elevator shafts and pipe shafts, together with their enclosing walls.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Deposit&#8221; is defined in Section 32 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Escalation Rent&#8221; is defined in Section 4(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Event of Default&#8221; is defined in Section 19 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Impositions&#8221; is defined in Section 8 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Landlord&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Legal Requirements&#8221; is defined in Section 15 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Lease&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakfd44df2f-6cd8-4274-a498-afa9ec75518d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Operating Expenses&#8221; means (a) all costs of management, operation, and maintenance of the Building, including without limitation: wages, salaries, and payroll burden of employees; property management fees and other related compensation; janitorial, maintenance, security, and other services; Building office rent or rental value; power, water, waste disposal, and other utilities; materials and supplies; maintenance and repairs; license costs; insurance premiums and the deductible portion of any insured loss under Landlord&#8217;s insurance; and depreciation on personal property; and (b) the cost of any capital improvements made to the Building by Landlord after the Base Year that (i) are made in the reasonable expectation of reducing other Operating Expenses during the term of this Lease, (ii) are required for the health and safety of tenants, or (iii) are required under any governmental law or regulation that was not applicable to the Building at the time it was constructed, this cost to be amortized over a reasonable period determined by Landlord, together with interest on the unamortized balance at the rate of ten percent (10%) per annum, or a higher rate equal to that paid by Landlord on funds borrowed for the purpose of constructing or installing those capital improvements. Operating Expenses shall not include: Property Taxes; depreciation on the Building other than depreciation on exterior window draperies, if any, provided by Landlord, and carpeting in multi-tenant floor public corridors and common areas; costs of tenants&#8217; improvements; real estate brokers&#8217; commissions; interest; costs incurred in connection with the repair of damage to the Building, to the extent Landlord is reimbursed by insurance proceeds; and capital items other than those referred to in clause (b). Actual Operating Expenses for both the Base Year and each subsequent calendar year will be adjusted to equal Landlord&#8217;s reasonable estimate of Operating Expenses had the total rentable area of the Building been occupied.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Premises&#8221; means the portion of the Building located on the floor or floors specified in the Basic Lease Information which is outlined in red on the floor plan or plans attached to this Lease as Exhibit A hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Property Taxes&#8221; means all real property taxes (and any tax levied wholly or partly in lieu of real property taxes) levied against the Building, and all real estate tax consultant expenses and attorney&#8217;s fees incurred for the purpose of maintaining an equitable assessed valuation of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Real Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Rentable Area&#8221; means the rentable area of the Premises specified on the Basic Lease Information. If any office space is added to or deleted from the Premises, the rentable area of the space added or deleted shall mean: (a) as to an entire floor added to or deleted from the Premises, all areas within outside permanent Building walls, measured to the inside glass surface of outside permanent Building walls, including rest rooms; janitor, telephone, and electrical closets; allocated mechanical areas and columns and projections necessary to the Building, but excluding public stairs, elevator shafts, and pipe shafts, together with their enclosing walls; (b) as to a portion of a floor added to or deleted from the Premises, the aggregate of the usable area of the portion of the floor added to or deleted from the Premises, plus the result obtained by multiplying the area of the Common Area on this floor by a fraction, whose numerator is the usable area of added or deleted portion of the floor and whose denominator is the usable area of all tenant space on the floor.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8217;s Percentage Share&#8221; means the percentage figure specified as &#8220;Tenant&#8217;s Percentage Share&#8221; in the Basic Lease Information. Tenant&#8217;s Percentage Share has been obtained by dividing the net rentable area of the Premises, as specified in the Basic Lease Information, by the total net rentable area of the Building, which is111872 square feet of office space, and multiplying that quotient by one hundred (100). In the event the rentable area of the Premises is increased or decreased by the addition to or deletion from the Premises of any office space, Tenant&#8217;s percentage share shall be appropriately adjusted. For the purposes of Section 4, Tenant&#8217;s Percentage Share shall be based on the number of days during the calendar year in which this change occurs.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Term&#8221; is defined in Section 3 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Termination Date&#8221; means the Termination Date in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&#8220;Usable Area&#8221; means all floor area in a tenant space, measured to the inside glass surface of outer Building walls, to the office side of corridors and other permanent partitions, and to the center of partitions that separate the tenant space from adjoining tenant spaces, without deduction for columns and projections necessary to the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakc4c5742f-3dfd-4973-b559-0fd4b1391b69" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 2. Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord leases to Tenant, and Tenant leases from Landlord the Premises for the term and subject to the terms, covenants, agreements, and conditions later set forth, to each of which Landlord and Tenant mutually agree.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 3. Term; Condition of Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The term (&#8220;Term&#8221;) of this Lease shall commence on the Commencement Date and, unless sooner terminated as later provided, shall end on the Termination Date. Unless otherwise agreed by Landlord and Tenant in this Lease, Landlord shall deliver the Premises to Tenant on the Commencement Date in their then existing condition with no alterations being made by Landlord. If Landlord has undertaken in this Lease to make any alterations to the Premises before the Commencement Date and the alterations are completed before that date, and if Tenant desires to take occupancy in advance of that date, Landlord shall deliver the Premises to Tenant at that time in advance of a date that will be mutually approved by Landlord and Tenant and, notwithstanding anything to the contrary contained in this Lease, the Term of the Lease shall commence on delivery. If Landlord, for any reason, cannot deliver the Premises to Tenant on the Commencement Date, this Lease shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting from nondelivery, but in that event rental shall be waived for the period between the Commencement Date and the time when Landlord delivers the Premises to Tenant. No delay in delivery of the Premises shall extend the Term of this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 4. Rental</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall pay to Landlord throughout the Term as rental for the Premises the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes. The increased rental due pursuant to this Section 4(a) is the &#8220;Escalation Rent.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this Lease and on or before the first day of each successive calendar month during the Term of this Lease. In the event the Term of this Lease commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due. Nothing contained in this Lease shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable under this Lease, or to limit any other remedy of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 19(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received when due, or if a cure period is applicable under Section 19(a), prior to the expiration of the cure period, Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant&#8217;s default for the overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease.</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify"> <table style="FONT: 10pt Times new roman" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td> <td width="10%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ CL</em></td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ SY</em></td> <td>&nbsp;</td></tr> <tr> <td>Landlord&#8217;s Initials</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>Tenant&#8217;s Initials</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) Any amount due to Landlord, if not paid within five (5) days following the due date, will bear interest from the due date until paid at the rate of ten percent (10%) per year or, if a higher rate is legally permissible, at the highest rate legally permitted. However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) All payments due shall be paid to Landlord, without deduction or offset, in lawful money of the United States of America at Landlord&#8217;s address for notices under this Lease or to another person or at another place as Landlord may designate by notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak20a5bf0a-7bf0-423d-8ed9-70097ce2f6a5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 5. Escalation Rent</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Escalation Rent shall be paid monthly on an estimated basis, with subsequent annual reconciliation, in accordance with the following procedures: Annual increases of 2.99% of the prior year rent. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">30 days prior to the end of the Base Year and no later than 30 days prior to the end of each subsequent calendar year, or as soon after that time as practicable, Landlord shall give Tenant notice of Landlord&#8217;s estimate of any Escalation Rent due under Section 4(a) for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year, Tenant shall pay to Landlord one-twelfth (1/12th) of the estimated Escalation Rent. If Landlord fails to give notice as required in this Section, Tenant shall continue to pay on the basis of the prior year&#8217;s estimate until the month after that notice is given. If at any time it appears to Landlord that the Escalation Rent for the current calendar year will vary from the estimate by more than five percent (2.99%), Landlord shall, by notice to Tenant, revise the estimate for that year, and subsequent payments by Tenant for that year shall be based on the revised estimate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Within ninety (90) days after the close of each calendar year, or as soon after the ninety (90) day period as practicable, Landlord shall deliver to Tenant a statement of the actual Escalation Rent for that calendar year, accompanied by a statement from certified public accountants for the Building showing Operating Expenses and Property Taxes on the basis of which the actual Escalation Rent was determined. At Tenant&#8217;s request, Landlord shall provide Tenant reasonable supporting detail underlying the calculations of Operating Expenses and Property Taxes. If Landlord&#8217;s statement discloses that Tenant owes an amount that is less than the estimated payments for the calendar year previously made by Tenant, Landlord shall credit the excess first against any sums then owed by Tenant, and then against the next payments of rental due. If Landlord&#8217;s statement discloses that Tenant owes an amount that is more than the estimated payments for the calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the statement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) The amount of Escalation Rent for any fractional year in the Term shall be appropriately prorated. The pro-ration of Operating Expenses for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Operating Expenses for that entire calendar year; the pro-ration of Property Taxes for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Property Taxes for that entire calendar year, but shall exclude any Property Taxes attributable to any increase in the assessed valuation of the Building occurring after termination. The termination of this Lease shall not affect the obligations of the parties pursuant to Section 5(b) to be performed after the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 6. Use</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The Premises shall be used for general office purposes and no other. Tenant shall not do or permit to be done on the Premises, nor bring or keep or permit to be brought or kept in the Premises, anything (a) which is prohibited by or in conflict with any law, ordinance, or governmental rule or, (b) which is prohibited by the standard form of fire insurance policy or, (c) which will increase the existing rate of or affect fire or other insurance on the Building or its contents or cause a cancellation of any insurance policy covering the Building or any part of it or its contents. Tenant shall not use or store in the Premises any hazardous or toxic substances, with the sole exception of reasonably necessary substances that are kept in reasonably necessary quantities for normal office operations, provided that their use and storage are in accordance with applicable laws. Tenant shall not do or permit anything to be done on the Premises that will obstruct or interfere with the rights of other tenants of the Building, or injure or annoy them, or use or allow the Premises to be used for any unlawful purposes, nor shall Tenant cause, maintain, or permit any nuisance or waste on or about the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 7. Services</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Landlord shall maintain the public and Common Areas of the Building, including lobbies, stairs, elevators, corridors, restrooms, all exterior landscaping, windows, the mechanical, plumbing, and electrical equipment serving the Building, and the structure itself, in reasonably good order and condition so as to meet the reasonable needs of Tenant, except for damage, excluding normal wear and tear, caused by the Tenant. Damage by Tenant shall be repaired by Landlord at Tenant&#8217;s expense. The standard of maintenance shall be equal to that of other office buildings of a similar class in _____.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Landlord shall furnish utilities that includes water, power and gas (water heaters.) Utility payments will be paid previously agreed upon. Landlord will bill tenant all extra utilities usage based on previous average utlity invoice. based on the total rental square feel relative to the whole property (ie prorated to only your square feet / total square feet).<i>Comfortable occupancy by Tenant in Tenant&#8217;s use of the Premises during the period from 7:00 a.m. to 6:00 p.m. on weekdays. Landlord is not responsible for internet or telephone services. Tenant will bear all costs associated with internet and telephone services. Tenant has the option to contract with our third party janitorial services. </i></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakf24da51c-0ec8-4a8e-b3f1-5bc2227db5ca" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord may establish reasonable measures to conserve energy and water, including but not limited to, automatic light shut off after hours and efficient lighting forms, so long as these measures do not unreasonably interfere with Tenant&#8217;s use of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) Landlord shall not be in default under this Lease, nor be liable for any damages resulting from, nor shall the required rental be abated because of: (i) the installation, use, or interruption of use of any equipment in connection with furnishing the previously listed services, (ii) failure to furnish or delay in furnishing these services, when failure or delay is caused by accident or conditions beyond the reasonable control of Landlord or by necessary repairs or improvements to the Premises or to the Building, or (iii) the limitation, curtailment, rationing, or restrictions on use of water, electricity, gas, or any other form of energy serving the Premises or the Building. Landlord shall use reasonable efforts to diligently remedy interruptions in the furnishing of these services.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) If heat-generating equipment or lighting, other than building standard lights, are installed or used in the Premises, and this equipment or lighting affects the temperature otherwise maintained by the air conditioning system, or if equipment is installed in the Premises that requires a separate temperature controlled room, on Tenant&#8217;s request or at Landlord&#8217;s election after notice to Tenant, Landlord shall install supplementary air conditioning facilities in the Premises or shall modify the ventilating and air conditioning system serving the Premises. The capital and maintenance costs of these facilities and modifications shall be borne by Tenant. However, if Tenant objects to the proposed installation of supplementary air conditioning facilities or the modification of the ventilating and air conditioning system, Landlord shall not make the installation or modification, but Landlord shall be relieved of obligations under Section 7(b)(ii) hereof to the extent that comfortable occupancy of the Premises cannot be provided without the installation or modification.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) On receipt of a bill, Tenant shall reimburse Landlord for the cost of (i) all heat or air conditioning provided to the Premises during hours requested by Tenant when those services are not otherwise furnished by Landlord, and (ii) all power and cooling energy provided for supplementary air conditioning facilities in the Premises. Tenant shall also pay the cost of any transformers, additional risers, panel boards, and other facilities, if reasonably required to furnish power for supplementary air conditioning facilities in the Premises. The cost of item (i) shall be a per hour charge reflecting the electrical energy, labor, and fixed plant costs (excluding depreciation) of running the heating and air conditioning system.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) In the event that Landlord, at Tenant&#8217;s request, provides services to Tenant that are not otherwise provided for in this Lease, Tenant shall pay Landlord&#8217;s reasonable charges for these services on billing of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 8. Impositions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">In addition to the monthly rental and other charges to be paid by Tenant under this Lease, Tenant shall pay Landlord for all of the following items (collectively, &#8220;Impositions&#8221;): (i) taxes, other than local, state, and federal personal or corporate income taxes measured by the net income of Landlord; (ii) assessments, including without limitation, all assessments for public improvements, services, or benefits, irrespective of when commenced or completed; (iii) excises; (iv) levies; (v) business taxes; (vi) license, permit, inspection, and other authorization fees; (vii) transit development fees; (viii) assessments or charges for housing funds; (ix) service payments in lieu of taxes and; (x) any other fees or charges that are levied, assessed, confirmed, or imposed by a public authority; provided, however, that Impositions shall not include amounts otherwise included in Operating Expenses or Property Taxes. Tenant is obligated to pay only to the extent that the Impositions are: (a) on, measured by, or reasonably attributable to, the cost or value of Tenant&#8217;s equipment, furniture, fixtures, and other personal property located in the Premises, or the cost or value of any leasehold improvements made to the Premises by or for Tenant, regardless of whether title to the improvements shall be in Tenant or Landlord; (b) based on or measured by the monthly rental or other charges payable under this Lease, including without limitation, any gross receipts tax levied by a municipality, the State of California, the Federal Government, or any other governmental body with respect to the receipt of the rental; (c) based on the development, possession, leasing, operation, management, maintenance, alteration, repair, use, or occupancy by Tenant of the Premises or any portion of the Premises; or (d) on this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. If it is unlawful for Tenant to reimburse Landlord for the Impositions, but lawful to increase the monthly rental to take into account Landlord&#8217;s payment of the Impositions, the monthly rental payable to Landlord shall be revised to net Landlord the same net return without reimbursement of the Impositions as would have been received by Landlord with reimbursement of the Impositions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak8698644f-c7aa-41ee-a3ce-f18dd484bded" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 9. Alterations.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall not make or allow any alterations, additions, or improvements to the Premises or any part of the Premises (collectively, &#8220;Alterations&#8221;), without Landlord&#8217;s prior consent, which shall not be unreasonably withheld. The installation of furnishings, fixtures, equipment, or decorative improvements, none of which shall affect Building systems or the structure of the Building, and the repainting or recarpeting of the Premises, shall not constitute Alterations. All Alterations shall be made by Landlord for Tenant&#8217;s account, including increased costs, if any, in accordance with the procedures set forth in this Section, subject to any tenant improvement allowance provided in the Basic Lease Information. All Alterations shall immediately become Landlord&#8217;s property and, at the end of the Term, shall remain on the Premises without compensation to Tenant, unless Landlord elects by notice to Tenant to have Tenant remove any Alterations that are peculiar to Tenant&#8217;s use of the Premises and are not normally required or used by other tenants. In this event, Tenant shall bear the cost of restoring the Premises to their condition prior to the installment of the Alterations. When plans and specifications for any Alterations are approved by Landlord pursuant to Section 9(b), Landlord shall advise Tenant on request whether proposed Alterations would entitle Landlord to require their removal and restoration of the Premises at the end of the Term. The tenant is approved for a sign outside the tenant&#8217;s entrance on the outside of the building. Tenant is responsible for all fees and associated payments in regards to the sign along with permit and construction costs. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Plans and specifications for Alterations shall be prepared at Tenant&#8217;s expense by Tenant&#8217;s architect or by Landlord&#8217;s architect if Tenant so elects, and by engineers approved by Landlord, where the nature of the Alterations requires mechanical or electrical engineering services. Any architect retained by Tenant shall be instructed to follow standard construction administration procedures and use standard specifications and details reasonably promulgated by Landlord for the Building. The plans and specifications shall be subject to approval by Landlord and Tenant, and shall not be unreasonably withheld or delayed by either party. Plans and specifications that have neither been approved nor disapproved by Landlord within thirty (30) days after submittal by Tenant shall be deemed to have been approved. Following approval, Landlord shall obtain cost quotations for the Alterations from one or more general contractors approved by Landlord, including any general contractors requested by Tenant that Landlord has approved. Tenant may specify subcontractors in the finish trades to be included in the general contractors&#8217; bids. Landlord shall submit the quotations to Tenant, accept the quotation approved by Tenant, and then contract for the construction or installation of the Alterations with the contractor approved by Tenant. Landlord does not warrant the cost of the Alterations, the timeliness of performance, or the quality of the contractor&#8217;s work, but Landlord shall use reasonable best efforts to secure performance of the construction contract for Tenant&#8217;s benefit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) In the event Tenant instructs Landlord or the contractor to proceed with any changes to the Alterations without a prior determination of increased costs resulting from those changes and without approval of the increases by Tenant, or in the event Tenant is responsible for increased costs attributable to a delay or acceleration in the time for construction, the amount of any increased costs shall be reasonably determined by Landlord on completion of the Alterations, subject only to Landlord&#8217;s reasonable efforts in causing the contractor to furnish Tenant appropriate back-up information concerning increased costs, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) The cost of the Alterations to be paid by Tenant shall include a reasonable charge for the administration, by Landlord or an agent, of the construction or installation of the Alterations, the amount of which shall bear a reasonable relationship to the scope of the Alterations and the costs of performing the administration.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) Tenant shall pay to Landlord all amounts payable by Tenant pursuant to this Section after billing by Landlord. Billing may be in advance of or during the progress of the Alterations to enable Landlord to pay the contractor, architect, or engineer without advancing Landlord&#8217;s own funds. At Tenant&#8217;s request, Landlord shall furnish a copy of each bill to Tenant for Tenant&#8217;s approval at least ten (10) days prior to the due date of the bill. Tenant may contest any payment to a contractor for Alterations and Landlord shall withhold this payment, provided that the provisions of Section 10 are satisfied and Tenant indemnifies and defends Landlord against all claims and liability arising out of the contested payment. At Landlord&#8217;s option and prior to commencement of Alterations, Tenant shall deposit with Landlord the estimated cost of Alterations, or a lesser portion as specified by Landlord for the cost as incurred. Any surplus funds shall be returned to Tenant when the Alterations have been paid for in full.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) Landlord may delegate some or all authority and responsibilities under this Section to a manager.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak6fdbf7b0-51fb-4ee9-8ea3-6723c3c54501" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 10. Liens</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall keep the Premises and the Building free from any liens arising out of any work performed, materials furnished, or obligations incurred by Tenant. Landlord may have posted on the Premises any notices that may be provided by law or that Landlord may deem proper for the protection of Landlord, the Premises, and the Building from those liens. Tenant may contest any lien for which Tenant is responsible under this Section, provided that Tenant shall have caused the lien to be bonded against.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 11. Repairs</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant accepts the Premises as being in the condition in which Landlord is obligated to deliver the Premises, subject to the tenant improvements, if any, that Landlord has agreed to make. At all times during the term of this Lease and at Tenant&#8217;s sole cost, Tenant shall keep the Premises in good condition and repair; ordinary wear and tear and damage to the Premises by fire, earthquake, or act of God or the elements are excepted. Tenant waives all rights to make repairs at the expense of Landlord or instead to vacate the Premises, and Tenant further waives the provisions of Civ. Code &#167;&#167; 1941 and 1942 with respect to Landlord&#8217;s obligations under this Lease. At the end of the term of this Lease, Tenant shall surrender to Landlord the Premises and all Alterations that are to remain in the Premises in the same condition as when received; ordinary wear and tear and damage by fire, earthquake, or act of God or the elements are excepted. Landlord has no obligation and has made no promise to alter, remodel, improve, repair, decorate, or paint the Premises or any part of them, except as specifically set forth in this Lease. Landlord has made no representations respecting the condition of the Premises or the Building, except as specifically set forth in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 12. Damage or Destruction</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) In the event the Premises or any portion of the Building necessary for Tenant&#8217;s occupancy are damaged by fire, earthquake, act of God, the elements, or other casualty, within thirty (30) days after that event, Landlord shall notify Tenant of the estimated time, in Landlord&#8217;s reasonable judgment, required for repair or restoration. If the estimated time is one hundred and eighty (180) days or less after the commencement of the physical work and one (1) year or less after the casualty event, Landlord shall proceed promptly and diligently to adjust the loss with applicable insurers, to secure all required governmental permits and approvals, and to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. This Lease shall remain in full force, except that for the time unusable, Tenant shall receive a rental abatement for that part of the Premises rendered unusable in the conduct of Tenant&#8217;s business.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If the estimated time for repair or restoration is in excess of one hundred and eighty (180) days after the commencement of the physical work or one (1) year after the casualty event, Tenant may elect to terminate this Lease as of the date of the casualty event by giving notice to Landlord within fifteen (15) days following receipt of Landlord&#8217;s notice of the estimated time for repair. If the estimated time is more than one hundred and eighty (180) days after commencement of the physical work or one (1) year after the casualty event, but Tenant has not elected to terminate this Lease, Landlord may elect, on notice to Tenant within twenty (20) days after the period for Tenant&#8217;s election to terminate has expired, to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. In that event, this Lease shall continue in full force, but the rent shall be abated. If Landlord does not elect to repair or restore, this Lease shall terminate as of the date of the casualty event. However, if Landlord has not commenced the physical repair or restoration of the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy within one (1) year from the casualty event, Tenant may elect to terminate this Lease by notice to Landlord given at any time following the expiration of one (1) year from the casualty event, but prior to the commencement of the physical repair or restoration work.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If the Premises or the Building are to be repaired or restored under this Section, Landlord shall repair or restore at Landlord&#8217;s cost the Building itself and all improvements in the Premises, including but not limited to, any tenant improvements constructed pursuant to this Lease, but excluding Alterations made by or for Tenant subsequent to completion of those tenant improvements. Tenant shall pay the cost of repairing or restoring any Alterations made by or for Tenant subsequent to completion of the tenant improvements made pursuant to this Lease and shall be responsible for carrying casualty insurance as Tenant deems appropriate for those Alterations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) In the event of any damage to or destruction of the Premises or the Building, Landlord and Tenant acknowledge that their respective rights and obligations are to be governed exclusively by this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) In the event the Premises are to be repaired or restored and Tenant requires temporary offices as a result of a casualty event affecting the Premises, Landlord shall use best efforts to locate offices for Tenant within the Building. Tenant acknowledges that Landlord makes no commitment as to the availability of any offices or as to their cost.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak1cd32091-5257-4bf6-8deb-363030f0e888" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 13. Subrogation</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord and Tenant shall each obtain from their respective insurers under all policies of fire, theft, public liability, worker&#8217;s compensation, and other insurance maintained during the term of this Lease covering the Building, or any portion of it, or operations in it, a waiver of all rights of subrogation that the insurer of one party might have against the other party. Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorney&#8217;s fees, resulting from the failure to obtain this waiver. Tenant must have adequate insurance at all times throughout the life of the lease. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 14. Indemnification</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant waives all claims against Landlord for damage to any property or injury or death of any person on the Premises arising at any time and from any cause other than the gross negligence or willful misconduct of Landlord or Landlord&#8217;s employees, agents, or contractors. Tenant shall hold Landlord harmless from and defend Landlord against all claims, liability, damage, or loss arising out of any injury or death of any person or damage to or destruction of property attributable to the use of the Premises by Tenant, except that caused by the gross negligence or willful misconduct of Landlord or Landlord&#8217;s agents, contractors, or employees. Tenant shall also hold Landlord harmless from any liability, cost, or expense arising from Tenant&#8217;s use or storage in the Premises of any hazardous or toxic substance. These indemnity obligations shall include reasonable attorney&#8217;s fees, investigation costs, and all other reasonable costs incurred by Landlord from the first notice that any claim or demand is to be made or may be made. Landlord shall promptly give notice to Tenant of any claim or demand. The provisions of this Section shall survive the termination of this Lease for any event occurring prior to the termination. The provisions of this Section to indemnify and hold Landlord harmless are limited to the amount of loss that is not paid to Landlord out of insurance proceeds, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 15. Compliance with Legal Requirements</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">At Tenant&#8217;s sole cost, Tenant shall promptly comply with all laws and governmental rules now or later in force; with the requirements of any board of fire underwriters or other similar body now or in the future constituted; with any direction or occupancy certificate issued by public officers (&#8220;Legal Requirements&#8221;), insofar as they relate to the condition, use, or occupancy of the Premises. Excluded are: (a) structural changes or changes to the electrical, mechanical, or plumbing systems of the Building, all to the extent not necessitated by Tenant&#8217;s acts or by improvements made for Tenant, other than the tenant improvements to be made pursuant to this Lease by Landlord, if any; (b) alterations or improvements to the Building as a whole or the Premises of tenants generally that are not by law the tenants&#8217; responsibility with which to comply; and (c) work necessitated by defects in the construction of the Building. Landlord shall comply in a timely manner with all Legal Requirements that are not Tenant&#8217;s responsibility under this Section to the extent noncompliance would adversely affect Tenant&#8217;s use or occupancy of the Premises. Furthermore due to the landlord&#8217;s requirements a financial report will be needed from each Tenant as requested. The tenant agrees to provide the financial report to the landlord within 30 days of written request. A format will be provided for review. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 16. Assignment and Subletting</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) Except as otherwise expressly permitted by this Lease, Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld or delayed, assign or hypothecate this Lease or any interest in this Lease, sublet the Premises or any part of them, or license the use of the Premises by any party other than Tenant. Neither this Lease nor any interest in this Lease shall be assignable without the consent of Landlord, which shall not be unreasonably withheld or delayed. Any of the previous acts without consent shall be void and shall, at the option of Landlord, constitute a noncurable default under this Lease. In connection with each consent requested by Tenant, Tenant shall submit to Landlord the terms of the proposed transaction, the identity of the parties to the transaction, the proposed documentation for the transaction, and all other information reasonably requested by Landlord concerning the proposed transaction and the parties involved. However, Tenant may, without resulting in a default under this Lease and without notice to Landlord, license to or otherwise permit the use of the Premises by: (i) any entity of which Tenant, any of Tenant&#8217;s subsidiaries, or Tenant&#8217;s parent is a limited partner, general partner, joint venturer, or shareholder; (ii) any other limited partner, general partner, joint venturer or shareholder in that entity; (iii) any consultant, contractor, accountant, or counsel of Tenant; or (iv) any of the directors, officers, employees, contractors, accountants, or counsel of any of the foregoing. The license or other permitted use does not in any way create in the licensee or any other party rights to possess or remain in the Premises beyond the termination of the Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakb477ff1a-7de5-43b6-bd93-271a31347c58" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) Without limiting other instances in which Landlord may reasonably withhold consent to an assignment or subletting, Landlord and Tenant acknowledge that it shall be reasonable for Landlord to withhold consent in the following instances:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(i) if at the time consent is requested or at any time prior to the granting of consent, an Event of Default has occurred under this Lease or if Tenant is in monetary default under this Lease or would be in monetary default under this Lease but for the pendency of any grace or cure period under Section 19;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(ii) if the proposed assignee or subtenant is a governmental agency;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(iii) if, in Landlord&#8217;s reasonable judgment, use of the Premises by the proposed assignee or subtenant would not be comparable to the office use by other tenants in the Building, would entail alterations that would materially lessen the value of the leasehold improvements in the Premises (unless Tenant provides adequate security to ensure that the Premises will be restored to their prior condition pursuant to Section 9(a)), would result in more than a reasonable number of occupants per floor, or would require substantially increased services by Landlord;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(iv) if Landlord reasonably determines that circumstances warrant a consideration of the financial worth of a proposed assignee or subtenant, and the financial worth, in Landlord&#8217;s reasonable judgment, does not meet the credit standards applied by Landlord for other tenants under leases with comparable terms;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(v) if, in Landlord&#8217;s reasonable judgment, the character, reputation, or business of the proposed assignee or subtenant is not consistent with the quality of the other tenancies in the Building; and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(vi) if subletting less than the entire Premises and the parcel to be sublet and all other parcels then sublet in the Premises exceed a total of 2 parcels.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If at any time during the Term, Tenant desires to sublet all or any part of the Premises, Tenant shall notify Landlord of the terms of the proposed subletting and the space proposed to be sublet. Landlord shall have the option, exercisable by notice given to Tenant within thirty (30) days after Tenant&#8217;s notice is given, or within five (5) days after Tenant&#8217;s notice is given if Tenant submits terms that have already been negotiated with a specific proposed subtenant, to sublet from Tenant this space at the rental and other terms in Tenant&#8217;s notice, or, if the proposed subletting is for the entire Premises for a sublet term ending within the last year of the Term, to terminate this Lease. If Landlord does not exercise this option, Tenant shall be free to sublet the space to any third party or to the specific proposed subtenant, at the same rental and on substantially the same terms in the notice given to Landlord, subject to obtaining Landlord&#8217;s prior consent as provided previously.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) Notwithstanding the provisions of paragraphs (a) and (b), Tenant may assign this Lease or sublet the Premises or any portion of the Premises, with notice to Landlord but without the necessity of Landlord&#8217;s consent and without extending any option to Landlord pursuant to paragraph (c), to any corporation which controls, is controlled by, or is under common control with Tenant, to any corporation resulting from the merger or consolidation with Tenant, or to any person or entity that acquires all the assets of Tenant as a going concern of the business that is being conducted on the Premises or the assets of any corporation that controls, is controlled by, or is under common control with Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) No subtenant shall have a right to further sublet without Landlord&#8217;s prior consent, which Tenant acknowledges may be withheld in Landlord&#8217;s absolute discretion, and any assignment by a subtenant of the sublease shall be subject to Landlord&#8217;s prior consent in the same manner as if Tenant were entering into a new sublease. No sublease, once consented to by Landlord, shall be modified or terminated by Tenant without Landlord&#8217;s prior consent, which shall not be unreasonably withheld.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak5769894d-9c1d-4b68-9cd3-cc34b49a11a0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) In the case of an assignment, one-half (1/2) of any sums or other economic consideration received by Tenant as a result of the assignment (excluding any consideration reasonably attributed to assets other than this Lease) shall be paid to Landlord after first deducting the unamortized cost of leasehold improvements paid for by Tenant, and the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the assignment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(g) In the case of a subletting, one-half (1/2) of any sums or economic consideration received by Tenant as a result of the subletting shall be paid to Landlord after first deducting: (i) the rental due under this Lease, prorated to reflect only rental allocable to the sublet portion of the Premises, (ii) the cost of leasehold improvements made to the sublet portion of the Premises at Tenant&#8217;s cost, amortized over the term of this Lease, except for leasehold improvements made for the specific benefit of the subtenant, which shall be amortized over the term of the sublease, and (iii) the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the subletting.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(h) Regardless of Landlord&#8217;s consent, no subletting or assignment shall release or alter Tenant&#8217;s obligation or primary liability to pay the rental and perform all other obligations under this Lease. The acceptance of rental by Landlord from any other person shall not be deemed a waiver by Landlord of any provision of this Lease. Consent to one assignment or subletting shall not be deemed consent to any subsequent assignment or subletting. In the event of default by any assignee or successor of Tenant in the performance of any of the terms of this Lease, after notice of default to Tenant pursuant to Section 19 and the expiration of any applicable cure period, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against the assignee or successor. Landlord may consent to subsequent assignments or subletting of this Lease or amendments or modifications to this Lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining consent. This action shall not relieve Tenant of liability under this Lease provided, however, that Tenant shall not be liable for any increase in Tenant&#8217;s obligations under this Lease because of any amendment or modification to this Lease, unless Tenant has consented to it in writing.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(i) If Tenant assigns this Lease, sublets the Premises, or requests the consent of Landlord to any assignment, subletting, hypothecation, or other action requiring Landlord&#8217;s consent under this Lease, Tenant shall pay Landlord&#8217;s reasonable attorney&#8217;s fees incurred in connection with the action.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 17. Rules</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall comply with the rules attached to and incorporated in this Lease as Exhibit C, and after notice, with all reasonable modifications and additions to these rules, from time to time promulgated in writing by Landlord. Landlord shall not be responsible to Tenant for the nonperformance of any of these rules by any other tenant or occupant of the Building, but Landlord shall take reasonable steps to enforce any rules, the nonperformance of which by other tenants materially and adversely affects Tenant in the use of the Premises. However, if any rule conflicts with any term, covenant, or condition of this Lease, this Lease shall prevail. In addition, no rule, or any subsequent amendment to it adopted by Landlord shall alter, reduce, or adversely affect any of Tenant&#8217;s rights or enlarge Tenant&#8217;s obligations under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak31e34a46-f81d-44c7-9137-c2507f20d9dd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 18. Entry by Landlord</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Landlord may enter the Premises at reasonable hours and, except in the event of an emergency, on reasonable prior notice, to: (a) inspect the Premises; (b) exhibit the Premises to prospective purchasers, lenders, or tenants; (c) determine whether Tenant is complying with all obligations under this Lease; (d) supply janitorial service and any other services to be provided by Landlord under this Lease; (e) post notices of nonresponsibility; and (f) make repairs or perform maintenance required of Landlord by this Lease, make repairs to any adjoining space or utility services, or make repairs, alterations, or improvements to any other portion of the Building. However, all this work shall be done as promptly as reasonably possible and cause as little interference to Tenant as reasonably possible. Subject to Landlord&#8217;s undertakings in the previous sentence, Tenant waives any damage claims for inconvenience to or interference with Tenant&#8217;s business or loss of occupancy or quiet enjoyment of the Premises caused by Landlord&#8217;s entry. At all times Landlord shall have a key with which to unlock the doors on the Premises, excluding Tenant&#8217;s vaults, safes, and similar areas designated as secure areas in writing by Tenant in advance. In an emergency, Landlord shall have the right to use any means that Landlord deems proper to open Tenant&#8217;s doors and enter the Premises. Entry to the Premises by Landlord in an emergency shall not be construed as a forcible or unlawful entry, a detainer, or an actual or constructive eviction of Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 19. Events of Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The following events shall constitute events of default under this Lease (each an Event of Default):</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) a default by Tenant in the payment when due of any rent or other sum payable under this Lease and the continuation of this default for ten (10) or more days after notice of the default from Landlord, provided that if Tenant has failed two (2) or more times in any twelve (12) months to pay any rent or other sum when due and notice of this default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months in which all rental and other sums payable under this Lease have been paid on or before the date due;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) a default by Tenant in the performance of any of the terms, covenants, agreements, or conditions in this Lease, other than a default by Tenant in the payment when due of any rent or other sum payable under this Lease, and the continuation of the default beyond thirty (30) days after notice by Landlord or, if the default is curable and would require more than thirty (30) days to remedy, beyond the time reasonably necessary for cure; provided, however, that if Tenant has defaulted in the performance of the same obligation two (2) or more times in twelve (12) months and notice of the default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months without any default by Tenant;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) the bankruptcy or insolvency of Tenant, a transfer by Tenant in fraud of creditors, an assignment by Tenant for the benefit of creditors, or the commencement of proceedings of any kind by or against Tenant under the Federal Bankruptcy Act or under any other insolvency, bankruptcy, or reorganization act, unless Tenant is discharged from voluntary proceedings within ninety (90) days;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(d) the appointment of a receiver for a substantial part of Tenant&#8217;s assets;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(e) the abandonment of the Premises; and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(f) the levy upon this Lease or any estate of Tenant under this Lease by attachment or execution and the failure to have the attachment or execution vacated within thirty (30) days.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak21586610-f65a-4e30-a89c-067f452aa6bc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 20. Termination upon Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">On occurrence of any Event of Default by Tenant, Landlord may, in addition to any other rights and remedies given here or by law, terminate this Lease and exercise remedies relating to it without further notice or demand in accordance with the following provisions:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) So long as the Event of Default remains uncured, Landlord shall have the right to give notice of termination to Tenant, and on the date specified in this notice, this Lease shall terminate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If this Lease is terminated, Landlord may, by judicial process, reenter the Premises, remove all persons and property, and repossess and enjoy the Premises, all without prejudice to other remedies that Landlord may have because of Tenant&#8217;s default or the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) If this Lease is terminated, Landlord shall have all of the rights and remedies of a landlord provided by Civ. Code &#167; 1951.2, in addition to any other rights and remedies Landlord may have. The damages which Landlord may recover shall include, without limitation: (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of the award exceeds the amount of the rental loss that Tenant proves could have been reasonably avoided; (iii) the worth at the time of award computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%) of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; (iv) all reasonable legal expenses and other related costs incurred by Landlord following Tenant&#8217;s default; (v) all reasonable costs incurred by Landlord in restoring the Premises to good order and condition to relet the Premises; and (vi) all reasonable costs, including without limitation, any brokerage commissions incurred by Landlord in reletting the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 21. Continuation after Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant&#8217;s right to possession, and Landlord may enforce all rights and remedies under this Lease, including the right to recover the rental as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver upon initiative of Landlord to protect Landlord&#8217;s interest under this Lease shall not constitute a termination of Tenant&#8217;s right to possession.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 22. Other Relief</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The remedies provided in this Lease are in addition to any other remedies available to Landlord at law, in equity, by statute, or otherwise.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 23. Right of Landlord to Cure Defaults</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Agreements and provisions to be performed by Tenant under this Lease shall be at Tenant&#8217;s sole cost and without abatement of rental, except as specifically provided in this Lease. If Tenant (a) fails to pay any sum of money, other than rental, required under this Lease, or (b) fails to perform any other act under this Lease, and this failure continues for thirty (30) days after notice of the failure by Landlord, or a longer period as may be allowed under this Lease, Landlord may, without waiving or releasing Tenant from any obligations of Tenant, make payment or perform other acts required by this Lease on Tenant&#8217;s behalf. All sums paid by Landlord and all necessary incidental costs shall be payable to Landlord on demand and shall constitute additional rental under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak30c1d373-cd0a-4b34-af1f-655626a77387" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 24. Attorney Fees</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If, as a result of a breach or default under this Lease, Landlord uses an attorney to secure compliance with Lease provisions, to recover damages, to terminate this Lease, or to evict Tenant, Tenant shall reimburse Landlord, on demand, for all reasonable attorney&#8217;s fees and expenses incurred by Landlord; provided that, if Tenant becomes the prevailing party in any legal action brought by Landlord, Tenant shall be entitled to recover reasonable attorney&#8217;s fees and expenses incurred by Tenant and need not reimburse Landlord for any attorney&#8217;s fees and expenses incurred by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 25. Eminent Domain</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If all or any part of the Premises are taken through eminent domain, this Lease shall terminate for the part taken as of the date of taking. For a partial taking, either Landlord or Tenant shall have the right to terminate this Lease for the balance of the Premises by notice to the other within thirty (30) days after the taking. However, Tenant&#8217;s right to terminate arises only if the portion of the Premises taken substantially handicaps, impedes, or impairs Tenant&#8217;s use of the balance of the Premises. In the event of any taking, Landlord shall be entitled to all compensation, damages, income, rent, awards, or any interest that may be paid in connection with the taking, except for any portion specifically awarded to Tenant for moving expenses, trade fixtures, equipment, and any leasehold improvements in the Premises to the extent of the then unamortized value of these improvements for the remaining term of the Lease as determined in the award. However, Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or otherwise, other than for prepaid rent. In the event of a partial taking of the Premises that does not result in a termination of this Lease, the subsequent monthly rental shall be equitably reduced.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 26. Subordination</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) This Lease shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation for security now or later placed upon the Building and to any advances made on the security of it or Landlord&#8217;s interest in it, and to all renewals, modifications, consolidations, replacements, and extensions of it. However, if any mortgagee, trustee, or ground landlord elects to have this Lease prior to the lien of its mortgage or deed of trust or prior to its ground lease, and gives notice of that to Tenant, this Lease shall be deemed prior to the mortgage, deed of trust, or ground lease, whether this Lease is dated prior or subsequent to the date of the mortgage, deed of trust, or ground lease, or the date of recording of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of termination of any ground lease to which this Lease is subordinate, Tenant shall attorn to the ground landlord. Tenant agrees to execute any documents, in form and substance reasonably acceptable to Tenant, required to effectuate the subordination, to make this Lease prior to the lien of any mortgage or deed of trust or ground lease, or to evidence the attornment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, or in the event any ground lease to which this Lease is subordinate is terminated, this Lease shall not be barred, terminated, cut off, or foreclosed. Neither shall the rights and possession of Tenant under this Lease be disturbed, if Tenant is not then in default in the payment of rental and other sums due under this Lease or otherwise in default under the terms of this Lease, and if Tenant attorns to the purchaser, grantee, or ground landlord as provided in Section 26(a) or, if requested, enters into a new lease for the balance of the term of this Lease on the same terms and provisions contained in this Lease. Tenant&#8217;s covenant under Section 26(a) to subordinate this Lease to any ground lease, mortgage, deed of trust, or other hypothecation later executed is conditioned on each senior instrument containing the commitments specified in this subsection.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(c) Tenant agrees that Tenant shall not discriminate against or segregate any person or group of persons on account of race, sex, creed, color, marital status, sexual preference, national origin, or ancestry, in the occupancy, use, sublease, tenure, or enjoyment of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak158c7b47-9809-4b58-ba0e-d789c205ba66" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 27. No Merger</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">In the event that Landlord or any successor owner of the Building sells or conveys the Building, all liabilities and obligations of Landlord or the successor owner under this Lease accruing after the sale or conveyance terminates, shall be binding on the new owner, and Tenant shall release Landlord from all liability under this Lease. Tenant agrees to attorn to the new owner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 28. Sale</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The surrender of this Lease by Tenant, or a mutual cancellation of it, shall not work a merger and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or operate as an assignment to Landlord of all subleases or subtenancies.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 29. Estoppel Certificate</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">At any time with at least fifteen (15) days&#8217; prior notice by Landlord, Tenant shall execute, acknowledge, and deliver to Landlord a certificate in the form substantially the same as attached Exhibit D certifying: (a) that this Lease is unmodified and in full force or, if there have been modifications, that this Lease is in full force, as modified, together with the date and nature of each modification, (b) the amount of the Base Rent, most recent Escalation Rent, if any, and the date to which the rent has been paid, (c) that no notice has been received by Tenant of any default that has not been cured, except defaults specified in the certificate, (d) that no default of Landlord is claimed by Tenant, except defaults specified in the certificate, and (e) other matters as may be reasonably requested by Landlord. Any certificate may be relied on by prospective purchasers, mortgagees, or beneficiaries under any deed of trust on the Building or any part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 30. Light, Air, or View Rights</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Any diminution or shutting off of light, air, or view by any structure that may be erected on lands adjacent to the Building shall not affect this Lease or impose any liability on Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 31. Holding Over</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(a) If, without objection by Landlord, Tenant holds possession of the Premises after expiration of the term of this Lease, Tenant shall become a tenant with an option to renew for 5 years on the monthly terms specified in this Lease, payable in advance on or before the first day of each month. Each party shall give the other notice of intention to terminate the tenancy at least one (3) month prior to the date of termination of the tenancy</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">(b) If, over Landlord&#8217;s objection, Tenant holds possession of the Premises after expiration of the term of this Lease or expiration of the holdover tenancy, Tenant shall be deemed to be a tenant-at-sufferance and, without limiting the liability of Tenant for unauthorized occupancy of the Premises, Tenant shall indemnify Landlord and any replacement tenant for the Premises for any damages or loss suffered by either Landlord or the replacement tenant resulting from Tenant&#8217;s failure to vacate the Premises in a timely manner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p><b> <table id="pagebreak5378257c-58e7-4020-ba16-db21efb31f42" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p>Section 32. Security Deposit</b> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant has deposited with Landlord the sum specified in the Basic Lease Information (&#8220;Deposit&#8221;). The Deposit shall be held by Landlord as security for the faithful performance by Tenant of all provisions of this Lease. If Tenant fails to pay rent or other sums due under this Lease or defaults with respect to any provision of this Lease, Landlord may use, apply, or retain all or any portion of the Deposit for the payment of rent or other sums in default, for the payment of any other sums to which Landlord may become obligated because of Tenant&#8217;s default, or to compensate Landlord for any loss or damage that Landlord may suffer because of the Tenant&#8217;s actions. If Landlord uses or applies the Deposit, Tenant shall, within ten (10) days after demand, deposit cash with Landlord in an amount sufficient to restore the Deposit to the full amount, and Tenant&#8217;s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep the Deposit separate from Landlord&#8217;s general accounts. If Tenant performs all of Tenant&#8217;s obligations under this Lease, the Deposit or the amount not applied by Landlord shall be returned, without interest, to Tenant or at Landlord&#8217;s option, to the last assignee, if any, of Tenant&#8217;s interest under this Lease at the expiration of the Term and after Tenant has vacated the Premises. No trust relationship is created between Landlord and Tenant with respect to the Deposit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 33. Waiver</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The waiver by Landlord of any agreement, condition, or provision contained in this Lease shall not be deemed to be a waiver of any subsequent breach of the agreement, condition, or provision or any other agreement, condition, or provision contained in the Lease, nor shall any custom or practice that may arise between the parties in the administration of the terms of this Lease be construed to waive or to lessen the right of Landlord to the performance by Tenant in strict accordance with these terms. The subsequent acceptance of rental under this Lease by Landlord shall not be deemed to be a waiver of any preceding breach by the other party of any agreement, condition, or provision of this Lease, other than the failure of Tenant to pay the particular accepted rental, regardless of knowledge of the preceding breach at the time of the rental acceptance.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 34. Notices and Consents</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">All notices, consents, demands, and other communications from one party to the other that are given pursuant to the terms of this Lease shall be in writing and shall be deemed to have been fully given when delivered, including delivery by commercial delivery services or facsimile transmission, or if deposited in the United States mail, certified or registered, postage prepaid, when received or refused. All notices, consents, demands, and other communications shall be addressed as follows: to Tenant at the address specified in the Basic Lease Information, or to another place or person as Tenant may designate in a notice to Landlord, or delivered to Tenant at the Premises; to Landlord at the address specified in the Basic Lease Information, or to another place as Landlord may designate in a notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 35. Entire Agreement</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">There are no oral agreements between Landlord and Tenant affecting this Lease, and this Lease supersedes and cancels all previous negotiations, arrangements, brochures, agreements, and understandings between Landlord and Tenant or displayed by Landlord to Tenant with respect to the subject matter of this Lease. There are no representations between Landlord and Tenant other than those contained in this Lease. All implied warranties, including implied warranties of merchantability and fitness, are excluded.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 36. Authority</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If either of the parties signs this Lease as a corporation, each person executing this Lease on behalf of the party warrants that the party is an authorized and existing corporation, that it is qualified to do business in California, that it has the right and authority to enter into this Lease, and that each person signing on behalf of the corporation is authorized to do so. If either of the parties signs this Lease as a partnership, each person executing this Lease on behalf of the party warrants that the party is a partnership, that the partnership has the right and authority to enter into this Lease, and that each person signing on behalf of the partnership is authorized to sign.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak402da3e8-bba6-43ba-88f9-1bfb3f0359c7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 37. Plural and Singular</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The words &#8220;Landlord&#8221; and &#8220;Tenant&#8221; as used in this Lease shall include the plural as well as the singular.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 38. Joint and Several Obligations</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If there is more than one Tenant, the obligations imposed on Tenant shall be joint and several.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 39. Time of the Essence</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Time is of the essence in this Lease and all of its provisions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 40. Examination of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 41. Heirs, Successors, and Assigns</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The agreements, conditions, and provisions contained in this Lease shall, subject to the provisions for assignment, apply to and bind the heirs, executors, administrators, successors, and assigns of the parties to it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 42. Name of Building</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Tenant shall not, without the consent of Landlord, use the name of the Building for any purpose other than as the address of the business to be conducted by Tenant in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 43. Illegality or Unenforceability of Portion of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">If any provision of this Lease is determined to be illegal or unenforceable, this determination shall not affect any other provision of this Lease, and all other provisions shall remain in full force and effect.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 44. Governing Law</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">This Lease shall be governed by and construed pursuant to law of the State of California.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 45. Exhibits</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">The exhibits A to D and addendum, if any, specified in the Basic Lease Information are attached to this Lease and by this reference made a part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak0f17247f-a9e3-418f-8035-d50dcaaf1f09" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">IN WITNESS WHEREOF, the parties have executed this Lease as of the date first set forth above.</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td width="30%"> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">LANDLORD:</p></td> <td width="20%"></td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>Date: 9/16/16</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ Ching Liu </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Signature</td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td>&nbsp;</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Ching Liu </p></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Name</p></td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">General Partner of Fallow Field, LLC </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Title</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>TENANT:</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Date: 9/16/16 </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Simon Yuan </em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Signature</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">/s/ Simon Yuan </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Name</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">CFO </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Title</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify"> <table id="pagebreakda84245d-9621-4947-8273-6f87d4e236cd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT A</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Floor Plan</p> <p align="center"><img src="solarmax_ex1015img1.jpg"></p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak0eebbb89-6460-4510-801b-d1ecefdaa621" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;<img src="solarmax_ex1015img2.jpg">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak2c87218e-7a37-4837-82e3-908976b5a04f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT B</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Basic Lease Information</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Date: <u>September 1, 2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Landlord: <u>Fallow Field LLC</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Tenant: <u>SolarMax LED Inc.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Premises: <u>3230 Fallow Field Dr, Diamond Bar, CA 91765</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Base Year: <u>2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Rentable Area of Premises: <u>22500 Sq Feet</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Total Lease= <u>4214 Sq Feet of Office Space</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Tenant&#8217;s Percentage Share : <u>Share of all utilities (power, water), trash and waste are paid by Tenant. Share calculated by percentage of total space leased</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Term Commencement: <u>9/1/2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Term Expiration: <u>10 Years from Commencement date with 5 year renewal option</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Base Rent: <u>$2.00for office space</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">$8428.00 per month for the first year of the lease </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Security Deposit:<u> $5,200 (Already received)</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Tenant&#8217;s Address for Notice: <u>3080 12th Street, Riverside, CA 92507</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Landlord&#8217;s Address for Notice: <u>3230 Fallow Field Dr, Diamond Bar, CA 91765</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">Exhibits and Addendum: Floor Plan, Rules and Rent payment plan _______________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify"><u>This lease overrides the previous lease agreements signed January 2, 2015due to building remodel. </u></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcc8a0617-408f-4cf5-b8f2-e0ac7531c653" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT C </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Rules</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">1. The sidewalks, halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways of the Building shall not be obstructed by any of the tenants or used for any purpose other than for ingress to and egress from their respective Premises. The halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways are not for the general public, and Landlord shall in all cases retain the right to control and prevent access to them by all persons whose presence in the judgment of Landlord would be prejudicial to the safety, character, reputation, and interests of the Building and its tenants. However, nothing here shall be construed to prevent access to persons with whom any tenant normally deals in the ordinary course of business, unless these persons are engaged in illegal activities. No tenant and no employee or invitee of any tenant shall go on the roof of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">2. A sign, placard, picture, name, advertisement, or notice visible from the exterior of any tenant&#8217;s Premises shall not be inscribed, painted, affixed, or otherwise displayed by any tenant on any part of the Building without the prior written consent of Landlord. Landlord will adopt and furnish to tenants general guidelines relating to signs inside the Building on the office floors. Each tenant shall conform to these guidelines, but may request approval of Landlord for modifications, which will not be unreasonably withheld. All approved signs or lettering on doors shall be printed, painted, affixed, or inscribed at the expense of the tenant by a person approved by Landlord, which will not be unreasonably withheld. Material visible from outside the Building will not be permitted.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">3. The Premises of each tenant shall not be used for the storage of merchandise held for sale to the general public or for lodging. No cooking shall be done or permitted by any tenant on the Premises, except that (a) each tenant may establish and operate a lunchroom facility for use by tenant&#8217;s employees, and (b) each tenant may use and install food and beverage vending machines and Underwriters&#8217; Laboratory approved microwave ovens and equipment for brewing coffee, tea, hot chocolate, and similar beverages, provided that adequate provisions are made for venting and control of odors and all facilities and equipment are in accordance with all applicable federal, state, and city laws, codes, ordinances, rules, and regulations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">4. No tenant shall employ any person other than Landlord&#8217;s janitorial service for cleaning the Premises, unless otherwise approved by Landlord. No person other than those approved by Landlord shall be permitted to enter the Building to clean it. No tenant shall cause any unnecessary labor because of carelessness or indifference in the preservation of good order and cleanliness. Janitor service will not be furnished on nights when rooms are occupied after 9:30 p.m. unless, by prior arrangement with Landlord, service is extended to a later hour for specifically designated rooms.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">5. Landlord will furnish each tenant, free of charge, two keys to each door lock in the Premises. Landlord may make a reasonable charge for any additional keys. No tenant shall have any keys made. No tenant shall alter any lock or install a new or additional lock or any bolt on any door of the premises without the prior consent of Landlord. The tenant shall in each case furnish Landlord with a key for any lock. Each tenant, upon the termination of the tenancy, shall deliver to Landlord all keys to doors in the Building that have been furnished to the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">6. The freight elevator shall be available for use by all tenants in the Building, subject to reasonable scheduling as Landlord deems appropriate. The persons employed to move equipment in or out of the Building must be acceptable to Landlord. Landlord shall have the right to prescribe the weight, size, and position of all equipment, materials, furniture, or other property brought into the Building. Heavy objects shall, if considered necessary by Landlord, stand on wood strips of a thickness necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any property from any cause, and all damage done to the Building by moving or maintaining property shall be repaired at the expense of the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">7. No tenant shall use or keep in the Premises or the Building any kerosene, gasoline, or inflammable or combustible fluid or material other than limited quantities reasonably necessary for the operation or maintenance of office equipment, and may not, without Landlord&#8217;s prior approval, use any method of heating or air conditioning other than that supplied by Landlord. No tenant shall use or keep any foul, noxious, or hazardous gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building because of noise, odors, or vibrations, or interfere in any way with other tenants or those having business in the Building. No pets shall be kept in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakd5735fae-2c66-4803-b50f-1d13d6fb97b1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">8. Landlord shall have the right, exercisable without notice and without liability to any Tenant, to change the name and street address of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">9. Landlord reserves the right to exclude from the Building between the hours of 6:00 p.m. and 7:00 a.m. and at all hours on Saturdays, Sundays, and legal holidays any person who does not present a proper access card or other identification as a tenant or an employee of a tenant, or who does not otherwise present proper authorization by a tenant for access to the premises. Each tenant shall be responsible for all persons for whom it authorizes access and shall be liable to Landlord for all acts of these persons. Landlord shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In the case of invasion, mob, riot, public excitement, or other circumstances rendering an action advisable in Landlord&#8217;s opinion, Landlord reserves the right to prevent access to the Building during the continuance of the circumstance by any action Landlord deems appropriate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">10. A directory of the Building will be provided to display the name and location of tenants, their subtenants, and a reasonable number of the principal officers and employees of tenants, and Landlord reserves the right to exclude any other names. Any additional name that a tenant desires to have added to the directory shall be subject to Landlord&#8217;s approval and may be subject to a charge.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">11. No curtains, draperies, blinds, shutters, shades, screens, or other coverings, hangings, or decorations shall be attached to, hung, or placed in, or used in connection with any exterior window in the Building without the prior consent of Landlord. If Landlord consents, these items shall be installed on the office side of the standard window covering and shall in no way be visible from the exterior of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">12. Messenger services and suppliers of bottled water, food, beverages, and other products or services shall be subject to reasonable regulations as may be adopted by Landlord. Landlord may establish a central receiving station in the Building for delivery and pick up by all messenger services, and may limit delivery and pick up at tenant Premises to Building personnel.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">13. Each tenant shall see that the doors of the premises are closed and locked and that all water faucets or apparatus, cooking facilities, and office equipment, excluding office equipment required to be operative at all times, are shut off before the tenant or employees leave the Premises at night, so as to prevent waste or damage. For any default or carelessness in this regard the tenant shall be responsible for any damage sustained by other tenants or occupants of the Building or Landlord. On multiple-tenancy floors, tenants shall keep the doors to the Building corridors closed at all times except for ingress and egress.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">14. The toilets, urinals, wash bowls, and other restroom facilities shall not be used for any purpose other than that for which they were constructed. No foreign substance of any kind shall be thrown in them, and the expense of any breakage, stoppage, or damage resulting from the violation of this rule shall be borne by the tenant who, or whose employees or invitees, have caused it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">15. Except with the prior consent of Landlord, no tenant shall sell, or permit the sale at retail, of newspapers, magazines, periodicals, theater tickets, or any other goods or merchandise to the general public in the Premises, nor shall any tenant carry on, permit, or allow any employee or other person to carry on the business of stenography, typewriting, or any similar business in or from the Premises for the service or accommodation of occupants of any other portion of the Building, nor shall the Premises of any tenant be used for manufacturing of any kind, or any business or activity other than that specifically provided for in the tenant&#8217;s lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">16. No tenant shall install any antenna, loudspeaker, or other device on the roof or exterior walls of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">17. No motorcycles or motor scooters shall be parked or stored anywhere in the Building other than the garage of the Building, and no bicycles may be parked or stored anywhere in the Building other than in facilities provided in the garage or the Common Area of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">18. Hand trucks or other material handling equipment, except those equipped with rubber tires and side guards, may not be used in any portion of the Building unless approved by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">19. Each tenant shall store refuse within that tenant&#8217;s premises. No material of a nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of refuse in the city of Riverside without being in violation of any law or ordinance governing this disposal shall be placed in the refuse boxes or receptacles. All refuse disposal shall be made only through entryways and elevators provided for these purposes and at the times Landlord shall designate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">20. Canvassing, peddling, soliciting, and distributing handbills or any other written materials in the Building is prohibited, and each tenant shall cooperate to prevent this type of occurrence.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak25554ecc-53f3-4a9c-8c27-7361465465cd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">21. The requirements of the tenants will be attended to only on application by telephone or in person at the office of the Building. Employees of Landlord shall not perform any work or do anything outside of their regular duties unless under special instructions from Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">22. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant, so long as Tenant&#8217;s use of the Premises is not adversely affected by the waiver, and no waiver by Landlord shall be construed as a waiver of the Rules in favor of any other tenant, nor prevent Landlord from later enforcing any of the Rules against any of the tenants of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">23. These Rules are in addition to, and shall not be construed to modify or amend, in whole or in part, the terms, covenants, agreements, and conditions of any lease of Premises in the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">24. Landlord reserves the right to make other reasonable rules as Landlord judges may be needed for the safety, care, and cleanliness of the Building, and for the preservation of good order, provided that Tenant&#8217;s use and occupancy of the Premises shall not be adversely affected by other rules.</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify">&nbsp;</p> <p style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0px" align="justify"> <table id="pagebreak94d724da-7035-4bf8-a797-5bee56998fcc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT D</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Lease schedule. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-JUSTIFY: inter-ideograph; MARGIN-RIGHT: 0px" align="justify">Year 1 starts the beginning of the lease on September 1, 20167.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="left" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 1 </p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 2</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 3</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 4</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 5</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,428</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,680</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,940</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,207</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,482</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">101,136</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">104,160</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">107,274</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">110,482</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">113,785</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 6</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 7</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 8</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 9</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 10</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,766</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,058</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,358</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,668</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,987</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">117,187</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">120,691</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">124,300</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">128,017</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">131,844</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">25</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>22
<FILENAME>solarmax_ex1016.htm
<DESCRIPTION>EX-10.16
<TEXT>
<html><head><title>solarmax_ex1016.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.16</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN: 0px" align="center"><b>TABLE OF CONTENTS</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="10%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 1.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="left">Definitions</p></td> <td width="1%"></td> <td width="9%"> <p style="MARGIN: 0px" align="right">2</p></td> <td width="1%"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 2.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Premises</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 3.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Term; Condition of Premises</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 4.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Rental</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">4</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 5.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Escalation Rent</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 6.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Use</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 7.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Services</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">5</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 8.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Impositions</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">6</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 9.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Alterations</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">7</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 10.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Liens</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 11.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Repairs</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 12.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Damage or Destruction</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 13.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Subrogation</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 14.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Indemnification</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 15.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Compliance with Legal Requirements</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 16.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Assignment and Subletting</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">9</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 17.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Rules</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">11</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 18.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Entry by Landlord</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 19.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Events of Default</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 20.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Termination upon Default</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 21.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Continuation after Default</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 22.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Other Relief</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 23.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Right of Landlord to Cure Defaults</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">13</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 24.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Attorney Fees</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 25.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Eminent Domain</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 26.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Subordination</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">14</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 27.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">No Merger</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 28.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Sale</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 29.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Estoppel Certificate</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 30.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Light, Air, or View Rights</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 31.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Holding Over</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 32.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Security Deposit</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 33.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Waiver</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 34.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Notices and Consents</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 35.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Entire Agreement</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 36.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Authority</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 37.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Plural and Singular</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 38.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Joint and Several Obligations</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 39.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Time of the Essence</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 40.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Examination of Lease</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 41.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Heirs, Successors, and Assigns</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 42.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Name of Building</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 43.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Illegality or Unenforceability of Portion of Lease</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 44.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Governing Law</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Section 45.</p></td> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Exhibits</p></td> <td></td> <td> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak57be7f35-841c-4ae5-af9b-a3cccea7519b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 1 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>OFFICE LEASE</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">THIS OFFICE LEASE (this &#8220;Lease&#8221;) dated as of September 1 2016 is entered into between Fallow Field, LLC (&#8220;Landlord&#8221;), and SolarMax LED, Inc. (U.S.A.) (&#8220;Tenant&#8221;).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">RECITALS</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">A. Landlord is the owner of real property (&#8220;Real Property&#8221;) located at 3230 Fallow Field Dr, Diamond Bar, CA 91765, attached to this Lease and incorporated by reference, and the Building (as later defined) located on it. The Real Property and the Building are collectively the &#8220;Property.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">B. Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord the Premises (as later defined) for the term and subject to the terms, covenants, agreements, and conditions in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">AGREEMENT</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">NOW THEREFORE, for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 1. Definitions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">As used in this Lease, the following capitalized terms are defined as follows.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Alterations&#8221; is defined in Section 9(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Operating Expenses&#8221; means the Operating Expenses paid or incurred by Landlord in the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Property Taxes&#8221; means the amount of Property Taxes for the tax year ending2016 of the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Rent&#8221; means the Base Rent as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Base Year&#8221; means the calendar year specified in the Basic Lease Information as the Base Year.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Basic Lease Information&#8221; is attached to and incorporated in this Lease as Exhibit B hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Building&#8221; means the building constructed on the Real Property known as<i> 3230 Fallow Field Dr, Diamond Bar, CA 91765 </i>, any property interest in the area of 3230 Fallow Field Dr, Diamond Bar, CA 91765 and all other improvements on or appurtenances to the Real Property or the streets abutting the Real Property. The Building includes, but is not limited to, an office building with 2 floors of office space and a parking space located on the same property.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Commencement Date&#8221; means the Commencement Date as set forth in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Common Area&#8221; means the total area on a floor consisting of rest rooms, janitor, telephone and electrical closets, mechanical areas, public corridors providing access to tenant space, public stairs, elevator shafts and pipe shafts, together with their enclosing walls.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Deposit&#8221; is defined in Section 32 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Escalation Rent&#8221; is defined in Section 4(a) hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Event of Default&#8221; is defined in Section 19 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Impositions&#8221; is defined in Section 8 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Landlord&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Legal Requirements&#8221; is defined in Section 15 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Lease&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak054c5947-fddf-47ae-a40f-03d418870a1d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 2 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Operating Expenses&#8221; means (a) all costs of management, operation, and maintenance of the Building, including without limitation: wages, salaries, and payroll burden of employees; property management fees and other related compensation; janitorial, maintenance, security, and other services; Building office rent or rental value; power, water, waste disposal, and other utilities; materials and supplies; maintenance and repairs; license costs; insurance premiums and the deductible portion of any insured loss under Landlord&#8217;s insurance; and depreciation on personal property; and (b) the cost of any capital improvements made to the Building by Landlord after the Base Year that (i) are made in the reasonable expectation of reducing other Operating Expenses during the term of this Lease, (ii) are required for the health and safety of tenants, or (iii) are required under any governmental law or regulation that was not applicable to the Building at the time it was constructed, this cost to be amortized over a reasonable period determined by Landlord, together with interest on the unamortized balance at the rate of ten percent (10%) per annum, or a higher rate equal to that paid by Landlord on funds borrowed for the purpose of constructing or installing those capital improvements. Operating Expenses shall not include: Property Taxes; depreciation on the Building other than depreciation on exterior window draperies, if any, provided by Landlord, and carpeting in multi-tenant floor public corridors and common areas; costs of tenants&#8217; improvements; real estate brokers&#8217; commissions; interest; costs incurred in connection with the repair of damage to the Building, to the extent Landlord is reimbursed by insurance proceeds; and capital items other than those referred to in clause (b). Actual Operating Expenses for both the Base Year and each subsequent calendar year will be adjusted to equal Landlord&#8217;s reasonable estimate of Operating Expenses had the total rentable area of the Building been occupied.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Premises&#8221; means the portion of the Building located on the floor or floors specified in the Basic Lease Information which is outlined in red on the floor plan or plans attached to this Lease as Exhibit A hereto.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Property Taxes&#8221; means all real property taxes (and any tax levied wholly or partly in lieu of real property taxes) levied against the Building, and all real estate tax consultant expenses and attorney&#8217;s fees incurred for the purpose of maintaining an equitable assessed valuation of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Real Property&#8221; is defined in Recital A hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Rentable Area&#8221; means the rentable area of the Premises specified on the Basic Lease Information. If any office space is added to or deleted from the Premises, the rentable area of the space added or deleted shall mean: (a) as to an entire floor added to or deleted from the Premises, all areas within outside permanent Building walls, measured to the inside glass surface of outside permanent Building walls, including rest rooms; janitor, telephone, and electrical closets; allocated mechanical areas and columns and projections necessary to the Building, but excluding public stairs, elevator shafts, and pipe shafts, together with their enclosing walls; (b) as to a portion of a floor added to or deleted from the Premises, the aggregate of the usable area of the portion of the floor added to or deleted from the Premises, plus the result obtained by multiplying the area of the Common Area on this floor by a fraction, whose numerator is the usable area of added or deleted portion of the floor and whose denominator is the usable area of all tenant space on the floor.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8221; is defined in the preamble hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Tenant&#8217;s Percentage Share&#8221; means the percentage figure specified as &#8220;Tenant&#8217;s Percentage Share&#8221; in the Basic Lease Information. Tenant&#8217;s Percentage Share has been obtained by dividing the net rentable area of the Premises, as specified in the Basic Lease Information, by the total net rentable area of the Building, which is111872 square feet of office space, and multiplying that quotient by one hundred (100). In the event the rentable area of the Premises is increased or decreased by the addition to or deletion from the Premises of any office space, Tenant&#8217;s percentage share shall be appropriately adjusted. For the purposes of Section 4, Tenant&#8217;s Percentage Share shall be based on the number of days during the calendar year in which this change occurs.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Term&#8221; is defined in Section 3 hereof.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Termination Date&#8221; means the Termination Date in the Basic Lease Information.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&#8220;Usable Area&#8221; means all floor area in a tenant space, measured to the inside glass surface of outer Building walls, to the office side of corridors and other permanent partitions, and to the center of partitions that separate the tenant space from adjoining tenant spaces, without deduction for columns and projections necessary to the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak952a1c0d-e3c4-4a6b-a4a2-337589b40ab0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 3 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 2. Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Landlord leases to Tenant, and Tenant leases from Landlord the Premises for the term and subject to the terms, covenants, agreements, and conditions later set forth, to each of which Landlord and Tenant mutually agree.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 3. Term; Condition of Premises</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The term (&#8220;Term&#8221;) of this Lease shall commence on the Commencement Date and, unless sooner terminated as later provided, shall end on the Termination Date. Unless otherwise agreed by Landlord and Tenant in this Lease, Landlord shall deliver the Premises to Tenant on the Commencement Date in their then existing condition with no alterations being made by Landlord. If Landlord has undertaken in this Lease to make any alterations to the Premises before the Commencement Date and the alterations are completed before that date, and if Tenant desires to take occupancy in advance of that date, Landlord shall deliver the Premises to Tenant at that time in advance of a date that will be mutually approved by Landlord and Tenant and, notwithstanding anything to the contrary contained in this Lease, the Term of the Lease shall commence on delivery. If Landlord, for any reason, cannot deliver the Premises to Tenant on the Commencement Date, this Lease shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting from nondelivery, but in that event rental shall be waived for the period between the Commencement Date and the time when Landlord delivers the Premises to Tenant. No delay in delivery of the Premises shall extend the Term of this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 4. Rental</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall pay to Landlord throughout the Term as rental for the Premises the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant&#8217;s Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes. The increased rental due pursuant to this Section 4(a) is the &#8220;Escalation Rent.&#8221;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this Lease and on or before the first day of each successive calendar month during the Term of this Lease. In the event the Term of this Lease commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due. Nothing contained in this Lease shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable under this Lease, or to limit any other remedy of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 19(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received when due, or if a cure period is applicable under Section 19(a), prior to the expiration of the cure period, Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant&#8217;s default for the overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="FONT: 10pt Times new roman" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td> <td width="10%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ CL</em></td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ SY </em></td> <td>&nbsp;</td></tr> <tr> <td>Landlord&#8217;s Initials </td> <td>&nbsp;</td> <td>&nbsp;</td> <td>Tenant&#8217;s Initials</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) Any amount due to Landlord, if not paid within five (5) days following the due date, will bear interest from the due date until paid at the rate of ten percent (10%) per year or, if a higher rate is legally permissible, at the highest rate legally permitted. However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(f) All payments due shall be paid to Landlord, without deduction or offset, in lawful money of the United States of America at Landlord&#8217;s address for notices under this Lease or to another person or at another place as Landlord may designate by notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak220c39bb-7cc0-4fde-9822-227f275929e6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 4 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 5. Escalation Rent</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Escalation Rent shall be paid monthly on an estimated basis, with subsequent annual reconciliation, in accordance with the following procedures: Annual increases of 2.99% of the prior year rent. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">30 days prior to the end of the Base Year and no later than 30 days prior to the end of each subsequent calendar year, or as soon after that time as practicable, Landlord shall give Tenant notice of Landlord&#8217;s estimate of any Escalation Rent due under Section 4(a) for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year, Tenant shall pay to Landlord one-twelfth (1/12th) of the estimated Escalation Rent. If Landlord fails to give notice as required in this Section, Tenant shall continue to pay on the basis of the prior year&#8217;s estimate until the month after that notice is given. If at any time it appears to Landlord that the Escalation Rent for the current calendar year will vary from the estimate by more than five percent (2.99%), Landlord shall, by notice to Tenant, revise the estimate for that year, and subsequent payments by Tenant for that year shall be based on the revised estimate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) Within ninety (90) days after the close of each calendar year, or as soon after the ninety (90) day period as practicable, Landlord shall deliver to Tenant a statement of the actual Escalation Rent for that calendar year, accompanied by a statement from certified public accountants for the Building showing Operating Expenses and Property Taxes on the basis of which the actual Escalation Rent was determined. At Tenant&#8217;s request, Landlord shall provide Tenant reasonable supporting detail underlying the calculations of Operating Expenses and Property Taxes. If Landlord&#8217;s statement discloses that Tenant owes an amount that is less than the estimated payments for the calendar year previously made by Tenant, Landlord shall credit the excess first against any sums then owed by Tenant, and then against the next payments of rental due. If Landlord&#8217;s statement discloses that Tenant owes an amount that is more than the estimated payments for the calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of the statement.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) The amount of Escalation Rent for any fractional year in the Term shall be appropriately prorated. The pro-ration of Operating Expenses for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Operating Expenses for that entire calendar year; the pro-ration of Property Taxes for the calendar year in which termination occurs shall be calculated on the basis of a fraction of the Property Taxes for that entire calendar year, but shall exclude any Property Taxes attributable to any increase in the assessed valuation of the Building occurring after termination. The termination of this Lease shall not affect the obligations of the parties pursuant to Section 5(b) to be performed after the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 6. Use</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The Premises shall be used for general office purposes and no other. Tenant shall not do or permit to be done on the Premises, nor bring or keep or permit to be brought or kept in the Premises, anything (a) which is prohibited by or in conflict with any law, ordinance, or governmental rule or, (b) which is prohibited by the standard form of fire insurance policy or, (c) which will increase the existing rate of or affect fire or other insurance on the Building or its contents or cause a cancellation of any insurance policy covering the Building or any part of it or its contents. Tenant shall not use or store in the Premises any hazardous or toxic substances, with the sole exception of reasonably necessary substances that are kept in reasonably necessary quantities for normal office operations, provided that their use and storage are in accordance with applicable laws. Tenant shall not do or permit anything to be done on the Premises that will obstruct or interfere with the rights of other tenants of the Building, or injure or annoy them, or use or allow the Premises to be used for any unlawful purposes, nor shall Tenant cause, maintain, or permit any nuisance or waste on or about the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 7. Services</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) Landlord shall maintain the public and Common Areas of the Building, including lobbies, stairs, elevators, corridors, restrooms, all exterior landscaping, windows, the mechanical, plumbing, and electrical equipment serving the Building, and the structure itself, in reasonably good order and condition so as to meet the reasonable needs of Tenant, except for damage, excluding normal wear and tear, caused by the Tenant. Damage by Tenant shall be repaired by Landlord at Tenant&#8217;s expense. The standard of maintenance shall be equal to that of other office buildings of a similar class in _____.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) Landlord shall furnish utilities that includes water, power and gas (water heaters.) Utility payments will be paid previously agreed upon. Landlord will bill tenant all extra utilities usage based on previous average utlity invoice. based on the total rental square feel relative to the whole property (ie prorated to only your square feet / total square feet).<i>Comfortable occupancy by Tenant in Tenant&#8217;s use of the Premises during the period from 7:00 a.m. to 6:00 p.m. on weekdays. Landlord is not responsible for internet or telephone services. Tenant will bear all costs associated with internet and telephone services. Tenant has the option to contract with our third party janitorial services. </i></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak90c3ed15-71f4-47b3-9d1d-52fc2dc2c47c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 5 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Landlord may establish reasonable measures to conserve energy and water, including but not limited to, automatic light shut off after hours and efficient lighting forms, so long as these measures do not unreasonably interfere with Tenant&#8217;s use of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) Landlord shall not be in default under this Lease, nor be liable for any damages resulting from, nor shall the required rental be abated because of: (i) the installation, use, or interruption of use of any equipment in connection with furnishing the previously listed services, (ii) failure to furnish or delay in furnishing these services, when failure or delay is caused by accident or conditions beyond the reasonable control of Landlord or by necessary repairs or improvements to the Premises or to the Building, or (iii) the limitation, curtailment, rationing, or restrictions on use of water, electricity, gas, or any other form of energy serving the Premises or the Building. Landlord shall use reasonable efforts to diligently remedy interruptions in the furnishing of these services.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) If heat-generating equipment or lighting, other than building standard lights, are installed or used in the Premises, and this equipment or lighting affects the temperature otherwise maintained by the air conditioning system, or if equipment is installed in the Premises that requires a separate temperature controlled room, on Tenant&#8217;s request or at Landlord&#8217;s election after notice to Tenant, Landlord shall install supplementary air conditioning facilities in the Premises or shall modify the ventilating and air conditioning system serving the Premises. The capital and maintenance costs of these facilities and modifications shall be borne by Tenant. However, if Tenant objects to the proposed installation of supplementary air conditioning facilities or the modification of the ventilating and air conditioning system, Landlord shall not make the installation or modification, but Landlord shall be relieved of obligations under Section 7(b)(ii) hereof to the extent that comfortable occupancy of the Premises cannot be provided without the installation or modification.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) On receipt of a bill, Tenant shall reimburse Landlord for the cost of (i) all heat or air conditioning provided to the Premises during hours requested by Tenant when those services are not otherwise furnished by Landlord, and (ii) all power and cooling energy provided for supplementary air conditioning facilities in the Premises. Tenant shall also pay the cost of any transformers, additional risers, panel boards, and other facilities, if reasonably required to furnish power for supplementary air conditioning facilities in the Premises. The cost of item (i) shall be a per hour charge reflecting the electrical energy, labor, and fixed plant costs (excluding depreciation) of running the heating and air conditioning system.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(f) In the event that Landlord, at Tenant&#8217;s request, provides services to Tenant that are not otherwise provided for in this Lease, Tenant shall pay Landlord&#8217;s reasonable charges for these services on billing of Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 8. Impositions</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">In addition to the monthly rental and other charges to be paid by Tenant under this Lease, Tenant shall pay Landlord for all of the following items (collectively, &#8220;Impositions&#8221;): (i) taxes, other than local, state, and federal personal or corporate income taxes measured by the net income of Landlord; (ii) assessments, including without limitation, all assessments for public improvements, services, or benefits, irrespective of when commenced or completed; (iii) excises; (iv) levies; (v) business taxes; (vi) license, permit, inspection, and other authorization fees; (vii) transit development fees; (viii) assessments or charges for housing funds; (ix) service payments in lieu of taxes and; (x) any other fees or charges that are levied, assessed, confirmed, or imposed by a public authority; provided, however, that Impositions shall not include amounts otherwise included in Operating Expenses or Property Taxes. Tenant is obligated to pay only to the extent that the Impositions are: (a) on, measured by, or reasonably attributable to, the cost or value of Tenant&#8217;s equipment, furniture, fixtures, and other personal property located in the Premises, or the cost or value of any leasehold improvements made to the Premises by or for Tenant, regardless of whether title to the improvements shall be in Tenant or Landlord; (b) based on or measured by the monthly rental or other charges payable under this Lease, including without limitation, any gross receipts tax levied by a municipality, the State of California, the Federal Government, or any other governmental body with respect to the receipt of the rental; (c) based on the development, possession, leasing, operation, management, maintenance, alteration, repair, use, or occupancy by Tenant of the Premises or any portion of the Premises; or (d) on this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. If it is unlawful for Tenant to reimburse Landlord for the Impositions, but lawful to increase the monthly rental to take into account Landlord&#8217;s payment of the Impositions, the monthly rental payable to Landlord shall be revised to net Landlord the same net return without reimbursement of the Impositions as would have been received by Landlord with reimbursement of the Impositions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakc8564c67-97ca-47a8-b697-1fd20c5de524" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 6 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 9. Alterations.</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) Tenant shall not make or allow any alterations, additions, or improvements to the Premises or any part of the Premises (collectively, &#8220;Alterations&#8221;), without Landlord&#8217;s prior consent, which shall not be unreasonably withheld. The installation of furnishings, fixtures, equipment, or decorative improvements, none of which shall affect Building systems or the structure of the Building, and the repainting or recarpeting of the Premises, shall not constitute Alterations. All Alterations shall be made by Landlord for Tenant&#8217;s account, including increased costs, if any, in accordance with the procedures set forth in this Section, subject to any tenant improvement allowance provided in the Basic Lease Information. All Alterations shall immediately become Landlord&#8217;s property and, at the end of the Term, shall remain on the Premises without compensation to Tenant, unless Landlord elects by notice to Tenant to have Tenant remove any Alterations that are peculiar to Tenant&#8217;s use of the Premises and are not normally required or used by other tenants. In this event, Tenant shall bear the cost of restoring the Premises to their condition prior to the installment of the Alterations. When plans and specifications for any Alterations are approved by Landlord pursuant to Section 9(b), Landlord shall advise Tenant on request whether proposed Alterations would entitle Landlord to require their removal and restoration of the Premises at the end of the Term. The tenant is approved for a sign outside the tenant&#8217;s entrance on the outside of the building. Tenant is responsible for all fees and associated payments in regards to the sign along with permit and construction costs. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) Plans and specifications for Alterations shall be prepared at Tenant&#8217;s expense by Tenant&#8217;s architect or by Landlord&#8217;s architect if Tenant so elects, and by engineers approved by Landlord, where the nature of the Alterations requires mechanical or electrical engineering services. Any architect retained by Tenant shall be instructed to follow standard construction administration procedures and use standard specifications and details reasonably promulgated by Landlord for the Building. The plans and specifications shall be subject to approval by Landlord and Tenant, and shall not be unreasonably withheld or delayed by either party. Plans and specifications that have neither been approved nor disapproved by Landlord within thirty (30) days after submittal by Tenant shall be deemed to have been approved. Following approval, Landlord shall obtain cost quotations for the Alterations from one or more general contractors approved by Landlord, including any general contractors requested by Tenant that Landlord has approved. Tenant may specify subcontractors in the finish trades to be included in the general contractors&#8217; bids. Landlord shall submit the quotations to Tenant, accept the quotation approved by Tenant, and then contract for the construction or installation of the Alterations with the contractor approved by Tenant. Landlord does not warrant the cost of the Alterations, the timeliness of performance, or the quality of the contractor&#8217;s work, but Landlord shall use reasonable best efforts to secure performance of the construction contract for Tenant&#8217;s benefit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) In the event Tenant instructs Landlord or the contractor to proceed with any changes to the Alterations without a prior determination of increased costs resulting from those changes and without approval of the increases by Tenant, or in the event Tenant is responsible for increased costs attributable to a delay or acceleration in the time for construction, the amount of any increased costs shall be reasonably determined by Landlord on completion of the Alterations, subject only to Landlord&#8217;s reasonable efforts in causing the contractor to furnish Tenant appropriate back-up information concerning increased costs, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) The cost of the Alterations to be paid by Tenant shall include a reasonable charge for the administration, by Landlord or an agent, of the construction or installation of the Alterations, the amount of which shall bear a reasonable relationship to the scope of the Alterations and the costs of performing the administration.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) Tenant shall pay to Landlord all amounts payable by Tenant pursuant to this Section after billing by Landlord. Billing may be in advance of or during the progress of the Alterations to enable Landlord to pay the contractor, architect, or engineer without advancing Landlord&#8217;s own funds. At Tenant&#8217;s request, Landlord shall furnish a copy of each bill to Tenant for Tenant&#8217;s approval at least ten (10) days prior to the due date of the bill. Tenant may contest any payment to a contractor for Alterations and Landlord shall withhold this payment, provided that the provisions of Section 10 are satisfied and Tenant indemnifies and defends Landlord against all claims and liability arising out of the contested payment. At Landlord&#8217;s option and prior to commencement of Alterations, Tenant shall deposit with Landlord the estimated cost of Alterations, or a lesser portion as specified by Landlord for the cost as incurred. Any surplus funds shall be returned to Tenant when the Alterations have been paid for in full.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(f) Landlord may delegate some or all authority and responsibilities under this Section to a manager.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakb1961a7a-cbc2-4329-a615-79f0582b607b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 7 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 10. Liens</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant shall keep the Premises and the Building free from any liens arising out of any work performed, materials furnished, or obligations incurred by Tenant. Landlord may have posted on the Premises any notices that may be provided by law or that Landlord may deem proper for the protection of Landlord, the Premises, and the Building from those liens. Tenant may contest any lien for which Tenant is responsible under this Section, provided that Tenant shall have caused the lien to be bonded against.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 11. Repairs</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant accepts the Premises as being in the condition in which Landlord is obligated to deliver the Premises, subject to the tenant improvements, if any, that Landlord has agreed to make. At all times during the term of this Lease and at Tenant&#8217;s sole cost, Tenant shall keep the Premises in good condition and repair; ordinary wear and tear and damage to the Premises by fire, earthquake, or act of God or the elements are excepted. Tenant waives all rights to make repairs at the expense of Landlord or instead to vacate the Premises, and Tenant further waives the provisions of Civ. Code &#167;&#167; 1941 and 1942 with respect to Landlord&#8217;s obligations under this Lease. At the end of the term of this Lease, Tenant shall surrender to Landlord the Premises and all Alterations that are to remain in the Premises in the same condition as when received; ordinary wear and tear and damage by fire, earthquake, or act of God or the elements are excepted. Landlord has no obligation and has made no promise to alter, remodel, improve, repair, decorate, or paint the Premises or any part of them, except as specifically set forth in this Lease. Landlord has made no representations respecting the condition of the Premises or the Building, except as specifically set forth in this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 12. Damage or Destruction</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) In the event the Premises or any portion of the Building necessary for Tenant&#8217;s occupancy are damaged by fire, earthquake, act of God, the elements, or other casualty, within thirty (30) days after that event, Landlord shall notify Tenant of the estimated time, in Landlord&#8217;s reasonable judgment, required for repair or restoration. If the estimated time is one hundred and eighty (180) days or less after the commencement of the physical work and one (1) year or less after the casualty event, Landlord shall proceed promptly and diligently to adjust the loss with applicable insurers, to secure all required governmental permits and approvals, and to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. This Lease shall remain in full force, except that for the time unusable, Tenant shall receive a rental abatement for that part of the Premises rendered unusable in the conduct of Tenant&#8217;s business.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) If the estimated time for repair or restoration is in excess of one hundred and eighty (180) days after the commencement of the physical work or one (1) year after the casualty event, Tenant may elect to terminate this Lease as of the date of the casualty event by giving notice to Landlord within fifteen (15) days following receipt of Landlord&#8217;s notice of the estimated time for repair. If the estimated time is more than one hundred and eighty (180) days after commencement of the physical work or one (1) year after the casualty event, but Tenant has not elected to terminate this Lease, Landlord may elect, on notice to Tenant within twenty (20) days after the period for Tenant&#8217;s election to terminate has expired, to repair or restore the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy. In that event, this Lease shall continue in full force, but the rent shall be abated. If Landlord does not elect to repair or restore, this Lease shall terminate as of the date of the casualty event. However, if Landlord has not commenced the physical repair or restoration of the Premises or the portion of the Building necessary for Tenant&#8217;s occupancy within one (1) year from the casualty event, Tenant may elect to terminate this Lease by notice to Landlord given at any time following the expiration of one (1) year from the casualty event, but prior to the commencement of the physical repair or restoration work.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) If the Premises or the Building are to be repaired or restored under this Section, Landlord shall repair or restore at Landlord&#8217;s cost the Building itself and all improvements in the Premises, including but not limited to, any tenant improvements constructed pursuant to this Lease, but excluding Alterations made by or for Tenant subsequent to completion of those tenant improvements. Tenant shall pay the cost of repairing or restoring any Alterations made by or for Tenant subsequent to completion of the tenant improvements made pursuant to this Lease and shall be responsible for carrying casualty insurance as Tenant deems appropriate for those Alterations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) In the event of any damage to or destruction of the Premises or the Building, Landlord and Tenant acknowledge that their respective rights and obligations are to be governed exclusively by this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) In the event the Premises are to be repaired or restored and Tenant requires temporary offices as a result of a casualty event affecting the Premises, Landlord shall use best efforts to locate offices for Tenant within the Building. Tenant acknowledges that Landlord makes no commitment as to the availability of any offices or as to their cost.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakc217237b-9747-4e7b-b12f-1b104d2e8cdc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 8 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 13. Subrogation</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Landlord and Tenant shall each obtain from their respective insurers under all policies of fire, theft, public liability, worker&#8217;s compensation, and other insurance maintained during the term of this Lease covering the Building, or any portion of it, or operations in it, a waiver of all rights of subrogation that the insurer of one party might have against the other party. Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorney&#8217;s fees, resulting from the failure to obtain this waiver. Tenant must have adequate insurance at all times throughout the life of the lease. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 14. Indemnification</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant waives all claims against Landlord for damage to any property or injury or death of any person on the Premises arising at any time and from any cause other than the gross negligence or willful misconduct of Landlord or Landlord&#8217;s employees, agents, or contractors. Tenant shall hold Landlord harmless from and defend Landlord against all claims, liability, damage, or loss arising out of any injury or death of any person or damage to or destruction of property attributable to the use of the Premises by Tenant, except that caused by the gross negligence or willful misconduct of Landlord or Landlord&#8217;s agents, contractors, or employees. Tenant shall also hold Landlord harmless from any liability, cost, or expense arising from Tenant&#8217;s use or storage in the Premises of any hazardous or toxic substance. These indemnity obligations shall include reasonable attorney&#8217;s fees, investigation costs, and all other reasonable costs incurred by Landlord from the first notice that any claim or demand is to be made or may be made. Landlord shall promptly give notice to Tenant of any claim or demand. The provisions of this Section shall survive the termination of this Lease for any event occurring prior to the termination. The provisions of this Section to indemnify and hold Landlord harmless are limited to the amount of loss that is not paid to Landlord out of insurance proceeds, if any.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 15. Compliance with Legal Requirements</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">At Tenant&#8217;s sole cost, Tenant shall promptly comply with all laws and governmental rules now or later in force; with the requirements of any board of fire underwriters or other similar body now or in the future constituted; with any direction or occupancy certificate issued by public officers (&#8220;Legal Requirements&#8221;), insofar as they relate to the condition, use, or occupancy of the Premises. Excluded are: (a) structural changes or changes to the electrical, mechanical, or plumbing systems of the Building, all to the extent not necessitated by Tenant&#8217;s acts or by improvements made for Tenant, other than the tenant improvements to be made pursuant to this Lease by Landlord, if any; (b) alterations or improvements to the Building as a whole or the Premises of tenants generally that are not by law the tenants&#8217; responsibility with which to comply; and (c) work necessitated by defects in the construction of the Building. Landlord shall comply in a timely manner with all Legal Requirements that are not Tenant&#8217;s responsibility under this Section to the extent noncompliance would adversely affect Tenant&#8217;s use or occupancy of the Premises. Furthermore due to the landlord&#8217;s requirements a financial report will be needed from each Tenant as requested. The tenant agrees to provide the financial report to the landlord within 30 days of written request. A format will be provided for review. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 16. Assignment and Subletting</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) Except as otherwise expressly permitted by this Lease, Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld or delayed, assign or hypothecate this Lease or any interest in this Lease, sublet the Premises or any part of them, or license the use of the Premises by any party other than Tenant. Neither this Lease nor any interest in this Lease shall be assignable without the consent of Landlord, which shall not be unreasonably withheld or delayed. Any of the previous acts without consent shall be void and shall, at the option of Landlord, constitute a noncurable default under this Lease. In connection with each consent requested by Tenant, Tenant shall submit to Landlord the terms of the proposed transaction, the identity of the parties to the transaction, the proposed documentation for the transaction, and all other information reasonably requested by Landlord concerning the proposed transaction and the parties involved. However, Tenant may, without resulting in a default under this Lease and without notice to Landlord, license to or otherwise permit the use of the Premises by: (i) any entity of which Tenant, any of Tenant&#8217;s subsidiaries, or Tenant&#8217;s parent is a limited partner, general partner, joint venturer, or shareholder; (ii) any other limited partner, general partner, joint venturer or shareholder in that entity; (iii) any consultant, contractor, accountant, or counsel of Tenant; or (iv) any of the directors, officers, employees, contractors, accountants, or counsel of any of the foregoing. The license or other permitted use does not in any way create in the licensee or any other party rights to possess or remain in the Premises beyond the termination of the Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakdddb83c8-ee43-4cc6-8aa6-635f39d2bfce" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 9 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) Without limiting other instances in which Landlord may reasonably withhold consent to an assignment or subletting, Landlord and Tenant acknowledge that it shall be reasonable for Landlord to withhold consent in the following instances:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(i) if at the time consent is requested or at any time prior to the granting of consent, an Event of Default has occurred under this Lease or if Tenant is in monetary default under this Lease or would be in monetary default under this Lease but for the pendency of any grace or cure period under Section 19;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(ii) if the proposed assignee or subtenant is a governmental agency;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(iii) if, in Landlord&#8217;s reasonable judgment, use of the Premises by the proposed assignee or subtenant would not be comparable to the office use by other tenants in the Building, would entail alterations that would materially lessen the value of the leasehold improvements in the Premises (unless Tenant provides adequate security to ensure that the Premises will be restored to their prior condition pursuant to Section 9(a)), would result in more than a reasonable number of occupants per floor, or would require substantially increased services by Landlord;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(iv) if Landlord reasonably determines that circumstances warrant a consideration of the financial worth of a proposed assignee or subtenant, and the financial worth, in Landlord&#8217;s reasonable judgment, does not meet the credit standards applied by Landlord for other tenants under leases with comparable terms;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(v) if, in Landlord&#8217;s reasonable judgment, the character, reputation, or business of the proposed assignee or subtenant is not consistent with the quality of the other tenancies in the Building; and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">(vi) if subletting less than the entire Premises and the parcel to be sublet and all other parcels then sublet in the Premises exceed a total of 2 parcels.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) If at any time during the Term, Tenant desires to sublet all or any part of the Premises, Tenant shall notify Landlord of the terms of the proposed subletting and the space proposed to be sublet. Landlord shall have the option, exercisable by notice given to Tenant within thirty (30) days after Tenant&#8217;s notice is given, or within five (5) days after Tenant&#8217;s notice is given if Tenant submits terms that have already been negotiated with a specific proposed subtenant, to sublet from Tenant this space at the rental and other terms in Tenant&#8217;s notice, or, if the proposed subletting is for the entire Premises for a sublet term ending within the last year of the Term, to terminate this Lease. If Landlord does not exercise this option, Tenant shall be free to sublet the space to any third party or to the specific proposed subtenant, at the same rental and on substantially the same terms in the notice given to Landlord, subject to obtaining Landlord&#8217;s prior consent as provided previously.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) Notwithstanding the provisions of paragraphs (a) and (b), Tenant may assign this Lease or sublet the Premises or any portion of the Premises, with notice to Landlord but without the necessity of Landlord&#8217;s consent and without extending any option to Landlord pursuant to paragraph (c), to any corporation which controls, is controlled by, or is under common control with Tenant, to any corporation resulting from the merger or consolidation with Tenant, or to any person or entity that acquires all the assets of Tenant as a going concern of the business that is being conducted on the Premises or the assets of any corporation that controls, is controlled by, or is under common control with Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) No subtenant shall have a right to further sublet without Landlord&#8217;s prior consent, which Tenant acknowledges may be withheld in Landlord&#8217;s absolute discretion, and any assignment by a subtenant of the sublease shall be subject to Landlord&#8217;s prior consent in the same manner as if Tenant were entering into a new sublease. No sublease, once consented to by Landlord, shall be modified or terminated by Tenant without Landlord&#8217;s prior consent, which shall not be unreasonably withheld.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakaf0c524e-adb9-4e76-a402-16212a4e0973" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 10 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(f) In the case of an assignment, one-half (1/2) of any sums or other economic consideration received by Tenant as a result of the assignment (excluding any consideration reasonably attributed to assets other than this Lease) shall be paid to Landlord after first deducting the unamortized cost of leasehold improvements paid for by Tenant, and the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the assignment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(g) In the case of a subletting, one-half (1/2) of any sums or economic consideration received by Tenant as a result of the subletting shall be paid to Landlord after first deducting: (i) the rental due under this Lease, prorated to reflect only rental allocable to the sublet portion of the Premises, (ii) the cost of leasehold improvements made to the sublet portion of the Premises at Tenant&#8217;s cost, amortized over the term of this Lease, except for leasehold improvements made for the specific benefit of the subtenant, which shall be amortized over the term of the sublease, and (iii) the cost of any real estate commissions, reasonable attorney&#8217;s fees, or other third-party professional services paid by Tenant in connection with the subletting.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(h) Regardless of Landlord&#8217;s consent, no subletting or assignment shall release or alter Tenant&#8217;s obligation or primary liability to pay the rental and perform all other obligations under this Lease. The acceptance of rental by Landlord from any other person shall not be deemed a waiver by Landlord of any provision of this Lease. Consent to one assignment or subletting shall not be deemed consent to any subsequent assignment or subletting. In the event of default by any assignee or successor of Tenant in the performance of any of the terms of this Lease, after notice of default to Tenant pursuant to Section 19 and the expiration of any applicable cure period, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against the assignee or successor. Landlord may consent to subsequent assignments or subletting of this Lease or amendments or modifications to this Lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining consent. This action shall not relieve Tenant of liability under this Lease provided, however, that Tenant shall not be liable for any increase in Tenant&#8217;s obligations under this Lease because of any amendment or modification to this Lease, unless Tenant has consented to it in writing.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(i) If Tenant assigns this Lease, sublets the Premises, or requests the consent of Landlord to any assignment, subletting, hypothecation, or other action requiring Landlord&#8217;s consent under this Lease, Tenant shall pay Landlord&#8217;s reasonable attorney&#8217;s fees incurred in connection with the action.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 17. Rules</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant shall comply with the rules attached to and incorporated in this Lease as Exhibit C, and after notice, with all reasonable modifications and additions to these rules, from time to time promulgated in writing by Landlord. Landlord shall not be responsible to Tenant for the nonperformance of any of these rules by any other tenant or occupant of the Building, but Landlord shall take reasonable steps to enforce any rules, the nonperformance of which by other tenants materially and adversely affects Tenant in the use of the Premises. However, if any rule conflicts with any term, covenant, or condition of this Lease, this Lease shall prevail. In addition, no rule, or any subsequent amendment to it adopted by Landlord shall alter, reduce, or adversely affect any of Tenant&#8217;s rights or enlarge Tenant&#8217;s obligations under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak79a7663c-bdbe-44ad-afcc-b336eccacea6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 11 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 18. Entry by Landlord</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Landlord may enter the Premises at reasonable hours and, except in the event of an emergency, on reasonable prior notice, to: (a) inspect the Premises; (b) exhibit the Premises to prospective purchasers, lenders, or tenants; (c) determine whether Tenant is complying with all obligations under this Lease; (d) supply janitorial service and any other services to be provided by Landlord under this Lease; (e) post notices of nonresponsibility; and (f) make repairs or perform maintenance required of Landlord by this Lease, make repairs to any adjoining space or utility services, or make repairs, alterations, or improvements to any other portion of the Building. However, all this work shall be done as promptly as reasonably possible and cause as little interference to Tenant as reasonably possible. Subject to Landlord&#8217;s undertakings in the previous sentence, Tenant waives any damage claims for inconvenience to or interference with Tenant&#8217;s business or loss of occupancy or quiet enjoyment of the Premises caused by Landlord&#8217;s entry. At all times Landlord shall have a key with which to unlock the doors on the Premises, excluding Tenant&#8217;s vaults, safes, and similar areas designated as secure areas in writing by Tenant in advance. In an emergency, Landlord shall have the right to use any means that Landlord deems proper to open Tenant&#8217;s doors and enter the Premises. Entry to the Premises by Landlord in an emergency shall not be construed as a forcible or unlawful entry, a detainer, or an actual or constructive eviction of Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 19. Events of Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The following events shall constitute events of default under this Lease (each an Event of Default):</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) a default by Tenant in the payment when due of any rent or other sum payable under this Lease and the continuation of this default for ten (10) or more days after notice of the default from Landlord, provided that if Tenant has failed two (2) or more times in any twelve (12) months to pay any rent or other sum when due and notice of this default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months in which all rental and other sums payable under this Lease have been paid on or before the date due;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) a default by Tenant in the performance of any of the terms, covenants, agreements, or conditions in this Lease, other than a default by Tenant in the payment when due of any rent or other sum payable under this Lease, and the continuation of the default beyond thirty (30) days after notice by Landlord or, if the default is curable and would require more than thirty (30) days to remedy, beyond the time reasonably necessary for cure; provided, however, that if Tenant has defaulted in the performance of the same obligation two (2) or more times in twelve (12) months and notice of the default has been given by Landlord in each instance, no notice shall be required after this until the expiration of twelve (12) months without any default by Tenant;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) the bankruptcy or insolvency of Tenant, a transfer by Tenant in fraud of creditors, an assignment by Tenant for the benefit of creditors, or the commencement of proceedings of any kind by or against Tenant under the Federal Bankruptcy Act or under any other insolvency, bankruptcy, or reorganization act, unless Tenant is discharged from voluntary proceedings within ninety (90) days;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(d) the appointment of a receiver for a substantial part of Tenant&#8217;s assets;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(e) the abandonment of the Premises; and</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(f) the levy upon this Lease or any estate of Tenant under this Lease by attachment or execution and the failure to have the attachment or execution vacated within thirty (30) days.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakf860cc20-bd8e-4f11-9a25-6b8c461a8edf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 12 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 20. Termination upon Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">On occurrence of any Event of Default by Tenant, Landlord may, in addition to any other rights and remedies given here or by law, terminate this Lease and exercise remedies relating to it without further notice or demand in accordance with the following provisions:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) So long as the Event of Default remains uncured, Landlord shall have the right to give notice of termination to Tenant, and on the date specified in this notice, this Lease shall terminate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) If this Lease is terminated, Landlord may, by judicial process, reenter the Premises, remove all persons and property, and repossess and enjoy the Premises, all without prejudice to other remedies that Landlord may have because of Tenant&#8217;s default or the termination.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) If this Lease is terminated, Landlord shall have all of the rights and remedies of a landlord provided by Civ. Code &#167; 1951.2, in addition to any other rights and remedies Landlord may have. The damages which Landlord may recover shall include, without limitation: (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of the award exceeds the amount of the rental loss that Tenant proves could have been reasonably avoided; (iii) the worth at the time of award computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%) of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; (iv) all reasonable legal expenses and other related costs incurred by Landlord following Tenant&#8217;s default; (v) all reasonable costs incurred by Landlord in restoring the Premises to good order and condition to relet the Premises; and (vi) all reasonable costs, including without limitation, any brokerage commissions incurred by Landlord in reletting the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 21. Continuation after Default</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant&#8217;s right to possession, and Landlord may enforce all rights and remedies under this Lease, including the right to recover the rental as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver upon initiative of Landlord to protect Landlord&#8217;s interest under this Lease shall not constitute a termination of Tenant&#8217;s right to possession.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 22. Other Relief</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The remedies provided in this Lease are in addition to any other remedies available to Landlord at law, in equity, by statute, or otherwise.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 23. Right of Landlord to Cure Defaults</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Agreements and provisions to be performed by Tenant under this Lease shall be at Tenant&#8217;s sole cost and without abatement of rental, except as specifically provided in this Lease. If Tenant (a) fails to pay any sum of money, other than rental, required under this Lease, or (b) fails to perform any other act under this Lease, and this failure continues for thirty (30) days after notice of the failure by Landlord, or a longer period as may be allowed under this Lease, Landlord may, without waiving or releasing Tenant from any obligations of Tenant, make payment or perform other acts required by this Lease on Tenant&#8217;s behalf. All sums paid by Landlord and all necessary incidental costs shall be payable to Landlord on demand and shall constitute additional rental under this Lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak046a1c8a-a1b0-4f60-8073-205cdc0e3eb2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 13 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 24. Attorney Fees</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If, as a result of a breach or default under this Lease, Landlord uses an attorney to secure compliance with Lease provisions, to recover damages, to terminate this Lease, or to evict Tenant, Tenant shall reimburse Landlord, on demand, for all reasonable attorney&#8217;s fees and expenses incurred by Landlord; provided that, if Tenant becomes the prevailing party in any legal action brought by Landlord, Tenant shall be entitled to recover reasonable attorney&#8217;s fees and expenses incurred by Tenant and need not reimburse Landlord for any attorney&#8217;s fees and expenses incurred by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 25. Eminent Domain</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If all or any part of the Premises are taken through eminent domain, this Lease shall terminate for the part taken as of the date of taking. For a partial taking, either Landlord or Tenant shall have the right to terminate this Lease for the balance of the Premises by notice to the other within thirty (30) days after the taking. However, Tenant&#8217;s right to terminate arises only if the portion of the Premises taken substantially handicaps, impedes, or impairs Tenant&#8217;s use of the balance of the Premises. In the event of any taking, Landlord shall be entitled to all compensation, damages, income, rent, awards, or any interest that may be paid in connection with the taking, except for any portion specifically awarded to Tenant for moving expenses, trade fixtures, equipment, and any leasehold improvements in the Premises to the extent of the then unamortized value of these improvements for the remaining term of the Lease as determined in the award. However, Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or otherwise, other than for prepaid rent. In the event of a partial taking of the Premises that does not result in a termination of this Lease, the subsequent monthly rental shall be equitably reduced.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 26. Subordination</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) This Lease shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation for security now or later placed upon the Building and to any advances made on the security of it or Landlord&#8217;s interest in it, and to all renewals, modifications, consolidations, replacements, and extensions of it. However, if any mortgagee, trustee, or ground landlord elects to have this Lease prior to the lien of its mortgage or deed of trust or prior to its ground lease, and gives notice of that to Tenant, this Lease shall be deemed prior to the mortgage, deed of trust, or ground lease, whether this Lease is dated prior or subsequent to the date of the mortgage, deed of trust, or ground lease, or the date of recording of it. In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, Tenant shall attorn to the purchaser at the foreclosure sale or to the grantee under the deed in lieu of foreclosure. In the event of termination of any ground lease to which this Lease is subordinate, Tenant shall attorn to the ground landlord. Tenant agrees to execute any documents, in form and substance reasonably acceptable to Tenant, required to effectuate the subordination, to make this Lease prior to the lien of any mortgage or deed of trust or ground lease, or to evidence the attornment.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) In the event any mortgage or deed of trust to which this Lease is subordinate is foreclosed or a deed in lieu of foreclosure is given to the mortgagee or beneficiary, or in the event any ground lease to which this Lease is subordinate is terminated, this Lease shall not be barred, terminated, cut off, or foreclosed. Neither shall the rights and possession of Tenant under this Lease be disturbed, if Tenant is not then in default in the payment of rental and other sums due under this Lease or otherwise in default under the terms of this Lease, and if Tenant attorns to the purchaser, grantee, or ground landlord as provided in Section 26(a) or, if requested, enters into a new lease for the balance of the term of this Lease on the same terms and provisions contained in this Lease. Tenant&#8217;s covenant under Section 26(a) to subordinate this Lease to any ground lease, mortgage, deed of trust, or other hypothecation later executed is conditioned on each senior instrument containing the commitments specified in this subsection.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(c) Tenant agrees that Tenant shall not discriminate against or segregate any person or group of persons on account of race, sex, creed, color, marital status, sexual preference, national origin, or ancestry, in the occupancy, use, sublease, tenure, or enjoyment of the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak3b12b9fa-890b-422d-983e-5dc74e812c67" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 14 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 27. No Merger</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">In the event that Landlord or any successor owner of the Building sells or conveys the Building, all liabilities and obligations of Landlord or the successor owner under this Lease accruing after the sale or conveyance terminates, shall be binding on the new owner, and Tenant shall release Landlord from all liability under this Lease. Tenant agrees to attorn to the new owner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 28. Sale</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The surrender of this Lease by Tenant, or a mutual cancellation of it, shall not work a merger and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or operate as an assignment to Landlord of all subleases or subtenancies.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 29. Estoppel Certificate</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">At any time with at least fifteen (15) days&#8217; prior notice by Landlord, Tenant shall execute, acknowledge, and deliver to Landlord a certificate in the form substantially the same as attached Exhibit D certifying: (a) that this Lease is unmodified and in full force or, if there have been modifications, that this Lease is in full force, as modified, together with the date and nature of each modification, (b) the amount of the Base Rent, most recent Escalation Rent, if any, and the date to which the rent has been paid, (c) that no notice has been received by Tenant of any default that has not been cured, except defaults specified in the certificate, (d) that no default of Landlord is claimed by Tenant, except defaults specified in the certificate, and (e) other matters as may be reasonably requested by Landlord. Any certificate may be relied on by prospective purchasers, mortgagees, or beneficiaries under any deed of trust on the Building or any part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 30. Light, Air, or View Rights</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Any diminution or shutting off of light, air, or view by any structure that may be erected on lands adjacent to the Building shall not affect this Lease or impose any liability on Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 31. Holding Over</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(a) If, without objection by Landlord, Tenant holds possession of the Premises after expiration of the term of this Lease, Tenant shall become a tenant with an option to renew for 5 years on the monthly terms specified in this Lease, payable in advance on or before the first day of each month. Each party shall give the other notice of intention to terminate the tenancy at least one (3) month prior to the date of termination of the tenancy</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">(b) If, over Landlord&#8217;s objection, Tenant holds possession of the Premises after expiration of the term of this Lease or expiration of the holdover tenancy, Tenant shall be deemed to be a tenant-at-sufferance and, without limiting the liability of Tenant for unauthorized occupancy of the Premises, Tenant shall indemnify Landlord and any replacement tenant for the Premises for any damages or loss suffered by either Landlord or the replacement tenant resulting from Tenant&#8217;s failure to vacate the Premises in a timely manner.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakf35da529-d5dd-467c-ab20-9df85be302cb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 15 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Section 32. Security Deposit</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant has deposited with Landlord the sum specified in the Basic Lease Information (&#8220;Deposit&#8221;). The Deposit shall be held by Landlord as security for the faithful performance by Tenant of all provisions of this Lease. If Tenant fails to pay rent or other sums due under this Lease or defaults with respect to any provision of this Lease, Landlord may use, apply, or retain all or any portion of the Deposit for the payment of rent or other sums in default, for the payment of any other sums to which Landlord may become obligated because of Tenant&#8217;s default, or to compensate Landlord for any loss or damage that Landlord may suffer because of the Tenant&#8217;s actions. If Landlord uses or applies the Deposit, Tenant shall, within ten (10) days after demand, deposit cash with Landlord in an amount sufficient to restore the Deposit to the full amount, and Tenant&#8217;s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep the Deposit separate from Landlord&#8217;s general accounts. If Tenant performs all of Tenant&#8217;s obligations under this Lease, the Deposit or the amount not applied by Landlord shall be returned, without interest, to Tenant or at Landlord&#8217;s option, to the last assignee, if any, of Tenant&#8217;s interest under this Lease at the expiration of the Term and after Tenant has vacated the Premises. No trust relationship is created between Landlord and Tenant with respect to the Deposit.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 33. Waiver</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The waiver by Landlord of any agreement, condition, or provision contained in this Lease shall not be deemed to be a waiver of any subsequent breach of the agreement, condition, or provision or any other agreement, condition, or provision contained in the Lease, nor shall any custom or practice that may arise between the parties in the administration of the terms of this Lease be construed to waive or to lessen the right of Landlord to the performance by Tenant in strict accordance with these terms. The subsequent acceptance of rental under this Lease by Landlord shall not be deemed to be a waiver of any preceding breach by the other party of any agreement, condition, or provision of this Lease, other than the failure of Tenant to pay the particular accepted rental, regardless of knowledge of the preceding breach at the time of the rental acceptance.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 34. Notices and Consents</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">All notices, consents, demands, and other communications from one party to the other that are given pursuant to the terms of this Lease shall be in writing and shall be deemed to have been fully given when delivered, including delivery by commercial delivery services or facsimile transmission, or if deposited in the United States mail, certified or registered, postage prepaid, when received or refused. All notices, consents, demands, and other communications shall be addressed as follows: to Tenant at the address specified in the Basic Lease Information, or to another place or person as Tenant may designate in a notice to Landlord, or delivered to Tenant at the Premises; to Landlord at the address specified in the Basic Lease Information, or to another place as Landlord may designate in a notice to Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 35. Entire Agreement</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">There are no oral agreements between Landlord and Tenant affecting this Lease, and this Lease supersedes and cancels all previous negotiations, arrangements, brochures, agreements, and understandings between Landlord and Tenant or displayed by Landlord to Tenant with respect to the subject matter of this Lease. There are no representations between Landlord and Tenant other than those contained in this Lease. All implied warranties, including implied warranties of merchantability and fitness, are excluded.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 36. Authority</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If either of the parties signs this Lease as a corporation, each person executing this Lease on behalf of the party warrants that the party is an authorized and existing corporation, that it is qualified to do business in California, that it has the right and authority to enter into this Lease, and that each person signing on behalf of the corporation is authorized to do so. If either of the parties signs this Lease as a partnership, each person executing this Lease on behalf of the party warrants that the party is a partnership, that the partnership has the right and authority to enter into this Lease, and that each person signing on behalf of the partnership is authorized to sign.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreake0083412-2991-4d30-86f2-bfa34e110eff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 16 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 37. Plural and Singular</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The words &#8220;Landlord&#8221; and &#8220;Tenant&#8221; as used in this Lease shall include the plural as well as the singular.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 38. Joint and Several Obligations</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If there is more than one Tenant, the obligations imposed on Tenant shall be joint and several.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 39. Time of the Essence</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Time is of the essence in this Lease and all of its provisions.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 40. Examination of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 41. Heirs, Successors, and Assigns</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The agreements, conditions, and provisions contained in this Lease shall, subject to the provisions for assignment, apply to and bind the heirs, executors, administrators, successors, and assigns of the parties to it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 42. Name of Building</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Tenant shall not, without the consent of Landlord, use the name of the Building for any purpose other than as the address of the business to be conducted by Tenant in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 43. Illegality or Unenforceability of Portion of Lease</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">If any provision of this Lease is determined to be illegal or unenforceable, this determination shall not affect any other provision of this Lease, and all other provisions shall remain in full force and effect.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 44. Governing Law</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">This Lease shall be governed by and construed pursuant to law of the State of California.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><b>Section 45. Exhibits</b></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The exhibits A to D and addendum, if any, specified in the Basic Lease Information are attached to this Lease and by this reference made a part of it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreake0beef67-8879-4c03-929e-d1e228b3c9f1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 17 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">IN WITNESS WHEREOF, the parties have executed this Lease as of the date first set forth above.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td width="30%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">LANDLORD:</p></td> <td width="20%"></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Date: 9/16/16</p></td> <td style="BORDER-BOTTOM: 1px solid"><em>/s/ Ching Liu</em></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Signature</p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Ching Liu </p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Name</p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">General Partner of Fallow Field, LLC </p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Title</p></td> <td></td></tr> <tr height="15"> <td></td> <td>&nbsp;</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">TENANT:</p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Date: 9/16/16 </p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><i>/s/ Simon Yuan </i></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Signature</p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><em>/s/ Simon Yuan </em></p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Name</p></td> <td></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">CFO </p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Title</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak66968183-ef5d-411e-a12f-5c8731e9f7f3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">Page 18 of 18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT A</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">Floor Plan</p> <p align="center"><img src="solarmax_ex1016img1.jpg"></p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak641c72eb-b5cf-4019-86be-ec2c2beb21fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;<img src="solarmax_ex1016img2.jpg">&nbsp; </p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak5bb104f5-8981-4e36-8eb6-6c0e69dea561" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">EXHIBIT B</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Basic Lease Information</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date: <u>September 1, 2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Landlord: <u>Fallow Field LLC</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Tenant: <u>SolarMax LED Inc.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Premises: <u>3230 Fallow Field Dr, Diamond Bar, CA 91765</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Base Year: <u>2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Rentable Area of Premises: <u>22500 Sq Feet</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Total Lease= <u>4214 Sq Feet of Office Space</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Tenant&#8217;s Percentage Share : <u>Share of all utilities (power, water), trash and waste are paid by Tenant.Share calculated by percentage of total space leased</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Term Commencement: <u>9/1/2016</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Term Expiration: <u>10 Years from Commencement date with 5 year renewal option</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Base Rent: <u>$2.00for office space</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">$8428.00 per month for the first year of the lease </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Security Deposit: <u>$5,200 (Already received)</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Tenant&#8217;s Address for Notice: <u>3080 12th Street, Riverside, CA 92507</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Landlord&#8217;s Address for Notice: <u>3230 Fallow Field Dr, Diamond Bar, CA 91765</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Exhibits and Addendum: Floor Plan, Rules and Rent payment plan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><u>This lease overrides the previous lease agreements signed January 2, 2015due to building remodel. </u></p> <p style="MARGIN: 0px"><br> <table id="pagebreake1653521-2077-4f49-b331-68faea6d0746" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT C </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Rules</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">1. The sidewalks, halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways of the Building shall not be obstructed by any of the tenants or used for any purpose other than for ingress to and egress from their respective Premises. The halls, passages, exits, entrances, shopping malls, elevators, escalators, and stairways are not for the general public, and Landlord shall in all cases retain the right to control and prevent access to them by all persons whose presence in the judgment of Landlord would be prejudicial to the safety, character, reputation, and interests of the Building and its tenants. However, nothing here shall be construed to prevent access to persons with whom any tenant normally deals in the ordinary course of business, unless these persons are engaged in illegal activities. No tenant and no employee or invitee of any tenant shall go on the roof of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">2. A sign, placard, picture, name, advertisement, or notice visible from the exterior of any tenant&#8217;s Premises shall not be inscribed, painted, affixed, or otherwise displayed by any tenant on any part of the Building without the prior written consent of Landlord. Landlord will adopt and furnish to tenants general guidelines relating to signs inside the Building on the office floors. Each tenant shall conform to these guidelines, but may request approval of Landlord for modifications, which will not be unreasonably withheld. All approved signs or lettering on doors shall be printed, painted, affixed, or inscribed at the expense of the tenant by a person approved by Landlord, which will not be unreasonably withheld. Material visible from outside the Building will not be permitted.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">3. The Premises of each tenant shall not be used for the storage of merchandise held for sale to the general public or for lodging. No cooking shall be done or permitted by any tenant on the Premises, except that (a) each tenant may establish and operate a lunchroom facility for use by tenant&#8217;s employees, and (b) each tenant may use and install food and beverage vending machines and Underwriters&#8217; Laboratory approved microwave ovens and equipment for brewing coffee, tea, hot chocolate, and similar beverages, provided that adequate provisions are made for venting and control of odors and all facilities and equipment are in accordance with all applicable federal, state, and city laws, codes, ordinances, rules, and regulations.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">4. No tenant shall employ any person other than Landlord&#8217;s janitorial service for cleaning the Premises, unless otherwise approved by Landlord. No person other than those approved by Landlord shall be permitted to enter the Building to clean it. No tenant shall cause any unnecessary labor because of carelessness or indifference in the preservation of good order and cleanliness. Janitor service will not be furnished on nights when rooms are occupied after 9:30 p.m. unless, by prior arrangement with Landlord, service is extended to a later hour for specifically designated rooms.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">5. Landlord will furnish each tenant, free of charge, two keys to each door lock in the Premises. Landlord may make a reasonable charge for any additional keys. No tenant shall have any keys made. No tenant shall alter any lock or install a new or additional lock or any bolt on any door of the premises without the prior consent of Landlord. The tenant shall in each case furnish Landlord with a key for any lock. Each tenant, upon the termination of the tenancy, shall deliver to Landlord all keys to doors in the Building that have been furnished to the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">6. The freight elevator shall be available for use by all tenants in the Building, subject to reasonable scheduling as Landlord deems appropriate. The persons employed to move equipment in or out of the Building must be acceptable to Landlord. Landlord shall have the right to prescribe the weight, size, and position of all equipment, materials, furniture, or other property brought into the Building. Heavy objects shall, if considered necessary by Landlord, stand on wood strips of a thickness necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any property from any cause, and all damage done to the Building by moving or maintaining property shall be repaired at the expense of the tenant.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">7. No tenant shall use or keep in the Premises or the Building any kerosene, gasoline, or inflammable or combustible fluid or material other than limited quantities reasonably necessary for the operation or maintenance of office equipment, and may not, without Landlord&#8217;s prior approval, use any method of heating or air conditioning other than that supplied by Landlord. No tenant shall use or keep any foul, noxious, or hazardous gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building because of noise, odors, or vibrations, or interfere in any way with other tenants or those having business in the Building. No pets shall be kept in the Premises.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreak6aeff0ec-c412-4bd2-a5e3-4d702acc6464" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">8. Landlord shall have the right, exercisable without notice and without liability to any Tenant, to change the name and street address of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">9. Landlord reserves the right to exclude from the Building between the hours of 6:00 p.m. and 7:00 a.m. and at all hours on Saturdays, Sundays, and legal holidays any person who does not present a proper access card or other identification as a tenant or an employee of a tenant, or who does not otherwise present proper authorization by a tenant for access to the premises. Each tenant shall be responsible for all persons for whom it authorizes access and shall be liable to Landlord for all acts of these persons. Landlord shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In the case of invasion, mob, riot, public excitement, or other circumstances rendering an action advisable in Landlord&#8217;s opinion, Landlord reserves the right to prevent access to the Building during the continuance of the circumstance by any action Landlord deems appropriate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">10. A directory of the Building will be provided to display the name and location of tenants, their subtenants, and a reasonable number of the principal officers and employees of tenants, and Landlord reserves the right to exclude any other names. Any additional name that a tenant desires to have added to the directory shall be subject to Landlord&#8217;s approval and may be subject to a charge.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">11. No curtains, draperies, blinds, shutters, shades, screens, or other coverings, hangings, or decorations shall be attached to, hung, or placed in, or used in connection with any exterior window in the Building without the prior consent of Landlord. If Landlord consents, these items shall be installed on the office side of the standard window covering and shall in no way be visible from the exterior of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">12. Messenger services and suppliers of bottled water, food, beverages, and other products or services shall be subject to reasonable regulations as may be adopted by Landlord. Landlord may establish a central receiving station in the Building for delivery and pick up by all messenger services, and may limit delivery and pick up at tenant Premises to Building personnel.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">13. Each tenant shall see that the doors of the premises are closed and locked and that all water faucets or apparatus, cooking facilities, and office equipment, excluding office equipment required to be operative at all times, are shut off before the tenant or employees leave the Premises at night, so as to prevent waste or damage. For any default or carelessness in this regard the tenant shall be responsible for any damage sustained by other tenants or occupants of the Building or Landlord. On multiple-tenancy floors, tenants shall keep the doors to the Building corridors closed at all times except for ingress and egress.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">14. The toilets, urinals, wash bowls, and other restroom facilities shall not be used for any purpose other than that for which they were constructed. No foreign substance of any kind shall be thrown in them, and the expense of any breakage, stoppage, or damage resulting from the violation of this rule shall be borne by the tenant who, or whose employees or invitees, have caused it.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">15. Except with the prior consent of Landlord, no tenant shall sell, or permit the sale at retail, of newspapers, magazines, periodicals, theater tickets, or any other goods or merchandise to the general public in the Premises, nor shall any tenant carry on, permit, or allow any employee or other person to carry on the business of stenography, typewriting, or any similar business in or from the Premises for the service or accommodation of occupants of any other portion of the Building, nor shall the Premises of any tenant be used for manufacturing of any kind, or any business or activity other than that specifically provided for in the tenant&#8217;s lease.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">16. No tenant shall install any antenna, loudspeaker, or other device on the roof or exterior walls of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">17. No motorcycles or motor scooters shall be parked or stored anywhere in the Building other than the garage of the Building, and no bicycles may be parked or stored anywhere in the Building other than in facilities provided in the garage or the Common Area of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">18. Hand trucks or other material handling equipment, except those equipped with rubber tires and side guards, may not be used in any portion of the Building unless approved by Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">19. Each tenant shall store refuse within that tenant&#8217;s premises. No material of a nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of refuse in the city of Riverside without being in violation of any law or ordinance governing this disposal shall be placed in the refuse boxes or receptacles. All refuse disposal shall be made only through entryways and elevators provided for these purposes and at the times Landlord shall designate.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">20. Canvassing, peddling, soliciting, and distributing handbills or any other written materials in the Building is prohibited, and each tenant shall cooperate to prevent this type of occurrence.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp; <table id="pagebreakd02c8fdc-236e-4ba3-a30f-d0f6da7455a3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">21. The requirements of the tenants will be attended to only on application by telephone or in person at the office of the Building. Employees of Landlord shall not perform any work or do anything outside of their regular duties unless under special instructions from Landlord.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">22. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant, so long as Tenant&#8217;s use of the Premises is not adversely affected by the waiver, and no waiver by Landlord shall be construed as a waiver of the Rules in favor of any other tenant, nor prevent Landlord from later enforcing any of the Rules against any of the tenants of the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">23. These Rules are in addition to, and shall not be construed to modify or amend, in whole or in part, the terms, covenants, agreements, and conditions of any lease of Premises in the Building.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">24. Landlord reserves the right to make other reasonable rules as Landlord judges may be needed for the safety, care, and cleanliness of the Building, and for the preservation of good order, provided that Tenant&#8217;s use and occupancy of the Premises shall not be adversely affected by other rules.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"> <table id="pagebreak7714883b-e833-4190-98c2-0a6502228352" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">EXHIBIT D</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Lease schedule. </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Year 1 starts the beginning of the lease on September 1, 20167.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="85%" align="left" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 1 </p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 2</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 3</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 4</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Year 5</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,428</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,680</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8,940</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,207</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,482</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">101,136</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">104,160</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">107,274</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">110,482</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">113,785</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 6</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 7</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 8</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 9</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center">Year 10</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Monthly Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,766</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,058</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,358</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,668</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,987</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Annual Rent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">117,187</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">120,691</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">124,300</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">128,017</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">131,844</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>23
<FILENAME>solarmax_ex1017.htm
<DESCRIPTION>EX-10.17
<TEXT>
<html><head><title>solarmax_ex1017.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.17</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px">Dated: ______________, 2016</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">SolarMax Technology, Inc.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">3080 12<sup>th</sup> Street</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Riverside, California 92507</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">Re: <u>Stock Purchase Agreement</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Ladies and Gentlemen:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">The undersigned (the &#8220;Purchaser&#8221;) hereby agrees to purchase the number of shares (the &#8220;Shares&#8221;) of common stock, par value $0.001 per share (&#8220;Common Stock&#8221;) of SolarMax Technology, Inc., a Nevada corporation (the &#8220;Company&#8221;), as is set forth on the signature page of this Agreement, at a purchase price of $5.00 per Share (the &#8220;Purchase Price per Share&#8221;). The number of Shares being purchased by the Purchaser and the purchase price for the Shares (the &#8220;Purchase Price&#8221;) is set forth on the signature page of this Agreement. The Shares are being issued as part of a financing (the &#8220;Financing&#8221;) pursuant to which the Company is selling up to 2,000,000 shares of Common Stock at the Purchase Price per Share, with no minimum amount required. The Company has the right, in its sole discretion and without notice to Purchaser, to increase the number of Shares of Common Stock to be sold in the Financing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">1. The Purchaser shall pay the Purchase Price contemporaneously with the execution of this Agreement by wire transfer of the Purchase Price to the Company in accordance with wire transfer instructions provided by the Company. The Company will issue the Shares to the Purchaser as promptly as possible after receipt of the Purchase Price by the Company. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">2. The Company represents and warrants to the Purchaser that the issuance of the Shares has been authorized and, when issued pursuant to this Agreement upon payment of the Purchase Price, the Shares will be validly issued, fully paid and non-assessable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">3. The Purchaser hereby represents, warrants, covenants and agrees as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(a) The Purchaser understands that the offer and sale of the Shares is being made only by means of this Agreement. The Company has provided the Purchaser with its audited financial statements for the years ended December 31, 2015 and 2014, including consolidated balance sheets at December 31, 2015 and 2014, and consolidated statements of operations and comprehensive loss, changes in stockholders&#8217; equity and cash flows for the years ended December 31, 2015 and 2014, and notes to consolidated financial statement, and its unaudited financial statements for the six months ended June 30, 2016 and 2015, including its unaudited consolidated balance sheet at June 30, 2016 and the unaudited statements of operations and comprehensive loss and cash flows for the six months ended June 30, 2016 and 2015 (collectively, the &#8220;Financial Statements&#8221;). The Purchaser understands that the Company has not authorized the use of, and the Purchaser confirms that he is not relying upon, any other information, written or oral, other than material contained in this Agreement and the Financial Statements. <u>The Purchaser is aware that the purchase of the Shares involves a high degree of risk and that the Purchaser may sustain, and has the financial ability to sustain, the loss of his entire investment, understands that no assurance can be given that the Company will ever be profitable, that the Company is likely to need additional financing and that the failure of the Company to raise additional funds when required may have a material adverse effect upon its business. </u><b><u>Furthermore, in subscribing for the Shares, the Purchaser acknowledges that he is aware that the Company is operating at a loss and requires the proceeds from the sale of the Shares for its operations, and the Purchaser is not relying upon any projections, forecasts or any statements of any kind relating to future revenue, earnings, operations or cash flow in purchasing the Shares.</u></b></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5b27c81a-0b77-4638-96ec-9bc8f4722dfb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(b) The Company has advised the Purchaser that the Company has recently been engaged in negotiations with respect to a proposed merger with a public company but that, as of the date of this Agreement, such negotiations have terminated. The Purchaser recognizes the possibility that the Company may engage in negotiations with such company or another company and may otherwise engage in a transaction with such company or another company whereby the business of the Company is combined with the business of another company, including a public company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c) In connection with his purchase of the Shares, the Purchaser understands that the Company&#8217;s business is subject to numerous risks, including, but not limited to, the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i) The Company has sustained losses and the Company cannot assure you that the Company can or will ever operate profitably;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii) The failure of the Company or to raise sufficient capital for operations, including its financing operations, could impair its ability to develop and operate its business;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii) If the Company does not have sufficient financing available, it may not be able to offer financing or lease arrangements to potential customers which may impair it ability to sell or lease its systems or projects which would, in turn, impair its ability to generate revenue;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iv) The Company&#8217;s business in the United States and China is subject to numerous government regulations and its ability to operate profitably is dependent upon the continuation of government benefits afforded to users of solar energy;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(v) The Company has recently commenced operations in China, and may not be able to operate its business in China profitably;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(vi) The Company&#8217;s revenues for China are based on one contract for engineering, procurement and construction services, which are known in the industry as EPC services, in China, and its ability to generate revenue and net income from its operations in China are dependent upon entering identifying potential solar farms, obtaining the necessary permits and land, entering into agreements to with a potential solar farm owner to sell the project to the owner, to perform the EPC services and, upon completion of the project, to maintain the project, and the Company can give no assurance as to its ability to enter into any of these agreements;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(vii) In order for the Company to develop solar power systems in China, the Company will require permits from government agencies and needs to obtain project financing and land use rights for a significantly large parcel of land, and the Company cannot give any assurance that it will be able either to obtain the permits or the project financing or obtain necessary or desirable land use rights on reasonable terms, and such failure may impair its ability to generate revenue in China;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1.5in" align="justify">(viii) The ability of the Company to sell solar energy systems in the United States is dependent upon both government regulations and tax policies which encourage alternative energy such as solar power as well as the billing and other practices and policies of the local power utility, and any changes in government regulations and tax policy or in the policies of the utilities could significantly impair the ability of the Company to operate profitably in the United States;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3da3254e-833d-4968-b2b1-5588fab8f78f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ix) The failure of the Company to adequately assess credit risks of its customers could impair its ability to operate profitably;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(x) If the Company needs to foreclose on its loans, it may have difficulty recovering any money owed to it;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xi) A material drop in the retail price of electricity from the local utility or other sources could impair the Company&#8217;s ability to generate revenue;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xii) Changes in tariff and other government policies, as well as increases in the price of solar panels and other raw materials, could increase the Company&#8217;s costs and impair its business;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xiii) The solar energy business in the United States and in China is highly competitive, and the Company may not be able to compete successfully in the United States or China, with the Company facing competition from companies in the solar energy industry and as well as competition from other renewable energy sources and energy from the local or regional power companies;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xiv) To the extent that the Company has to reduce prices to meet competition its margins could be impaired, which would impair its ability to operate profitably;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xv) The Company is dependent upon its senior executive officers, and its failure to identify, engage and retain qualified executive and management personnel in the United States and China could impair its ability to develop its business;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xvi) The Company&#8217;s business in China is subject to all the risks inherent in operating a business in China, including, but not limited to, changes in government policies, economic problems, tax structure, inflation and the Chinese government&#8217;s response both to inflation and to the threat of inflation, the availability of credit, particularly in connection with capital projects such as solar energy systems, the Chinese government&#8217;s currency policies which affects the ability of the Company&#8217;s Chinese subsidiaries to make payments to the Company; Chinese monetary policy, including the exchange rate between RMB and United States dollars, uncertainties relating to the Chinese legal system and the ability of the Company&#8217;s Chinese subsidiaries to enforce their rights, the Company&#8217;s ability to comply with any applicable rules that may be implemented and interpreted by government agencies and courts; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xvii) The Company&#8217;s ability to comply with the United States Foreign Corrupt Practice Act and its ability to complete with Chinese companies that are not subject to that law;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(xviii) In the event that the Company engages in a merger, consolidation, sale of assets or other business combination, the Company may not be able to effectively integrate the businesses of the entities involved in the transaction, with the result that the Company may not realize the anticipated benefits of the transaction, the Company may suffer an impairment loss following completion of the transaction and the Company may not be able to operate profitably following the completion of the transaction; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1.5in" align="justify">(xix) Economic conditions generally in the United States or China could impair the ability of the Company to generate revenue and operate profitably.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2514462d-dfa4-4e46-9f4b-235dcc8a3f03" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(d) The Purchaser is an accredited investor and the information set forth in the Accredited Investor Questionnaire, which is set forth as Exhibit A, is true and correct.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e) The Purchaser has such knowledge and experience in financial and business matters as to enable the Purchaser to understand the nature and extent of the risks involved in purchasing the Shares, which are not limited to those risks identified in Section 3(b) and 3(c) of this Agreement. The Purchaser is fully aware that such investments can and sometimes do result in the loss of the entire investment. The Purchaser has engaged his own counsel, accountants and investment advisors to the extent that he deems it necessary.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f) In connection with his purchase of the Shares, the Purchaser understands that:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i) The Company is a privately-owned company and is not subject to the reporting requirements of United States Securities Exchange Act of 1934. Accordingly, the Company is not required to provide stockholders with the financial and business information that is provided by reporting companies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii) Because the Company is privately-owned, there is no trading market in the Common Stock, and the Company cannot give any assurance that there will ever be a trading market in the Company&#8217;s Common Stock, with the result that the Purchaser never be able to sell the Shares in a public or private market. If the Company&#8217;s Common Stock becomes publicly traded, the Company cannot give any assurance (x) that there will be an active market in its Common Stock or (y) as to market price of the Common Stock. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii) The Purchase Price per Share was determined by the Company without regard to any market price for the Common Stock or any market data. The Company did not engage any investment banker in determining the Purchase Price per Share. The Company cannot give any assurance as to any future price for the Common Stock and as to whether the Purchaser will ever be able to sell his Shares at a price which is not less than the Purchase Price per Share.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iv) Because the net tangible book value of the Common Stock is significantly lower that the Purchase Price per Share, in purchasing the Shares, the Purchaser will sustain significant dilution in the net tangible book value per share of Common Stock.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(v) The Purchaser has no registration rights with respect to the Shares, which means that the Company has no obligation to take any steps to enable the Purchaser to sell any Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(vi) There is no minimum number of Shares which the Company is selling, and it is possible that no Shares will be sold in the Financing other than Shares that have been previously sold by the Company, if any, and the Shares being purchased by the Purchaser. If the Company does not raise the full $10,000,000, representing the purchase price of the 2,000,000 Shares being offered by the Company at the Purchase Price Per Share, the Company may require additional funds from other sources, and there is no assurance that such additional funds will be available on reasonable terms, if at all, and if the Company is not able to obtain any additional funding it requires, it may be unable to develop it business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1.5in" align="justify">(vii) Any dispute concerning this Agreement and the enforcement of any rights which the Purchaser may have against the Company are subject to the exclusive jurisdiction of the courts of the State of Nevada, which is the state in which the Company is incorporated. It may be difficult and expensive for the Purchaser to bring an action against the Company if the Purchaser has a claim against the Company. Further, this Agreement provides that the Company and the Purchaser waive their right to a jury trial to the extent permitted by law.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka5b2733b-3575-4cdf-bd07-1d851212cf27" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(viii) The Company has recommended to the Purchaser that the Purchaser review this Agreement with his attorneys, accountants and investment advisors in connection with his decision to purchase the Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(g) The Purchaser is acquiring the Shares pursuant to this Agreement for investment and not with a view to the sale or distribution thereof, for the Purchaser&#8217;s own account and not on behalf of others; has not granted any other person any interest or participation in or right or option to purchase all or any portion of the Shares; is aware that the Shares are restricted securities within the meaning of Rule 144 of the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and may not be sold or otherwise transferred other than pursuant to an effective registration statement or an exemption from registration; and understands and agrees that the certificates for the Shares shall bear a standard investment legend. The Purchaser understands the meaning of these restrictions and understands that he may have to hold the Shares indefinitely. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(h) The Purchaser will not transfer any Shares except in compliance with all applicable federal and state securities laws and regulations, and, in such connection, the Company may request an opinion of counsel reasonably acceptable to it as to the availability of any exemption.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(i) The Purchaser has taken such steps as he deems necessary to satisfy himself that the purchase of the Shares by the Purchase is not in violation of the laws of the country in which the Purchaser is a citizen or resident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(j) The Purchaser represents and warrants that no broker or finder was involved directly or indirectly in connection with the Purchaser&#8217;s purchase of the Shares pursuant to this Agreement. The Purchaser shall indemnify the Company and hold it harmless from and against any manner of loss, liability, damage or expense, including fees and expenses of counsel, resulting from a breach of the Purchaser&#8217;s warranty contained in this Section 3(j).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(k) The Purchaser acknowledges and agrees that the Company will refuse to register any transfer of the Shares that is not made pursuant to an available exemption from the registration requirements of the Securities Act and in accordance with applicable state securities laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(l) No person has made to the Purchaser any written or oral representations:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i) that any person will resell or repurchase any of the Shares;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii) that any person will refund the Purchase Price of any of the Shares; or</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(iii) as to the future price or value of any of the Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(m) The funds used to pay the Purchase Price were not and are not directly or indirectly derived from activities that contravene (i) United States federal, state, or international laws and regulations, including anti-money laundering laws and regulations or (ii) anti-money laundering and similar laws and regulations of the People&#8217;s Republic of China or (iii) if the Purchaser is a citizen or resident of a country other than the United States or the People&#8217;s Republic of China, the anti-money laundering and similar laws of such country. United States federal regulations and Executive Orders administered by Office of Foreign Assets Control (&#8220;OFAC&#8221;) prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the &#8220;OFAC Programs&#8221;) prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6648ca79-182d-487b-83ee-7c0cb01acefb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(n) To the best of the Purchaser&#8217;s knowledge, none of: (i) the Purchaser; (ii) any person controlling or controlled by the Purchaser; (iii) any person having a beneficial interest in the Purchaser; or (iv) any person for whom the Purchaser is acting as agent or nominee in connection with the purchase of the Shares:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(i) is a country, territory, individual or entity named on an OFAC list, or a person or entity prohibited under the OFAC Programs. The Purchaser agrees to promptly notify the Company should the Purchaser become aware of any change in the information set forth in these representations; or </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1.5in" align="justify">(ii) is a senior foreign political figure<sup>1</sup>,<sup></sup>or any immediate family<sup>2 </sup>member or close associate<sup>3</sup> of a senior foreign political figure, as such terms are defined in the footnotes below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(o) The Purchaser is not affiliated with a non-U.S. banking corporation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(p) The Purchaser&#8217;s address set forth on the signature page is the Purchaser&#8217;s true and correct address.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(q) The Purchaser understands that the Company is relying upon the truth and accuracy of, and the Purchaser&#8217;s compliance with, the representations, warranties and agreements of the Purchaser set forth herein, and the Purchaser acknowledges that he is not relying on any representation or warranty by the Company except as expressly set forth in this Agreement. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0.5in" align="justify">4. (a) This Agreement constitutes the entire agreement between the parties relating to the subject matter hereof, superseding any and all prior or contemporaneous oral and prior written agreements, understandings and letters of intent. This Agreement may not be modified or amended nor may any right be waived except by a writing which expressly refers to this Agreement, states that it is a modification, amendment or waiver and is signed by all parties with respect to a modification or amendment or the party granting the waiver with respect to a waiver. No course of conduct or dealing and no trade custom or usage shall modify any provisions of this Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 1in" align="justify">(b) All notices provided for in this Agreement shall be in writing signed by the party giving such notice, and delivered personally or sent by overnight courier, mail or messenger against receipt thereof or sent by registered or certified mail, return receipt requested, or by facsimile transmission or similar means of communication if receipt is confirmed. Notices shall be deemed to have been received on the date of delivery or attempted personal delivery if sent by registered or certified mail, by messenger or by an overnight courier services which provides evidence of delivery or attempted delivery, of if sent by telecopier or e-mail, upon the date of receipt provided that receipt is acknowledge by the recipient. Notices shall be sent to the Purchaser or the Company at the address set forth on the signature page of this Agreement to the attention of the person who executed this Agreement on behalf of such party. Any party may, by like notice, change the address, person, telecopier number or e-mail to which notice shall be sent.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><sup>1</sup> A &#8220;senior foreign political figure&#8221; is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a &#8220;senior foreign political figure&#8221; includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><sup>2</sup> The &#8220;immediate family&#8221; of a senior foreign political figure typically includes the figure&#8217;s parents, siblings, spouse, children and in-laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><sup>3</sup> A &#8220;close associate&#8221; of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakbaa67edd-190d-471a-9957-a035386371fb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(c) This Agreement shall be governed and construed in accordance with the laws of the State of Nevada applicable to agreements executed and to be performed wholly within such State, without regard to any principles of conflicts of law. Each of the parties hereby (i) irrevocably consents and agrees that any legal or equitable action or proceeding arising under or in connection with this Agreement may be brought in the federal or state courts located in the County of Clark in the State of Nevada, (ii) by execution and delivery of this Agreement, irrevocably submits to and accepts the jurisdiction of said courts, (iii) waives any defense that such court is not a convenient forum, and (iv) consent that any service of process may be made (x) in the manner set forth in Section 4(b) of this Agreement (other than by telecopier or e-mail), or (y) by any other method of service permitted by law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify"><b>(d) </b><b>THE COMPANY AND THE PURCHASER WAIVE THE RIGHT TO A TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(e) This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(f) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same document.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(g) Words importing the singular number only shall include the plural and vice versa, words importing the masculine, feminine or neuter gender shall include the other genders.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in" align="justify">(h) The representations, warranties and covenants set forth in this Agreement or in any other writing delivered in connection with this Agreement and the purchase the Shares shall survive the issuance of the Shares.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 1in">(i) If less than a complete copy of this Agreement is delivered to the Company, the Company and its advisors (including legal counsel) are entitled to assume that the Purchaser accepts and agrees, and the Purchaser shall be deemed to have accepted and agreed, to all of the terms and conditions of the pages not delivered unaltered.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 0in" align="center"><i>[Signatures on following page]</i></p> <p style="MARGIN: 0px; TEXT-INDENT: 0in" align="center"><em>&nbsp;</em></p> <p style="MARGIN: 0px"> <table id="pagebreakfb11c731-990d-47b9-91d0-6777e66d8b60" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Please confirm your agreement with the foregoing by signing this Agreement where indicated.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Very truly yours,</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Number of Shares&nbsp;Purchased:&nbsp; _______________________</p></td> <td> <p style="MARGIN: 0px">_________________________</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">[Name of Purchaser]</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px" align="justify">Total Purchase Price: ______________________________</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top" width="43%"></td> <td valign="top" width="43%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">By: ____________________________________</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Name: __________________________________</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Title: ___________________________________</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Address:&nbsp;___________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Telecopier Number: ____________________________</p> <p style="MARGIN: 0px" align="justify">E-mail: ______________________________________</p> <p style="MARGIN: 0px" align="justify">Official ID No.:&nbsp; _______________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">[Please attach a copy of the official ID with picture]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Accepted this &nbsp;&nbsp;&nbsp;&nbsp; day of October, 2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">SOLARMAX TECHNOLOGY, INC.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.2in; TEXT-INDENT: -0.2in" align="justify">By:</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">David Hsu</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Chief Executive Officer</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">Email: DavidH@solarmaxtech.com</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>[Signature page to SolarMax Stock Purchase Agreement]</i></p> <i>&nbsp; <p style="MARGIN: 0px" align="center"> <table id="pagebreakddeea91d-9c30-408f-8153-a86859741bb1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></i>Exhibit A <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="right">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px" align="center"><u>Accredited Investor Questionnaire</u></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">The following are tests for an accredited investor. Please initial which tests are applicable. Please initial all that apply.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ A natural person whose individual net worth or joint net worth with Subscriber&#8217;s spouse, at the time of this purchase exceeds $1,000,000 (PLEASE NOTE: In calculating net worth, you include all of your assets (other than your primary residence), whether liquid or illiquid, such as cash, stock, securities, personal property and real estate based on the fair market value of such property MINUS all debts and liabilities (other than indebtedness secured by your primary residence, up to the estimated fair market value of the primary residence, unless the borrowing occurs in the 60 days preceding the purchase of the Units and is not in connection with the acquisition of the primary residence. In such cases, the debt secured by the primary residence must be treated as a liability in the net worth calculation.). In the event any incremental mortgage or other indebtedness secured by your primary residence occurs in the 60 days preceding the date of the purchase of the Units, the incremental borrowing must be treated as a liability and deducted from your net worth even though the value of your primary residence will not be included as an asset. Further, the amount of any mortgage or other indebtedness secured by your primary residence that exceeds the fair market value of the residence should also be deducted from your net worth);</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with Subscriber&#8217;s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ A director or executive officer of the Company.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any bank as defined in section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Insurance company as defined in section 2(13) of the Securities Act.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake0acd359-02fd-4630-a7b0-cafff6dc221a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">A-1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Commission under the Securities Act.</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any entity in which all of the equity owners are accredited investors (i.e., all of the equity owners meet one of the tests for an accredited investor*).</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 45px">_____ Any Individual Retirement Account (IRA) for the benefit of an accredited investor*.</p> <p style="MARGIN: 0px">_______________ </p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">* The tests for an accredited investor who is an individual are the first three tests on this Exhibit A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">A-2</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>24
<FILENAME>solarmax_ex1018.htm
<DESCRIPTION>EX-10.18
<TEXT>
<html><head><title>solarmax_ex1018.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.18</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>AMENDMENT NO. 2 TO<br>SOLAR MODULE SUPPLY AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS AMENDMENT NO. 2 TO SOLAR MODULE SUPPLY AGREEMENT, dated as of February 6, 2017 (this &#8220;<b>Amendment</b>&#8221;), by and between SunSpark Technology Inc., a California corporation (&#8220;<b>SunSpark</b>&#8221;), and SolarMax Technology, Inc., a Nevada corporation (&#8220;<b>SolarMax</b>&#8221;). SunSpark and SolarMax together shall be referred to as the &#8220;<b>Parties</b>&#8221; and individually as a &#8220;<b>Party</b>&#8221;.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, SunSpark and SolarMax are parties to that certain Solar Module Supply Agreement dated as of June 1, 2016 as amended by Amendment No. 1 to Solar Module Supply Agreement dated June 17, 2016 (as amended, the &#8220;<b>Agreement</b>&#8221;);</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Parties desire to amend the Agreement, on and subject to the terms of this Amendment;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and other good and valuable consideration, the Agreement is amended in the following manner:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">1.</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font><u>Terms of the Amendment</u>.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">(a)</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font>The definition of &#8220;Modules&#8221; in Article I of the Agreement is hereby amended and restated in its entirety to read as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">&#8220;<b>Modules</b>&#8221; shall mean the photovoltaic modules described in <u>Attachment A</u> attached hereto as updated from time to time by the Parties.&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="4%"> <p style="MARGIN: 0px">(b)</p></td> <td> <p style="MARGIN: 0px">Section 2.02 of the Agreement is hereby amended and restated in its entirety to read as follows:</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">Section 2.02 <u>Quantity and Price</u>. During the Term, SolarMax, on behalf of itself and its affiliates, agrees to purchase from SunSpark and its affiliates, and SunSpark, on behalf of itself and its affiliates, agrees to supply SolarMax and its affiliates, a 150-megawatt quantity of Modules, at a price per watt to be negotiated from time to time between SolarMax and SunSpark not to exceed 110% of the three month rolling average market price per watt; <i>provided</i>, in any given one-year period during the Term, SolarMax and its affiliates shall purchase no less than a 30-megawatt quantity of Modules.&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="4%"> <p style="MARGIN: 0px">(c)<font style='FONT: 7pt "Times New Roman"'>&nbsp;</font></p></td> <td> <p style="MARGIN: 0px">The last sentence of Section 2.04 of the Agreement is hereby deleted in its entirety.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">(d)</p></td> <td> <p style="MARGIN: 0px">Section 2.10(c) of the Agreement is hereby amended and restated in its entirety to read as follows:</p></td></tr></table>&nbsp; <table id="pagebreak15baa172-da85-487d-b47e-0fe3787c9d2c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">(c) <u>Certifications</u>. All Modules shall comply with the applicable local certification standards or with the certification standards set forth in UL1703, CEC, FSEC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">2.</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font><u>Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of this Amendment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">3.</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font><u>Continuing Effect of the Agreement</u>. This Amendment shall not constitute an amendment of any other provision of the Agreement not expressly referred to herein. Except as expressly amended, the Agreement is and shall remain in full force and effect, and this Amendment shall be effective and binding upon SunSpark and SolarMax upon execution and delivery by SunSpark and SolarMax.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">4.</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font><u>Headings</u>. The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top">5.</td> <td valign="top"><font style='FONT: 7pt "Times New Roman"'></font><u>Governing Law; Language</u>. The provisions of the Agreement relating to governing law set forth in the Agreement shall apply to this Amendment. This Amendment has been initially written in the English language; in the event of any conflict between the original English version and any translations into other languages, this original English version shall control.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[<i>Signature Page Follows</i>]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc43bf1ad-2f37-4ee3-8c32-a1e24cae3914" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date first written above. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2">SUNSPARK: <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SUNSPARK TECHNOLOGY INC.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp; </td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ Jie Zhang </em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name: </p></td> <td>Jie Zhang</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:</td> <td>Authorized Signatory</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp; </td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">SOLARMAX:</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b>SOLARMAX TECHNOLOGY, INC.</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">By: </p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Title: </p></td> <td> <p style="MARGIN: 0px">Chief Executive Officer</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[SIGNATURE PAGE TO AMENDMENT NO. 2 TO SOLAR MODULE SUPPLY AGREEMENT]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">3</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>25
<FILENAME>solarmax_ex1019.htm
<DESCRIPTION>EX-10.19
<TEXT>
<html><head><title>solarmax_ex1019.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.19</b>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Contract No.: SMX-06-Contract-1603-010</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="5">Project Contracting Contract for</font></b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="5">50MW Photovoltaic Power</font></b><b><font size="5"></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b style="MARGIN: 0px"><font size="5">Generation Project of Louxia Town, Pu'an </font></b></p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b style="MARGIN: 0px"><font size="5">County, Guizhou Province</font></b><b><font size="5"></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="5">Business Part</font></b><b><font size="5"></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">September 26, 2016</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9b76e36a-c179-4340-9fe7-fd52f6184c2b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><a name="TOC">Contents</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td> <p style="MARGIN: 0px">Part I Contract&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Project overview</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Main technical sources</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Main dates</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Project quality standard</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Contract price and payment currency</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Meaning of contract</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Contract effectiveness</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Part II&nbsp;&nbsp; General Provisions</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">General stipulations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.1&nbsp; Definitions and interpretations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.2 Contract documents</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">12</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.3&nbsp; Language and words</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.4&nbsp; Governing laws</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.5&nbsp; Standards and codes</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.6&nbsp; Compliance with laws</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">1.7 Confidentiality matters</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 2&nbsp; Contract letting party</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">2.1&nbsp; The contract letting party's obligations and rights</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">2.2&nbsp; Representative of the contract letting party</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">2.3 Supervisor</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">2.4 Safety guarantee and security guard responsibility</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 3&nbsp; Contractor</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.1&nbsp; The contract letting party's obligations and rights</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.2&nbsp; Project manger</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.3 Project quality assurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.4 Safety assurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.5 Occupational health and environmental protection assurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8a178268-8a1c-4e77-adbd-728eae3dd9f7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top">3.6 Progress guarantee</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.7 Spot security guard</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">16</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">3.8 Subcontracting</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 4&nbsp; Progress plan, delay and suspension</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.1 Project progress plan</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.2 Design progress plan</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.3 Purchase progress plan</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.4 Construction progress plan</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">18</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.5 Delay compensation</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">4.6 Suspension</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">19</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 5&nbsp; Technologies and design</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">5.1 Production processing technologies and construction art models</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">5.2 Design</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">21</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">5.3 Design stage verification</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">21</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">5.4 Training of operators and maintenance persons</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">5.5 Intellectual properties</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 6&nbsp; Project materials</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.1&nbsp; Provision of project materials</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.2. Inspection</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">23</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.3 Imported project materials and customs declaration &amp; customs clearance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.4 Transportation and transportation of the materials beyond limits</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.5 Reorder and consequences</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">6.6 Custody and surplus of project materials</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 7&nbsp; Construction</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">25</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.1 The contract letting party's obligations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">25</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.2 The contractor's obligations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">25</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.3 Construction technologies and methods</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.4&nbsp; Human power, machine and tool resources</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>&nbsp; <table id="pagebreaka74d6e15-768f-4347-8877-55c48887f694" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top">7.5 Quality and inspection</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">27</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.6&nbsp; Concealed project and midway inspection &amp; acceptance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">28</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.7&nbsp; Dispute on the construction quality result</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">29</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">7.8&nbsp; Health, safety and environment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">29</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 8&nbsp; Completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.1 Obligations of completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.2&nbsp; Examination and inspection &amp; acceptance of completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">33</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.3&nbsp; Completion test safety and examination</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">33</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.4&nbsp; Delayed completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">34</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.5&nbsp; Retest and inspection &amp; acceptance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">34</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.6&nbsp; Failure to pass completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">8.7&nbsp; Dispute on completion test result</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 9&nbsp; Project receipt</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">36</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">9.1 Acceptance of project</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">36</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">9.2&nbsp; Receipt certificate</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">36</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">9.3&nbsp; Project receipt responsibilities</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">36</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">9.4&nbsp; Failure to receive the project</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">36</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 10&nbsp; Post-completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.1 Rights and obligations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.2&nbsp; Post-completion test procedures</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.3 Post-completion test and trial operation assessment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">38</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.4&nbsp; Delay in post-completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.5&nbsp; Conducting post-completion test again</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.6&nbsp; Failure to pass assessment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">39</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.7&nbsp; Post-completion test and assessment inspection &amp; acceptance certificate</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">10.8&nbsp; Loss of production value and use value</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 11&nbsp; Quality assurance responsibility</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">11.1&nbsp; Quality assurance responsibility agreement</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>&nbsp; <table id="pagebreak25e347d1-8dac-41b0-9f22-8d57bbf42e5d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top">11.2 Quality assurance deposit</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 12&nbsp; Project completion inspection &amp; acceptance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">12.1&nbsp; Completion inspection &amp; acceptance report and complete completion materials</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">12.2&nbsp; Completion inspection &amp; acceptance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 13&nbsp; Alteration and contract price adjustment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.1&nbsp; Alteration rights</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">41</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.2&nbsp; Alteration scope</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">42</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.3&nbsp; Alteration procedures</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">43</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.4&nbsp; Emergent alteration procedures</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">43</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.5&nbsp; Determination upon alteration price</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.6&nbsp; Interest sharing of suggested alteration</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.7&nbsp; Adjustment to the contract price</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">13.8&nbsp; Dispute in the contract price</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 14&nbsp; Total contract price and payment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.1&nbsp; Total contract price and payment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.2 Guarantee</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.3&nbsp; Prepayment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.4&nbsp; Project progress accounts</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.5&nbsp; Provisional deduction and payment of quality assurance amount</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.6&nbsp; Applying for payment according to the payment schedule</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">46</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.7&nbsp; Payment condition and schedule</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">46</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.8&nbsp; Delay in payment time</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.9&nbsp; Tax and tariff</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.10&nbsp; Payment of claim accounts</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">14.11&nbsp; Completion settlement</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 15&nbsp; Insurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">15.1&nbsp; The insurance purchased by the contractor</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">15.2&nbsp; All-risk insurance and third-party liability insurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>&nbsp; <table id="pagebreakc83932f3-aa6c-407d-bee4-31e87dd9f439" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top">15.3&nbsp; Miscellaneous provisions on insurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 16&nbsp;&nbsp; Breach, claim and arbitration</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">16.1&nbsp; Breach liabilities</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">16.2 Pursuit of Claims</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">50</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">16.3&nbsp; Dispute and adjudication</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">51</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 17&nbsp; Force majeure</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">17.1&nbsp; Obligations upon occurrence of force majeure.</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">17.2&nbsp; Consequences of force majeure.</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 18&nbsp; N/A</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 19&nbsp; Contract effectiveness and termination</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 20&nbsp; Supplementary provisions</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Part III&nbsp; Special provisions</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 1&nbsp; General stipulations</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 2 Contract letting party</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 3 Contractor</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 4 Progress plan, delay and suspension</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 5 Technologies and design</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 6&nbsp; Project materials</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 7&nbsp; Construction</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">55</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 8&nbsp; Completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">57</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 9&nbsp; Project receipt</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">57</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 10&nbsp; Post-completion test</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">57</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 11 Quality assurance responsibility</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">58</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 12&nbsp; Project completion inspection &amp; acceptance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">58</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 13&nbsp; Alteration and contract price adjustment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">58</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 14&nbsp; Total contract price and payment</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">58</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 15&nbsp; Insurance</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">60</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top">Article 16&nbsp; Contract effectiveness and termination</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">60</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table><br> <table id="pagebreakfee95dfa-aba6-4372-8318-f0cd79d65201" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><em></em></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><a name="P1">Part I Contract</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contract letting party (Party A): Pu'an Zhonghong New Energies Co.,Ltd</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contractor (Party B): Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In accordance with the Contract Law of the People's Republic of China, Construction Law of the People's Republic of China as well as related laws and administrative regulations, based upon the principles of equality, willingness, fairness and integrity, the contract parties enter into this contract through negotiation with respect to the matter relating to the contracting of 50MW photovoltaic power generation project of Moshega Village, Louxia Town, Pu'an County, Guizhou.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="I.Project overview">I. Project overview</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Project Name: 70MW photovoltaic power generation project of Louxia Town, Pu'an County, Guizhou</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Project location: Moshega Village, Louxia Town, Pu'an County, Guizhou</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contracting scope of project: all work necessary for constructing a complete photovoltaic power generation system by the contractor from the project development of this project to the start of commercial running of the photovoltaic power generation system and passing of inspection and acceptance conducted by relevant national, provincial and municipal authorities until expiry of the quality assurance period. The contents of this project include but be not limited to the project development, survey and design (including but not limited to preliminary design, construction drawing design, completion drawing design and access system design), civil engineering projects (including but not limited to foundation treatment, booster station and conveying lines), equipment and material supply, commodity and spare part preparation, transportation, custody, insurance, installation project, technical service, production preparation, employee training, debugging, test, inspection &amp; acceptance and synchronization, completion inspection &amp; acceptance, handling of all kinds of formalities and documents as well as obtaining of certification documents from relevant governmental authorities, after-sale service and project information system, standardized management, post appraisal and cooperation within complete scope of EPC project of 50MW photovoltaic power generation project of Moshega Village, Louxia Town, Pu'an County, Guizhou (including outgoing line project, station transformation lines, installation test and equipment on both sides). The total contracting price includes the material and equipment purchase (including photovoltaic components) of the whole project and all expenses occurring (except for supervision) during the project construction period and relating to this project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Such general contracting agreement does not include all one-off expenses including but not limited to project land lease, indemnification, site-clearing fee, young crop compensation and fee adjustment fee, Party B shall be responsible for handling the above related matters, however, Party A shall bear the expenses.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="II. Main technical sources">II. Main technical sources</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="III. Main dates">III. Main dates</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contract period (absolute date or relative date): not later than expiry of the quality assurance period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Construction period (absolute date or relative date): November 10, 2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date of synchronization: synchronization and power generation shall be accomplished before June 30, 2017</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="IV. Project quality standard">IV. Project quality standard</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Project quality standards: refer to Photovoltaic Power Station Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II for details) and relevant technical standards promulgated by the State and the industry.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="V. Contract composition, price and payment currency">V. Contract composition, price and payment currency</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract shall have the contents including but not limited to project development, equipment purchase, design and construction installation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7d9a81f1-7f2f-4dce-a0fd-02ec48ba2ba8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The total contract price is RMB 322,500,000.00 yuan (in words: RMB THREE HUNDRED AND TWENTY TWO MILLION AND FIVE HUNDRED THOUSAND YUAN ONLY, tax inclusive), the specific amount of each item shall be subject to final settlement of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The total volume of this project is 50MWp, wherein, the unit contracting price for settlement of the project shall be RMB 6.45 yuan/W. If the owner asks to conduct any increased work on the project, the unit project settlement price for the increased part shall be RMB 6.45 yuan/W.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Except for the amount that shall be increased or decreased in the project implementation process as set forth herein, the contract price shall not be adjusted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="VI. Undertakings of the contractor">VI. Undertakings of the contractor</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The equipment selection of this project shall be recognized by the contract letting party or the design supervisor designated by the contract letting party (the specific details shall be subject to the technical terms).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor undertakes to, according to contract provisions, timely pay any and all sub-contractor equipment accounts and project accounts and guarantee that any and all sub-contractor shall not affect the construction of this project and subsequent operation work, should the contractor's failure to timely pay project and equipment accounts cause the construction of this project and subsequent operation to be affected, the contractor shall be entitled to pay reasonable accounts to any and all sub-contracting units of the contractor, the accounts paid shall be directly deducted from the project funds of contractor, any and all other losses caused shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor guarantees to the contract letting party that, it will conduct project development, design, purchase, construction and debugging until overall synchronization of this project in strict accordance with contract provisions in order to make this project be operated according to the provisions hereof and shall be responsible for renovating any and all faults and defects caused by any reason attributable to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor undertakes that, consent and written confirmation of the contract letting party shall be obtained for supplier selection and type selection of main equipment purchase (including but not limited to component, inverter, support, cable and box transformer).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for handling land formalities for the project. The contractor undertakes that, the land shall satisfy the 50MW volume requirement of the power station and the land is free from any ownership dispute (the leased land circulation formalities shall conform to Party A's requirement), the land shall satisfy 25-year service life of the project and the land rental (including but not limited to indemnification, site-clearing fee, young crop compensation and fee adjustment fee) shall be settled according to the actual expenses.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Before this project is handed over to the contract letting party, the contractor undertakes to finish handling all certificates and approval files necessary for such project and guarantees that all formalities and documents are complete, legal and effective.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for developing the whole project and handling formalities as well as conducting all work for the construction and synchronization of the whole power station, and the contract letting party fully trusts the contractor's professional capacity.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="VII. The meanings of related words hereof shall be the same with the definitions and interpretations granted by the general contract provisions.">VII. The meanings of related words hereof shall be the same with the definitions and interpretations granted by the general contract provisions.</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="VIII. Contract effectiveness">VIII. Contract effectiveness</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">This contract shall come into effectiveness after being signed and affixed with official unit seals (or the special seal of contract) by the parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date of contract conclusion: September 26, 2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Place of contract conclusion: Jiangning District, Nanjing</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(This page contains no main text)</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakdeea21b1-3e37-40ff-90f9-a6d9ff5e42c4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(Signing page):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="50%"> <p style="MARGIN: 0px">Contract letting party: Pu'an Zhonghong New Energies Co., Ltd.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="50%"> <p style="MARGIN: 0px">Contractor: Solarmax Technology (Jiangsu) Co., Ltd.</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Legal representative:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Legal representative:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Post Code:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Post Code:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Tel.:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Tel.:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Fax:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Fax:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Email:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Email:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Bank:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Bank:</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Account No.:</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Account No.:</p></td></tr></table></p> <p style="MARGIN: 0px"> <table id="pagebreak620b1aee-abda-4ed7-b881-7a254f5996a9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="P2">Part II General Provisions</a></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 1 General stipulations">Article 1 General stipulations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.1 Definitions and interpretations">1.1 Definitions and interpretations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.1 General provisions refer to ordinary provisions observed by the contract parties in the process of performing the project contracting contract according to the provisions of laws and administrative regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.2 Special provisions refer to the provisions for supplementation, modification and perfection to the general provisions according to the actual situation of the contracting project that are jointly observed with consent.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.3 Project contracting, means that, upon entrustment of the client, the contractor conducts project contracting of the whole process or the design and other stages including but not limited to the design, purchase, construction (including completion test) and trial operation of the engineering construction project according to contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.4 Contract letting party refers to the party called contract letting party as agreed upon in the contract, including its legal successor and licensed assignee.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.5 Contractor refers to the party accepted by the contract letting party and having the qualification of project contracting subject as agreed upon in the contract, including its legal successor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.6 Subcontractor refers to any legal person or other organization with relevant qualification who accepts the subcontracting of part of the project or services by the contractor according to contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.7 Representative of the contract letting party refers to the representative designated by the contract letting party for performing this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.8 Supervisor refers to the project supervising unit with relevant qualification entrusted by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.9 Project director refers to the general supervising engineer authorized by the supervisor and responsible for performing the supervision contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.10 Project manager refers to the representative appointed by the contractor to be responsible for performing this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.11 Permanent project refers to the project subject to design, construction, completion test, post-completion test, completion inspection &amp; acceptance and trial operation assessment and delivery to the contract letting party for production, operation or use by the contractor according to contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.12 Project development: the contractor shall be responsible for obtaining all formalities and documents necessary for 50MW photovoltaic power generation project of Moshega Village, Louxia Town, Pu'an County before overall synchronization and guarantee that all formalities for this project are complete, legal and effective. See Appendix VI List of Formalities for details (According to the governmental regulations, if there is any formality that does not have to be handled or it is necessary to additionally handle any other document, the governmental regulations shall apply).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Including but not limited to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Obtaining project and making archival filing, being responsible for handling all formalities of the archival filing period including but not limited to preliminary verification of land use, land surveying and mapping, geological prospecting, environmental assessment, energy assessment, safety assessment, stability assessment, water protection, preliminary verification comments of land and resources bureau, land circulation &amp; land use formalities, geological disaster assessment, overlaid and covered mineral report, planning and address selecting opinion as well as red-line drawing;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for handling power grid access, construction license, land use planning and license, construction project planning and license, fire protection inspection &amp; acceptance, environmental protection inspection &amp; acceptance and land use right certificate etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall guarantee that the land conforms to the requirements of power station construction, including but not limited to: the land property conform to relevant requirements, the land area conforms to the requirements of power station, a series of expenses including but not limited to design, supervision, construction, compensation and economic input incurred by water and land preservation and environmental protection inspection and acceptance are all included in this contract.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2c3e76e6-71ce-4015-933e-4bff21e35a13" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.13 Provisional project refers to any provisional building and structure that shall be constructed on the spot as well as any project not constituting permanent project entity for implementing, accomplishing permanent project and repairing any quality defect.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.14 Spot or field refers to any site used by the contractor for work on the spot, residence, storage of equipment, materials and parts, construction machines, tools and facilities as well as implementation of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.15 Project basic materials refer to the approval or ratification files by relevant authority on the project that shall be provided and handled by the contractor upon entrustment of the contract letting party, reports (factory selection report, resource report and reconnaissance report), materials (weather, hydrology and geology), agreements (water, electricity, gas and transportation) and relevant data etc. as well as basic materials necessary for design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.16 Spot obstacle materials, refer to the coordinate locations and data of existing aboveground and underground buildings, structures, historic buildings and ancient trees etc. that shall be protected as well as the materials of other situations necessary for the contractor to accomplish design and conduct spot construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.17 Design stage refers to the stage of planning design, overall design, preliminary design, technical design and construction drawing design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.18 Project materials refer to the materials necessary for the equipment, materials and components constituting the permanent project entity as set forth in the design documents as well as the materials for post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.19 Construction refers to the process that the contractor converts the design documents into the project, including the operation of civil engineering, installation and completion test etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.20 Completion test, refers to the test that shall be conducted by the contractor upon accomplishment of civil engineering and installation of the project and before the project is received by the client.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.21 Construction completion means that the civil engineering and installation of the project have been accomplished according to the contract provisions and design requirements and the project has passed completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.22 Project receipt, refers to the process that, after the project passes completion test, in order to make the operators and users of the contract letting parties to assume their posts to make preparation for post-completion test and trial operation, the contractor and the contract letting party handle project handover and take over and the contract letting party issues receipt certificate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.23 Post-completion test refers to, after the project is received by the contract letting party, the test organized by the contract letting party on its own according to the contract provisions or the function test on the project under the organization and leading or the contract letting party and guidance by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.24 Trial operation assessment refers to all tests including the contract objective assessment inspection &amp; acceptance conducted by the contract letting party on its own or under the organization and leading of the contract letting party and under the guidance of the contractor according to the contract provisions and upon completion test after the project is accomplished.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.25 Assessment inspection &amp; acceptance certificate refers to the inspection &amp; acceptance certificate issued by the contract letting party upon accomplishment and inspection &amp; acceptance of all trial operation assessment tests.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.26 Synchronization inspection &amp; acceptance: means that, upon overall synchronization of this project, in order to obtain the synchronization inspection &amp; acceptance certificate issued by the contract letting party for this project, the contractor shall, according to the procedures and standards as set forth in the technical part of national industrial standards, conduct 240-hour continuous trial operation without any fault on this project, hand over all project materials, pass verification to be qualified and obtain the certification documents issued by the power grid and relevant governmental authority on synchronization permission and electricity power approval file of the material price authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.27 Project completion inspection &amp; acceptance refers to the project settlement and inspection &amp; acceptance organized by the contract letting party after the contractor receives assessment inspection &amp; acceptance certificate, accomplishes round-off project and defect renovation and submits completion inspection &amp; acceptance report, completion materials and completion settlement materials submitted according to the contract provisions. The project quality assurance period shall be calculated from the date of accomplishment of the project completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7aa6e0c1-767e-47ad-b459-f752224f5e1d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.28 Project progress plan refers to the time schedule and arrangement of all project implementation stages (including design, purchase, construction, completion test, project receipt, post-completion test and all trial operation stages) as set forth herein or several implementation stages as set forth herein from the date of effectiveness of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.29 Date of construction start refers to the absolute date or relative date on which the contractor starts spot construction as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.30 Date of completion refers to the absolute date or relative date on which the contractor finishes project construction (including completion test) as set forth in the contract, including any postponed date as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.31 Alteration refers to any alteration made to the project as notified or approved in writing by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.32 Contract price refers to the price for the work conducted by the contractor including but not limited to design, purchase, construction, completion test, post-completion test, completion inspection &amp; acceptance and service as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.33 Adjustment to the contract price refers to relevant adjustment made to the contract price according to any increase or decrease in the expenses that shall be effected according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.34 Total contract price refers to the contract price upon adjustment according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.35 Prepayment refers to the accounts that shall be prepaid to the contractor by the contract letting party according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.36 Project progress accounts refer to the progress accounts for design, purchase and construction as well as the service fees etc. for post-completion test paid by the contract letting party to the contractor by installments according to the payment contents and payment conditions as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.37 Project quality assurance responsibility agreement refers to the quality assurance responsibility agreement entered into by and between the contract letting party and the contractor according to the laws and regulations on quality assurance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.38 Written form refers to the form that may tangibly reflect the contents stated, including contract, letter and data message. Data message includes: telex, fax, EDI (electronic data interchange) and email.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.39 Breach liabilities refer to the liabilities that shall be borne by the contract party who fails to perform contract obligations or whose performance of contract obligations does not conform to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.40 Force majeure refers to the objective situations that can not be foreseen, avoided or overcome.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.41 According to the features of the project as set forth herein, other definitions that shall be supplemented as agreed upon.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1.42 The headlines of the articles shall not be deemed as basis for contract interpretation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.2 Contract documents">1.2 Contract documents</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2.1 Composition of contract documents. The contract documents interpret and explain to and for each other. Unless otherwise set forth in the special provisions, the documents constituting this contract and the priority sequence of interpretation are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) This contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Special provisions of this contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) General provisions of this contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Standards, codes and relevant technical documents</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Design documents, materials and drawings</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) Other documents constituting part hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakeb4a480c-6585-45ca-8daa-951af07efbd7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Written documents including but not limited to notice, minute, memorandum, supplementary document, directive, fax, email, alteration and discussion formed in the process of contract performance by both parties constituting integral part hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2.2 In case of unclearness or inconsistency in the contents of the provisions hereof and failure in explanation for clearness according to the interpretation sequence as set forth in the contract, under the circumstance of not affecting normal implementation of the project, the parties may either negotiate for settlement or adopt the interpretations of the supervisor. In case of no agreement reached upon negotiation by the parties or refusal to accept the interpretations of the supervisor, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2.3 The headlines of the articles hereof are only for the convenience of reading, shall not be deemed as basis for interpretations on the contract articles.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2.4 The "date", "month" and "year" used herein refer to the calendar date, month and year. The starting date of any period used herein refers to the date immediately following the date of occurrence of any relevant event. If the starting of any time is based upon the expiry of certain period, such starting date shall be the date immediately following the date of expiry of such period. The date of expiry of any period shall be the date on which such period expires. "Working day" refers to any calendar day other than legal holidays in China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.3 Language and words">1.3 Language and words</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract is written, interpreted and explained in Simplified Chinese words. If the contract parties agree upon the use of two and more kinds of languages in the special provisions, Chinese shall be the dominating language for interpretation and explanation of this contract in priority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In minority areas, the parties may agree upon the use of any minority language for writing, interpreting and explaining this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.4 Governing laws">1.4 Governing laws</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">This contract is governed by laws of the People's Republic of China. The names of specific governing laws that shall be indicated expressly are stated in special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.5 Standards and codes">1.5 Standards and codes</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5.1 The names (or numbers) of the national standards and codes, industrial standards and codes, standards and codes of the place in which the project is located as well as enterprise standards and codes applicable to this project are stated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5.2 If the contract letting party uses foreign standards and codes, it shall be responsible for providing the version of the original language and Chinese translation text as well as stipulating in special provisions the names and counterparts of the standards and codes that shall be provided and the dates on which the standards and codes shall be provided.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5.3 Without relevant written standards and codes, the contract letting party shall specify technical requirements in special provisions within the time as set forth, the contractor shall propose implementation methods within the time as set forth and according to the technical requirements, such implementation methods shall only be effected upon recognition of the contract letting party. If the contractor needs to conduct research and development test on the implementation methods or provide the construction employees with special training, agreement shall be otherwise entered into as appendix hereto and the expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5.4 Design, purchase, processing and construction shall be conducted in accordance with the standards and codes as set forth in the provisions hereof, neither party shall alter the stipulations of national mandatory standards and codes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5.5 The contract letting party shall be entitled to, in accordance with the contract as well as the standards and codes as set forth in applicable laws, raise suggestion, modification and alteration (without any additional fee) to the safety, quality, environmental protection and occupational health.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.6 Compliance with laws">1.6 Compliance with laws</a></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak21225d45-46ec-483f-bec8-514d364fddf5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.6.1 During the period of contract performance, in accordance with the provisions of national laws and administrative regulations, the contractor shall handle and obtain the formalities including but not limited to project initiation, urban planning, regional planning approval file, land use license, project start approval or construction license, project quality supervision as well as any other permission, license, certificate and approval file, the contractor shall also be responsible for coordinating the relationship with any relevant authority and unit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.6.2 During the period of contract performance, the contractor shall, in accordance with applicable laws, administrative regulations or industrial regulations, conduct design, purchase, processing, construction, completion test, post-completion test and completion inspection &amp; acceptance etc. and assume quality assurance responsibility. The contractor shall handle all kinds of permissions, licenses, approval files and formalities etc. necessary for contract performance that shall be handled by the contractor and guarantee that the contract letting party shall be protected from any loss caused thereby. In case of causing any loss against the contract letting party, the contractor shall make compensation according to the reasonable fees actually added of the contract letting party. In case of delay in the date of synchronization, any liability therefore caused shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.6.3 The contractor shall pay salaries and wages to the employees on time, purchase the personal insurance and pay relevant taxes and charges.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.6.4 In order to strengthen the supervision on engineering construction work, standardize the probity and discipline in contract conclusion and implementation according to law as well as prevent the occurrence of all kinds of illegitimate behaviors, according to relevant national and regulations in Nanjing, in line with the work practice, anti-bribery and anti-corruption declaration shall be entered into, see Appendix IV.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="1.7 Confidentiality matters">1.7 Confidentiality matters</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Either party shall be obliged to keep the trade secrets and technical secrets of the other party known in the process of contract conclusion and performance confidential, without consent, shall not disclose or use for any purpose beyond what is set forth herein. If either party discloses or uses any such trade secret or technical secret beyond this contract, which causes any loss against the other party, it shall assume damage compensation liability. If either party needs any information necessary for contract performance, the other party shall offer. If the parties deem as necessary, they may enter into confidentiality agreement as appendix hereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 2 Contract letting party">Article 2 Contract letting party</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="2.1 The contract letting party's obligations and rights">2.1 The contract letting party's obligations and rights</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1.1 Shall perform the contract price adjustment, payment and completion settlement obligations as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1.2 Shall be entitled to raise suggestions on the implementation work including but not limited to the design, purchase and construction of the contractor according to the contract provisions and mandatory stipulations of national laws on safety, quality, standard, environmental protection and occupational health etc., modification and alteration may only be made after such suggestions are acknowledged by both parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1.3 Shall be entitled to, according to the contract provisions, raise compensation requirement for any loss and damage caused by any reason attributable to the contractor against the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1.4 When the contract letting party deems as necessary, it shall be entitled to give notice on suspension in writing. If any reason attributable to the contract letting party causes any increase in the fees, such increase in the fees shall be borne by the contract letting party. In case of delay in any key route of the project caused thereby, the date of synchronization shall be extended accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1.5 Perform other rights and obligations as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="2.2 Representative of the contract letting party">2.2 Representative of the contract letting party</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.2.1 The representative designated by the contract letting party shall exercise the rights entrusted by the contract letting party and perform the obligations of the contract letting party. The representative of the contract letting party shall perform his/her duty according to this contract and within the scope of authorization. Any notice given by the representative of the contract letting party be given to the contractor according to the contract provisions and submitted to the project manager after being signed by himself/herself in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.2.2 The name, title and duty of the representative of the contract letting party shall be set forth in the special provisions. If the contract letting party decides to replace its representative, it shall notify the contractor in writing of the name, title, function of power and date of appointment of the new representative 15 days before the new representative takes up the post.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc35b758d-b6a1-42e9-81fc-9c5619681a27" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="2.3 Supervisor">2.3 Supervisor</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3.1 If the contract letting party conducts supervision on the project, the name of the supervisor, project director, supervision scope, contents, function of power and authority shall be specified in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The supervisor shall conduct supervision on the contractor on behalf of the contract letting party according to the scope, contents, function of power and authority of supervision entrusted by the contract letting party. Any notice given by the supervisor to the contractor shall be signed by the project director in writing and subsequently submitted to the project manager.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3.2 In case of overlapping or unclear function of power of the project director and the representative of the contract letting party, the contract letting party shall coordinate, make clear and notify the contractor in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3.3 Unless otherwise expressly set forth in the special provisions or with consent of the contract letting party, the project director shall not be entitled to alter any right and obligation of the contract parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3.4 If the contract letting party intends to replace the project director, it shall notify the contractor of the name, title, function of power, authority and date of appointment of the substitute in writing 15 days in advance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="2.4 Safety guarantee and security guard responsibility">2.4 Safety guarantee and security guard responsibility</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The safety and security guard agreement shall be otherwise entered into.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 3 Contractor">Article 3 Contractor</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.1 The contractor's obligations and rights">3.1 The contractor's obligations and rights</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.1 Shall be responsible for handling relevant formalities including but not limited to project verification and approval, ratification or archival filing, obtaining the use right of the project land, as well as accomplishing demolition and compensation work to make the project have the work start conditions as set forth in laws. The contractor shall be obliged to accomplish design, purchase, construction, completion test, and post-completion test according to this contract as well as the standards, codes, project functions, scale, assessment object and date of synchronization as set forth in the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.2 The contractor shall be obliged to, according to the contract provisions, at its own expenses, renovate any defect in any design, document, equipment, material, part, construction, completion test, and post-completion test caused by any reason attributable to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.3 The contractor shall be obliged to submit related statements according to the contract provisions and the requirements of the contract letting party. The types, contents and dates of submission of the statements shall be stated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.4 In case of notice on suspension on account of any reason attributable to the contract letting party, the contractor shall be entitled to propose to increase the fees or postpone the date of completion according to the provisions of Article 2.1.5 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.5 With respect to any loss, damage or delay in any key route of the project caused by any reason attributable to the contract letting party, the contractor shall be entitled to require compensation or postpone the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.2 Project manger">3.2 Project manger</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2.1 The project manager shall have relevant occupational qualification, is authorized to be responsible for performing this contract on behalf of the contractor. The name, duty and authority of the project manager shall be stated in the special provisions. The project manager shall not simultaneously assume the post of project manager for any other project. With prior consent of the contract letting party, the project manager may leave the project site and designate an experienced person to provisionally perform his/her duty on behalf of him/her. If the contractor violates the above provisions, it shall assume breach liabilities according to the stipulations of such special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6a1f1dc4-555d-448b-a1ea-4e730c206d1b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2.2 The project manager shall organize project implementation according to the project progress plan as set forth in the contract and any directive delivered by the representative of the contract letting party or the project director in accordance herewith. In case of emergency and failure to contact with the representative of the contract letting party or the project director, the project manager shall be entitled to take necessary measures to safeguard the human body, project and property safety, however, he/she shall submit written report to the representative of the contract letting party or the project director within 48 hours upon the emergency.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2.3 If the contractor needs to replace the project manager, it shall notify the contract letting party in writing 15 days in advance and obtain consent of the contract letting party. The succeeding project manager shall continue to perform the duty and authority as set forth in Article 3.2.1. If, without consent of the contract letting party, the contractor arbitrarily replaces the project manager, it shall assume breach liabilities according to the stipulations of Article 3.2.1 Special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2.4 The contract letting party shall be entitled to replace any project manager it deems as incompetent by written notice, the contractor shall submit written improvement report to the contract letting party within 15 days upon the receipt of notice on replacement. Hereinafter, if the contract letting party still notifies of replacement in writing, the contractor shall effect replacement within 15 days after receipt of the second notice on replacement and notify the contract letting party of the name and resume of the newly appointed project manager in writing. The new project manager shall continue to perform the authority as set forth in Article 3.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.3 Project quality assurance">3.3 Project quality assurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3.1 Quality assurance system. The contractor's quality assurance system authentication certificate shall be kept continuously effective in the contract implementation process, and the quality assurance system hereunder shall be established.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3.2 Quality assurance of the implementation process. The contractor shall ensure about the quality of design, purchase, processing &amp; manufacture, construction, completion test, post-completion test, and assessment and acceptance according to the quality standards and codes as set forth in the contract. The contractor shall also guarantee to keep the project in good repair in accordance with national regulations on quality assurance responsibilities. The project quality assurance period shall be calculated from the date of accomplishment of the project completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.4 Safety assurance">3.4 Safety assurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.4.1 Project safety performance. The contractor shall conduct design, purchase, and construction, completion test in order to guarantee about the project safety performance according to the contract provisions and in compliance with construction project design management rules, construction project quality management rules as well as relevant laws and regulations on safe production.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.4.2 Safe construction on the spot and environmental safety. The contractor shall comply with the provisions of health, safety and environment as set forth in Article 7.8 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.5 Occupational health and environmental protection assurance">3.5 Occupational health and environmental protection assurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.5.1 Project design. The contractor shall conduct environmental protection design and occupational health protection design of the project in order to guarantee that the project conforms to the laws and regulations on environmental protection and occupational health according to the contract provisions and in compliance with construction project design management rules, construction project quality management rules as well as relevant laws and regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.5.2 Occupational health and environmental protection on the spot. The contractor shall comply with the provisions of health, safety and environment as set forth in Article 7.8 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.6 Progress guarantee">3.6 Progress guarantee</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall, in accordance with the project progress plan as set forth in Article 4.1 hereof, reasonably organize all kinds of resources necessary for design, purchase, construction, completion test, and post-completion test in an orderly way and take effective implementation methods and organization methods to guarantee about the realization of the project progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.7 Spot security guard">3.7 Spot security guard</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall assume the spot security guard responsibility (including pre-manufacture processing field, office and living zones) after it enters the spot, starts the construction and before the contract letting party accepts the project. The contractor shall also be responsible for formulating relevant security guard system, responsibility system and report system and submitting to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2b56a2e9-9d99-4330-b212-87ed80d47663" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="3.8 Subcontracting">3.8 Subcontracting</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.1 Subcontracting provisions. The contractor shall only conduct subcontracting bidding for the subcontracting matters (including but not limited to design, purchase, construction and completion test) specified in the special provisions and in the shortlist of its subcontractors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to the subcontracting matters and the shortlist of the subcontractors not specified in the special provisions, the contract letting party shall decide upon approving or raising opinions within 15 days after receiving the subcontracting matters and shortlist of the subcontractors. If the contract letting party neither approves nor raise opinions within 15 days, the contractor shall be not entitled to subcontract the matters to be subcontracted as proposed, from the 16th date after submitting the subcontracting matters and the shortlist of the subcontractors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.2 Subcontractor qualification. Any subcontractor with enterprise qualification level as set forth in national laws may be chosen as a subcontractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.3 The contractor shall neither subcontract the whole project contracted with the method of dismemberment nor wholly subcontract the project contracted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.4 No subcontractor is allowed to subcontract the project contracted again regarding design, construction and procurement of goods (excluding packaged unit equipment and complete set of electrical instruments).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.5 With respect to the payment to any subcontractor, the contractor shall pay the subcontractor progress accounts on time in accordance with the provisions of the subcontracting contract. If the contractor is behind in payment of worker wages or accounts payable to any subcontractor, which will have adverse effect to the project under construction and the contract letting party, upon written notification by the contract letting party, the contractor still refuses to correct, the contract letting party shall be entitled to directly deduct such accounts payable from the contract and shall be punished as per once of the actual amount in arrears, otherwise, the contractor shall be deemed as breaching the contract and shall assume all losses caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.6 The contractor shall be liable to any subcontractor. If any breach behavior, inappropriate management, negligence or any other fault of any subcontractor causes any defect in the project quality, which leads to any loss against the contract letting party or leads to postponement of the date of completion, the contractor shall be liable to any subcontractor, the contractor and any subcontractor shall assume joint liabilities to the contract letting party with respect to the subcontracting project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8.7 The contractor shall be responsible for comprehensive management of any subcontractor and shall pay the subcontracting party project accounts on time, in case of any subcontractor provoking caused by and reason attributable to the contractor, for each occurrence, the contractor shall compensate for any and all losses of the contract letting party, the contractor shall be entitled to impose penalty of RMB 50,000 yuan/time upon the contractor, such penalty shall be directly deducted from the project funds.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 4 Progress plan, delay and suspension">Article 4 Progress plan, delay and suspension</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.1 Project progress plan">4.1 Project progress plan</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1.1 Project progress plan. With respect to the project progress plan formulated by the contractor, the construction period shall conform to the provisions as set forth herein. The scheme shall only be implemented after being approved by the contract letting party. The approval of the contract letting party shall not exempt the contractor from the contract liabilities of the contractor. The counterparts of the project progress plan submitted by the contractor and the time of submission shall be specified in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1.2 Shall at its own expenses catch up with the project progress plan. If any reason attributable to the contractor causes the actual progress of the project to be obviously behind the project progress plan, the contractor shall be obliged and the contract letting party shall also be entitled to require the contractor to at its own expenses take measures to catch up with the project progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.2 Design progress plan">4.2 Design progress plan</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.2.1 Design progress plan. The contractor shall formulate progress plan according to the approved project progress plan and the schedule for verification meeting of any design verification stage and the design stage organized by the contract letting party as set forth in Article 5.3.1. The design progress plan shall only be implemented upon recognition by the contract letting party. The recognition of the contract letting party shall not exempt the contractor from the contract liabilities of the contractor.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4043babc-d81f-47c8-a4e9-4078c0634791" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.2.2 Date of design start. The first day upon contract conclusion shall be deemed as the date of design start.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.2.3 Delay in the date of design start. If any reason attributable to the contractor causes delay in the date of design start, according to the provisions of Article 4.1.2, it shall at its own expenses catch up with the design progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.2.4 Delay in the date of verification in any design stage</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Due to any reason attributable to the contractor, in case of failure to submit the design documents of any relevant stage according to the schedule of any design verification stage and verification meeting as set forth in Article 5.3.1 or incompliance of relevant design documents submitted with the design depth of any relevant verification stage, which causes delay in any design verification meeting, in accordance with the provisions as set forth in Article 4.1.2 hereof, the contractor shall at its own expenses take measures and catch up with progress. In case of delay in the date of completion caused thereby, any and all economic losses of the verification meeting preparation caused against the contract letting party shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.3 Purchase progress plan">4.3 Purchase progress plan</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3.1 Purchase progress plan. The contractor's purchase progress plan conforms to the schedule of the project progress plan and connects with the progress plan of design, construction, completion test, and post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3.2 Date of purchase start. As set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3.3 Delay in the purchase progress. If any reason attributable to the contractor leads to purchase delay, which causes work stop, any loss on slow work of the labor and delay in the date of completion, the contractor shall be liable. If any reason attributable to the contract letting party leads to purchase delay, which causes work stop and any loss on slow work of the labor against the contract letting party and delay in any key route, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.4 Construction progress plan">4.4 Construction progress plan</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4.1 Construction progress plan. The contractor shall submit an overall construction organizing design including the construction progress plan 15 days before start of spot construction. The construction progress plan conforms to the schedule of the project progress plan and connects with the progress plan of design, purchase and completion inspection &amp; acceptance. If the contract letting party requires the contractor to submit sub-divisional construction progress plan of key sub-divisions, it shall stipulate in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4.2 Delay in the date of construction start. According to the following provisions, the postponement of the date of completion shall be determined:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) If any reason attributable to the contract letting party causes the failure of the contractor to start construction on time, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) If any reason attributable to the contractor causes the failure to start construction on time, it shall specify legitimate reasons and at its own expenses take measures to start construction as soon as possible but not to postpone the date of synchronization.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) If force majeure causes to postpone the date of construction start, the date of synchronization shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4.3 Date of completion</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1. If the contracting scope includes completion test, the planned date of completion and actual date of completion shall be determined with the following methods:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The date of project completion as set forth in the special provisions of Article 9.1 Project receipt shall be the planned date of project completion; for the project, the planned date of completion for the last project shall be the planned date of project completion;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The date of 14 days after the project passes completion test, overall project inspection &amp; acceptance and starts formal power generation (definition of formal power generation: the license document has been obtained from the government or the electric power authority) shall be the actual date of project completion.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak990a9d68-aaf6-4e5f-a5b9-ec38ce7520f0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2. If the contracting scope excludes completion test, the planned date of completion and actual date of completion shall be determined with the following methods:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The date of project completion as set forth in the special provisions of Article 9.1 Project receipt shall be the planned date of project completion; for the project, the planned date of completion for the last project shall be the planned date of project completion;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The date on which the contractor accomplishes all construction work of the project as set forth in the construction drawings and conforms to the quality standards as set forth shall be the actual date of project completion;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The date on which the contractor accomplishes all construction work of the last project as set forth in the construction drawings and conforms to the quality standards as set forth shall be the actual date of project completion;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3. Any construction location reserved by the contractor for completion test or post-completion test or any construction location required by the contractor shall neither affect the fragmentary round-off project and defect renovation used by the substantial operation of the contract letting party nor affect the determination upon the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.5 Delay compensation">4.5 Delay compensation</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If any reason attributable to the contractor causes delay in the date of project completion, the contractor shall assume delay compensation. The daily delay compensation amount and the maximum accumulated compensation amount shall be stipulated in the special provisions. The contract letting party shall be entitled to deduct the compensation amount from the project progress accounts, or completion settlement accounts or the performance bond submitted as stipulated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="4.6 Suspension">4.6 Suspension</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.1 Suspension caused by any reason attributable to the contract letting party. The contract letting party may notify the contractor of suspending any work in the project implementation in writing. The notice shall specify the date of suspension and anticipated period of suspension.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Any increase in the fees suffered by the contractor due to the implementation of such suspension or reasonable expenses increased by return to work shall be borne by the contract letting party. In case of delay in any key route of the project caused thereby, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.2 Suspension caused by force majeure. The work of the parties shall be arranged according to the provisions on obligations upon occurrence of force majeure as set forth in Article 17.1 and the provisions on consequences of force majeure as set forth in Article 17.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.3 The contractor's work upon suspension. Under the circumstance of suspension as set forth in Article 4.6.1 Suspension caused by any reason attributable to the contract letting party and Article 4.6.2 Suspension caused by force majeure hereof, the contractor shall immediately stop the implementation work on the spot. During the period of suspension, according to the contract provisions, the contractor shall be responsible for attending, protecting and supervising the employees, project, materials and the contractor's documents etc. During the period of suspension, according to the contract provisions, the contractor shall be responsible for attending, protecting and supervising the employees, project, materials and the contractor's documents etc. If the failure of the contractor to perform attending, protecting and supervising responsibilities causes any damage and metamorphism etc., which leads to any increase in the expenses of the contract letting party or delay in the date of completion, the contractor shall be liable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.4 The contractor's requirement on return to work. According to the suspension advised by the contract letting party as set forth in Article 4.6.1, the contractor shall be entitled to notify of and require return to work 45 days upon the suspension. In case of failure in return to work, the contractor shall be entitled to adjust and decrease part of the project affected by suspension according to the provisions on adjustment to and decrease of part of the project as set forth in Article 13.2.5 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Should the suspension of the contract letting party last for more than 45 days and affect the whole project, or last for more than 180 days, or the suspension caused by force majeure causes the failure in contract performance, the contractor shall be entitled to give notice on contract cancellation according to the provisions on contract cancellation by the contractor as set forth in Article 18.2 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak25930a33-665b-4398-bf77-cc044313b464" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.5 The contract letting party's return to work. After the contract letting party gives notice on return to work, the contract letting party shall be entitled to organize for the contractor to examine the project, equipment, materials and parts affected by suspension, the contractor shall notify the contract letting party of the examination result and the contents that needs recovery and renovation as well as the estimation, upon acknowledgement by the contract letting party, the recovery and renovation expenses incurred thereby shall be borne by the contract letting party. In case of delay in any key route of the project caused by recovery and renovation, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.6 Suspension caused by any reason attributable to the contractor. If any reason attributable to the contractor causes suspension of part of the project or the project, which leads to any loss, damage and delay in the date of completion, the contractor shall be liable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6.7 Payment upon project suspension. In case of suspension caused by the contract letting party, in addition to the payment for the project that has been accomplished according to the contract provisions, the contract letting party shall compensate for any economic loss caused against the contractor by work stop, slow work of the labor, profiteering by buying cheap and selling dear, relocation of mechanical equipment, overstock of materials and components etc.:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) With respect to the equipment, materials and components purchased by the contractor and constituting the project entity but of which the payment can not be effected according to the purchase progress accounts, the contractor shall independently list such accounts into the statements of Article 14.6 Applying for payment according to the monthly project progress or Article 14.7 Applying for payment according to the payment schedule, the contract letting party shall arrange payment according to the date of payment as set forth in Article 14.8 hereof;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) With respect to the permanent project equipment, materials and components purchased and delivered to the spot by the contractor that have not been subject to inspection &amp; acceptance and payment, both parties shall conduct inspection &amp; acceptance and handover &amp; takeover. The contractor shall at its own expenses renovate any defective equipment, material and component. Upon accomplishment of renovation and inspection &amp; acceptance by the contract letting party, according to the provisions as set forth in Article 14.4.1 hereof, the purchase progress accounts wherein shall be paid.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contract letting party shall assume relevant accounts for the equipment, materials and components purchased by the contractor but having not been delivered to the spot for permanent project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) If the contract letting party requires the contractor to return any equipment, materials or component that has been ordered for the permanent project, the contract letting party shall assume relevant expenses including but not limited to the indemnification and compensation required by any supplier or manufacturer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 5 Technologies and design">Article 5 Technologies and design</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="5.1 Production processing technologies and construction art models">5.1 Production processing technologies and construction art models</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1.1 Processing technologies or construction art models provided by the contractor</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">When the contractor is responsible for providing production processing technologies (including patent technologies, proprietary technologies and process package) and construction art models (including construction design), the contractor shall be liable for the processing technology data, processing conditions, software, analysis manual, operation instructions, equipment manufacture instructions and other materials, other requirements or construction art models that have been provided and the structural design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for the trial operation assessment guaranteed value and explanations on the guarantee of use functions as set forth in such special provisions. The trial operation assessment guaranteed value and explanations on the guarantee of use functions shall be the appraisal basis for the trial operation assessment as set forth in Article 10.3.3. According to the project features, the trial operation assessment guaranteed value and explanations on the guarantee of use functions for the project shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1.2 Processing technologies or construction art models provided by the contract letting party</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">When the contract letting party is responsible for providing production processing technologies (including patent technologies, proprietary technologies and process package) and construction art models (including construction design), the contract letting party shall be liable for the processing technology data, processing conditions, software, analysis manual, operation instructions, equipment manufacture instructions as well as other documents and materials of the contractor, the requirements of the contract letting party or the requirements of the construction art models.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakfaf2868f-af24-4a0e-aff3-3b72c132a1eb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract letting party shall be obliged to guide, verify and acknowledge the production processing design and construction design documents conducted according to the above materials provided by the contract letting party. All guaranteed values of project trial operation assessment or the responsibilities that shall be respectively assumed in the instructions on guarantee of use functions as set forth in the special provisions shall be appraisal basis for the trial operation assessment and assessment responsibilities as set forth in Article 10.3.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="5.2 Design">5.2 Design</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.1 Compliance with standards and codes</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The standards and codes as set forth in Article 1.5 shall be applicable to the project receipt or whole project receipt by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) In the process of contract performance, if any new standard or code is promulgated by the State, the contractor shall be obliged to submit proposal on any relevant new standard or new code to the contract letting party. Any mandatory standard or code therein shall be observed and deemed as alteration for disposal; the contract letting party may decide to adopt or not to adopt any optional and recommended standard or code, if it decides to adopt, it shall be deemed as alteration for disposal.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The design drawings accomplished according to applicable laws as well as the standards and codes as set forth herein, the technical data and technical conditions in the design documents shall be the basis for the equipment, materials, component purchase quality, construction quality and completion test quality of the permanent project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.2 Operation and maintenance manual. The contractor shall guide post-completion test, trial operation assessment test as well as formulate operation and maintenance manual, the licenser shall provide operation guidance and analysis manual and be liable for the authenticity, accuracy, completeness and timeliness of the materials, unless otherwise set forth in the special provisions. The contract letting party shall submit operation guidance and analysis manual and the contractor shall submit operation and maintenance manual, the counterparts and the period of submission thereof shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.3 Counterparts and time of submission of design documents. The counterparts and dates of submission of the design documents, materials and drawings of any relevant design stage to be submitted shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.4 Renovation of any design defect at its own expenses and catch up with the progress at its own expenses. In case of any omission, error, defect and deficiency in the design documents caused by any reason attributable to the contractor, the contractor shall renovate at its own expenses. In case of delay in the design progress, the contractor shall at its own expenses take measures to catch up with the progress.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="5.3 Design stage verification">5.3 Design stage verification</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.1 Design verification stage and date of verification meeting. The design stage of this project and the schedule for the verification meeting of the design stage shall be stipulated in the special provisions. The expenses incurred by the verification meeting and participation of the contract letting party's superior unit and relevant governmental authority in the verification meeting shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.2 According to the provisions as set forth in Article 5.3.1 hereof, the contractor shall submit design documents of any relevant design verification stage to the contract letting party and conform to the in-depth stipulations of administrative regulations on the design documents, drawings and materials of any relevant design stage. The contractor shall be obliged to at its own expenses attend the design verification meeting organized by the contract letting party, introduce, answer and interpret to any and all verifiers and at its own expenses and in the verification process, provide supplementary materials that shall be provided.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.3 The contract letting party shall be obliged to provide the contractor with the approval files and minutes of the design verification meeting according to Article 5.3.2 hereof. The contractor shall be obliged to make modification, supplementation and perfection to relevant design in accordance with the approval files and minutes of any relevant verification stage, the contract provisions and the stipulations of relevant design regulations.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8a6092e9-69f1-4fc5-9d7d-b389d79f0bce" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.4 If any reason attributable to the contractor causes the failure to submit complete design documents, drawings and materials of any relevant design verification stage to the contract letting party according to the time as set forth in Article 5.2.5 hereof, which leads to the failure to convene the meeting of any relevant design verification stage or failure to convene the meeting of any relevant design verification stage as scheduled, the contractor shall be liable for the delay in the date of completion, any loss on slow work of the labor or any increase in the expenses for the contract letting party to organize the meeting.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.5 The contract letting party shall be entitled to, before any and all design verification stages as set forth in Article 5.3.1, raise suggestion, verification and acknowledgment on the design documents, drawings and materials of any relevant design stage, any suggestion, verification and acknowledgment by the contract letting party shall not relieve the contractor of or exempt the contractor from any contract liability and contract obligation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3.6 The contractor's design scheme may only be implemented upon recognition by the design supervisor and the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="5.4 Training of operators and maintenance persons">5.4 Training of operators and maintenance persons</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for formulating training plan and methods as well as formulating training manual and materials for the contract letting party's operators and maintenance persons.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="5.5 Intellectual properties">5.5 Intellectual properties</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If this contract involves intellectual properties including but not limited to technical patent, construct art model, know-how and copyright of either party or both parties (including any related licenser and independent architect of either party or both parties), relevant agreement on intellectual properties and confidentiality shall be entered into as appendix hereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 6 Project materials">Article 6 Project materials</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.1 Provision of project materials">6.1 Provision of project materials</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.1 The equipment, materials and components provided by the contract letting party for the permanent project</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) In case of any defect in the equipment, materials and components purchased by the contract letting party or subject to purchase designated by the contract letting party or delay in delivery thereof to the spot, which causes slow work of the labor, work stop, increase in expenses or delay in any key route against the contractor, the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof shall apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) If the contract letting party invites the contractor to participate in foreign purchase, the expenses incurred thereby shall be borne by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.2 The equipment, materials and components provided by the contractor for the permanent project</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) According to the technical parameters, technical conditions, function requirements and use requirements as set forth in the design documents, the contractor shall be responsible for the purchase of the equipment, materials and components for the permanent project and delivery thereof to the spot and liable for the quality examination results and performance results. The types, estimated quantity or specification list of the equipment, materials and components provided by the contractor for the permanent project shall be specified in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor shall at its own expenses renovate any quality defect caused by incompliance of the equipment, materials and components (including but not limited to building components) provided by the contractor with national mandatory standards, in case of therefore causing delay in the progress, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The types or list of productive materials provided by the contractor for post-completion test shall be specified in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.3 Selection of suppliers by the contractor. Based upon the list of suppliers submitted by the contractor and approved by the contract letting party according to the provisions as set forth in Article 3.8.1 hereof, the suppliers or manufacturers of relevant materials shall be chosen by bidding.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall not designate any supplier or processing manufacturer in the design documents or oral implications, except under any special circumstance or if there is only one factory.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak1fc8c957-12f8-4c92-a4c0-b2f373612204" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.4 Ownership of the project materials. The ownership of the equipment, materials and components provided for the permanent project according to the provisions as set forth in Article 6.1.1 and Article 6.1.2 hereof shall be transferred to the contract letting party after being delivered to the destination on the spot. The contract letting party shall perform the payment obligation as set forth in the contract. Before the contract letting party receives the project, the contractor shall be obliged to keep, preserve and maintain the project equipment, materials and components that shall not be transported out of the spot without approval by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.2. Inspection">6.2. Inspection</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.1 Factory test and report</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor shall comply with relevant laws and regulations, be responsible for the equipment, materials, components and spare parts for the permanent project as set forth in Article 6.1.2 hereof as well as the mandatory examination, test, supervision and experiment on the materials subject to post-completion test and submitting relevant reports to the contract letting party. The contents, periods and counterparts of each report shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) If the contractor invites the contract letting party to participate in examination, before conducting examination, test, supervision and experiment of any relevant processing manufacture stage, the contractor shall notify the contract letting party of the contents, address and time in writing. Within 5 days upon receipt of the invitation, the contract letting party shall notify the contractor whether it will participate in examination or not in writing. If the contract letting party intends to participate in examination, it shall notify the contractor within 5 days upon receipt of written notice or report sent by the contractor as stipulated in item (1) of this Article.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall assume the salaries, subsidies, traveling expenses and accommodation fees etc. of its examination participants during the period of participating in examination, be responsible for handling the license for access to any relevant factory and offer convenience.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) If the contract letting party entrusts any qualified and experience third party to at its own expenses participate in examination on behalf of the contract letting party, within 5 days upon receiving the letter of invitation or report from the contractor, it shall notify the contractor in writing and specify the designation, name as well as function of power granted of any entrusted unit and entrusted person.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The participation in examination by the contract letting party and its entrusted person shall not exempt the contractor from the quality liabilities for the project equipment, materials and components purchased by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.2 Covering and packaging consequences. The contract letting party has notified the contractor of participating in examination in writing within the date as set forth in Article 6.2.1 and arrives at the designated place prior to the date as stipulated or on time, however, the processed and manufactured equipment, materials and components (including the materials subject to post-completion test) have been covered, packaged or delivered to place of departure, the contract letting party shall be entitled to order the contractor to transport back to the original place, remove the coverage and package as well as conduct examination or test or inspection or experiment or recovery again, the contractor shall assume the expenses incurred thereby. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.3 Failure to participate in examination on time. If the contract letting party fails to participate in examination according to the provisions as set forth in Article 6.2.1, the contractor may on its own organize examination, test, inspection and experiment, the quality inspection result shall be deemed as authentic. If the contract letting party orders to conduct examination, test, inspection and experiment again hereinafter or add any experiment detail or alter the experiment place, it shall be entitled to notify the contractor of the alteration order. Upon conformity by quality inspection, the expenses incurred thereby shall be borne by the contract letting party, in case of causing delay in any key route of the project, the date of completion shall be postponed accordingly; upon inconformity by quality inspection, the expenses incurred thereby shall be borne by the contractor and the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.4 Spot count and examination</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall notify the contract letting party 5 days before the equipment, materials and components provided by the contractor for the permanent project according to the provisions as set forth in Article 6.1.2 hereof are delivered to the spot. The contractor (including contractor or any supplier or subcontractor providing the contractor with equipment, materials and components) and the contract letting party (including the contract letting party or its representative or its supervisor) shall count the carton quantity according to the delivery document for each batch of goods and conduct examination on the appearance as well as count the in-carton quantity, certificates of compliance for appearance, drawings and document materials according to the packing list and conduct examination on the appearance. Upon examination and count, both parties shall sign the handover and takeover list.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak39ff443f-667e-4c43-adc3-912a456cc964" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In case of carton shortage detected in spot examination and count, for the shortage of the in-carton quantity, drawings and materials or any defect in the appearance, the contractor shall be responsible for supplementation and renovation at its own expenses, before defect renovation, no use in the project shall be allowed. The contractor shall be liable for any increase in the fees and delay in the date of completion caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.5 Participation in examination by the quality supervision, fire protection and environmental protection authorities. The contract letting party and the contractor shall, from time to time, accept the on-site inspection on the manufacture factory, installation and experiment process conducted by professional inspectors from the quality supervision authority, fire protection authority, environmental protection authority and the industry etc., the expenses shall be borne by the contractor. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to the opinions on modification and replacement proposed in examination, the liable party as set forth in Article 6.1.1 or Article 6.1.2 shall assume relevant expenses. In case of delay in any key route of the project caused thereby, if the liable party is the contractor, the date of completion shall not be postponed; if the liable party is the contract letting party, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.3 Imported project materials and customs declaration &amp; customs clearance">6.3 Imported project materials and customs declaration &amp; customs clearance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.3.1 The party responsible for imported purchase of the equipment, materials and components for the permanent project as well as the bidding and inquiry methods shall be stipulated in the special provisions. The party responsible for purchase shall be responsible for customs declaration &amp; customs clearance, and the other party shall be obliged to offer assistance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.3.2 If the delay in customs declaration &amp; customs clearance of imported project equipment, materials and components causes delay in any key route of the project, if it is the contractor who is responsible for imported purchase, the date of completion shall not be postponed and any increase in the expenses shall be borne by the contractor; if it is the contract letting party is responsible for imported purchase, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.4 Transportation and transportation of the materials beyond limits">6.4 Transportation and transportation of the materials beyond limits</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be responsible for the transportation of project materials beyond limits (beyond the weight, length, width and weight limits), all expenses for transportation of the materials beyond limits and special measures etc. are included in the bid-winning contract price. Any increase in the expenses due to the transportation of the materials beyond limits shall be borne by the contractor. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.5 Reorder and consequences">6.5 Reorder and consequences</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the provisions as set forth in Article 6.1.2 and Article 6.1.3 hereof, in case of any defect in the equipment, materials and components provided by the contractor for the permanent project and in case of inconformity upon renovation by the contractor, the contractor shall be responsible for reorder and delivery to the spot. The contractor shall be liable for any increase in the fees and delay in the date of completion caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="6.6 Custody and surplus of project materials">6.6 Custody and surplus of project materials</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.6.1 Custody of project materials If the project materials provided by the contract letting party according to Article 6.1.1 hereof and those provided by the contractor according to Article 6.1.2 are subject to custody by the contractor upon entrustment, the types and estimated quantity of the project materials shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall keep, preserve and maintain according to relevant provisions of the instructions in order to prevent deformation, deterioration, pollution and human body injury. The time within which the contractor shall submit custody and maintenance scheme is stipulated in the special provisions, such scheme includes: classification and custody of project materials, maintenance, security guard and obtaining system as well as warehouse, special custody warehouse, pile, road, lighting, fire protection, facility and appliance planning etc. All expenses necessary for custody shall be included in the bid-winning contract price.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd64d879a-2fa9-4528-bc5e-f1f1496c7d43" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.6.2 Handover of surplus project materials. With respect to the materials kept by the contractor for the permanent project, upon accomplishment of completion test, the surplus project materials shall be handed over to the contract letting party free of charge (unless otherwise set forth in special provisions).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 7 Construction">Article 7 Construction</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.1 The contract letting party's obligations">7.1 The contract letting party's obligations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.1 Verify overall construction organization and design. The contract letting party shall be entitled to conduct verification on the overall construction organization and design submitted by the contractor according to the provisions as set forth in Article 7.2.2 hereof as well as raise suggestions, requirements and supplementary requirements within 20 days upon receipt. The contract letting party's suggestions and requirements will not relieve the contractor of or exempt the contractor from any contract liability. If the contract letting party fails to raise any suggestion and requirement, the contractor shall be entitled to conduct implementation according to the overall construction organization and design submitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.2 Entry conditions and entry date. The contract letting party shall agree with the contractor upon entry conditions and determine upon the entry date according to the approved preliminary design and provisional land occupation materials submitted by the contractor according to the provisions as set forth in Article 7.2.3. The contract letting party shall guarantee that the contractor can enter the spot and start preparation work on time. The entry conditions and entry date shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In case of delay in the contractor's entry date caused by any reason attributable to the contract letting party, the date of completion shall be postponed accordingly. The contract letting party shall assume relevant expenses for slow work of the labor incurred thereby against the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.3 Urge the contractor to handle approval formalities for construction start etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.4 The contract letting party shall make acknowledgement within 20 days upon receipt of "health, safety and environment" management plan submitted by the contractor according to the provisions as set forth in Article 7.8 hereof. The contract letting party shall be entitled to inspect its implementation status and raise correction suggestions on any problem detected in the inspection, the contractor shall correct according to the contract letting party's reasonable suggestions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.5 The contract letting party shall perform other obligations that shall be performed by the contract letting party as set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.2 The contractor's obligations">7.2 The contractor's obligations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.1 Coordinate review and despooling. The contractor shall be obliged to review the benchmark coordinate materials (including benchmark control point, benchmark control elevation and benchmark coordinate control line). The contractor shall be liable for the despooling of the project and construction part and liable for the despooling accuracy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.2 Construction organization and design. Within 15 days before construction start or within other time as stipulated, the contractor shall submit overall construction organization and design to the contract letting party. Along with the construction progress, the contractor shall submit the construction organization and design of main divisions and main items submitted by the contract letting party. The contractor shall at its own expenses make modification and perfection according to the reasonable suggestions and requirement proposed by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The counterparts and time of submission of the overall construction organization and design as well as the name, counterparts and dates of submission of main divisions and main items of the construction organization and design that shall be submitted are stipulated in special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.3 Submitting provisional land occupation materials. The contractor shall, within the time as set forth in the special provisions, submit:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) According to the provisions on custody of project materials as set forth in Article 6.6.1 hereof, shall submit the explanations on the coordinate locations, areas, land use time and use purposes of the land used for warehouse, pile and road and shall independently list the explanations on the coordinate locations, areas, land use time and use purposes of the land that shall be rented by the contract letting party;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd1c5fe77-0b31-40e1-b7fa-a5f946f135cc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Shall submit the explanations on the coordinate locations, areas, land use time and use purposes of the land used for construction and shall independently list the explanations on the coordinate locations, areas, land use time and use purposes of the land that shall be rented by the contract letting party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Shall indicate the coordinate location of the entrance to the road of the construction site, and specify the direction, length, width, level, bridge and culvert bearing, turning circle radius of the road that the contract letting party is required to pave for connecting to urban and rural public roads as well as the requirements on the time of paving.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor fails to submit the above materials on time, which causes delay in the entry date as set forth in the provisions of Article 7.1.3 hereof, any increase in the expenses or delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.4 The contractor shall be responsible for solving the problems of provisional water and electricity use etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.5 The contractor shall handle construction start approval or construction license, project quality supervision formalities and any other license, certificate and approval file etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.6 Any approval that shall be handled in the construction process upon notification. In the construction process, if the contractor provisionally adds off-site provisional land, provisional requires to cut off water supply, cut off power supply, cut off road communication and conduct blasting operation, or may damage public facilities relating to road, pipeline, power, post &amp; telecommunications and communication, the contractor shall be responsible for handling relevant formalities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.7 Provide construction obstacle materials. The contractor shall, according to the provisions hereof, provide the coordinate locations of relevant underground buildings, structures and other facilities within the project scope.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.8 Newly discovered construction obstacle. With respect to any building, structure, historical and cultural relic, ancient tree and famous tree newly discovered in the construction process neighboring and close to the site as well as underground pipeline, wire, structure, cultural relic, fossil and tomb etc., the contractor shall immediately take protection measures and timely notify the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.9 The contractor shall be obliged to guarantee that the human power, machines and tools, equipment, facilities, measure materials, circulation materials and other construction resources can satisfy the demands of project implementation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.10 The contractor shall be obliged to, before construction, explain the intention of the design document and interpret the design documents to the construction subcontractor and supervisor and timely solve any relevant problem occurring in the construction process.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.11 Project protection and maintenance. From the date of construction start to the date on which the project is received by the contract letting party, the contractor shall be responsible for the protection, maintenance and security guard of the project and shall guarantee that the project will not be subject to any loss or damage due to the contractor's construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.12 Site clearing. The contractor shall be responsible for site clearing and classified piling in the construction process and upon accomplishment of the project, and shall deliver the residue, waste and garbage etc. to any place designated by the contract letting party or any local relevant authority. Any machine and tool, equipment, facility and provisional project etc. that will not be used by the contractor again shall be evacuated from the site or delivered to any field designated by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.13 The contractor shall be obliged to perform other related obligations that shall be performed by the contractor as set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.3 Construction technologies and methods">7.3 Construction technologies and methods</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor's construction technologies and methods are in compliance with relevant operation procedures, safety procedures and quality standards.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract letting party shall make acknowledgement on key construction technologies and methods, and within 5 days after receiving any such method submitted by the contractor, shall make acknowledgement or raise suggestions, any such acknowledgement and suggestion of the contract letting party will not relieve the contractor of or exempt the contractor from any contract liability.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak842bb0ec-c09d-4c60-9b39-bcf825a2ba6a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.4 Human power, machine and tool resources">7.4 Human power, machine and tool resources</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4.1 The contractor shall submit schedule of human resource plan for construction to the contract letting party according to the format, contents, counterparts and time of submission as set forth in the special provisions. The human resource plan for construction shall satisfy the demands of the construction progress plan. The contractor shall also provide the contract letting party with the information about the human resources subject to actual entry according to the format, contents, counterparts and time of submission as set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor fails to input sufficient work and human resources according to the schedule of human resource plan for construction, which causes the actual construction progress to be obviously behind the construction progress plan, the contract letting party shall be entitled to notify the contractor of adjusting and designating any relevant person to enter the site according to the work type and number of persons listed in the schedule of plan within reasonable time. Otherwise, the contract letting party shall be entitled to order the contractor to separately subcontract some parts and some items of the project, the expenses incurred thereby and the time of delay shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4.2 The contractor shall submit schedule of main machine and tool resource plan for construction to the contract letting party according to the format, contents, counterparts and time of submission as set forth in the special provisions. The machine and tool resource plan for construction shall satisfy the demands of the construction progress plan. The contractor shall also provide the contract letting party with the information about main machines and tools subject to actual entry according to the format, contents, counterparts and time of submission as set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor fails to input sufficient machines and tools according to the schedule of machine and tool plan for construction, which causes the actual construction progress to be obviously behind the construction progress plan, the contract letting party shall be entitled to notify the contractor of adjusting and designating any relevant machine and tool to enter the site according to the number of machines and tools listed in the schedule of plan within reasonable time. Otherwise, the contract letting party shall be entitled to order the contractor to otherwise lease machines and tools, the expenses incurred thereby and the time of delay shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.5 Quality and inspection">7.5 Quality and inspection</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.1 Quality and inspection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor and its subcontractors shall, from time to time, accept safety quality supervision and inspection conducted by the contract letting party, project director, administrative authority, quality administration authority, safety administration authority and industrial safety inspectors or any third-party quality inspection unit designated by the contract letting party. The contractor shall provide such supervision and inspection with convenience and assume relevant expenses.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) When the contract letting party entrusts any third party to conducts examination, inspection, test and experiment on the construction quality, it shall notify the contractor in writing. The third-party inspection and acceptance result shall be the contract letting party's inspection and acceptance result.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall comply with relevant regulations on construction quality administration and shall be responsible for providing the operators with training, assessment, drawing disclosure, technical disclosure, operation procedure disclosure, safety procedure disclosure and quality standard disclosure to eliminate accident and hidden danger.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor shall conduct examination, inspection, test and experiment on the equipment, materials and components (including building parts and accessories) of the permanent project according to the provisions of the design documents and construction standards as well as the contract provisions, but shall not use disqualified equipment, materials and components. The contractor shall also be obliged to at its own expenses renovate and replace disqualified equipment, materials and components, the delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The contractor's construction shall conform to the quality standards as set forth in the contract. The assessment of quality standards shall be based upon the assessment standards for quality inspection as set forth in the contract. With respect to the construction part not in compliance with the quality standards, the contractor shall be obliged to at its own expenses renovate, rework or replace or reset, the delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb843740f-7d17-4714-b86e-03093b332091" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.2 Quality inspection parts and inspection participants. The quality inspection parts are: the part subject to inspection by the contract letting party, supervisor and the contractor; the part subject to inspection by the supervisor and the contractor; the part subject to inspection by either any third party or the contractor. The parts subject to inspection on the construction quality, inspection standards as well as inspection &amp; acceptance table format are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the above provisions, any part inspected as qualified by the contractor shall be reported to the contract letting party or the supervisor for archival filing. The contract letting party and the project director shall be entitled to, from time to time, conduct spot inspection or overall inspection on the parts subject to archival filing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.3 Notify inspection participants of participation in inspection. If the contractor on its own examines, inspects, tests and experiments the conformity, it shall notify relevant inspection participating units of participating in inspection according to the quality inspection parts and inspection participants as set forth in the special provisions of Article 7.5.2 hereof. If any inspection participant fails to participate on time, the contractor shall submit the self-inspection result of conformity to the contract letting party or the supervisor for signing within 24 hours thereafter, in case of failure to be signed after 24 hours, the quality inspection result shall be deemed as having been recognized by the contract letting party. Within 3 days thereafter, the contractor shall send notice on the fact that the contract letting party or the supervisor has been deemed to have acknowledged such quality inspection result.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.4 Quality inspection rights. The contract letting party or the supervisor or any third party authorized thereby shall, under the circumstance of not hindering normal operation of the contractor, have to rights to conduct quality supervision, examination, inspection, test and experiment on any construction zone. The contractor shall provide such quality inspection activity with convenience. If the examination, inspection, test and experiment result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In case of detecting any quality defect caused by any reason attributable to the contractor upon quality inspection, shall be entitled to place directives on renovation, suspension, demolition, rework, reconstruction and replacement etc. Any increase in the expenses caused thereby shall be borne by the contractor, in case of delay in the date of completion, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.5 Conduct quality inspection again. According to the provisions as set forth in Article 7.5.3 hereof, with respect to the project parts certified to be qualified upon quality inspection, the contract letting party shall be entitled to conduct quality inspection again under the condition of not affecting normal project construction. If the examination, inspection, test and experiment result indicates inconformity, the expenses incurred thereby shall be borne by the contractor, in case of delay in any key route of the project, the date of completion shall not be postponed; if the examination, inspection, test and experiment result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.6 Other additional expenses incurred by any reason not attributable to the contract letting party shall be completely borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.6 Concealed project and midway inspection &amp; acceptance">7.6 Concealed project and midway inspection &amp; acceptance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.1 Concealed project and midway inspection &amp; acceptance. The classification, parts, quality inspection contents, quality inspection standards, quality inspection tables and inspection participants of the concealed project that shall be subject to quality inspection and the parts of midway inspection &amp; acceptance are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.2 Notice on inspection &amp; acceptance and inspection &amp; acceptance With respect to the concealed project or midway inspection &amp; acceptance parts certified to be qualified upon self inspection, the contractor shall notify the contract letting party and the supervisor of inspection &amp; acceptance in writing 48 hours before the concealed project or midway inspection &amp; acceptance. The notice shall specify the contents of concealment and midway inspection &amp; acceptance, acceptance time and place. If the inspection &amp; acceptance result indicates conformity, both parties shall sign on the inspection &amp; acceptance records in order to cover, conduct subsequent operation, formulate and submit concealed project completion materials.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak12f1b6ee-5d8d-4145-80a7-655bd8f83027" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party and the supervisor do not sign on the inspection &amp; acceptance records within 24 hours after the inspection &amp; acceptance result indicates conformity, the contract letting party and the supervisor shall be deemed as having recognized the inspection &amp; acceptance records, the contractor can conceal or conduct subsequent operation. If the contract letting party and the supervisor's inspection &amp; acceptance result indicates inconformity, the contractor shall correct within the time as limited by the contract letting party and the supervisor and notify the contract letting party and the supervisor of inspection &amp; acceptance again.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.3 Failure to participate in inspection &amp; acceptance on time. If the contract letting party and the supervisor fail to participate in the inspection &amp; acceptance of the concealed project and the parts subject to midway inspection &amp; acceptance on time, within 24 hours upon receipt of notice on inspection &amp; acceptance, the contract letting party and the supervisor shall apply to the contractor for postponement, the inspection &amp; acceptance shall not be postponed for more than 48 hours. In case of failure to apply for postponement of inspection &amp; acceptance within the above time and failure to participate in inspection &amp; acceptance, the contractor shall on its own organize inspection &amp; acceptance, and the inspection &amp; acceptance records shall be deemed as having been recognized by the contract letting party and the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.4 Re-inspection. Within any time, the contract letting party and the supervisor shall be entitled to require re-inspection on the concealed project that has been inspected and accepted, the contractor shall remove coverage, conduct stripping or trepanning and shall recover or renovate upon inspection. If the inspection result indicates inconformity, the expenses incurred thereby shall be borne by the contractor, in case of delay in any key route of the project, the date of completion shall not be postponed; if the inspection result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.7 Dispute on the construction quality result">7.7 Dispute on the construction quality result</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.7.1 Any dispute on the construction quality result shall be firstly settled through negotiation. If no consensus is reached upon negotiation, any project quality test institution with relevant qualification shall be entrusted to conduct authentication with consent of the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the authentication result, if the liable party is the contractor, the contractor shall be liable for any increase in the expenses incurred against the contractor or delay in any key route of the project; if the liable party is the contract letting party, the contract letting party shall be liable for any increase in the expenses incurred against the contractor, in case of delay in any key route of the project duet to any dispute, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.7.2 According to the authentication result, if both contract parties are liable, according to the liabilities of either party, they shall negotiate for assuming respective expenses; in case of delay in any key route of the project caused thereby, they shall discuss about postponement of the date of completion. If both parties fail to reach consensus on the assuming of expenses and postponement of the date of completion, the procedures as set forth in Article 16.3 Dispute and adjudication shall apply to settlement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="7.8 Health, safety and environment">7.8 Health, safety and environment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8.1 Health, safety and environment management</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Both parties shall be obliged to observe all laws and regulations on health, safety and environment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Implementation plan for health, safety and environment management. Before construction start on the spot or within other time as stipulated, the contractor shall submit implementation plan for health, safety and environment management to the contract letting party. The management and implementation fees of such plan are included in the contract price. The contract letting party shall raise suggestions and make acknowledgement within 15 days upon receipt of such plan, the contractor shall at its own expenses correct according to the suggestions of the contract letting party. The counterparts and time of submission of such plan are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) In the process of carrying out the implementation plan for health, safety and environment by the contractor, if the contract letting party needs to take special measures beyond such plan, it shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The party involved ensures that all employees of the party and its subcontractors on the spot have been sufficiently trained and experienced and are competent for health, safety and environment management work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The parties shall comply with all laws and regulations on spot health, safety and environment relating to implementation of this project and use of construction equipment and respectively handle related formalities as stipulated.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak697446a9-e663-4a84-a920-40002a9e6be9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) The contractor shall establish health security conditions, construct safe facilities and take environmental protection measures etc. for the part subject to spot construction start of the project. If any reason causes delay in the approval of construction license due to any reason attributable to the contractor, the contractor shall be liable for any increase in the expenses or delay in any key route of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(7) The parties shall have full-time engineers or management persons responsible for managing, supervising and guiding employee health, safety protection and environmental protection work. The contractor shall be liable to any subcontractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(8) The contractor shall from time to time accept the supervision and inspection conducted by the health, safety and environment inspectors of any relevant governmental administrative authority, industrial institution, contract letting party and project director and shall therefore provide convenience.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(9) According to the Regulations on Safety, Health and Environment Management Work of Power Construction and relevant provisions of the company, in case of any accident against safety and violation in the contents of Appendix V, the contract letting party shall be entitled to directly deduct penalty from the project funds.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8.2 Occupational health management on the spot</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor shall comply with applicable laws and regulations on occupational health as well as the contract provisions (including the provisions on employment, health, safety and benefit etc.) and be responsible for the occupational health and protection of the persons in the spot implementation process.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor shall comply with applicable labor laws to protect legal rights and interests of its employees including but not limited to legal holiday right and shall provide the employees on the spot with labor protection articles, protective device, heatstroke prevention products, necessary spot boarding and lodging conditions as well as safe production facilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall provide the constructors with occupational health knowledge training for relevant operation, disclosure of dangerous and hazardous factors, disclosure of safe operation procedures, shall take effective measures and shall provide protective device to prevent human body injury according to relevant provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor shall set warning marks and instructions in poisonous and harmful operation zones. Any injury caused by the contract letting party and its entrusted persons due to entry into such operation zones without permission of the contractor and not equipped with relevant protection appliance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The contractor shall conduct preventive examination on the poisonous and harmful posts and timely ratify and correct disqualified protection facilities, appliance and erection etc. in order to eliminate hidden danger that is harmful to health.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) The contractor shall take health and anti-epidemic measures to be equipment with medical workers and first-aid facilities, keep the food health of dining hall, maintain the environmental health of the residence and its surrounding areas and protect the health of constructors.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8.3 Safety management on the spot</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The supervisor shall provide the employees on the spot with safety education and shall be liable for any accident against safety caused thereby. The supervisor shall not force the contractor to violate relevant safety regulations on safe construction, safe operation, completion test, and post-completion test. The supervisor shall assume relevant liabilities and the expenses incurred thereby for any human body injury and property loss caused by any reason attributable to the supervisor and its employees on the spot. In case of delay in any key route of the project, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall be liable for any human body injury, property loss and delay in any key route of the project caused by violation of relevant safety regulations on safe construction, safe operation, completion test, and post-completion test due to any reason attributable to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The employees of the parties shall comply with attention to no entry, including no entry to the work field and no closeness to special zones of the work field. In case of failure to comply with such provisions, the party failing to comply with such provisions shall be liable for any injury, damage and loss caused thereby.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf8e05f92-efdd-48bb-a3c4-2763b539fdee" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall be responsible for the safe work on the spot according to the contract provisions, including the spot of any subcontractor. Any spot with relevant conditions shall be subject to closed management. According to the project features, shall formulate relevant technical safety measures in the construction organization and design documents and formulate special safe construction organization and design to the project part with strong specialty, including but not limited to the measures for maintaining safety, prevent danger and prevent fire.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor (including subcontractors, suppliers and transportation units of the contractor) shall take preventive measures to protect the roads, bridges and underground facilities etc. on the spot and on the way entering into and exiting from the spot, unless otherwise set forth in special provisions. The contractor shall be liable for any damage and delay in the date of completion caused by failure to take preventive measures as stipulated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The contractor shall provide its constructors with safe operation training, disclosure of safe operation procedures, take safety protection measures, set safe warning marks and instructions and conduct safety inspection to eliminate accident and hidden danger.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) When the contractor conducts operation in power equipment, electric transmission line, underground pipeline, sealed quakeproof workshop, high temperature and high pressure, inflammable and explosive zones and sections as well as in the neighborhood of vital communication lines close to street, the contractor shall take safety protection measures to any damage that may be caused against the construction site and neighboring buildings, structure and special operation environment. Before construction start, safety protection measures and schemes shall be submitted to the contract letting party or the supervisor and may only be implemented after being recognized.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(7) If the contractor intends to conduct blasting, radioactive, electric and toxic operation as well as conduct operation by using inflammable and explosive, toxic and corrosive articles (including transportation, storage and custody), the contractor shall, within 10 days before construction start, notify the contract letting party and the supervisor in writing, submit relevant safety protection measures and schemes which shall only be implemented after being recognized.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(8) Safety and protection inspection. Before start of operation, the contractor shall notify the representative of the contract letting party and the supervisor of conducting inspection on any influence that may be generated by the safety measures and schemes submitted and construction of safe facilities on the spot, safe passages, safe appliance and fire protection appliance and configuration on the safety of surrounding environment, and shall at its own expenses make ratification and correction according to the ratification and correction raised by the contract letting party and the supervisor. The supervisor's suggestions and requirements will not relieve the contractor of or exempt the contractor from any contract liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8.4 Environmental protection and management on the spot</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor shall be responsible for protecting the buildings, structure, cultural relic buildings, ancient trees and famous trees as well as underground pipelines, wire, structures, cultural relics, fossils and tombs etc. on the spot and in the neighborhood in the spot construction process. The contractor shall be liable for any increase in the expenses including but not limited to damage, loss and compensation and delay in the date of completion due to the failure of the contractor to notify the contract letting party and failure to obtain further instructions from the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor shall take measures and be responsible for controlling and disposing of the pollution and damage caused by the dust, waste gas, waste water, solid waste and noise against the environment on the spot. The contractor shall be liable for any increase in the expenses including but not limited to injury, compensation and penalty and delay in the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall timely and periodically transport the residual and waste garbage on the construction site to any place designated by the contract letting party or relevant local administrative authority to prevent the pollution on the surrounding environment and influence on the operation. The contractor shall be liable for any increase in the expenses including but not limited to injury and compensation imposed by local administrative authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8.5 Accident treatment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) If the contractor or any employee of any subcontractor is deceased or suffers injury in the spot operation process, the contractor or its subcontractor shall immediately take rescue measures, immediately report to the contract letting party and the rescue unit, the contract letting party shall be obliged to provide such rescue with necessary conditions. The contractor shall maintain the spot and take relevant measures to prevent the spreading of any accident.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak86e5c61f-3051-4dd9-bf1d-0f0c185c6735" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) With respect to significant casualty, significant damages on properties and the environment as well as other accidents against safety, the contractor shall, according to relevant provisions, immediately report to relevant authority and immediately notify the representative of the contract letting party and the supervisor. Meanwhile, it shall be handled according to the requirements of relevant governmental authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) If the contract parties have any dispute on the liabilities for any accident, the final result identified by relevant governmental authority upon investigation shall apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) If the construction project causes human body and property damage within reasonable use period and equipment assurance period for the sake of the contractor, the contractor shall assume damage compensation liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) In case of any food poisoning, endemic disease and occupational health event among the employees for the sake of contractor, the contractor shall be liable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 8 Completion test">Article 8 Completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The project as set forth herein includes completion test, the provisions hereof shall be observed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.1 Obligations of completion test">8.1 Obligations of completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1.1 The contractor's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Before start of the project completion test, the contractor shall accomplish the construction operation of relevant project; and before start of the completion test, shall accomplish examination, inspection, test and experiment that shall be conducted according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Before start of the completion test, the contractor shall submit relevant quality inspection materials and its completion materials to the contract letting party according to the provisions of concealed project and midway inspection and acceptance parts as set forth in Article 7.6 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) According to the provisions on post-completion test as set forth in Article 10 hereof, the contractor shall guide the contract letting party to conduct post-completion test, the contractor shall accomplish the training for operators and maintenance persons according to the provisions as set forth in Article 5.4 and submit the operation and maintenance manual as set forth in Article 5.2.2 before post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Completion test scheme. Within 20 days before the completion test conditions are satisfied, the contractor shall submit the completion test scheme to the contract letting party. The contract letting party shall raise suggestions and opinions within 10 days, the contractor shall at its own expenses amend the completion test scheme according to the suggestions and comments raised by the contract letting party. After the completion test scheme is acknowledged by the contract letting party as appendix hereto, it shall be implemented by the contractor. The counterparts and time of submission of completion test scheme are stipulated in the special provisions. The scheme shall include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) The basis and principles based upon which the completion test scheme is formulated;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) Establishment and responsibility division of the organizational framework;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3) Test procedures and test conditions of completion test for the project;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4) Test procedures and test conditions of single, individual and joint test for the project;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5) Types, performance standards, test, inspection &amp; acceptance format of the equipment, materials and components subject to completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6) The quality and quantity requirements on the water, electricity and power conditions etc.;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7) Safe procedures, safe measures and protection facilities;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8) Progress plan, measures and schemes, human resource as well as machine and tool plan and arrangement of completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9) Others</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) The completion test of the contractor shall include the completion test of the equipment, materials and components newly entrusted by the contract letting party to the contractor according to Claus (3) of Article 8.1.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) The contractor shall accomplish completion test according to the test conditions and test procedures as well as the standards, codes and data as set forth in Clause (3), Article 5.2.3 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2cd910ef-9dff-4da7-a4ec-03a8648b6e5b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1.2 The contract letting party's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In the inspection &amp; acceptance process, if it is necessary for the contract letting party to organize inspection &amp; acceptance group, the contract letting party shall cooperate with the contractor in accomplishing the organization of inspection &amp; acceptance and acknowledgment on the inspection &amp; acceptance result.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1.3 Completion test leading organ. The completion test leading organ shall be responsible for leading, organizing and coordinating the completion test. The contractor shall provide relevant conditions as set forth in the human resource, machine and tool as well as completion test schemes and be responsible for accomplishing the test. The contract letting party shall be responsible for organizing the inspection &amp; acceptance of completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.2 Examination and inspection &amp; acceptance of completion test">8.2 Examination and inspection &amp; acceptance of completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.1 The examination and inspection &amp; acceptance shall be conducted according to the standards, codes and data as set forth in Clause (3), Article 5.2.3 hereof and Sub-clause 5) of Clause 4 Completion test scheme of Article 8.1.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.2 Before start of the completion test, after the contractor examines and verifies the test conditions provided by the parties according to the provisions as set forth in Article 8.1.1 hereof, both parties shall sign on relevant tables. In case of delay in the completion test progress plan of any key route, the date of completion shall be postponed accordingly; if any reason attributable to the contractor causes the failure to verify the completion test conditions on time, any increase in the expenses shall be borne by the contractor, in case of delay in the completion test, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.3 Within 36 hours before start of certain completion test, the contractor shall send notice to the contract letting party and the supervisor, the notice shall include the test items, contents, place and inspection &amp; acceptance time. Within 24 hours upon receipt of notice, the contractor or (and) the supervisor shall notify the contractor of participating in writing, if the test result indicates conformity, both parties shall sign on the test records and inspection &amp; acceptance table.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party and the supervisor do not sign on the inspection &amp; acceptance records and inspection &amp; acceptance table within 24 hours after the inspection &amp; acceptance result indicates conformity, the contract letting party and the supervisor shall be deemed as having recognized the inspection &amp; acceptance records, the contractor can conceal or conduct subsequent operation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the inspection &amp; acceptance result indicates inconformity, within the time as ordered by the contract letting party and the supervisor, the contractor shall make amendment and notify the contract letting party and the supervisor of conducting inspection &amp; acceptance again.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.4 If the contract letting party and the supervisor fail to participate in the test and inspection &amp; acceptance on time, they shall apply to the contractor in writing for postponement within 24 hours upon receipt of notice, the time shall not be postponed for more than 24 hours. In case of failure to apply for postponed test within the above time and failure to participate in test and inspection &amp; acceptance, the contractor may on its own organize test according to the test items as notified, the test result shall be deemed as recognized by the contract letting party and passing inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.5 No matter whether the contract letting party and the supervisor participate in completion test and inspection &amp; acceptance or not, the contract letting party shall be entitled to order to conduct test again. If the retest result indicates inconformity, any increase in the expenses incurred against the contractor shall be borne by the contractor, in case of delay in the completion test progress, the date of completion shall not be postponed; if the retest result indicates conformity, any increase in the expenses incurred against the contractor and delay in the date of completion shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2.6 Provisions on date of inspection &amp; acceptance of completion test</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Date and time of inspection &amp; acceptance of certain completion test. The date and time of passing such completion test shall be deemed as the date and time of inspection &amp; acceptance of such completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Date and time of completion test of the project. The date and time of passing completion test of the last project shall be deemed as the date and time of completion test of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.3 Completion test safety and examination">8.3 Completion test safety and examination</a></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6dbf5b32-d7f6-4806-b846-99aa37b8154f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3.1 According to the provisions on health, safety and environment as set forth in Article 7.8 hereof, in combination with electricity access, water access, pressure test, leakage test and turning features etc. of completion test, the contractor shall formulate safe operation schemes including but not limited to safe procedures, safe system, fire protection measures, accident report system and accident disposal scheme for completion test with respect to electric shock hazard, inflammable and explosive as well as running of mechanic equipment, and shall submit such schemes to the contract letting party for acknowledgment and raise suggestions, comments and requirements to the contract letting party, the contractor shall at its own expenses make amendment and put into implementation upon acknowledgment by the contract letting party. The acknowledgment of the contract letting party shall not relieve the contractor of or exempt the contractor from the contract liabilities of the contractor. The expenses for the contractor to provide the completion test with safe protection measures and protection articles have been included in the contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3.2 The contractor shall provide its employees with training on the safety of completion test and disclose the safe operation procedures, field environment, operation system and emergency disposal measures etc. of completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3.3 The contract letting party and the supervisor shall be obliged to, according to the safe procedures, safe system and safe measures etc. in the safe schemes of completion test acknowledged, provide its management persons, operators and maintenance persons with education on the safety of completion test and at its own expenses provide the supervisors and inspectors with protection facilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3.4 The contract letting party and the supervisor shall be entitled to supervise and examine the work and implementation status listed in the safe schemes of completion test, and shall be entitled to propose safe ratification and correction as well as deliver regulation orders. The contractor shall be obliged to make ratification, correction and regulation according to the order and bear any increase in the expenses. In case of delay in the completion test progress plan of the project caused thereby, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3.5 Shall, according to the decision of the completion test leading organ as set forth in Article 8.1.3 hereof, organize, coordinate and implement completion test to prevent the occurrence of human body injury and accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to any accident caused by any reason attributable to the contract letting party, the contract letting party shall assume its relevant liabilities, expenses and compensation. In case of delay in the completion test progress plan of the project caused thereby, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to any accident caused by any reason attributable to the contractor, the contractor shall assume its relevant liabilities, expenses and compensation. In case of delay in the completion test progress plan of the project caused thereby, shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.4 Delayed completion test">8.4 Delayed completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.4.1 If any reason attributable to the contractor causes certain project to be behind the completion test progress plan, the contractor shall at its own expenses take measures to catch up with the completion test progress plan according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.4.2 In case of delay in the completion test caused by any reason attributable to the contractor, which leads to delay in the date of completion of the project as set forth in the contract, according to the provisions on delay and damage compensation as set forth in Article 4.5, the contractor shall be liable for delay and damage compensation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.4.3 Completion test organized by the contract letting party. Without any legitimate reason, if the contractor fails to conduct certain completion test according to the completion test progress plan decided by the completion test leading organ, and within 10 days upon receipt of notice sent by the test leading organ, the contractor still fails to conduct certain completion test without any legitimate reason, the contract letting party shall be entitled to on its own organize such completion test, the test risks and expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.4.4 If the contract letting party fails to perform its obligations as set forth in Article 8.1.2 hereof, which causes delay in the completion test, in case of any increase in the expenses, the contract letting party shall bear reasonable expenses, in case of delay in the completion test progress plan, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.5 Retest and inspection &amp; acceptance">8.5 Retest and inspection &amp; acceptance</a></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak0c6ab734-6983-4555-831a-4b38954244a2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.5.1 If the contractor fails to pass relevant completion test, it shall conduct such test again according to the provisions as set forth in Clause (6), Article 8.1.1 hereof and conduct test and inspection &amp; acceptance according to the provisions as set forth in Article 8.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.5.2 No matter whether the contract letting party and the supervisor participate in completion test and inspection &amp; acceptance or not, if the contractor fails to pass completion test, the contract letting party shall be entitled to notify the contractor of conducting such completion test again according to the provisions as set forth in Clause (6), Article 8.1.1 hereof and conducting test and inspection &amp; acceptance according to the provisions as set forth in Article 8.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.6 Failure to pass completion test">8.6 Failure to pass completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In case of failure to pass the completion test due to any reason attributable to the contractor, it is permitted that such completion test should be conducted again, however, it shall only be conducted for at least twice, in case of inconformity with the inspection &amp; acceptance conditions upon twice test, the date of completion shall not be postponed, relevant expenses and relevant matters shall be handled according to the following provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) In case of failure to pass such completion test, which does not have any substantial influence on the operation or use, the contractor shall at its own expenses renovate. In case of failure to renovate, the contract letting party shall be entitled to deduct relevant accounts of such part, and it shall be deemed as passing such completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) In case of failure to pass such completion test, which has any substantial influence on the operation or use of such project, the contract letting party shall be entitled to deduct relevant accounts of such part, and it shall be deemed as passing such completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) In case of failure to pass such completion test, which has any substantial influence on the operation or use, the contract letting party shall be entitled to order the contractor to replace relevant parts and conduct completion test. Any increase in the expenses incurred against the contract letting party shall be borne by the contractor. In case of delay in the date of completion caused thereby, the contractor shall be liable for delay and damage compensation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) In case of failure to pass the completion test, which causes any main part of the project to lose the production and use functions, the contract letting party shall be entitled to order the contractor to replace any relevant part, the contractor shall be liable for any increase in the expenses and delay in the date of completion caused thereby. In case of any increase in the expenses incurred against the contract letting party, the contract letting party shall be titled to claim to the contractor according to the provisions on claim as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) In case of failure to pass the completion test, which causes the whole project to lose the production and use functions, the contract letting party shall be entitled to order the contractor to redesign and reset any relevant part, the contractor shall be liable for any increase in the expenses and delay in the date of completion caused thereby. The contract letting party shall be titled to claim to the contractor according to the provisions on claim as set forth in Article 16.2.1 hereof. Or shall be entitled to cancel the contract according to the provisions as set forth in Article 18.4 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="8.7 Dispute on completion test result">8.7 Dispute on completion test result</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.7.1 Negotiation for settlement. Any dispute on the completion test result shall be firstly settled through negotiation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.7.2 Entrustment of authentication institution. Upon negotiation, should there still be any dispute on the completion test result, a test institution with relevant qualification shall be jointly entrusted to conduct authentication. Upon authentication,</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) If the liable party is the contractor, the necessary authentication fees and any increase in the reasonable expenses therefore incurred against the contract letting party shall be borne by the contractor, the date of completion shall not be postponed;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) If the liable party is the contract letting party, the necessary authentication fees and any increase in the reasonable expenses therefore incurred against the contractor shall be borne by the contract letting party, the date of completion shall be postponed accordingly;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) If both parties are liable, they shall negotiate for respectively bearing the expenses according to their liabilities and postponing the date of completion based upon the delay in the completion test plan. In case of any dispute between the parties on the expense bearing and postponement of the date of completion, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7ab4d5d4-ab96-4c28-a29c-07a9cb6fdfc5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 9 Project receipt">Article 9 Project receipt</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="9.1 Project receipt">9.1 Project receipt</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1.1 Receipt based upon the project. According to the specific situation and features of the engineering project, the project receipt shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Receipt based upon the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the provisions on post-completion test as set forth in Article 10 hereof, the contractor shall be responsible for guiding the contract letting party to conduct post-completion test and assume the assessment responsibility for trial operation. The schedule for the project is stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party is responsible for post-completion test of the project and the assessment responsibility for trial operation, the arrangement for the date of project receipt shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) With respect to the project without completion test or post-completion test, the contractor shall accomplish the round-off project and defect renovation, and in case of compliance with the inspection &amp; acceptance standards as set forth in the contract, the project receipt and completion inspection &amp; acceptance shall be handled according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1.2 The materials that shall be submitted by the contractor upon project receipt. In addition to the materials that have been submitted according to the provisions as set forth in Clause (1) to (3) of Article 8.1.1 hereof, the types, contents, counterparts and time of submission of the inspection &amp; acceptance materials for accomplishment of completion test that shall be submitted are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="9.2 Receipt certificate">9.2 Receipt certificate</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.2.1 Within 10 days after the project satisfies the receipt conditions, the contractor shall submit application for receipt certificate to the contract letting party, and within 10 days upon receipt of the application, the contract letting party shall organize receipt and issue project receipt certificate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The date of project receipt shall be subject to the date as set forth in Clause 2, Article 8.2.6 as the date of receipt.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.2.2 Round-off project and defect renovation: the round-off project and defect renovation having not substantial influence on the operation and use of the project shall not be deemed as the reason for the contract letting party's refusal to receive the project. The reasonable time determined upon negotiation by the contract letting party and the contractor for the contractor to accomplish such round-off project and defect renovation shall be deemed as appendix to the receipt certificate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="9.3 Project receipt responsibilities">9.3 Project receipt responsibilities</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.3.1 Security guard responsibility: the contract letting party shall assume security guard responsibility upon overall project receipt, and the employees of the contractor shall all evacuate or basically evacuate from the site.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.3.2 Attention responsibility: from the date of overall project receipt, the contract letting party shall assume its attention responsibility. And shall be responsible for the preservation, maintenance and repair of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.3.3 Project insurance coverage responsibility: according to the contract provisions, during the construction period, if the party that shall purchase insurance is the contractor, the contractor shall keep the insurance coverage period of the project until the date on which the contract letting party receives the project as set forth in Article 9.2.1. The party that shall purchase insurance shall be contract letting party thereafter.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="9.4 Failure to receive the project">9.4 Failure to receive the project</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.4.1 Refusal to receive the project: within 15 days upon receipt of the application for overall project receipt certificate submitted by the contractor, if the contract letting party does not organize receipt, it shall be deemed that the application for project receipt certificate has been recognized by the contract letting party. From the 16th day, the contract letting party shall assume relevant liabilities according to the provisions as set forth in Article 9.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.4.2 Failure to receive the project according to the contract provisions: if the contractor fails to submit application for project receipt certificate or fails to pass the project receipt conditions, the contract letting party shall be entitled to refuse the project.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2d3c7f4f-a2a5-4d5a-957b-65891fbaa17f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party fails to comply the provisions of this article, uses or forces to receive the project, it shall, according to the provisions on project receipt as set forth in Article 9.3, assume relevant liabilities and shall be liable for any loss, breakdown, damage and compensation caused by the operation and use of the project upon use or forced receipt.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 10 Post-completion test">Article 10 Post-completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The project as set forth herein includes post-completion test, the provisions hereof shall be observed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.1 Rights and obligations">10.1 Rights and obligations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1.1 The contract letting party's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contract letting party shall be entitled to verify and approve the post-completion test scheme submitted by the contractor according to the provisions as set forth in Clause (2), Article 10.1.2, the contract letting party's approval will not relieve the contractor of or exempt the contractor from the contract liabilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contract letting party shall be obliged to establish post-completion test united coordinating and leading organ and arrange work division, organize and accomplish preparation work, post-completion test and trial operation assessment according to the post-completion test scheme that has been approved. The establishment scheme and the work division &amp; duties of the united coordinating and leading organ shall be deemed as part hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contract letting party shall be entitled to give the contractor notice on refusal or acceptance of any suggestion raised by the contract letting party to the contractor according to Clause (4), Article 10.1.2 hereof. In case of failure to accept such suggestion, the contractor shall be obliged to implement according to any original organization, arrangement, directive and notice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Any organization, arrangement, directive and notice delivered by the contract letting party to the contractor at the post-completion test stage shall be delivered to the project manager of the contractor in writing, and the project manager shall sign thereupon with date, time and signature.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Under emergency, the contract letting party shall be entitled to issue emergent directive to the contractor orally and in writing, and the contract shall immediately implement. If the contractor fails to implement any directive of the contract letting party, the contractor shall be liable for any accident liability, human body injury and project damage caused thereby. Within 12 hour after giving oral directive, the contract letting party shall send supplementary directive in writing to the project manager.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) Other obligations and work of the contract letting party at the post-completion test stage are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1.2 The contractor's responsibilities and obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Under unitary arrangement of the post-completion test united coordinating and leading organ established by the contract letting party, the contractor shall designate any person with relevant qualification and experience to guide the post-completion test. During the post-completion test period, the power station initiation manger and its guiding persons designated by the contractor shall only leave the site upon approval by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor shall formulate post-completion test scheme according to the contract provisions and the post-completion test features of this project. And shall submit post-completion test scheme to the contract letting party before start of post-completion test. Such scheme shall include: the operation test procedures, resource conditions, test conditions, operation procedures, safe procedures, accident disposal procedures and progress plan etc. of the project and its relevant parts. The scheme shall only be implemented after being verified and approved by the contract letting party. The counterparts and time of submission of post-completion test scheme are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) If the contractor fails to implement any arrangement, directive and notice of the contract letting party, the contractor shall be liable for any accident, human body injury and project damage caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor shall be obliged to raise suggestions and make explanations on any organization, arrangement, directive and notice of the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Under emergency, the contractor shall immediately implement the operation, work and assignment ordered by the contract letting party orally. The contractor shall make records for such directive and make implementation records. With respect to such directive, the contract letting party shall deliver the oral directive in writing again to the contractor within 12 hours.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak79bb35fb-6834-4289-9bbe-b151f78e05b3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party fails to deliver supplementary notice on such oral directive in writing within 12 hours, the contractor and its project manager shall be entitled to, within 24 hours upon receipt of the oral directive, submit such oral directive in writing to the contract letting party, the contract letting party shall sign for confirmation on the receipt with the date and time of receiving. If the contract letting party fails to sign for confirmation on the receipt within 24 hours, it shall be deemed as confirmed by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract letting party shall be liable for any accident liability, human body injury, project damage and increase in the expenses due to implementation of such oral directive.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) Liability for any defect of the operation and maintenance manual. With respect to the operation and maintenance manual formulated by the contractor, the contractor shall be liable for any accident liability, human body injury and project damage caused by any defect of the manual; if any defect existing in the operation guidance provided by the contract letting party (including any licenser of its) causes any defect of the contractor's operation manual, the contract letting party shall be liable for any accident liability, human body injury, project damage and increase in the expenses incurred against the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(7) Other obligations and work of the contractor at the post-completion test stage according to the contract provisions and industrial regulations are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.2 Post-completion test procedures">10.2 Post-completion test procedures</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.1 The contract letting party shall organize and arrange its management persons, operators, maintenance persons and all other preparation work according to the post-completion test scheme approved by the united coordinating and leading organ.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.2 The contractor shall, according to the post-completion test scheme that has been approved, provide all electric power, water, power, raw materials, auxiliary materials, consumable materials and other test conditions as well as provide other equipment, facilities, tools and appliances necessary for post-completion test that shall be provided by the contractor as set forth in the scheme and accomplish other preparation work that shall be finished by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.3 The contractor shall organize post-completion test according to the post-completion test scheme that has been approved as well as the post-completion test procedures and test conditions for any part of the project, among different projects and the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.4 The united coordinating and leading organ shall organize, fully examine and carry out the resource conditions, test conditions, safe facilities and conditions, fire protection facilities and conditions, emergency and accident disposal facilities, conditions and relevant measures necessary for post-completion test of the project and any part thereof, in order to guarantee about the completeness of recording instruments and special recording tables and the sufficiency of quantity thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.5 Notice on date of post-completion test. The contract letting party shall, within 15 days upon the date of project receipt, notify the contractor of the date of post-completion test start. Unless otherwise set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.3 Post-completion test and trial operation assessment">10.3 Post-completion test and trial operation assessment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.1 Test shall be conducted according to the test procedures, test conditions and operation procedures of the post-completion test scheme that has been approved in order to achieve the production function and use function of the project as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.2 The contract letting party's operators and the contractor's instructors shall truthfully fill out data, conditions, status, time, name and other contents as stipulated in the test condition records, test records and tables of the same post in the process of post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.3 Trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) According to the provisions as set forth in Article 5.1.1 hereof, if the contractor provides production process and technologies or construction design, it shall guarantee to achieve the assessment guaranteed value or use function as set forth in the special provisions of Article 5.1.1 within the trial operation assessment period.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3b21257a-74d5-46b9-8bfe-cd2f4ff0c6d5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) According to the provisions as set forth in Article 5.1.2 hereof, if the contract letting party provides production process and technologies or construction design, the contractor shall guarantee to achieve the assessment guaranteed value or use function as set forth in the special provisions of Article 5.1.2 within the trial operation assessment period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) According to the regulations of relevant industries on the trial operation assessment period, the trial operation assessment period shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) After passing the trial operation assessment or use function, both parties shall jointly clear up the post-completion test and its trial operation test result and compile appraisal report. The report shall be made in duplicate with either party holding each respectively after being signed or sealed by both contract parties and shall be deemed as part hereof. The contract letting party shall issue assessment inspection &amp; acceptance certificate according to the provisions as set forth in Article 10.7 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.4 Ownership of product and service income. Any product income or service income during the period of post-completion test of the project and trial operation assessment shall belong to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.5 One of the trial operation assessment indexes is that, after the power station experiences trial operation of a period of time, only when the generating capacity of the power station reaches the agreement value, the trial operation may be subject to closure in a real sense.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.4 Delay in post-completion test">10.4 Delay in post-completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.4.1 In case of delay in the post-completion test caused by any reason attributable to the contractor, relevant measures shall be take to organize post-completion test as soon as possible. If the delay causes any increase in the expenses against the contract letting party, the contract letting party shall be entitled to claim from the contractor according to the provisions as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.4.2 According to the provisions on trial operation assessment as set forth in Article 10.3.3 hereof, during the trial operation assessment period, in case of assessment suspension or shutoff, and the accumulative days of suspension or shutoff exceeds the trial operation assessment period as set forth in the special provisions of Clause (3), Article 10.3.3, trial operation assessment shall be conducted again within 20 days upon suspension or shutoff, beyond such period, the project shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.5 Conducting post-completion test again">10.5 Conducting post-completion test again</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5.1 According to the provisions as set forth in Article 5.1.1 or Article 5.1.2 and their special provisions, if any reason attributable to the contractor causes the project or any part thereof to fail to pass the post-completion test, the contractor shall at its own expenses renovate its defect and conduct such test again according to the test procedures and test conditions as set forth in Article 10.2.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5.2 According to the provisions on conducting test again as set forth in Article 10.5.1 hereof, if the contractor still fails to pass such test, the contractor shall at its own expenses continue to renovate the defect and conduct such test again according to the test procedures and test conditions as set forth in Article 10.2.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5.3 If the post-completion test conducted again by the contractor causes any increase in the expenses against the contract letting party, the contract letting party shall be entitled to claim to the contractor according to the provisions as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.6 Failure to pass assessment">10.6 Failure to pass assessment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If any reason attributable to the contractor causes the failure of the project to pass the assessment, however, it still has production function and use function, it shall be handled according to the following provisions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Compensation for failure to pass the trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) The production process and technologies or construction design provided by the contractor fail to pass trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the project trial operation guaranteed value or instructions on use function guarantee as set forth in the special provisions of Article 5.1.1 hereof, and in accordance with the amount of compensation or the amount calculated based upon the compensation computation formula for failure to pass trial operation assessment as set forth in the special provisions of this article, after relevant amount of compensation is paid to the contract letting party, the contractor shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak62521cac-998c-498e-a74d-e53e5f41e1e1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) The production process and technologies or construction design provided by the contract letting party fail to pass trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to relevant liabilities that shall be assumed by the contractor in the project trial operation assessment as set forth in the special provisions of Article 5.1.2 hereof, and in accordance with the amount of compensation as set forth in the special provisions of this article for relevant liabilities or the amount calculated based upon the compensation computation formula, after relevant amount of compensation is paid to the contract letting party, the contractor shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) With respect to the project failing to pass trial operation assessment, the contractor shall at its own expenses investigate, adjust and amend until the project is accepted by the contract letting party, both parties shall discuss about relevant investigation, amendment and test periods, and the contract letting party shall therefore provide convenience. Before passing such assessment, the contract letting party may provisionally not claim for compensation according to the provisions as set forth in Clause (1), Article 10.6 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) When the contract letting party accepts the provisions as set forth in Clause (2) of this article, however, within the period as agreed upon, if the contract letting party fails to provide the contractor with convenience, which causes the failure of the contractor to conduct investigation, adjustment and amendment within the period as agreed upon, it shall be deemed as having passed such trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.7 Post-completion test and assessment inspection &amp; acceptance certificate">10.7 Post-completion test and assessment inspection &amp; acceptance certificate</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.7.1 It is stipulated in the special provisions that post-completion test and assessment inspection &amp; acceptance certificate shall be issued based upon the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.7.2 According to the provisions as set forth in Article 10.3, Article 10.4, Article 10.5.1, Article 10.5.2 and Article 10.6 hereof, if the contract letting party passes or is deemed to pass post-completion test and trial operation assessment, it shall issues post-completion test and assessment inspection &amp; acceptance certificate according to Article 10.7.1. The date and time of passing trial operation assessment as specified in such certificate shall be the date and time of actually accomplishing assessment or being deemed to pass trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="10.8 Loss of production value and use value">10.8 Loss of production value and use value</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If any reason attributable to the contractor causes the project or single project to fail to pass the post-completion test and causes the whole project to lose production value or use value, the contract letting party shall be entitled to claim for failure of performance and deduct the performance bond that has been submitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 11 Quality assurance responsibility">Article 11 Quality assurance responsibility</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="11.1 Quality assurance responsibility agreement">11.1 Quality assurance responsibility agreement</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1.1 Quality assurance responsibility agreement. To enter into quality assurance responsibility agreement according to relevant laws and regulations is one of the conditions for completion inspection &amp; acceptance. According to the assurance contents, scope, period and responsibilities as set forth in laws and regulations, the quality assurance responsibility agreement shall be entered into as Appendix III hereto. The date on which the contract letting party receives all projects hereof is the date on which the contractor's assurance responsibility starts.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1.2 If the contractor fails to submit quality assurance responsibility agreement and refuses to enter into quality assurance responsibility agreement with the contract letting party without any legitimate reason, the contract letting party may refuse to handle completion settlement with the contractor and refuse to assume the relevant interest of completion settlement accounts not paid, even if the interest for delayed payment is stipulated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor submits quality assurance responsibility agreement, proposes to enter into such quality assurance responsibility agreement with the contract letting party and agrees upon the interest for delayed payment in the contract, however, if any reason attributable to the contract letting party causes the failure to timely enter into quality assurance responsibility agreement, the contract letting party shall bear the interest for delayed payment of completion settlement from the 11th day of receiving such responsibility agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="11.2 Quality assurance deposit">11.2 Quality assurance deposit</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.2.1 Quality assurance amount. The quality assurance amount is stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak26e30601-af10-4dd2-98a9-7443f038bac3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.2.2 Provisional deduction of quality assurance amount. The provisional deduction method of quality assurance amount is stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.2.3 Payment of quality assurance amount. The contractor shall pay the quality assurance amount subject to provisional deduction according to the provisions on payment of quality assurance amount as set forth in Article 14.5.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 12 Project completion inspection &amp; acceptance">Article 12 Project completion inspection &amp; acceptance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="12.1 Completion inspection &amp; acceptance report and complete completion materials">12.1 Completion inspection &amp; acceptance report and complete completion materials</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1.1 The project conforms to relevant provisions on project receipt as set forth in Article 9.1, or the post-completion test and assessment inspection &amp; acceptance certification has been issued according to the provisions as set forth in Article 10.8, the round-off project and defect renovation as set forth in Article 9.2.2 have been accomplished, upon inspection &amp; acceptance conducted by the contract letting party or the supervisor, the contractor shall submit complete project completion materials according to examination and inspection &amp; acceptance of completion test as set forth in Clause (1), (2) and (3), Article 8.1.1 and Article 8.2 and based upon the materials including but not limited to the post-completion test and its trial operation assessment result as set forth in Clause (4), Article 10.3.3. The formats, contents and counterparts of the completion inspection &amp; acceptance report and complete completion materials are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1.2 The contract letting party shall raise modification opinions or acknowledgment within 25 working days upon receipt of completion inspection &amp; acceptance report and complete completion materials, and the contractor shall at its own expenses be responsible for modification. In case of failure to raise modification opinions within 25 working days, it shall be deemed that the completion materials and completion inspection &amp; acceptance report have been acknowledged.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1.3 The project subject to stage construction, stage production or stage use shall be handled according to the provisions as set forth in Article 12.1.1 and Article 12.1.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="12.2 Completion inspection &amp; acceptance">12.2 Completion inspection &amp; acceptance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.2.1 Organizing completion inspection &amp; acceptance. According to the provisions as set forth in Article 12.1.2 hereof, upon acknowledgment on completion inspection &amp; acceptance report and complete completion materials, the contract letting party shall preside over completion inspection &amp; acceptance, the specific completion inspection &amp; acceptance preparation work shall be carried out by the contractor within 20 days and the expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.2.2 Within 15 days upon inspection &amp; acceptance, the contract letting party shall raise further modification opinions on the completion inspection &amp; acceptance report or completion materials of the contractor and the contractor shall at its own expenses be responsible for modification.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.2.3 The completion inspection &amp; acceptance of the contract project subject to stage construction, stage production or stage use shall be handled according to the provisions as set forth in Article 12.1.3 and Article 12.1.1 hereof, and the completion inspection &amp; acceptance shall be organized by stages.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 13 Alteration and contract price adjustment">Article 13 Alteration and contract price adjustment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.1 Alteration rights">13.1 Alteration rights</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1.1 Alteration rights. The contract letting party shall have the rights to approve alteration. Within any time from effectiveness of the contract to the project completion inspection &amp; acceptance, the contract letting party shall be entitled to deliver alteration directive. The alteration directive shall be delivered in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1.2 Alteration. Both written alteration directive and oral alteration directive approved and sent by the contract letting party shall be deemed as alteration. Including: any alteration directive directly delivered by the contract letting party or any alteration directive approved by the contract letting party or delivered by the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If any reason attributable to the contractor causes any defect existing in design, purchase, construction, completion test, and post-completion test, the contractor shall at its own expenses make amendment, adjustment and perfection which shall not be deemed as alteration.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1.3 Alteration proposing rights. The contractor shall be entitled to submit written suggestions on alteration at any time, including: shortening work period, lowering the project, construction, maintenance and operation expenses of the contract letting party, improving the efficiency or value of completed project, bringing long-term interest and other interest to the contract letting party. Upon receipt of such suggestions, the contract letting party shall send: written notice on refusing to adopt, adopting and supplementing further materials.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9615a689-9aea-4eb7-8285-f5dfd7255324" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.2 Alteration scope">13.2 Alteration scope</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.1 Design alteration scope</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Adjusting production process and procedures, but not enlarging or shrinking the production routes and scale approved by preliminary design or not enlarging or shrinking the production routes and scale as set forth herein;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Adjusting the planar layout, vertical layout and partial use function, but not enlarging the construction scale approved by preliminary design, not changing the use function approved by preliminary design; or not enlarging the construction scale as set forth herein, not changing the use function as set forth herein;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Adjusting the process and use function of the supporting project system;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Adjusting the benchmark control point, benchmark elevation and benchmark line in the region;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Adjusting the performance, specification and quantity of equipment, materials and components;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) No content;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(7) Other design matters beyond the contract provisions;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(8) Additional work necessary for the above alteration.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.2 Purchase alteration scope</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor has, according to the name list approved by the contract letting party, entered into purchase contract with any relevant supplier or has started processing &amp; manufacture, commodity supply and transportation etc., the contract letting party notifies the contractor of selecting another supplier in such name list;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contract letting party requires to change examination, inspection, test and experiment address or added additional experiment;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contract letting party requires to increase or decrease the purchase quantity of the spare parts, special tools and post-completion experiment materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.3 Construction alteration scope</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The design alteration as set forth in Article 13.2.1 hereof causes change in construction method and increase or decrease in the equipment, materials, parts and project quantity;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The additional experiment added according to the requirement of the contract letting party and change in the experiment address;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Beyond Clause (1) and Clause (2), Article 5.2.1 hereof, newly added construction obstacle;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) With respect to the project certified to be qualified upon completion test inspection &amp; acceptance or municipal inspection &amp; acceptance, the contract letting party shall notify of conducting completion test again;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Additional work necessary for the above alteration.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.4 The contract letting party's hurry work directive. Upon acceptance of the contract letting party's written instructions, when the contractor accelerates design, construction or the progress of any other part with any method deemed as necessary by the contract letting party, if the contractor needs to adjust the project progress plan for implementing the hurry work directive and make estimate for the added measures and resources, upon approval by the contract letting party, such adjustment shall be deemed as alteration. If the contract letting party fails to approve such alteration, the contractor shall be entitled to implement according to the progress plan of any relevant stage as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If any reason attributable to the contractor causes the actual progress to be obviously behind the project progress plan approved above, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2; in case of delay in the date of completion, the contractor shall assume compensation for delay according to the provisions as set forth in Article 4.5.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.5 Decrease adjustment to part of the project. According to the provisions on the contractor's requirement on return to work as set forth in Article 4.6.4 hereof, if the suspension of the contract letting party lasts for more than 45 days, the contract letting party still fails to return to work when the contractor requires return to work or fails to continue the construction due to the lasting of force majeure, as required by either party, decrease adjustment may be made to the part of the project affected by suspension with the method of alteration.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak80a9c9ab-3dbe-419c-928f-f580bd87c25d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2.6 Other alteration. Other alteration is stipulated in the special provisions according to specific features of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.3 Alteration procedures">13.3 Alteration procedures</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.3.1 Alteration notice. In order to avoid adverse influence of alteration on the project functions or use function etc., notice on the contract letting party's alteration in writing shall be sent to the contractor in advance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.3.2 Proposal and report of alteration notice. The contractor shall be obliged to submit written proposal and report to the contract letting party within 10 days upon receipt of the contract letting party's alteration notice, including:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Upon acceptance of such alteration in the contract letting party's alteration notice, the proposal and report shall include: the reason for supporting such alteration, the estimate on the resources and consumables including but not limited to the work contents, equipment, materials, human resource, machines and tools for implementing such alteration. In case of delay in the date of completion caused by such alteration, the reasons shall be specified in the report and the progress plan shall be submitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor fails to submit the estimate on any increase in the expenses and in case of delay in the date of completion, it shall be deemed that such alteration does not involve adjustment to the contract price and delay in the date of completion, the contract letting party shall not assume any expense of such alteration or be liable for delay in the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) In case of refusal to accept such alteration in the contract letting party's alteration notice, the proposal and report shall include the reasons for not supporting such alteration, the reasons include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) Such alteration does not conform to laws and regulations etc.;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) Or it is difficult for the contractor to obtain special equipment, materials and components necessary for alteration;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3) Or the alteration will reduce the project safety, stability and applicability;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4) Or the alteration will generate adverse influence on the realization of productive performance guaranteed value and use function guarantee.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.3.3 The contract letting party's verification and approval. Within 10 days upon receipt of written proposal and report submitted by the contractor according to the provisions as set forth in Article 13.3.2 hereof, the contract letting party shall verify such proposal and deliver written notice on approval, revocation, alteration and raising further requirements. With the time of waiting for the contract letting party's response, the contractor shall not stop or delay any work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Upon receipt of the proposal and report submitted by the contractor according to the provisions as set forth in Clause (1), Article 13.3.2 hereof, the contract letting party shall deliver alteration directive in writing after verifying and approving the reasons, estimate and delay in the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party fails to make acknowledgment on the estimate or (and) delay in the date of completion proposed by the contractor on such alteration in the delivered alteration directive, from the 11th day after the contract letting party receives written approval and report, it shall be deemed that the alteration estimate and delay in the date of completion submitted by the contractor have been approved by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) After the reasons submitted according to the provisions as set forth in Clause (2), Article 13.3.2 hereof for contractor's refusal to accept such alteration are verified by the contract letting party, the contractor shall implement the written notice delivered on revocation, alteration and submitting further supplementary materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.3.4 If the contractor submits the alteration proposal according to the provisions as set forth in Article 13.1.3 hereof, the alteration procedures shall be subject to such provisions on alteration procedures.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.4 Emergent alteration procedures">13.4 Emergent alteration procedures</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.4.1 The contract letting party shall be entitled to deliver emergent alteration directive in writing or orally and order the contractor to immediately implement such alteration. The contractor shall immediately implement upon receipt of such directive.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakce2c0315-a5a0-429b-ba8f-ba141422c670" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.4.2 The contractor shall, within 10 days after the implementation of emergent alteration directive is finished, submit to the contract letting party the work contents of implementing such alteration as well as the expenses actually consumed by the resources including but not limited to equipment, materials, human resources, machine and tools and relevant obtaining expenses. In case of delay in any key route of the project caused by implementation of such alteration, it shall be proposed to postpone the date of completion, specify the reasons and submit the progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contractor fails to submit the expenses actually consumed and relevant obtaining expense or (and) written materials for postponing the date of completion within 10 days after such alteration is finished, it shall be deemed that such alteration does not involve adjustment to the contract price and delay in the date of completion, the contract letting party will not be liable for such alteration any more.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.4.3 Within 25 days upon receipt of the written materials submitted by the contractor according to the provisions as set forth in Article 13.4.2 hereof, the contract letting party shall notify the contractor of approved reasonable expenses in writing or reasonably postpone the date of completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Within 25 days upon receipt of such written report of the contractor, if the contract letting party fails to approve the expenses of the contractor or postpone the date of completion, from the 26th day of receiving such report, it shall be deemed that the expenses submitted and the delay in the date of completion have been approved by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.5 Determination upon alteration price">13.5 Determination upon alteration price</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to the determination upon each alteration price, the alteration price shall be determined based upon the unit price (including obtaining expenses) of the human resources, machines and tools as well as project quantity etc.; or the alteration price shall be determined based upon the price of similar altered project; or the alteration price shall be determined based upon the price as negotiated; or the alteration price shall be determined with any other method. As set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.6 Interest sharing of suggested alteration">13.6 Interest sharing of suggested alteration</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the contract letting party approves and adopts any alteration suggestion raised by the contractor according to the provisions as set forth in Article 13.1.3 hereof, which causes decrease in project investment, shortening of work period and achievement of long-term operating efficiency or other interest, the interest sharing methods shall be stipulated in the special provisions, then supplementary agreement on interest sharing shall be otherwise entered into as contract appendix.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.7 Adjustment to the contract price">13.7 Adjustment to the contract price</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Within 30 days under any of the following circumstances, the contractor shall notify the contract letting party or the supervisor in writing of the reasons for adjustment to the contract price and adjustment amount. The reasonable amount acknowledged by the contract letting party shall be adjustment amount of the contract price and the amount that shall be paid or deducted in the payment of the project accounts of that period. The adjustment to the contract price shall include the following situations:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Upon contract conclusion, due to any change in laws, administrative regulations and national policies and the industrial regulations that shall be observed, the contract price is affected;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The increase or decrease in the alteration expenses approved by the contract letting party according to the alteration procedures as set forth in Article 13.3 to Article 13.5 hereof;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Adjustment to any increase or decrease in other accounts as set forth herein. With respect to any increase or decrease in the accounts not set forth herein, the contract letting party will not be responsible for adjusting the contract price. Unless otherwise set forth in applicable laws;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Adjustment to the contract price shall not include the contract alteration.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="13.8 Dispute in adjustment to the contract price">13.8 Dispute in adjustment to the contract price</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Upon negotiation, in case of any dispute arising out of the failure to reach consensus on the expenses of project alteration, adjustment to the contract price or delay in the date of completion, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8c86ef6a-cdad-4af4-845d-6eef24caf93f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 14 Total contract price and payment">Article 14 Total contract price and payment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.1 Total contract price and payment">14.1 Total contract price and payment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.1.1 Total contract price. This contract is total-price contract, unless in accordance with the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof as well as the provisions on increase or decrease in other related amounts as set forth in the contract, the contract price shall not be adjusted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.1.2 Payment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The currency type of the contract price shall be RMB, and the contract price shall be paid to the contractor within the territory of China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contract letting party shall pay the contract price to the contractor based upon the type of payables and payment schedule as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.2 Guarantee (not applicable to this contract)">14.2 Guarantee (not applicable to this contract)</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.2.1 Performance bond. If the contractor shall submits performance bond to the contract letting party as set forth in the contract, the format, amount and time of submission of the performance bond shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.3 Prepayment">14.3 Prepayment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.1 Prepayment amount. The contract letting party agrees that certain proportion of the contract price shall be deemed as prepayment amount of which the specific amount shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.2 Payment of prepayment. Within 5 working days upon effectiveness of the contract and construction start of exterior lines, conclusion of main equipment contract and accomplishment of road fences (acknowledged by the contract letting party), the contract letting party shall pay the contractor the prepayment amount as set forth in the provisions of Article 14.3.1 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.3 Deduction of prepayment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Deduction of prepayment. The deduction method of prepayment, deduction proportion and deduction time schedule shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) After the contract letting party issues project receipt certificate or the contract is cancelled, if the prepayment has not been fully deducted,</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) The contract letting party shall be entitled to deduct from the accounts payable to the contractor or the accounts belonging to the contractor once or more times;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) If the accounts deducted by the contract letting party from the accounts payable to the contractor or the accounts belonging to the contractor are insufficient for deduction, in the event that the contract does not stipulate that the contractor shall submit performance bond for prepayment but stipulates performance bond, the contract letting party shall be entitled to deduct the part of prepayment that has not been deducted from the performance bond;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3) If the accounts deducted by the contract letting party from the accounts payable to the contractor or the accounts belonging to the contractor are insufficient for deduction, in the event that the contract stipulates performance bond, the prepayment amount that has not been deducted by the contract letting party shall be paid by the contractor to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.4 Project progress accounts">14.4 Project progress accounts</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.4.1 Project progress accounts. The project progress accounts shall include but be not limited to design progress accounts, purchase progress accounts, construction progress accounts, completion test progress accounts and post-completion test service fees, and project contracting management fees, the payment method, payment condition and payment time shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.4.2 According to specific situation of the project, other progress accounts payable shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.5 Provisional deduction and payment of quality assurance amount.">14.5 Provisional deduction and payment of quality assurance amount.</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.1 Provisional deduction of quality assurance amount. Shall be provisionally deducted according to the provisions on quality assurance amount as set forth in Article 11.2.1 hereof and those on provisional deduction of quality assurance amount as set forth in Article 11.2.2 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakbcf24e62-0056-447f-8e9b-5421f1473683" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">45</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.2 Payment of quality assurance amount.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) While handling project completion inspection &amp; acceptance and completion settlement, half of the quality assurance amount subject to provisional deduction as set forth in Article 14.5.1 (unless otherwise set forth in special provisions). Hereinafter, if the contractor fails to renovate any newly detected defect or entrust the contracting party to renovate such defect according to the notice of the contract letting party, such expenses incurred against the contract letting party shall be deducted from the remaining quality assurance amount. Within 15 days upon one year from the date of receipt of the certificate issued, the contract letting party shall pay the balance of the quality assurance amount subject to provisional deduction to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) While handling project completion inspection &amp; acceptance and completion settlement, if the contractor requires to provide performance bond for the remaining half of quality assurance amount and the contract letting party agrees to accept, upon receipt of such performance bond, the contract letting party shall pay the remaining half of such assurance amount. Hereinafter, if the contractor fails to at its own expenses renovate any newly detected defect or entrust the contract letting party to renovate such defect, the expenses incurred against the contract letting party shall be deducted from such performance bond. Within 15 working days upon one year from the date of receipt of the certificate issued, the performance bond shall be returned. The format, amount and time of submission of the performance bond for the quality assurance amount shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.6 Applying for payment according to the payment schedule">14.6 Applying for payment according to the payment schedule</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.6.1 Applying for payment according to the payment schedule. With respect to application for payment according to the payment schedule, based upon the contract price as set forth in the contract as well as the payment installments as set forth in the special provisions, the main image progress anticipated to be achieved in each installment or the main planned project quantity (including but not limited to design, purchase, construction, completion test and post-completion test) and the payment amount of each installment as well as in accordance with the format, contents, counterparts and time of submission as set forth in the special provisions, the contractor shall submit the application report for payment of current installment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The amount as set forth in the application report for the payment of each installment shall include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The amount of current installment subject to planned application as set forth in the special provisions of this clause;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Any increase or decrease according to the provisions on adjustment to the contract price as set forth in Article 13.7;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The accounts paid or deducted according to the provisions on prepayment as set forth in Article 14.3 hereof;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The accounts subject to provisional deduction or payment according to the provisions on quality assurance amount as set forth in Article 14.5 hereof;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Any increase or decrease in the accounts according to the claim result as set forth in Article 16.2 hereof;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) Any increase or decrease in the accounts according to supplementary agreement to this contract otherwise entered into.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.6.2 When the contract letting party effects payment according to the payment schedule, if the contractor's actual work and actual progress is obviously behind what is stipulated in the payment schedule, the contract letting party shall be entitled to negotiate with the contractor for decreasing the payment amount of current installment and shall be entitled to jointly adjust the payment schedule with the contractor. The contractor's application for payment of all subsequent installments and the contract letting party's payment shall be based upon the adjusted payment schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.6.3 If it is stipulated that application for payment shall be made according to the payment schedule as set forth in Article 14.6 hereof, the application according to the monthly project progress payment as set forth in Article 14.6 hereof shall not apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.7 Payment condition and schedule">14.7 Payment condition and schedule</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.7.1 Payment condition. If it is stipulated that the contractor shall submit performance bond, the submission of performance bond shall be the condition for the contract letting party to pay all accounts; in case of no performance bond stipulated, the contract letting party shall pay all accounts as agreed upon. 14.7.2 Payment of prepayment shall be subject to the provisions on payment of prepayment as set forth in Article 14.3.2 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6a01d889-42f7-45e4-9633-3727808767e8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">46</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.7.3 Project progress accounts</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Application and payment according to the monthly project progress. If it is stipulated to apply for payment and effect payment according to the monthly project progress as set forth in Article 14.5.1 hereof, the contract letting party shall, within 25 days after receiving the monthly payment application report submitted according to Article 14.5.1 hereof, conduct verification and effect payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Applying for payment according to the payment schedule. In case of applying for payment and effecting payment according to the payment schedule as set forth in Article 14.6.1 hereof, the contract letting party shall, within 25 days after receiving the application report for the payment of each installment submitted according to Article 14.6.1 hereof, conduct verification and effect payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.8 Delay in payment time">14.8 Delay in payment time</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.8.1 If any reason attributable to the contract letting party causes the failure to pay the contractor all accounts hereunder, from the 15th day thereafter, the interest for overdue payment shall be paid to the contractor as per the interest rate of similar loans during the same period published by the People's Bank of China as liquidated damages for overdue payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.8.2 If the contract letting party has been behind in payment for over 15 days, the contractor shall be entitled to send notice on payment requirement to the contract letting party, if the contract letting party still does not effect payment upon receipt of notice, the contractor may suspend part of the work, it shall be deemed as suspension caused by the contract letting party and subject to the provisions on suspension caused by any reason attributable to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">In case of negotiation for entering into overdue payment agreement, the contract letting party shall effect payment according to the installments, time, amount and interest as set forth in the overdue payment agreement; if both parties fail to reach overdue payment agreement, which causes the failure to implement the project, the contractor may stop part or whole of the project, the contract letting party shall assume breach liabilities, in case of delay in any key route of the project, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.8.3 If the contract letting party has been behind in payment for over 60 days, which affects the implementation of the whole project, the contract letting party shall pay the contractor interest for overdue payment as per twice of the interest rate of similar loans during the same period published by the People's Bank of China as liquidated damages for overdue payment, the interest for overdue payment shall be calculated from the date of overdue payment to the date of actual payment and deemed as liquidated damages for overdue payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.9 Tax and tariff">14.9 Tax and tariff</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.9.1 The contract letting party and the contractor shall respectively perform their tax (including import tariff) payment obligations according to national regulations on tax payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.9.2 If either party enjoys tax reduction and exemption on the import value added tax and tariff for the imported project equipment, materials, equipment parts etc. as set forth herein), the other party shall be obliged to handle the formalities for tax reduction and exemption as well as assist and cooperate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.10 Payment of claim accounts">14.10 Payment of claim accounts</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.10.1 With respect to the claim accounts deserved by the contract letting party determined by negotiation, adjudicated by arbitration or judged by the court, the contract letting party may deduct such claim accounts from the payment paid to the contractor according to the monthly project progress accounts or payment schedule of current installment. If the project progress accounts of all installments paid to the contractor are insufficient for deduction of the contract letting party's claim accounts, and the contract stipulates that the contractor shall submit performance bond, then the insufficiency of the claim accounts may be deducted from the performance bond. If the performance bond is insufficient for deduction, or in case of no performance bond stipulated, the contractor shall otherwise pay such claim accounts.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.10.2 With respect to the claim accounts deserved by the contractor determined by negotiation, adjudicated by arbitration or judged by the court, the contractor may separately list such claim accounts in the monthly project progress accounts or payment schedule of current installment, and the contract letting party shall pay such claim accounts in the payment of current installment. If the contract letting party fails to pay such claim accounts, and it is stipulated in the contract that the contract letting party shall submit performance of bond for payment, the contractor shall be entitled to deduct from the performance of bond for payment submitted by the contract letting party. If both parties do not agree upon the performance of bond for payment, the contract letting party shall otherwise pay such claim accounts.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3b170065-4990-43ce-a388-861082aaf3ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">47</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="14.11 Completion settlement">14.11 Completion settlement</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.1 Submitting completion settlement materials. According to the provisions as set forth in Article 12.1 hereof, within 12 days after the completion inspection &amp; acceptance report and complete completion materials submitted by the contractor are recognized by the contract letting party, the contractor shall deliver the completion inspection &amp; acceptance report and complete completion materials to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.2 Final completion settlement materials. Within 15 days upon receipt of the completion inspection &amp; acceptance report and complete completion materials submitted by the contractor, the contract letting party shall make verification and raise modification opinions, upon consensus through negotiation, the contractor shall at its own expenses make amendment and submit the final completion inspection &amp; acceptance report and final completion materials. The contractor shall be liable for delay in the completion settlement and delay in subsequent payment caused by incompleteness of the settlement materials provided by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.3 Paying up completion settlement accounts. Within 15 days after the contractor submits final completion settlement materials according to the provisions as set forth in Article 14.11.2 hereof, the contract letting party shall pay up the completion settlement accounts. Upon settlement, the contract letting party will return the performance bond submitted by the contractor according to the provisions as set forth in Article 14.2.1 hereof to the contractor; the contractor shall return the performance of bond submitted by the contract letting party according to the provisions as set forth in Article 14.2.2 hereof to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.4 Failure to make response to the completion settlement report. Within 15 days upon receipt of completion settlement report and complete completion settlement materials submitted according to the provisions as set forth in Article 14.11.1 hereof, if the contract letting party fails to raise modification opinions and fails to make response, it shall be deemed that the contract letting party has recognized such completion settlement materials as final completion settlement materials. The contract letting party shall pay up the completion settlement accounts according to the provisions as set forth in Article 14.11.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.5 The contract letting party's failure to pay the completion settlement accounts</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) If the contract letting party fails to pay up the remaining completion settlement accounts payable to the contractor according to the provisions as set forth in Article 14.11.3 hereof, the contractor shall be entitled to deduct such remaining accounts from the performance of bond for payment submitted by the contract letting party according to the provisions as set forth in Article 14.2.2 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If it is not stipulated in the contract that the contract letting party shall submit the performance of bond for payment according to the provisions as set forth in Article 14.2.2 hereof, from the 31st day after the contractor submits final settlement materials, the contract letting party shall pay the remaining completion settlement accounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) According to the provisions as set forth in Article 14.11.4 hereof, if the contract letting party fails to raise modification opinions and response on the completion settlement materials within 30 days as stipulated, and fails to pay the contractor the remaining completion settlement accounts, from the 31st day of submitting such report by the contractor, the contract letting party shall pay the remaining completion settlement accounts owing to the contractor and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Within 15 days after the contractor submits final completion settlement materials, if the contract letting party still fails to effect payment, the contract may seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.6 Failure to submit completion settlement report and complete settlement materials on time. Within 15 days after the project completion inspection &amp; acceptance report is recognized by the contract letting party, the contractor fails to submit completion settlement report and complete settlement materials to the contract letting party, which causes the failure to conduct project completion settlement normally or failure to conduct project completion settlement on time, if the contract letting party requires the contractor to pay for the project, the contractor shall effect payment; if the contract letting party does not require payment for the project, the contractor shall assume custody, preservation and maintenance expenses and be responsible for custody, preservation and maintenance, excluding any part of the project that has been used and received by the contract letting party according to the provisions on project receipt as set forth in Article 9 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb150faa3-aa95-4c4a-acfe-090fb088f98c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">48</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.7 The contractor's failure to pay the completion settlement accounts</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) If the contractor fails to pay up the remaining completion settlement accounts payable to the contract letting party according to the provisions as set forth in Article 14.11.3 hereof, the contract letting party shall be entitled to deduct such remaining accounts from the performance of bond submitted by the contractor according to the provisions as set forth in Article 14.2.1 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the amount of the performance bond is insufficient for deduction, from the 31st day from the submission of final completion settlement materials, the contractor shall pay the remaining completion settlement accounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China. If the contractor still fails to effect payment within 60 days upon submission of the final completion settlement materials, the contract letting party shall be entitled to seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) In case of no performance bond stipulated in the contract, from the 31st day from the submission of final completion settlement materials, the contractor shall pay the contract letting party the remaining amounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China. If the contractor still fails to effect payment within 60 days upon submission of the final completion settlement materials, the contract letting party shall be entitled to seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11.8 Dispute on completion settlement. Within 30 days upon receipt of the completion settlement report and complete settlement materials submitted by the contractor, if the contract letting party has any objection to the project completion settlement price, they shall jointly entrust a project construction cost consultation unit to conduct verification on the completion settlement, and the completion settlement accounts shall be paid up according to the verification result. In case of any dispute on the verification result, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 15 Insurance">Article 15 Insurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="15.1 The insurance purchased by the contractor">15.1 The insurance purchased by the contractor</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1.1 According to the insurance coverage categories as set in applicable laws, administrative regulations and rules as well as special provisions, the types of insurance that shall be purchased by the contractor are stipulated, and the insurance premium is included in the contract price. The types, scope, amount, period and effective lasting time of the insurance etc. that shall be purchased by the contractor are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contractor shall be responsible for purchasing the insurance as set forth in applicable laws, administrative regulations and rules as well as special provisions on schedule and according to the needs of the project implementation stage;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) In the contract performance process, with respect to the mandatory insurance that shall be purchased by the contractor according to newly promulgated applicable laws, regulations and rules, the contract price shall be adjusted according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1.2 If any insurance policy provides the joint insured with insurance, the insurance compensation shall respectively apply to each joint insured. The contractor shall, on behalf of its insured, guarantee that its insured will comply with the conditions and its compensation amount as set forth in the insurance policy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1.3 The claim accounts received by the contractor from the insurer shall be used for renovating any loss, damage and injury as set forth in the insurance policy and used for acquisition, reconstruction and compensation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1.4 With respect to the insurance items and within the insurance period, the contractor shall provide the contract letting party with duplicate of insurance policy, copy of premium payment voucher and certification on effectiveness of the insurance policy.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak622d205e-1d58-4400-b31e-b7856cbe8ddf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">49</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="15.2 All-risk insurance and third-party liability insurance">15.2 All-risk insurance and third-party liability insurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">With respect to all-risk insurance of the construction project, all-risk insurance of the installation project and third-party liability insurance, no matter the party that shall purchase insurance is which party, it shall at the same list the other party hereunder as the insured under the insurance contract while purchasing insurance. The specific insurance applicant shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="15.3 Miscellaneous provisions on insurance">15.3 Miscellaneous provisions on insurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.3.1 The contractor shall purchase transportation insurance for the equipment, materials and components purchased and transported by the contractor. Such insurance premium has been included in the contract price. Unless otherwise set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.3.2 Upon occurrence of any accidental event under the insurance matters, the present parties shall be obliged to make efforts to take necessary measure to prevent the expansion of any loss and damage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.3.3 Any insurance beyond this contract shall be purchased as needed, and the insurance premium shall be borne respectively.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 16 Breach, claim and arbitration">Article 16 Breach, claim and arbitration</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="16.1 Breach liabilities">16.1 Breach liabilities</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.1.1 The contract letting party's breach liabilities. Under any of the following circumstances:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contract letting party fails to perform the provisions as set forth in Article 5.1.1 and Clause (1) and (2), Article 5.1.2 hereof and fails to provide authentic, accurate and complete process technologies and construction models, project basic materials and spot obstacle materials on time;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contract letting party fails to adjust the contract price according to the provisions as set forth in Article 13 hereof and fails to pay relevant accounts as per the account type, amount and time as set forth by the prepayment, project progress accounts and completion settlement;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contract letting party fails to perform any other responsibility and obligation as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract letting party shall take remedy measures and compensate for any loss caused by the above breach behavior against the contractor. In case of delay in any key route of the project, the date of completion shall be postponed accordingly. The contract letting party's assuming of the breach liabilities will not relieve the contract letting party of or exempt the contract letting party from other responsibilities and obligations that shall be assumed by the contract letting party continually as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.1.2 The contractor's breach liabilities. Under any of the following circumstances:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor fails to perform the provisions on inspection of the equipment, materials and components provided for the permanent project as set forth in Article 6.2 and the provisions on construction quality and inspection as set forth in Article 7.5 and fails to renovate any defect;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The contractor still fails to pass completion test after having being tested for three times, still fails to pass post-completion test after having being tested for three times, any main part or the whole of the project to lose use value, production value and use interest;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor fails to perform any other responsibility and obligation as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Without consent of the contract letting party, or without necessary permission, or not allowed by applicable laws, the contractor transfers the project to any other person.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall take remedy measures and compensate for any loss caused by the above breach behavior against the contract letting party. The contractor's assuming of the breach liabilities will not relieve the contractor of or exempt the contractor from other responsibilities and obligations that shall be assumed by the contractor continually as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="16.2 Pursuit of Claims">16.2 Pursuit of Claims</a></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak0ccff27f-ea25-437c-abe7-94b60212f7c8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">50</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.2.1 The contract letting party's claim. If the contract letting party deems that, the contractor fails to perform any duty, responsibility and obligation as set forth herein, and according to any relevant situation and matter of the documents and materials as set forth herein and relating hereto, the contract letting party deems to be entitled to the compensation for any loss, damage and injury that shall be borne by the contractor, the contractor fails to perform its compensation liability according to the provisions as set forth herein, the contract letting party shall be entitled to file claim against the contractor. The claim shall conform to laws and the contract provisions and be handled in compliance with the following procedures:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Within 30 days upon occurrence of any claim event, the contract letting party submits notice on claim to the contractor. In case of failure to send notice on claim within 30 days upon occurrence of any claim event, the contractor will not assume any liability any more, unless otherwise set forth by laws;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Within 30 days after sending notice on claim, the contract letting party provides the contractor in writing with relevant materials including but not limited to legitimate reasons, article basis, effective provable evidence and claim estimate for specifying the claim event;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Within 30 days upon receipt of the claim materials submitted by the contract letting party, the contractor negotiates with the contract letting party for settlement or makes response, or requires the contract letting party to further provide claim reasons and evidence;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Within 30 days upon receipt of the claim materials submitted by the contract letting party, if the contractor does not negotiate with the contract letting party, does not make response or does not raise further requirements to the contract letting party, it shall be deemed that such claim has been recognized by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) If the claim event raised by the contract letting party continually has influence, the contract letting party shall send the lasting influence of the claim event to the contractor on a weekly basis, within 30 days upon stop of the lasting influence of the claim event, the contract letting party shall submit final claim report and final claim estimate to the contractor. The claim procedures shall be the same with those as set forth in Clause (1) to (4) of this article.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.2.2 The contractor's claim. The contractor deems that, if the contract letting party fails to perform any duty, responsibility and obligation as set forth herein, and according to the provisions of article hereof, any relevant situation and matter of the documents and materials relating hereto, it deems that it shall be entitled to the compensation for any loss, damage and injury that shall be borne by the contract letting party and delay in the date of completion, the contract letting party fails to perform its compensation liability as set forth herein, the contractor shall be entitled to file claim against the contract letting party. The claim shall conform to laws and the contract provisions and be handled in compliance with the following procedures:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Within 30 days upon occurrence of any claim event, sending notice on claim to the contract letting party. In case of failure to send notice on claim within 30 days upon occurrence of any claim event, the contract letting party will not assume any liability any more, unless otherwise set forth by laws;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Within 30 days after sending notice on claim, the contractor provides the contractor in writing with relevant materials including but not limited to legitimate reasons, article basis, effective provable evidence and claim estimate for specifying the claim event;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Within 30 days upon receipt of the claim materials submitted by the contractor, the contract letting party negotiates with the contractor for settlement or makes response, or requires the contractor to further provide claim reasons and evidence;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) Within 30 days upon receipt of the report and supplementary materials according to Clause (3) of this article, if the contract letting party does not negotiate with the contractor, does not make response or does not raise further requirements to the contractor, it shall be deemed that such claim has been recognized by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) If the claim event raised by the contractor continually has influence, the contractor shall send the lasting influence of the claim event to the contract letting party on a weekly basis, within 30 days upon stop of the lasting influence of the claim event, the contractor shall submit final claim report and final claim estimate to the contract letting party. The claim procedures shall be the same with those as set forth in Clause (1) to (4) of this article.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="16.3 Dispute and adjudication">16.3 Dispute and adjudication</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.3.1 Dispute settlement procedures: in case of any dispute, the parties shall firstly negotiate for reconciliation; upon negotiation, in case of failure in reconciliation or the parties indicates unwillingness to negotiate for reconciliation, arbitration or lawsuit shall be adopted for settling the claim dispute. The name and address of the arbitration institution as agreed upon shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8290107d-1600-492d-a972-a1454314de25" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">51</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.3.2 No dispute shall affect the contract performance. Upon occurrence of any dispute, the performance of the responsibilities and obligations as set forth herein shall be continued to keep the continuing implementation of the project. Except under any of the following circumstances, neither party shall stop the implementation of the project or part of the project:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Breach by either party causes the exact failure to perform the contract, the implementation is stopped upon agreement by the contract parties;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) The arbitration institution or the court orders to stop the implementation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.3.3 Protection of the project of which the implementation is stopped. According to the provisions as set forth in Article 16.3.2 hereof, with respect to the project or part of project of which the implementation is stopped, the parties shall, according to the duties, responsibilities and obligations as set forth herein, protect all documents, materials and drawings relating to the project as set forth herein as well as the project that has been accomplished and the equipment, materials and components for the permanent project that have not been used.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 17 Force majeure">Article 17 Force majeure</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="17.1 Obligations upon occurrence of force majeure.">17.1 Obligations upon occurrence of force majeure.</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.1.1 Notice obligation. The party sensing or detecting any force majeure event shall be obliged to immediately notify the other party. According to the provisions as set forth herein, upon occurrence of any force majeure event, the party responsible for custody on the project spot shall promptly take measures as possible as it can to reduce the loss to its ability; and the other party shall spare no effort to assist and take measures. The construction or work of which the implementation shall be suspended shall be immediately stopped.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.1.2 Notification obligation. Within 48 hours upon the end of any force majeure event, if the party responsible for custody on the project spot is the contractor, the contractor shall notify the contract letting party of the victim and loss information. If any force majeure event occurs and lasts, the contractor shall report the victim information to the contract letting party and the project director on a weekly basis. Unless the reporting period is otherwise stipulated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="17.2 Consequences of force majeure.">17.2 Consequences of force majeure.</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The expenses incurred by any loss, damage and injury due to any force majeure event and the delay in the date of completion shall be subject to the following provisions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The contract letting party shall be liable for any loss and damage on the permanent project and its equipment, materials and components etc. ;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Any injury suffered by any employee shall be respectively subject to the corresponding employment contract relationship;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) The contractor shall be liable for any loss and damage on the machines and tools, equipment, properties and provisional project of the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(4) The contractor shall be liable for the shutdown loss suffered by the contractor due to any force majeure event;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(5) Upon occurrence of any force majeure event, with respect to any lasting loss and damage caused by either party's delay in the performance of the protection obligation as set forth in the contract, the party subject to delay in the performance of any obligation shall assume any relevant liability and loss;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(6) If the contract letting party notifies of recovery in construction, within 20 days upon receipt of the notice or within the time as agreed upon by both parties as the case may be, the contractor shall submit clearing and renovating scheme and its estimate as well as the materials and report as arranged by the progress plan, upon acknowledgment by the contract letting party, the necessary clearing and renovating expenses shall be borne by the contract letting party. The date of completion upon recovery in construction shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 18 N/A">Article 18 N/A</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 19 Contract effectiveness and termination">Article 19 Contract effectiveness and termination</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">19.1. Effectiveness: The contract shall come into effectiveness after satisfying the contract effectiveness conditions as set forth in the contract. The counterparts of the original and copy of the contract shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8ef66ff9-fb19-46d9-8b02-aef70807cf57" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">52</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 19.2 Unless otherwise set forth in the provisions on quality assurance responsibility agreement as set forth in Article 11.1 hereof, if the contract parties have performed all obligations as set forth herein and paid up the completion settlement accounts, this contract shall be immediately subject to termination.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">19.3 Upon termination of the contract, the contract parties shall observe the principles of integrity and credit to perform the obligations of notice, assistance and confidentiality etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 20 Supplementary provisions">Article 20 Supplementary provisions</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to relevant laws, administrative regulations and industrial regulations, in line with the project implementation status, upon consensus through negotiation, specific stipulations, supplementations or modifications may be made to such general provisions in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Part III Special provisions">Part III Special provisions</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 1 General stipulations">Article 1 General stipulations</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1 Definitions and interpretations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the features of the project as set forth herein, other definitions that shall be supplemented as agreed upon: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2 Language and words</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">This contract shall be written, interpreted and explained in Chinese.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.3 Governing laws</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The laws and administrative regulations that shall be expressly indicated by the contract parties: according to the laws, regulations as well as the department regulation as stipulated and the local regulations of the place in which the project is located.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4 Standards and codes</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4.1 The standards and codes (names) applicable to this contract: Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4.2 Names, counterparts and time of foreign standards and codes provided by the contract letting party: provisionally N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4.3 The stipulations not set forth in written codes and standards: provisionally N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contract letting party's technical requirements: Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries. The time for the contractor to submit construction organization and design scheme: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Training agreement: to be supplemented upon negotiation by the parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5 Confidentiality matters</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1. The commercial confidentiality agreement entered into: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2. The technical confidentiality agreement entered into: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 2 Contract letting party">Article 2 Contract letting party</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1 Representative of the contract letting party</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Name of representative of the contract letting party: ;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Title of representative of the contract letting party: project manager;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Duty of representative of the contract letting party: supervising project construction including but not limited to project safety, quality, progress, operation and management according to relevant laws, regulations and rules.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake85c15c2-dfe6-4d27-8838-f25cc130ebef" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">53</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 3 Contractor">Article 3 Contractor</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1 General obligations and rights of the contractor</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1.1 As agreed upon by the contract parties, the types, names, requirements, reporting periods, time of submission and counterparts of the statements that shall be submitted by the contractor: to be otherwise determined.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2 Project manger</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2.1 Name of project manager:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Duty of project manager: being fully responsible for the project construction of such project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Authority of project manager: being only limited to such project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Provisions on breach, for example, arbitrary replacement of project manager or the project manager being any other project manager: such project manager shall not assume the post of project manager for any other project, for the replacement of project manager, it is necessary to obtain consent from the contract letting party in advance. The contractor shall have 2 persons specially responsible for handling exterior formalities, the human resource and commission charges shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3 Subcontracting</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3.1 Subcontracting provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Shortlist of subcontracting matters and subcontractors as agreed upon: to be supplemented upon negotiation by the parties;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 4 Progress plan, delay and suspension">Article 4 Progress plan, delay and suspension</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1 Project progress plan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1.1 The counterparts and time of submission of the project progress plan that shall be submitted by the contractor: 7 counterparts in writing, 1 in electric form, within 10 days upon contract conclusion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1.2 Upon project construction start, the contractor shall send the prepared weekly project report and monthly project report to the contract letting party between 16:00 of each Friday and before the 25th day of each month. The contents to be compiled shall include: construction safety, quality and progress status of the week and the month, as well as the construction plan of the following week and the following month as well as all construction safety and technical measures etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3 Material purchase and progress plan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3.1 Provisions on project material purchase and date of start: 1) specification, model No. and quantity of the materials purchased and the list of equipment provided by the design institution; 2) the date shall be determined according to the project progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4 Construction progress plan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4.1 Construction progress plan (expressed in table or words)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Submitting key construction plan (name): see the construction organization and design scheme approved by the client.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Submitting the divisional project construction plan of any key part (name): see the construction organization and design scheme approved by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 5 Technologies and design">Article 5 Technologies and design</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1 Production processing technologies and construction art models</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1.1 The explanations provided by the contractor on the production processing technologies or construction art models and project trial operation assessment guaranteed value and use function are as follows: Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries. Or the explanations on project trial operation assessment guaranteed value and use function are as follows: Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake85d4a3f-ea30-4745-87ef-4f4ffde2ecd6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">54</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1.2 The explanations provided by the contract letting party on the production processing technologies or construction art models and project trial operation assessment guaranteed value and use function are as follows: see Typical Design of Photovoltaic Power Generation Project (see Appendix I) for main technical indexes, Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Or the explanations on project trial operation assessment guaranteed value and use function are respectively as follows: Typical Design of Photovoltaic Power Generation Project (see Appendix I), Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2 Design</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.1 The contract letting party's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Providing project basic materials. The types, contents, counterparts and time of submission of the project basic materials that shall be provided by the contract letting party: the contract letting party entrusts Solarmax Technology (Jiangsu) Co., Ltd. to be responsible for neatening and providing basic materials for free.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Providing spot obstacle materials. The types, contents, counterparts and time of submission of the spot obstacle materials that shall be provided by the contract letting party: the contract letting party entrusts Solarmax Technology (Jiangsu) Co., Ltd.to be responsible for surveying, neatening and providing obstacle materials for free.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.2 The contractor's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) As agreed upon by the contract parties, with respect to the following parts of the project basic materials and spot obstacle materials provided by the contractor upon entrustment of the contract letting party, further requirements may be raised according to the following time and period as set forth herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2.3 Operation and maintenance manual. Counterparts that shall be submitted and final submission period: 7 counterparts, 1 in electronic form, 1 month before project completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 6 Project materials">Article 6 Project materials</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1 Provision of project materials</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.1 The types, estimated quantity and specification list of the equipment, materials and components that shall be provided by the contract letting party for the permanent project: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1.2 The types, spare part quantity and specification list of the equipment, materials and components that shall be provided by the contractor for the permanent project: based upon the list of equipment provided by the design institution.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2 Custody and surplus of project materials</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2.1 Custody of project materials</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The types and estimated quantity of the project materials subject to custody by the contractor upon entrustment: photovoltaic components 70MW.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The time for the contractor to submit construction custody and maintenance scheme: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The warehouse, pile, facility and equipment provided by the contract letting party: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 7 Construction">Article 7 Construction</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1 The contract letting party's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.1 Providing benchmark coordinate materials</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contents and time of submission of benchmark coordinate materials: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.2 Entry conditions and entry date. The contractor's entry conditions: the contractor shall be responsible.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor's entry date: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.3 With respect to the provisional water and electricity provision and section pavement, the contract letting party shall provide provisional water and electricity etc. and unit price of obtaining fees: the contractor shall be responsible.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak27bb1744-ca79-4236-8c77-cf2c285effdb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">55</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1.4 Other obligations to be performed by the contract letting party: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2 The contractor's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.1 Construction organization and design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The counterparts and time of submission of overall project construction organization and design: 7 counterparts in writing, 1 in electric form, within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The names, counterparts and time of submission of divisional project construction organization &amp; design of main parts that shall be submitted: civil engineering project, component and pile foundation, frame project, access system project, equipment installation, debugging project, supervision and control system, roof solidification and improvement (if any).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.2 Submitting provisional land occupation materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The time of submitting provisional land occupation materials: shall be provided at the project design stage simultaneously.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.3 Providing provisional water and electricity use materials</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The quality, normal use quantity, peak quantity and use time of water and electricity etc. needed by the contractor: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The type and quantity of provisional water and electricity use etc. for the contract letting party to satisfy construction demands: the contractor shall be responsible.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Time of submission for section and location materials of water and electricity etc.: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2.4 Other obligations to be performed by the contractor: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.3 Human power, machine and tool resources</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.3.1 The format, contents, counterparts and time of submission of schedule of human resource plan for construction: see the construction organization and design scheme. The format, counterparts and reporting period of the statement for actual entry of human resources: see the construction organization and design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.3.2 The format, contents, counterparts and time of submission of schedule of main machine and tool plan: see the construction organization and design scheme. The format, counterparts and reporting period of the statement for actual entry of main machines and tools: see the construction organization and design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4 Quality and inspection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4.1 Quality inspection parts and inspection participants.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The parts subject to quality inspection by three parties, standards and table: refer to Photovoltaic Power Station Construction Quality Examination and Inspection &amp; Acceptance Procedures (see Appendix II for details) and relevant technical standards promulgated by the State and the industry.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5 Concealed project and midway inspection &amp; acceptance</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5.1 Concealed project and midway inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The classification, parts, quality inspection contents, standards and tables of the concealed project and midway inspection &amp; acceptance parts as well as the provisions of the inspection participants: the supervising unit shall issue specific detailed rules for inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6 Health, safety and environment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.1 Health, safety and environment management</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The counterparts and time of submission of health, safety and environment management plan: 7 counterparts, 10 days before project start.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb6ff9aeb-e16b-4321-a6bd-9ae34a5f5349" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">56</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6.2 Before project start, both parties enter into Project Safety Agreement, see Appendix V.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 8 Completion test. The project as set forth herein includes completion test.">Article 8 Completion test. The project as set forth herein includes completion test.</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1 Obligations of completion test</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1.1 The contractor's general obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Completion test scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The counterparts and time of submission of completion test scheme: 7 counterparts, 10 days before project start.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 9 Project receipt">Article 9 Project receipt</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1 Project receipt</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1.1 (1) Receipt based upon the project</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date of receipt based upon the project: 240 hours upon project trial operation, after accomplishment of defect ratification and correction, Party A shall organize project receipt with seven working days, in case of failure to receive within seven working days, it shall be deemed that the project is inspected &amp; accepted to be qualified.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1.2 The materials that shall be submitted for project receipt</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The types, contents, counterparts and time of submission of completion test materials: 7 counterparts, 4 discs, within 1 month upon project completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 10 Post-completion test">Article 10 Post-completion test</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1 Responsibilities and obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1.1 The contract letting party's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Other obligations and work: N/A</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1.2 The contractor's obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) The counterparts and time of submission of post-completion test scheme submitted to the contract letting party: see the construction organization and design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Other obligations and work: N/A</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2 Post-completion test procedures</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.1 Shall be implemented according to the test scheme acknowledged by both parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2.2 Notice on date of post-completion test</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date of start of project post-completion test: signed for confirmation by the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3 Post-completion test and trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3.1 Trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Trial operation assessment period: 240 hours.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.4 Failure to pass assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.4.1 Compensation for failure to pass trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) Compensation for the failure of the production process and technologies or construction design provided by the contractor to pass trial operation assessment</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak97f2beed-f113-4eaf-b05f-83fbd29a5879" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">57</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Project compensation amount: both parties shall make ratification and correction within the time as agreed upon, if the contractor fails to make ratification and correction and fails to pass assessment within the time as agreed upon, upon identification and confirmation by any third-party institution, the contractor shall compensate for any loss caused against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment. The contractor shall compensate for any loss caused by any liability attributable to the contractor against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) Compensation for the failure of the production process and technologies or construction design provided by the contract letting party to pass trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The contractor shall compensate for any loss caused by any liability attributable to the contractor against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5 Assessment inspection &amp; acceptance certificate</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5.1 According to this contract, the post-completion test and assessment inspection &amp; acceptance certificate shall be issued.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 11 Quality assurance responsibility">Article 11 Quality assurance responsibility</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1 Quality assurance deposit</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1.1 Quality assurance deposit</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The quality assurance deposit shall be 5% of the total contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The provisional deduction method of the quality assurance deposit: see Appendix III for details, the quality assurance deposit shall be kept for one year (from the date of completion inspection &amp; acceptance and issuance of compliance certificate).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Quality assurance period: the overall quality assurance period of the system shall be one year (from the date of completion inspection &amp; acceptance of the project), the quality assurance period of the main equipment including but not limited to the inverter and transformer shall not be less than 5 years, see the technical agreement for details.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.2 See Appendix III for signing of Project Quality Assurance Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 12 Project completion inspection &amp; acceptance">Article 12 Project completion inspection &amp; acceptance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1 Completion materials and completion inspection &amp; acceptance report</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1.1 Completion materials and completion inspection &amp; acceptance report</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The format, number of counterparts and time of submission of the completion inspection &amp; acceptance report: word format, 7 counterparts, one disc, within 2 months upon completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The format, number of counterparts and time of submission of complete completion inspection &amp; acceptance report: word format, 7 counterparts, one disc, within 2 months upon completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 13 Alteration and contract price adjustment">Article 13 Alteration and contract price adjustment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1 Alteration scope</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1.1 Other alteration</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">According to the features of this project, other alteration scope as agreed upon: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1.2 Determination of price alteration:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Agreement upon the calculation method for each price alteration: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 14 Total contract price and payment">Article 14 Total contract price and payment</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.1 The total contract price shall be RMB 322,500,000 yuan (in words: RMB THREE HUNDRED AND TWENTY TWO MILLION AND FIVE HUNDRED THOUSAND YUAN ONLY).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.2 Payment method of component accounts: the payment method shall be otherwise agreed upon.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3 All accounts other than the component accounts: the unit price shall not be lower than RMB 3.30 yuan/W, RMB 16,500,000 yuan (in words: RMB SIXTEEN MILLION AND FIVE HUNDRED THOUSAND YUAN ONLY) (hereinafter referred to as: project accounts) shall be paid with the following method:</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7adc7970-022b-4876-a4d0-b0b3c2aa8992" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">58</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.1 This contract shall come into effectiveness and satisfy the following conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">A. The contractor enters and starts the construction of exterior lines, the main equipment contract is entered into, the roads and fences have been finished and confirmed by the contract letting party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">B. The project archival filing is obtained;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">C. The provincial access approval and response file is obtained;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">D. Equal-amount financial receipt;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">E. All formalities and documents as set forth in the appendix (Table I) have been accomplished;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">F. The 5MW of the pile foundation under this project has been finished (field flatting and line paving have been completely finished) and confirmed by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Within 5 working days of satisfying the above conditions and receiving equal-amount financial receipt from the contractor, the contract letting party shall pay 15% of the project accounts to the contractor [the payment method shall be telegraphic transfer (T/T)];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.2 For this project, the installation of the 20MW of the pile foundation has been finished, 20MW of the frame has been finished, within 5 working days upon confirmation by the contract letting party and receipt of equal-amount financial receipt from the contractor, the contract letting party shall pay 25% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.3 This project has been finished for no less than 20MW, within 5 working days upon confirmation by the contract letting party and after the contractor submits legal and effective invoice with 50% of the project accounts, the contract letting party shall pay 25% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.4 For this project, upon accomplishment of installation of components, within 5 working days upon confirmation by the contract letting party and submission of equal-amount financial receipt to the contract letting party, the contract letting party shall pay 20% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.5 For this project, upon accomplishment of overall synchronization and upon inspection and acceptance on synchronization, within 5 working days upon confirmation by the contract letting party and submission of equal-amount financial receipt to the contract letting party, the contract letting party shall pay 5% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.6 For this project, scheduling agreement, electricity purchase and sale agreement, within 5 working days upon accomplishment of project completion inspection &amp; acceptance and settlement and after the contractor finishes all formalities as set forth in the appendices (Table I, Table II and Table III) and receives 100% invoice issued by the contractor in compliance with the requirements of the contract letting party, the contract letting party shall pay the contract 5% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill] on time after deducting quality assurance deposit based upon the settlement;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3.7 The quality assurance deposit shall be 5% of the project accounts, the quality assurance period shall be one year. 12 months upon accomplishment of completion inspection and acceptance on this project by issuance of Trial Operation of the Project and Handover of Authentication on Production Inspection and Acceptance, after the contract letting party confirms to be qualified without any problem and the contractor finishes all formalities as set forth in the appendices (Table I, Table II and Table III), the contract letting party shall pay the contractor quality assurance deposit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.4 Provisions on invoice issuance: the issuing proportion of vat special invoice of engineering materials shall not be less than 70% of the total contract price of the entire contracted EPC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Remarks: the payment method for the project accounts shall be 50% telegraphic transfer (T/T) and 50% bank acceptance bill.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3e616b19-7709-458c-969f-57ef88a551ac" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">59</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5 Guarantee</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.1 Performance bond</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Performance bond: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.2 Release of performance bond</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.2.1 Within one year from the date of completion settlement, if the generating capacity of this project can not satisfy the requirements as agreed up by Party A and Party B, Party A may directly deduct the cash deposit for generating capacity in order to make up for loss, if the cash deposit for generating capacity is insufficient for making up the loss, Party B shall make supplementation and at its own expenses conduct increased work on this project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5.2.2 If the contractor fails to perform the contractor's responsibilities and obligations hereunder within valid period of the performance bond, the contract letting party shall be entitled to seek recourse from the performance bond. The contract letting party shall be entitled to continue to seek recourse for the insufficient part from the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 15 Insurance">Article 15 Insurance</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1 The insurance purchased by the contractor</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1.1 The contract parties agree upon the type, scope, amount, period and effective lasting time: project construction period of the insurance that shall be purchased by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.2 All-risk insurance and third-party liability. The insurance that shall be purchased by the contract letting party:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Life insurance of the employees of the contract letting party and other persons of the contract letting party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Vehicle insurance of the employees of the contract letting party and other persons of the contract letting party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The insurance that shall be purchased by the contractor, including but not limited to:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">All-risk insurance for construction and installation within the scope of the contracting contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Third-party liability insurance;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Vehicle insurance of the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The insurance companies (of the contractor and the owner) shall be chosen by bidding, bidding shall be organized and implemented by the insurance broker company chosen by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><a name="Article 16 Contract effectiveness and termination">Article 16 Contract effectiveness and termination</a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">The text body of this contract shall be made in duplicate with either party holding each respectively; and the copy of the contract shall be made in quadruplicate with either party holding two respectively.</p> <p style="MARGIN: 0px"><br> <table id="pagebreak9591a218-c7f5-4239-a97b-a5c9ffd97d8b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">60</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">[Appendix]:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Appendix: List of Formalities</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(No Text Below)</p> <p style="MARGIN: 0px"><br> <table id="pagebreak25dc9ff7-84e5-4e65-bc6c-54f3cbda8985" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">61</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Annex:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contract letting party (Party A): Pu'an Zhonghong New Energies Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Contractor (Party B): Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article I This agreement shall be signed according to the following documents:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1 Contract Law of People's Republic of China and Regulations of Contract for Prospecting and Designing of Construction Engineering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2 National and Local Regulations and Rules of Project Design Management.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.3 Approval Documents of Construction Engineering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article II Name, scale, phase and scope of the project stated in this agreement:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Project name: Photovoltaic Power Generation Project</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1 Overview of the work: the project locates at Moshega Village, Louxia Town, Pu'an County, Guizhou, which is a photovoltaic power station with total installed capacity of 50MW (subject to filing documents of the government).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.2 Scope of the work: interim consulting reports and effective approvals required for getting the governmental approvals before the prepayment, the synchronization and completion and during quality warranty period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.2.1 All documents that shall be prepared before the first progress payment:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Table 1:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="8%"> <p style="MARGIN: 0px">No.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Documents and file name</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Project Due Diligence Report (issued by the contract letting party)</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Approval on Power Access Report</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2.2.2 All documents that shall be prepared before synchronization (including but not limited to the contents in Table 2):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Table 2:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="8%"> <p style="MARGIN: 0px">No.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Documents and file name</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Opinions on Project Planning and Site Location, Red Line Chart of Construction Land, Land Lease Agreement and Land Preliminary Review</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Official Reply to Water and Soil Conservation Report</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">3</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Official Reply to Environmental Assessment</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">4</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Safety Pre-evaluation</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">5</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Energy Conservation Register and Report</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">6</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Geological Disaster Assessment</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">7</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Investigation on Mineral Resources below Construction Projects (without certification of mines below construction project)</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">8</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Power Purchasing and Selling Agreement</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">9</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Scheduling protocol of synchronization</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">10</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Official Reply to Electricity Price of Project</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">11</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Submission of Land Certificate for Construction Land</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">12</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Forestry Certificate</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3c1acf26-9573-4956-928b-6795c19301c7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">62</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2.2.3 All documents that shall be prepared before project completion (including but not limited to the contents in Table 3):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Table 3:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="8%"> <p style="MARGIN: 0px">No.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Documents and file name</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Fire acceptance</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Environmental Protection Acceptance on the Principles of Three Simultaneities, and Pilot Production for Environmental Protection</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">3</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Safety Assessment upon Completion</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">4</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Acceptance Certificate of Water Conservation</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">5</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Letter of Consent on Use of Forest Land or Certification or Agreement for Permit of Construction of Power Station on Grassland</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">6</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Backup of Project Completion Acceptance issued by Power Quality Supervision Department</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">7</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">License of Power Generation Business</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">8</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Bid, Auction and Listing of Construction Land (non-compulsion)</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">9</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Certificate of Construction Land</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">10</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Others (procedures which shall be handled according to actual conditions in each province)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2.2.4 All documents that shall be prepared during quality warranty period (including but not limited to the contents in Table 4):</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Table 4:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="8%"> <p style="MARGIN: 0px">No.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Documents and file name</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Construction License</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">2</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Planning Permission of Construction Land</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">3</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Planning Permission of Construction Engineering</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">4</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Property Ownership Certificate</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">5</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">Others (procedures which shall be handled according to actual conditions in each province)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3 The interim report issued by Party B shall meet with requirements of the governmental authority that Party A has declared to, both of which demand legal and effective governmental approvals.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.4 All handling charges mentioned in Article 2.2 and all expenses for design, supervision, construction, compensation and economic input caused due to water and soil conservation and environmental protection acceptance were involved in this EPC contract.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2ea48257-8887-4f87-9532-802577dac4ce" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">63</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article III Both parties' responsibilities</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1 Party A&#8217;s responsibilities:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) During implementation of the project, Party A will assign Mr./Ms._________ to take charge of cooperation, assistance and communication about procedures of documents of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) Party A will check the progress of procedures handled by Party B, and keep documents and certificates acquired by Party B in archives.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3) In case Party A requires Party B to provide documents for procedures of the project prior to specified date of submission as stated in the contract, both parties shall crash the schedule according to the agreed date once both parties have reach a consensus on the new schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2. Responsibilities of Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1) Party B shall have engineering consulting according to requirements of national technical specification, standards, regulations and technical requirements, provide qualified documents regarding consultation results according to specified period in the contract, and shall be liable to the quality of such documents.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2) Party B shall deliver the consultant paper to Party A according to contents, time and copies specified in Article IV of this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3) Party B will assign Mr./Ms._________ to take charge of the document procedures of this project and arrange _________ persons for assistance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4) Party B shall be responsible for amendment or supplemental in case of any missing or mistake in the documents for procedures of this project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5) After Party B delivers the documents for procedures of the project, such documents shall be reviewed by the relevant higher authorities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6) Party B has the obligation of maintaining confidentiality of any documents got from Party A for the purpose of finishing the design works of contract, and shall not reveal the above documents to any third party without agreement of Party A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7) Documents delivered from Party B for project procedures of Party A shall not be reproduced or handled to any third party. Intellectual property, ownership and other rights of documents for project procedures, which are delivered to the contract letting party from Party B, shall belong to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 4 Breaching liabilities</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">If the progress that Party B handles the procedures of documents is seriously delayed, which may affect the project synchronization and collection of electric charge, Party A has the right to look for a third party for additional entrustment, and all relevant expenses causes thereof will be deducted directly from the turkey project funds of Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(No Text Below)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Signing page:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="50%"> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Contract Letting Party:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><u>[seal] </u><u>Pu'an Zhonghong New Energies Co., Ltd.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Pu'an Zhonghong New Energies Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Date signed: 9/26/2016</p></td> <td valign="top" width="50%"> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Contractor:</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><u>[seal] Solarmax Technology (Jiangsu) Co., Ltd.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Date signed: 9/26/2016</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">64</p></td></tr></table></p></BODY><!--Document Created by EDGARMaster--></html>
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<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>26
<FILENAME>solarmax_ex1020.htm
<DESCRIPTION>EX-10.20
<TEXT>
<html><head><title>solarmax_ex1020.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.20&nbsp; </b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><i>Liquidity Loans Contract</i> (2015 version)</p> <p style="MARGIN: 0px 0px 0px 0in" align="right">No.: 3672022016005</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="5">Liquidity Loans Contract </font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b style="MARGIN: 0px"><font size="4"></font></b>&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b style="MARGIN: 0px"><font size="4">China Everbright Bank</font></b></p> <p style="MARGIN: 0px"><br>&nbsp;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8eb7c7dc-4552-4096-bd96-2386ce23d0fd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><a name="Contents"><b><font size="4">Contents</font></b><b><font size="4"></font></b></a></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15" bgcolor="#ffffff"> <td width="10%">Chapter 1</td> <td>General rules</td> <td width="10%"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 2</td> <td>Intended use of the loan</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 3</td> <td>The loan currency, amount, term and remit money</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 4</td> <td>The loan interest rate and interest method</td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 5</td> <td>The grand, payment and use of the loan fund</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 6</td> <td>Repayment method</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 8</td> <td>Undertaking and compensation of costs</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 9</td> <td>Statement, guarantee and commitment of the borrower</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 10</td> <td>Event of default</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 11</td> <td>Others</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 12</td> <td>Application of law and resolution of disputes</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 13</td> <td>Entry into force, change and dissolution of the contract</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 14</td> <td>Attachments</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td>Chapter 15</td> <td>Supplementary provisions</td> <td> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table id="pagebreak69f253a1-a954-4c06-af7a-0c20f7a009d8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower : SOLARMAX TECHNOLOGX, INC.&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">address: Room, 901, No.1600 of West Zhongshan Road&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Postal code: 200235&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative: DIVID BINGWEN XU&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Authorized agent: /&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Operator: Fan Lina&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Tel: 64289658&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Fax: 64289652&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: Shanghai Putuo Subbranch of China Everbright Bank&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account number: FTN36933672000006</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The loan bank: Shanghai Putuo Subbranch of China Everbright Bank&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">address: No.188, Lanxi Road&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Postal code: 200062&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative/person in charge: Yu Wenhuan&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">authorized agent: /&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">operator: Wu Yue&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Tel: 63797565&nbsp;</p> <p style="MARGIN: 0px">Fax: 63797588</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakc7f06bc2-4569-41c3-81cf-8db7ab8d8b69" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 3/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px" align="center"><br><b><a name="Chapter I">Chapter I</a> General rules</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower applies for loan to the loan bank for business needs. After examination, the loan bank agrees to offer loans to the borrower according to the terms and conditions of this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">In order to define the rights and obligations of both parties, according to the relevant laws and regulations of our country and provisions of supervision departments, and by mutual agreement, the following terms and conditions are reached voluntarily to be followed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter II">Chapter II</a> Intended use of the loan</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 1 It is determined by mutual consultation that: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower can only use the loan under this contract for the turnover of circulating fund, the specific use being the payment for the purchase of raw materials. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower can not use the loan fund for investment of fixed assets, stock rights and so on, nor can it be used in the fields or for the purposes of production and business prohibited by the nation. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Without the written approval of the loan bank in advance, the borrower can not change the intended use of the loan determined in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter III">Chapter III </a>The loan currency, amount, term and remit money</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 2 The currency and amount (capital form) of the loan under this contract are RMB thirty-eight million and five hundred thousand Yuan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 3 The loan time limit under this contract starts from October 24<sup>th</sup>, 2016 to October 24<sup>th</sup> 2016. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 4 Under the condition that the prerequisites stipulated in Article 11 of this contract are fully met, the loan bank shall remit the loan amount into the account opened at the loan bank by the borrower according to the following method 1: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. One-time remit, the loan bank remit the full loan amount into the account opened at the loan bank by the borrower on October 24<sup>th</sup>, 2016; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Fractional remit, the detailed remit amount and date are as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The first remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The second remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The third remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Irregular fractional remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Remitting according to actual requirement, the number of times, amount of money and time limit recorded on the IOU / loan voucher at remit shall prevail. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc73c43f6-d7af-419e-97c4-cb6e54bbd144" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 4/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Other agreements: ____________________________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Once the principal amount of loan under this contract is remitted out of the loan bank, it is deemed that the loan has been loaned and the interest of the loan shall be calculated since the day it is remitted. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter IV">Chapter IV</a> The loan interest rate and interest method</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 5 The borrower shall pay the loan interest of the loan under this contract remitted by the loan bank to the loan bank, and the fixed (fixed / floating) interest rate is adopted as the annual interest rate of the loan under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. If the fixed interest rate is adopted, the annual interest rate of the loan is 3.8%. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. If the floating rate is adopted, the annual interest rate is determined according to the following method /: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">A: To execute the benchmark interest rate of the People's Bank of China: /%</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">B: To increase/fall /% by ratio /based on the benchmark interest rate /%(fill in the benchmark interest rate at the corresponding period) of the People's Bank of China, actually executing the annual interest rate of %. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">C: To increase/fall /% by value / based on the benchmark interest rate /%(fill in the benchmark interest rate at the corresponding period) of the People's Bank of China, actually executing the annual interest rate of %. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The adjustment period of the interest rate is/</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The specific adjustment date is/</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. (1)The loan currency of this contract is RMB: after the loan under this contract is given out, if the People's Bank of China implements the policy of marketization of RMB loan interest rate, then the borrower shall consult with the loan bank to determine the interest rate standard. If no agreement is reached within (5) banking days after the consultation begins, then the borrower shall pay off the full principal [capital] and interest within thirty(30) banking days upon the agreement is reached. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The loan currency of this contract is foreign currency: after the loan under this contract is given out, if at 11 o'clock am(London time) on the offering day of the relevant interest period, there is no bank offering the USD deposit rate to the main banks in the London inter-bank market, then the borrower shall consult with the loan bank to determine the alternative interest rate; If no agreement is reached within (5) banking days after the consultation begins, the borrower shall pay off the full principal [capital] and interest within thirty(30) banking days upon the date the agreement is not reached. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">4. Other agreements: ___________________________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 6 The two parties agree that within the loan time limit of this contract, if the People's Bank of China adjust the benchmark lending rate or the interest accrual method, which applies to the loan under this contract, the loan bank has the right to determine the new lending interest rate of this contract according to the same increase/fall rate/value mentioned above based on the adjusted benchmark lending rate or interest accrual method. The loan bank has no need to ask for the borrower&#8217;s agreement before making the adjustment, and has the right to calculate and collect the interest according to the adjusted lending interest rate or interest accrual method since the adjustment date stipulated by the People's Bank of China. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 7 The interest of the loan under this contract will be settled quarterly/monthly, and the interest settlement date is the 20<sup>th</sup> of the last month of a quarter. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 8 The interest loan under this contract is calculated with 360days a year as the cardinal number, according to the loan amount actually remitted out from the loan bank account and the occupation days since the date the loan is remitted out from the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 9 If the borrower fails to pay back the loan according to the agreement of this contract, the loan bank has the right to calculate and collect the interest according to the default interest rate since the day the loan is overdue, until the borrower pay off the full principal and interest. The overdue default interest rate is 30%(30%-50%) plus on the level of the lending interest rate agreed in Article 5 in this contract. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak822b82c6-fb76-43b4-a0e0-09d76cb9bf83" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 5/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the borrower fails to use the loan according to the agreement of this contract, the loan bank has the right to collect interest according to default interest rate for embezzlement since the day thee borrower fails to use the loan according to the purpose agreed in this contract, until the borrower pays off the full loan principal and interest. The default interest rate for embezzlement is 50%(50%&#8212;100%) plus based on the level of lending interest rate stipulated in Article 5 in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 10 For the interest the borrower can not pay on time, the loan bank has the right to collect the compound interest according to the default interest rate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter V">Chapter V</a> The grand, payment and use of the loan fund</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 11 Unless the following prerequisites for money withdrawal are satisfied, the loan bank does not have the obligation to offer the loan under this contract to the borrower: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower has provided all the documents required by the loan bank to be provided (including but not limited to the capital payment plan, <i>Note of Entrusted Payment of Loan</i>, trade contract and other transaction background information relevant to loan payment that shall be provided by the borrower before the loan release), the conditions clearly stated have no change, and these documents are sustained effective, or the borrower has made the explanation on the changes happened that satisfy the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower has fill in the IOU / loan voucher relevant to this fund withdrawal. IOU / loan voucher is the constituent part of this contract, and has the same legal effect with this contract. If the amount of the loan under this contract, the loan time limit, lending interest rate, actual loan-making day, the expiration day and other detailed loan conditions do not conform to the records in the IOU / loan voucher, the records in the IOU / loan voucher shall prevail; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower must properly handle the government permission, approval, registration and other legal procedures relevant to this loan according to relevant laws and regulations; if required by the loan bank, the notarial acts of this contract shall be handled properly too; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. If the loan under this contract is guaranteed, the borrower shall properly handle the legal formalities of guaranty contract, notarization of guaranty, registration/guaranty insurance and so on according to the requirements of the loan bank, and the guarantee and insurance shall sustain effective; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. The borrower does not have any event of default listed in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Under the premise of meeting the above conditions for fund withdrawal, the loan bank can arrange remitting the loan to the account opened by the borrower at the loan bank according to the stipulation of Article 4 in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: China Everbright Bank, Shanghai Putuo Branch </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account: FTN36933672000006</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Unless agreed by the loan bank, the online bank payment service of the account for loan release won&#8217;t be opened. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 12 Payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Mode of payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The mode of payment of the loan fund under this contract is divided into the loan bank&#8217;s entrusted payment or the borrower&#8217;s payment itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The loan bank&#8217;s entrusted payment means that the loan bank pays the loan to the borrower&#8217;s transaction object conforming to the use purpose agreed in the contract through the borrower account according to the application for fund withdrawal and payment entrust of the borrower; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower&#8217;s payment itself means that after the loan bank remits the loan fund to the borrower account according to the borrower&#8217;s application for fund withdrawal, the borrower pays the fund to the borrower&#8217;s transaction object conforming to the use purpose agreed in this contract by itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Payment terms for the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) The conditions and amount standard of the entrusted payment of the loan bank</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2427af5d-7065-462e-af39-5b41d9c74766" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 6/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower agrees that for the liquidity loan with one of the following circumstances, the loan bank has the right to adopt the mode of entrusted payment according to relevant national laws, regulations and rules of the supervision departments: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">The credit service relationship is established with the borrower and the credit standing of the borrower is not so good;</td></tr> <tr> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">The payment object is definite and the amount of the single payment is relatively large;</td></tr> <tr> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Other circumstances affirmed by the loan bank.</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower agrees that, the entrusted payment amount standard of the loan fund under this contract is 10 million Yuan RMB, that is, for the payment of the loan fund with the single payment amount larger than 10 million Yuan RMB, the loan bank&#8217;s entrusted payment is adopted. Within the valid period of this contract, the loan bank has the right to lower the point of calculation of the single payment amount. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the single payment amount exceeds the above-mentioned starting point of amount, the loan bank&#8217;s entrusted payment must be adopted, for which the borrower shall use <i>Note of Entrusted Payment of Loan</i> conforming to the format required by the loan bank as the one and only voucher of fund payment, otherwise, if consequences like overdue payment, refused payment, refund, claim, compensation and so on are caused, the borrower will shoulder the responsibility itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) For circumstances other than the entrusted payment terms in item (1), the mode of borrower&#8217;s payment by itself will adopted. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the mode of the borrower&#8217;s payment by itself is adopted, the borrower shall submit the plan of payment of the loan fund according to the requirements of the loan bank, and after it is examined and approved by the loan bank, and the loan fund is remitted to the corresponding account according to the requirements of the payment plan, the borrower shall pay the loan fund according to the plan of payment of the loan fund submitted, and the borrower shall report the payment conditions of the loan fund on monthly/quarterly basis to the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 13 Change of mode of payment and conditions triggering the change</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">During the process of loan payment, if the borrower has the following circumstances, the loan bank has the right to consult with the borrower to supplement the loan grant and payment terms, or change the mode of payment of the loan fund: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The drop of the borrower&#8217;s credit standing;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The not-strong profitability of the main business;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The abnormal use of loan fund;&nbsp;&nbsp;</p> <p style="MARGIN: 0px">4. Other circumstances the loan bank thinks suitable .&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 14 Restricted and prohibited actions for the payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">After the date this contract is signed, if the following conditions occur, the loan bank can restrict until stop the grant and payment of relevant loan fund: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Circumstances described in Article 13.&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The loan bank finds that the borrower fails to pay or use the loan fund according to the loan purpose and has other acts violating the agreements of this contract;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower violates this contract by evading the entrusted payment of the loan bank in the mode of breaking up the whole into parts;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. The borrower violates other agreements of this contract;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. Other circumstances the loan bank thinks suitable. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakac3b70e6-19d9-40b9-912c-c11c0ee178cc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 7/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 15 The record and data of the use of the loan fund the borrower shall be provided in time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower promises to provide the record and data of the use of the loan fund in time according to the requirements of the loan bank, including but not limited to: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Transaction data(including but not limited to commodities, labor service, financial contract and / or invoice and other written or electronic document data that can prove the clear and definite use purposes of the loan fund;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Remit voucher, payment and settlement voucher;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Other data required by the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter VI">Chapter VI</a> Repayment method</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 16 The borrower shall pay the interests according to this contract and pay back the principal amount of loan according to the following item 1 under this article. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. To pay back the principal at one time. The borrower shall pay back the full principal amount of loan on October 24<sup>th</sup>, 2017; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. To pay back the principal fractionally, and the detailed principal amount and date to be paid back are as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the first time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Principal amount to be paid back: (capital form)/;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The date of principal repayment is/year/month/day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the second time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Principal amount to be paid back: (capital form)/;&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The date of principal repayment is______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the third time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1)Principal amount to be paid back: (capital form);&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2)The date of principal repayment is_______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Other agreements: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The repayment account: FTN36933672000006</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakce4dc308-d942-4266-91da-0aa020eae5f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 8/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the repayment day is not the working day of the loan bank, then the repayment day will be postponed to the next working day of the loan bank, and the non-working day of the loan bank will be calculated into the actual loan-occupation days. When the borrower pays back the last term of principal amount of loan, the interests shall be settled along with the principal. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 17 The borrower shall prepare substantial interests, principal or other fees payable at the corresponding term on the account opened at the loan bank before the expiry date for interest or date of repayment of principal agreed in this contract or recorded on the IOU / loan voucher, and take the following measures to pay back the loan:&nbsp;[1] 1. Entrust the loan bank to collect the fund actively from the borrower account on the agreed expiry date for interest or date of repayment of principal; 2. Make repayment itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 18 The borrower shall pay back the loan under this contract to the loan bank in full amount on time. If the borrower fails to pay the principal and interest on time, the loan bank has the right to deduct the borrowers&#8217; payable fees, loan interests, compound interest and the amount of loan principal from the account opened by the borrower at the loan bank or any account opened at the branch within the system of the loan bank in proper sequence. For the principal amount of loan or the interests not collected back for 90 overdue days, the sequence of deduction of repayment shall be implemented according to the relevant stipulations of the Ministry of Finance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If on some date of principal and interest payment, the sum of fund paid by the borrower is not sufficient for repaying the accounts payable at the current period, the sum of fund shall be used first to pay the fees payable for the borrower, and then used to pay the loan interest and compound interest, and finally used to repay the principal amount of loan. For the principal amount of loan or the interests not collected back for 90 overdue days, the sequence of deduction of repayment shall be implemented according to the relevant stipulations of the Ministry of Finance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 19 If the borrower plans to return the loan ahead of schedule, it shall raise written application to the loan bank 30 working days( of the loan bank) in advance, and ask for the written approval of the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The standard of interest collection when repaying interests in advance is [1]: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The interest will be calculated to the repayment day according to the interest rate agreed in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Others: /</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Article 20 If the borrower can not repay the loan under the contract for lease on schedule, and needs to extend the repayment period, it shall submit the written application for loan period extension to the loan bank [&nbsp; ] working days (of the loan bank) before the date of expiry of the loan. If it is examined and approved by the loan bank, the two parties sign the <i>Loan Extension Contract</i> separately as the supplement contract to this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak53c3e977-05db-4501-8b75-80a65dc50586" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 9/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><a name="Chapter VII">Chapter VII</a> Guarantee</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 21 The guarantee method of the loan under this contract is: 3. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. /(the guarantor) provides joint liability warrandice; the contract number is guaranteed to be /. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. /(the mortgagor) provides the underlying security of /(the object given as a pledge); the number of mortgage contract is /. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Shanghai Cichang New Energy Science and Technology Co., Ltd (pledgor) provides the pledge guarantee of the unit certificate of deposit (pledged property/pledge right); and the number of the contract of pledge is 3672022016005-1. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 22 The loan bank and the guarantor shall sign the corresponding contract of guaranty on specific security matters, and handle the notarization of the contract of guaranty, and/or the formalities of guaranty insurance, registration and so on. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 23 If the time period of the contracts for lease is extended, the borrower and the guarantor shall make sure to continue to undertake the responsibility of guarantee during the extended period, and the contract of guaranty remains effective during the extended period of lease. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter VIII">Chapter VIII</a> Commitment and compensation of costs</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 24 If the borrower is the litigant, it shall undertake the expenses needed for signing and performing this contract and the corresponding contract of guaranty in the principle of &#8220;who entrusts, who pays&#8221;, including fees of notarization, registration, insurance and so on. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 25 Once required by the loan bank, the borrower shall pay in full amount and compensate the loan bank for the expenses and costs to the loan bank performs for performing its rights under this contract, including but not limited to litigation costs, attorney's fees, travel expenses, and other fees for realizing the creditor's rights. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter IX">Chapter IX</a> The borrower&#8217;s representations, warranties and commitments</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 26 The borrower is a legal entity /other organization established according to American Law and persisting effectively. It has independent capacity for civil conduct and enjoys full power, authorization and right to undertake civil liability and engage in business activities with all its assets. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 27 The borrower has full power, authorization and right to sign this contract and carry out the transaction under this contract, has taken or obtained the necessary corporate action actions and other actions, and agrees to sign and perform this contract through authorization. This contract is effectively signed by the borrower&#8217;s legal representative or its authorized agent, with the borrower&#8217;s official seal stamped. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 28 The borrower has obtained all the approvals of government departments and the consent of the third party needed for signing this contract, and the borrower&#8217;s signing and performing of this contract does not violate the borrower&#8217;s legal entity document/ document of approval(if any) or any other contract or agreement with the borrower as one party of it. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake4e69c38-64e8-4e66-a5e0-4609e855c84f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 10/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 29 All documents, materials and vouchers offered to the loan bank by the borrower for signing this contract and performing the transactions under this contract must be true, complete, accurate and effective. And the financial statements submitted by the borrower truly reflect the financial standing of the borrower when the statements are issued. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 30 This contract is lawful and effective, and constitutes the legally binding obligations to the borrower. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 31 The borrower shall open account at the loan bank according to the requirements of the loan bank, and the fund under this contract will be settled and used through that account. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 32 In order to ensure the validity, effectiveness or forcible execution of this contract, the borrower has completed or will complete all the formalities of registration, record or notarization needed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 33 The borrower has no litigation, arbitration or administrative procedure that has negative effect on its ability of performing its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 34 The statement, guarantee and commitment of the borrower shall always be correct before all the loan principal and interest under this contract are paid off, and the borrower will provide relevant documents at any time according to the requirements of the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 35 No event of default to the borrower has happened or existed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 36 The borrower has carefully read and completely understands and accepts the contents of this contract. The borrower&#8217;s signing and performance of this contract are voluntary and all its expressions under this contract are true. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 37 According to the requirements of the loan bank, the materials provided by the borrower shall be true, complete and effective. If the borrower belongs to the group customers determined by the loan bank according to Commercial Bank&#8217;s Risk Management Guidelines for Credit Extension to Group Customers, the borrower shall report to the loan bank the conditions of the connected transaction of above 10% of its net asset according to Article 17 of the<i> Guidelines</i>, including the incidence relations of all the transaction parties, transaction items, transaction nature, transaction amount or corresponding ratio, and pricing policy (including transactions without fund amount but only nominal amount). </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 38 The borrower promises to cooperate with the loan bank to carry out loan payment management, after-loan management and relevant checks. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 39 The borrower shall accept forwardly and cooperate actively in the loan bank&#8217;s investigation, understanding and supervision of its relevant production, business and financial status; the borrower has the obligation to provide the loan bank with the financial statements of <i>Balance Sheet, Account of Business </i>and other financial statements or other materials of the latest month reflecting the credit position of the borrower on a monthly basis. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak463524bf-630f-484c-b1a7-71e133948ae8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 11/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 40 If matters of alteration of the borrower&#8217;s name, legal representative, legal address and so on happen within this contract&#8217;s term of validity, the borrower shall notify the loan bank thirty working days(of the loan bank) in advance in written form. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 41 Before paying off all its debts under this contract, if the borrower has significant events, such as external investment, substantial increase in debt financing, merging, separation, capital reduction, transfer of equities and assets, application for stopping doing business for internal rectification, application for dissolution, voluntary bankruptcy, and other actions substantial to affect the rights and interests of the loan bank or substantial to cause the change of the relations of the creditor's rights and debts under this contract, it shall notify the loan bank in written form thirty working days(of the loan bank) in advance, and at the same time, execute its obligation of paying off the debt or paying off the debt in advance, or it is not allowed to take the above-mentioned actions. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 42 The borrower guarantees that during this contract term of validity, without the written consent of the loan bank, the borrower can not make warrandice for or shoulder the debt of other business entity, organization or individual that is substantial to affect the borrower&#8217;s repayment ability under this contract, nor can it make mortgage or pledge with the borrower&#8217;s assets and interests that is substantial to affect the repayment ability of the borrower under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 43 For any other significant adverse event that is dangerous to the borrower&#8217;s normal business, that has significant adverse effects for its performance of its obligation of repayment under this contract and affects it repayment ability, the borrower shall notify the loan bank in written form immediately. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 44 The borrower is aware of and agrees that: at any time, the loan under this contract is issued according to the discretionary decision of the loan bank; the loan accepts the regular or irregular inspections by the loan bank on dates of its discretionary decision, in order to decide whether to continue to grant the loan in any form to the borrower or not. The loan bank has the right to terminate or suspend all or part of the loans and cancel the borrower&#8217;s further use of the loan, without the need of notifying the borrower beforehand. As long as the loan is not released, the loan bank has the right to reject the borrower&#8217;s application of withdrawal at any time and cancel all or part of the loan under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 45 The loan bank has the right to require the borrower to open the following account at the loan bank as the special fund-withdrawal account, and the borrower shall open that account according to the requirements of the loan bank and sign the agreement on account management. The borrower shall provide the loan bank with the conditions of funds in and out of the account, and accept the loan bank&#8217;s management of the advanced funds. The loan bank has the right to call in the loan in advance according to the borrower&#8217;s conditions of fund withdrawal . The detailed account information is as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: China Everbright Bank, Shanghai Putuo Branch </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account: FTN36933672000006</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Unless agreed by the loan bank, the online bank payment service of the fund withdrawal account won&#8217;t be opened. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakff7c73ac-eb5f-49df-868b-0e73b6f2a014" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 12/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter X">Chapter X</a> Event of default</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 46 Any one of the following matters will constitute the event of default under this contract: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower fails to pay the interests or repay the principal according to the due course in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower fails to use the loan fund according to the purpose stipulated in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower fails to pay the loan fund in the agreed mode; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. The borrower fails to abide by its commitments.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. The borrower breaks through the agreed financial index(the requirements of the approval of the loan bank credit extension shall prevail); </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">6. When significant cross events of default happen. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">7. The borrower provides the loan bank with the <i>Balance Sheet, Account of Business</i>, or other financial statements which are false or with material facts concealed, or refuses to accept the loan bank&#8217;s supervision and examination of its loan use, relevant production, business and financial activities; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">8. The representations, warranties and commitments the borrower or the guarantor makes under this contract, or representations, warranties and commitments made by the guarantor under relevant contract of guaranty are proved untrue or misleading; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">9. The borrower or the guarantor violates the contract with itself as one party; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">10. The borrower or the guarantor&#8217;s business and financial standing deteriorate severely; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">11. The object given as a pledge and pledged property/pledge right relevant to the loan under this contract have depreciation, damage or loss; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">12. When the borrower or the guarantor merges, separates or conduct share reform, it fails to make the repayment arrangement or debt restructuring plan that can satisfy the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">13. The borrower or the guarantor goes bankrupt, dismissed, closed, canceled, or revoked. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">14. The borrower fails to inform the loan bank of the following conditions: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Any material alteration to its articles of association and any substantial change to its business activities; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2)Material alteration of its accounting principles; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(3)Any substantial change in finance, economy and other aspects of it, its subsidiary corporations or its parent companies; </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4bd4e8b8-5e83-4725-a4b1-f91c1dffde5d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 13/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">15. The borrower is involved in any litigation, arbitration or administrative procedure that can constitute severe negative effect to its financial standing or its performance of the obligations under this contract . </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">16. The borrower&#8217;s properties are seized, frozen, detained or controlled according to law, which may or already has affect the borrower&#8217;s performance of its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">17. The borrower, as the group customer determined by the loan bank according to <i>Commercial Bank&#8217;s Risk Management Guidelines for Giving Credit to Group Customers</i>, goes to the bank to make discount or pledge with creditor's rights of bill receivable and accounts receivable that have no real trade background by using the false contracts with the related parties, to cash the bank&#8217;s fund or gain credit extension; or evades from creditor's rights of the bank through connected transactions. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">18. The borrower violates any other clause of this contract, and fails to make remedy satisfying the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">19. Any other incident or condition happens that causes substantial negative effects on the rights of the loan bank under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 47 The loan bank judges whether the above-mentioned event of default happens or not and notifies the borrower. After any of the above-mentioned event of default happens, the loan bank has the right to take any one or several measures below: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Stop the remit of the loan under this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Announce that all the remitted loan expires immediately and request the borrower to pay back all the remitted principal amount of loan, interest or other expenses realizing creditor's rights immediately; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Request the borrower to add or change the guarantor, the object given as a pledge, and the pledged property/pledge right; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. Deduct any payment due but not paid by the borrower from the account opened by the borrower at the loan bank or any account opened at any branch within the system of the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. Announce the implementation or realization of the rights under any guarantee of the relevant loan; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">6. Other methods the loan bank thinks suitable. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter XI">Chapter XI</a> Others</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 48 Within the term of validity of this contract, the loan bank has the right to check the condition of use of the loan, and the borrower shall provide condition representation and materials to the loan bank according to its requirements. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 49 Both parties to the contract shall keep secret the debt, finance, production, business data and conditions of the other party learned because of signing and performing this contract, except for the relevant conditions of the borrower inquired according to law. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 50 Without the consent of the loan bank beforehand, the borrower can not transfer or dispose in other modes all or part of its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 51 Without the need to ask for the borrower&#8217;s approval beforehand, the loan bank can transfer the creditor's rights under this contract to any third party, and only needs to notify the borrower in written form after the transfer. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 52 All the funds payable by the borrower under this contract shall be paid in full amount and can not be offset of any nature, deducted or withdrawn in advance, nor can the funds be offset with any debt the loan bank owes to the borrower. If any law requires the borrower to deduct or withdraw in advance any fund paid by the borrower to the loan bank, the borrower shall pay an extra amount of fund to the loan bank, to guarantee that the fund the loan bank receives equals to the fund receivable if there is no such deduction or withdrawal in advance. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak08aca4e5-e090-4546-a5b1-2d121eb6f85b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 14/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 53 No moratorium, preference or extension the loan bank gives to the borrower will affect, damage or restrict any right enjoyed by the loan bank according to this contract, laws and regulations; and no moratorium, preference or extension the loan bank gives to the borrower shall be deemed as the loan bank&#8217;s abandoning of the rights and interests under this contract, nor will any of them affect any responsibility or obligation the borrower undertakes under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 54 If at any time, any clause of this contract becomes illegitimate, invalid or non-performable, the legitimacy, validity or performability of other clauses of this contract will not be affected or weakened. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 55 Any alteration or supplement to this contract shall be made in written form and effectively signed by the two parties to this contracts. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 56 The subtitles of this contract are only made for the convenience of reading and can not be used for the explanation of this contract or other purposes. The handwritten contents chosen and filled in this contract have the same legal effect with the printed contents in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 57 The notices and requirements relevant to this contract the two parties send to each other shall be made in written form and sent to the addresses or faxes listed on the front page of this contract. If any party change its address or fax, it shall inform the other party in written form in time. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 58 If the correspondence between the two parties are delivered by specially-assigned personnel, they are deemed delivered after they are handed over; if they are sent by certified mail, they are deemed delivered 3 days after they are sent off; if they are sent by fax, they are deemed delivered at the moment they are sent out. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter XII">Chapter XII</a> Application of law and resolution of disputes</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 59 This contract and all the matters it involves shall be subject to the Chinese law, and explained by Chinese law. The disputes happening during the performance of this contract between the two parties shall first be solved through negotiation by the two parties; if negotiation fails, the dispute can be submitted to the court where the loan bank is located in the form of action. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter XIII">Chapter XIII</a> Entry into force, change and dissolution of the contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 60 This contract takes effect once it is stamped with official seals and signed or sealed by the legal representatives of the two parties or their authorized agents. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 61 After this contract takes effect, unless otherwise stipulated by laws and regulations or otherwise agreed in this contract, neither party can change or dissolve this contract without authorization. If alteration or dissolution of this contract is needed, the two parties shall reach consensus and form written agreement on it, and before the written agreement is reached, this contract clause remains effective. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter XIV">Chapter XIV</a> attachment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 62 For the matters uncovered in this contract, the two parties can reach another written agreement as the attachment to this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><a name="Chapter XV">Chapter XV</a> Supplementary provisions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 63 The this contract is made in quadruplicate, the borrower holds one copy and the loan bank holds three copies. The four copies have equal legal effect. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 64 This contract was signed in Shanghai on October 24<sup>th</sup> 2016. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Article 65 Both parties to this contract agrees to make notarization of this contract and promise to endow the compulsory execution effect to this contract. When the borrower refuse to perform or incompletely perform the debt or when the circumstances of the loan bank realizing the creditors&#8217; rights agreed by laws, regulations and this contract occur, the loan bank has the right to apply to the people's court with jurisdiction for forcible execution, and there won&#8217;t be objection against the application. (This article is optional and both parties can choose whether it is [1]. 1. Applicable; 2. Not applicable for this contract)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0be83c02-b9c5-449a-a68f-64374e85a145" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">&#8211; Page 15/16 &#8211;</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(This page is the sign page for both parties to the contract with no straight matter.)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">the borrower (seal):&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative: <img src="solarmax_ex1020img1.jpg"></p> <p style="MARGIN: 0px">(or authorized agent)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">the loan bank(seal): seal for loan contract of China Everbright Bank, Shanghai Putuo Branch(specially used for company business)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative/the person in charge: Yu Wenhuan</p> <p style="MARGIN: 0px">(or the authorized agent)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Date of seal verification:2016-10-21 15:57:34; account 36728802406463259; account name: SOLARMAXTECHNOLOGY, INC; Type of voucher: contract; security code of voucher number: none; Seal verification operator: 738360 Zhou Minwei; the 1<sup>st</sup> seal(1, 1 hand signature ): manual effective; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&#8211; Page 16/16 &#8211;</p></td></tr> <tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
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<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>27
<FILENAME>solarmax_ex1021.htm
<DESCRIPTION>EX-10.21
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<html><head><title>solarmax_ex1021.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.21</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="3">Contract No.:</font></b></p> <p style="MARGIN: 0px" align="center"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">Project Contracting Contract for</font></b></p> <p style="MARGIN: 0px" align="center"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">70MW Photovoltaic Power</font></b></p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="4">Generation Project of Qingshui River,</font></b></p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><font size="4">Xingyi City, Guizhou</font></b></p> <p style="MARGIN: 0px" align="center"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">Business Part</font></b></p> <p style="MARGIN: 0px" align="center"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">02/15/2016</font></b></p> <p style="MARGIN: 0px"> <table id="pagebreak69f0e890-c74d-45ac-8a8d-ab15e6a1f3bd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><font size="3"><b><a name="Table of Contents">Table of Contents</a></b></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Part I Contract</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px" align="right">6</p></td> <td width="1%"></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">I. Project overview</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">6</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">II. Main technical sources</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">7</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">III. Main dates</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">7</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">IV. Project quality standards</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">7</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">V. Contract composition, price and payment currency</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">VI. Undertakings of the contractor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">8</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">VII. The meanings of related words hereof shall be the same with the definitions and interpretations granted by the general contract provisions.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">VIII. Contract effectiveness</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Part II General Provisions</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 1 General stipulations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.1 Definitions and interpretations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.2 Contract documents</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.3 Language and words</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">18</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.4 Governing laws</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">19</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.5 Standards and codes</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">19</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.6 Compliance with laws</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">20</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">1.7 Confidentiality matters</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 2 Contract letting party</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">2.1 The contract letting party's obligations and rights</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">2.2 Representative of the contract letting party</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">22</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">2.3 Supervisor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">22</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">2.4 Safety guarantee and security guard responsibility</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 3 Contractor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.1 The contractor's obligations and rights</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.2 Project manager</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.3 Project quality assurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">25</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.4 Safety assurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">25</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.5 Occupational health and environmental protection assurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">26</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.6 Progress guarantee</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">26</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.7 Spot security guard</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">26</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">3.8 Subcontracting</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">27</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 4 Progress plan, delay and suspension</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">28</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.1 Project progress plan</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">28</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.2 Design progress plan</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">29</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.3 Purchase progress plan</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">29</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.4 Construction progress plan</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.5 Delay compensation</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">4.6 Suspension</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td></td></tr></table></p>&nbsp; <table id="pagebreak96b85143-2cac-4f39-9407-82786479b471" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 5 Technologies and design</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px" align="right">34</p></td> <td width="1%"></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">5.1 Production processing technologies and construction art models</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">34</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">5.2 Design</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">5.3 Design stage verification</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">37</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">5.4 Training of operators and maintenance persons</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">38</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">5.5 Intellectual properties</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">38</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 6 Project materials</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">38</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.1 Provision of project materials</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">38</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.2 Test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">40</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.3 Imported project materials and customs declaration &amp; customs clearance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">42</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.4 Transportation and transportation of the materials beyond limits</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">42</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.5 Reorder and consequences</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">43</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">6.6 Custody and surplus of project materials</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">43</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 7 Construction</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">43</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.1 The contract letting party's obligations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">43</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.2 The contractor's obligations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">44</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.3 Construction technologies and methods</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">47</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.4 Human, machine and tool resources</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">47</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.5 Quality and inspection</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">48</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.6 Concealed project and midway inspection &amp; acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">51</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.7 Dispute on the construction quality result</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">53</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">7.8 Health, safety and environment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">53</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 8 Completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">59</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.1 Completion test obligation</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">59</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.2 Examination and inspection &amp; acceptance of completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">61</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.3 Completion test safety and examination</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">62</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.4 Delayed completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">64</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.5 Retest and inspection &amp; acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">65</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.6 Failure to pass completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">65</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">8.7 Dispute on completion test result</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">66</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 9 Project receipt</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">67</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">9.1 Project receipt</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">67</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">9.2 Receipt certificate</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">68</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">9.3 Project receipt responsibilities</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">68</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">9.4 Failure to receive the project</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">69</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 10 Post-completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">69</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.1 Rights and obligations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">69</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.2 Post-completion test procedures</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">72</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.3 Post-completion test and trial operation assessment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">73</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.4 Delay in post-completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">74</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.5 Conducting post-completion test again</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">75</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.6 Failure to pass assessment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">75</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.7 Post-completion test and assessment inspection &amp; acceptance certificate</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">76</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">10.8 Loss of production value and use value</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">77</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 11 Quality assurance responsibility</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">77</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">11.1 Quality assurance responsibility agreement</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">77</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">11.2 Quality assurance amount</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">78</p></td> <td></td></tr></table>&nbsp; <table id="pagebreak585e9d51-60c9-47ea-87c0-8396bdbf0b82" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 12 Project completion inspection &amp; acceptance</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px" align="right">78</p></td> <td width="1%"></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">12.1 Completion inspection &amp; acceptance report and complete completion materials</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">78</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">12.2 Completion inspection &amp; acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">79</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 13 Alteration and contract price adjustment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">80</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.1 Alteration rights</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">80</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.2 Alteration scope</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">80</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.3 Alteration procedures</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">82</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.4 Emergent alteration procedures</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">84</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.5 Determination upon alteration price</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">85</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.6 Interest sharing of suggested alteration</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">85</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.7 Adjustment to the contract price</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">86</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">13.8 Dispute in adjustment to the contract price</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">86</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 14 Total contract price and payment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">87</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.1 Total contract price and payment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">87</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.2 Guarantee (not applicable to this contract)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">87</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.3 Prepayment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">87</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.4 Project progress accounts</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">88</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.5 Provisional deduction and payment of quality assurance amount.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">89</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.6 Applying for payment according to the payment schedule</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">90</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.7 Payment condition and schedule</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">91</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.8 Delay in payment time</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">91</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.9 Tax and tariff</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">92</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.10 Payment of claim accounts</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">93</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">14.11 Completion settlement</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">93</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 15 Insurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">97</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">15.1 The insurance purchased by the contractor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">97</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">15.2 All-risk insurance and third-party liability insurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">98</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">15.3 Miscellaneous provisions on insurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">98</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 16 Breach, claim and arbitration</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">98</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">16.1 Breach liabilities</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">98</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">16.2 Claim</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">100</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">16.3 Dispute and adjudication</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">102</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 17 Force majeure</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">103</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">17.1 Obligations upon occurrence of force majeure.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">103</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">17.2 Consequences of force majeure.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">103</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 18 N/A</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">104</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 19 Contract effectiveness and termination</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">104</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 20 Supplementary provisions</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">104</p></td> <td></td></tr></table>&nbsp; <table id="pagebreakd39d7734-2d65-4c14-8046-e74a0e1079b3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Part III Special provisions</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px" align="right">105</p></td> <td width="1%"></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 1 General stipulations</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">105</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 2 Contract letting party</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">106</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 3 Contractor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">106</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 4 Progress plan, delay and suspension</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">107</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 5 Technologies and design</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">108</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 6 Project materials</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">109</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 7 Construction</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">110</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 8 Completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">112</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 9 Project receipt</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">113</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 10 Post-completion test</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">114</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 11 Quality assurance responsibility</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">115</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 12 Project completion inspection &amp; acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">115</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 13 Alteration and contract price adjustment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">116</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 14 Total contract price and payment</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">116</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 15 Insurance</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">119</p></td> <td></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px" align="justify">Article 16 Contract effectiveness and termination</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">120</p></td> <td></td></tr></table>&nbsp;&nbsp; <p style="MARGIN: 0px"> <table id="pagebreak60684718-ec46-4b79-a0c4-161252869ae2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"><b><font size="4"><a name="Part I Contract">Part I Contract</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Contract letting party (Party A): Xingyi Zhonghong New Energies Co., Ltd.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Contractor (Party B): Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In accordance with the Contract Law of the People's Republic of China, Construction Law of the People's Republic of China as well as related laws and administrative regulations, based upon the principles of equality, willingness, fairness and integrity, the contract parties enter into this contract through negotiation with respect to the matter relating to the contracting of 70MW photovoltaic power generation project of Qingshui River, Xingyi City, Guizhou.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="I. Project overview">I. Project overview</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Name of project: 70MW (actual volume: 70MW) photovoltaic power generation project of Qingshui River, Xingyi City, Guizhou</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Address of project: Qingshui River Development Zone, Xingyi City</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Contracting scope of project: all work necessary for constructing a complete photovoltaic power generation system by the contractor from the project development of this project to the start of commercial running of the photovoltaic power generation system and passing of inspection and acceptance conducted by relevant national, provincial and municipal authorities until expiry of the quality assurance period. The contents of this project include but be not limited to the project development, survey and design (including but not limited to preliminary design, construction drawing design, completion drawing design and access system design), civil engineering projects (including but not limited to foundation treatment, booster station and conveying lines), equipment and material supply, commodity and spare part preparation, transportation, custody, insurance, installation project, technical service, production preparation, employee training, debugging, test, inspection &amp; acceptance and synchronization, completion inspection &amp; acceptance, handling of all kinds of formalities and documents as well as obtaining of certification documents from relevant governmental authorities, after-sale service and project information system, standardized management, post appraisal and cooperation within complete scope of EPC project of 70MW photovoltaic power generation project of Qingshui River, Xingyi City (including outgoing line project, station transformation lines, installation test and equipment on both sides). The total contracting price includes the material and equipment purchase (including photovoltaic components) of the whole project and all expenses occurring (except for supervision) during the project construction period and relating to this project.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakfaa3e654-4eef-4c47-96ec-4998d2211e72" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Such general contracting agreement does not include all one-off expenses including but not limited to project land lease, indemnification, site-clearing fee, young crop compensation and fee adjustment fee, Party B shall be responsible for handling the above related matters, however, Party A shall bear the expenses.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="II. Main technical sources">II. Main technical sources</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Current technical standards promulgated by the State and the industry.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="III. Main dates">III. Main dates</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Contract period (absolute date or relative date): not later than expiry of the quality assurance period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Construction period (absolute date or relative date): November 10, 2015</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Date of synchronization: synchronization and power generation shall be accomplished before June 30, 2016.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="IV. Project quality standards">IV. Project quality standards</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Project quality standards: refer to <i>Photovoltaic Power Station Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II for details) and relevant technical standards promulgated by the State and the industry.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak01badd9e-6292-4107-8712-3651f786289a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><font size="3"><a name="V. Contract composition, price and payment currency"><b>V</b><b>. Contract composition, price and payment currency</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract shall have the contents including but not limited to project development, equipment purchase, design and construction installation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The total contract price is RMB 518,000,000.00 yuan (in words: RMB FIVE HUNDRED AND EIGHTEEN MILLION YUAN ONLY, tax inclusive), the specific amount of each item shall be subject to final settlement of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The total volume of this project is 70MWp, wherein, the unit contracting price for settlement of the project shall be RMB 7.4 yuan/W. If the owner requires to conduct any increased work on the project, the unit project settlement price for the increased part shall be RMB 7.4 yuan/W.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Except for the amount that shall be increased or decreased in the project implementation process as set forth herein, the contract price shall not be adjusted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="VI. Undertakings of the contractor">VI. Undertakings of the contractor</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Whereas, the contractor shall be responsible for the development of the whole 70MW photovoltaic power generation project of Qingshui River, Xingyi City, Guizhou, and under the premise that the contractor undertakes to obtain electricity price subsidy of RMB 1 yuan/kwh for such project, the contract letting party chooses Party B as contractor of such project. The contractor shall be responsible for obtaining electricity price subsidy of RMB 1 yuan/kwh for such project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In the event that, as of June 30, 2016, the contractor still fails to accomplish overall synchronization and power generation of such project, the contractor shall bear the contract letting party's cost of funds <b>(the cost of funds shall be calculated based upon the annual interest according to the bank loan interest rate of the same period).</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The equipment selection of this project shall be recognized by the contract letting party or the design supervisor designated by the contract letting party (the specific details shall be subject to the technical terms).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak7e38a6c0-7193-49b8-8e3f-b71a95172c91" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor undertakes to, according to contract provisions, timely pay any and all sub-contractor equipment accounts and project accounts and guarantee that any and all sub-contractor shall not affect the construction of this project and subsequent operation work, should the contractor's failure to timely pay project and equipment accounts cause the construction of this project and subsequent operation to be affected, the contractor shall be entitled to pay reasonable accounts to any and all sub-contracting units of the contractor, the accounts paid shall be directly deducted from the total contract price or subject to recourse from the contractor, any and all other losses caused shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor guarantees to the contract letting party that, it will conduct project development, design, purchase, construction and debugging until overall synchronization of this project in strict accordance with contract provisions in order to make this project be operated according to the provisions hereof and shall be responsible for renovating any and all faults and defects caused by any reason attributable to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor undertakes that, consent and written confirmation of the contract letting party shall be obtained for supplier selection and type selection of main equipment purchase (including but not limited to component, inverter, support, cable and box transformer).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for handling land formalities for the project. The contractor undertakes that, the land shall satisfy the 70MW volume requirement of the power station and the land is free from any ownership dispute (the leased land circulation formalities shall conform to Party A's requirement), the land shall satisfy 25-year service life of the project and the land rental (including but not limited to indemnification, site-clearing fee, young crop compensation and fee adjustment fee) shall be settled according to the actual expenses.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Before this project is handed over to the contract letting party, the contractor undertakes to finish handling all certificates and approval files necessary for such project and guarantees that all formalities and documents are authentic, complete, legal and effective.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc928003b-8164-4426-bc35-abd84537f94d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for developing the whole project and handling formalities as well as conducting all work for the construction and synchronization of the whole power station, the contract letting party fully trusts the contractor's professional capacity, the contractor undertakes that such project can certainly obtain approval and response file on the electricity price of RMB 1.0 yuan/kwh for the target project issued by the Price Bureau.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="VII. The meanings of related words hereof shall be the same with the definitions and interpretations granted by the general contract provisions.">VII. The meanings of related words hereof shall be the same with the definitions and interpretations granted by the general contract provisions.</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="VIII. Contract effectiveness">VIII. Contract effectiveness</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">This contract shall come into effectiveness after being signed and affixed with official unit seals by the parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Date of contract conclusion: February 15, 2016</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Place of contract conclusion:<br></p> <p style="MARGIN: 0px"> <table id="pagebreak415ea7c9-905d-42aa-b251-d50ff0ee57fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(This page is intentionally left blank) This page is intentionally left blank as the signing page of Project Contracting Contract for 70MW Photovoltaic Power Generation Project of Qingshui River, Xingyi City, Guizhouentered into by and between Xingyi Zhonghong New Energies Co., Ltd. and Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><b>(Signing page)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px"><b>Contract letting party: Xingyi </b><b>Z</b><b>h</b><b>onghong New Energies Co., Ltd.</b></p></td> <td width="2%"></td> <td> <p style="MARGIN: 0px"><b>Contractor: Solarmax Technology </b><b>(Jiangsu) Co., Ltd.</b></p></td></tr> <tr> <td></td> <td></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px"><b>Legal representative: </b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Legal representative:</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>Postal code: </b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Postal code:</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>Telephone:</b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Telephone: </b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>Fax:</b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Fax:</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>E-mail: </b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>E-mail:</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>Account opening bank: </b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Account opening bank: </b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px"><b>Account No.:</b></p></td> <td></td> <td> <p style="MARGIN: 0px"><b>Account No.:</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb6c67389-a8ab-4b82-b72b-c8d801241e42" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="4"><a name="Part II General Provisions">Part II General Provisions</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 1 General stipulations">Article 1 General stipulations</a></font></b></p> <p style="MARGIN: 0px"><font size="3"></font>&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.1 Definitions and interpretations">1.1 Definitions and interpretations</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.1 General provisions refer to ordinary provisions observed by the contract parties in the process of performing the project contracting contract according to the provisions of laws and administrative regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.2 Special provisions refer to the provisions for supplementation, modification and perfection to the general provisions according to the actual situation of the contracting project that are jointly observed with consent.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.3 Project contracting, means that, upon entrustment of the contract letting party, the contractor conducts project contracting of the whole process as well as the design and other stages including but not limited to the design, purchase, construction (including completion test) and trial operation of the engineering construction project according to contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.4 Contract letting party refers to the party called contract letting party as agreed upon in the contract, including its legal successor and licensed assignee.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.5 Contractor refers to the party accepted by the contract letting party and having the qualification of project contracting subject as agreed upon in the contract, including its legal successor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.6 Subcontractor refers to any legal person or other organization with relevant qualification who accepts the subcontracting of part of the project or services by the contractor according to contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.7 Representative of the contract letting party refers to the representative designated by the contract letting party for performing this contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.8 Supervisor refers to the project supervising unit with relevant qualification entrusted by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak31393609-d34a-468f-869f-197ca237817b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.9 Project director refers to the general supervising engineer authorized by the supervisor and responsible for performing the supervision contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.10 Project manager refers to the representative appointed by the contractor to be responsible for performing this contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.11 Permanent project refers to the project subject to design, construction, completion test, post-completion test, completion inspection &amp; acceptance and trial operation assessment and delivery to the contract letting party for production, operation or use by the contractor according to contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.12 Project development: the contractor shall be responsible for obtaining all formalities and documents necessary for 70MW photovoltaic power generation project of Qingshui River, Xingyi City before overall synchronization and guarantee that all formalities for this project are complete, legal and effective. See Appendix VI List of Formalities for details (According to the governmental regulations, if there is any formality that does not have to be handled or it is necessary to additionally handle any other document, the governmental regulations shall apply).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Including but not limited to:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Obtaining project archival filing, being responsible for handling all formalities of the archival filing period including but not limited to preliminary verification of land use, land surveying and mapping, geological prospecting, environmental assessment, energy assessment, safety assessment, stability assessment, water protection, preliminary verification comments of land and resources bureau, land circulation &amp; land use formalities, geological disaster assessment, overlaid and covered mineral report, planning and address selecting opinion as well as red-line drawing;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for handling power grid access, construction license, land use planning and license, construction project planning and license, fire protection inspection &amp; acceptance, environmental protection inspection &amp; acceptance and land use right certificate etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall guarantee that the land conforms to the requirements of power station construction, including but not limited to: the land ownership and use purpose conform to relevant requirements, the land area conforms to the requirements of power station, a series of expenses including but not limited to design, supervision, construction, compensation and economic input incurred by water and land preservation and environmental protection inspection and acceptance are all included in this contract.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak7f43a66e-eb83-4454-b703-0d5b66f4f6d2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.13 Provisional project refers to any provisional building and structure that shall be constructed on the spot as well as any project not constituting permanent project entity for implementing, accomplishing permanent project and repairing any quality defect.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.14 Spot or field refers to any site used by the contractor for work on the spot, residence, storage of equipment, materials and parts, construction machines, tools and facilities as well as implementation of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.15 Project basic materials refer to the approval or ratification files by relevant authority on the project that shall be provided and handled by the contractor upon entrustment of the contract letting party, reports (factory selection report, resource report and reconnaissance report), materials (weather, hydrology and geology), agreements (water, electricity, gas and transportation) and relevant data etc. as well as basic materials necessary for design.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.16 Spot obstacle materials, refer to the coordinate locations and data of existing aboveground and underground buildings, structures, historic buildings and ancient trees etc. that shall be protected as well as the materials of other situations necessary for the contractor to accomplish design and conduct spot construction.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.17 Design stage refers to the stage of planning design, overall design, preliminary design, technical design and construction drawing design.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.18 Project materials refer to the materials necessary for the equipment, materials and components constituting the permanent project entity as set forth in the design documents as well as the materials for post-completion test and completion inspection &amp; acceptance etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.19 Construction refers to the process that the contractor converts the design documents into the project, including the operation of civil engineering, installation and completion test etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.1.20 Completion test, refers to the test that shall be conducted by the contractor and relevant governmental authority upon accomplishment of civil engineering and installation of the project and before the project is received by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak88c06165-314a-4063-afe6-6e81f968f7aa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.21 Construction completion means that the civil engineering and installation of the project have been accomplished according to the contract provisions and design requirements and the project has passed completion test and completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.22 Project receipt, refers to the process that, after the project passes completion test and completion inspection &amp; acceptance, in order to make the operators and users of the contract letting parties to assume their posts to make preparation for post-completion test and trial operation, the contractor and the contract letting party handle project handover and take over and the contract letting party issues receipt certificate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.23 Post-completion test refers to, after the project is received by the contract letting party, the test organized by the contract letting party on its own according to the contract provisions or the function test on the project under the organization and leading or the contract letting party and guidance by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.24 Trial operation assessment refers to all tests including the contract objective assessment inspection &amp; acceptance conducted by the contract letting party on its own or under the organization and leading of the contract letting party and under the guidance of the contractor according to the contract provisions and upon completion test after the project is accomplished.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.25 Assessment inspection &amp; acceptance certificate refers to the inspection &amp; acceptance certificate issued by the contract letting party upon accomplishment and inspection &amp; acceptance of all trial operation assessment tests.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.26 Synchronization inspection &amp; acceptance: means that, upon overall synchronization of this project, in order to obtain the synchronization inspection &amp; acceptance certificate issued by the contract letting party for this project, the contractor shall, according to the procedures and standards as set forth in the technical part of national industrial standards, conduct 240-hour continuous trial operation without any fault on this project, hand over all project materials, pass verification to be qualified and obtain the certification documents issued by the power grid and relevant governmental authority on synchronization permission and electricity power approval file of the material price authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak27b0bc11-9b91-41dc-875e-f0413abaf982" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.27 Project completion inspection &amp; acceptance refers to the project settlement and inspection &amp; acceptance organized by the contract letting party after the contractor receives assessment inspection &amp; acceptance certificate, accomplishes round-off project and defect renovation and submits completion inspection &amp; acceptance report, completion materials and completion settlement materials submitted according to the contract provisions. The project quality assurance period shall be calculated from the date of accomplishment of the project completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.28 Project progress plan refers to the time schedule and arrangement of all project implementation stages (including design, purchase, construction, completion test, project receipt, post-completion test, completion inspection &amp; acceptance all trial operation stages) as set forth herein or several implementation stages as set forth herein from the date of effectiveness of the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.29 Date of construction start refers to the absolute date or relative date on which the contractor starts spot construction as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.30 Date of completion refers to the absolute date or relative date on which the contractor finishes project construction (including completion test) as set forth in the contract, including any postponed date as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.31 Alteration refers to any alteration made to the project as notified or approved in writing by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.32 Contract price refers to the price for the work conducted by the contractor including but not limited to design, purchase, construction, completion test, post-completion test, completion inspection &amp; acceptance and service as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.33 Adjustment to the contract price refers to relevant adjustment made to the contract price according to any increase or decrease in the expenses that shall be effected according to the contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.34 Total contract price refers to the contract price upon adjustment according to the contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.1.35 Prepayment refers to the accounts that shall be prepaid to the contractor by the contract letting party according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakaa6e7945-7985-4992-8e5a-3019ad722c23" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.36 Project progress accounts refer to the progress accounts for design, purchase and construction as well as the service fees etc. for post-completion test and completion inspection &amp; acceptance paid by the contract letting party to the contractor by installments according to the payment contents and payment conditions as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.37 Project quality assurance responsibility agreement refers to the quality assurance responsibility agreement entered into by and between the contract letting party and the contractor according to the laws and regulations on quality assurance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.38 Written form refers to the form that may tangibly reflect the contents stated, including contract, letter and data message. Data message includes: telex, fax, EDI (electronic data interchange) and email.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.39 Breach liabilities refer to the liabilities that shall be borne by the contract party who fails to perform contract obligations or whose performance of contract obligations does not conform to the contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.40 Force majeure refers to the objective situations that can not be foreseen, avoided or overcome.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.41 According to the features of the project as set forth herein, other definitions that shall be supplemented as agreed upon.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1.42 The headlines of the articles shall not be deemed as basis for contract interpretation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.2 Contract documents">1.2 Contract documents</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.2.1 Composition of contract documents. The contract documents interpret and explain to and for each other. Unless otherwise set forth in the special provisions, the documents constituting this contract and the priority sequence of interpretation are as follows:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) This contract</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(2) Special provisions of this contract</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(3) General provisions of this contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5d55ba26-60ea-4134-ac74-68395a5b09e4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(4) Standards, codes and relevant technical documents</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(5) Design documents, materials and drawings</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(6) Other documents constituting part hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Written documents including but not limited to notice, minute, memorandum, supplementary document, directive, fax, email, alteration and discussion formed in the process of contract performance by both parties constituting integral part hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.2.2 In case of unclearness or inconsistency in the contents of the provisions hereof and failure in explanation for clearness according to the interpretation sequence as set forth in the contract, under the circumstance of not affecting normal implementation of the project, the parties may either negotiate for settlement or adopt the interpretations of the supervisor. In case of no agreement reached upon negotiation by the parties or refusal to accept the interpretations of the supervisor, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.2.3 The headlines of the articles hereof are only for the convenience of reading, shall not be deemed as basis for interpretations on the contract articles.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.2.4 The "date", "month" and "year" used herein refer to the calendar date, month and year. The starting date of any period used herein refers to the date immediately following the date of occurrence of any relevant event. If the starting of any time is based upon the expiry of certain period, such starting date shall be the date immediately following the date of expiry of such period. The date of expiry of any period shall be the date on which such period expires. "Working day" refers to any calendar day other than legal holidays in China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.3 Language and words">1.3 Language and words</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract is written, interpreted and explained in Simplified Chinese words. If the contract parties agree upon the use of two and more kinds of languages in the special provisions, Chinese shall be the dominating language for interpretation and explanation of this contract in priority.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">In minority areas, the parties may agree upon the use of any minority language for writing, interpreting and explaining this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc2f2962f-a79e-43d8-aa10-e0a10598b098" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.4 Governing laws">1.4 Governing laws</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This contract shall be governed by the laws of the People's Republic of China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan). The names of specific governing laws that shall be indicated expressly are stated in special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.5 Standards and codes">1.5 Standards and codes</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.5.1 The names (or numbers) of the national standards and codes, industrial standards and codes, standards and codes of the place in which the project is located as well as enterprise standards and codes applicable to this project are stated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.5.2 If the contract letting party uses foreign standards and codes, it shall be responsible for providing the version of the original language and Chinese translation text as well as stipulating in special provisions the names and counterparts of the standards and codes that shall be provided and the dates on which the standards and codes shall be provided.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.5.3 Without relevant written standards and codes, the contract letting party shall specify technical requirements in special provisions within the time as set forth, the contractor shall propose implementation methods within the time as set forth and according to the technical requirements, such implementation methods shall only be effected upon recognition of the contract letting party. If the contractor needs to conduct research and development test on the implementation methods or provide the construction employees with special training, agreement shall be otherwise entered into as appendix hereto and the expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.5.4 Design, purchase, processing and construction shall be conducted in accordance with the standards and codes as set forth in the provisions hereof, neither party shall alter the stipulations of national mandatory standards and codes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak74df02a3-4399-46c9-9616-2d9d56e356fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.5.5 The contract letting party shall be entitled to, in accordance with the contract as well as the standards and codes as set forth in applicable laws, raise suggestion, modification and alteration (without any additional fee) to the safety, quality, environmental protection and occupational health.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.6 Compliance with laws">1.6 Compliance with laws</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.6.1 During the period of contract performance, in accordance with the provisions of national laws and administrative regulations, the contractor shall handle and obtain the formalities including but not limited to project initiation, urban planning, regional planning approval file, land use license, project start approval or construction license, project quality supervision as well as any other permission, license, certificate and approval file, the contractor shall also be responsible for coordinating the relationship with any relevant authority and unit.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.6.2 During the period of contract performance, the contractor shall, in accordance with applicable laws, administrative regulations or industrial regulations, conduct design, purchase, processing, construction, completion test, post-completion test and completion inspection &amp; acceptance etc. and assume quality assurance responsibility. The contractor shall handle all kinds of permissions, licenses, approval files and formalities etc. necessary for contract performance that shall be handled by the contractor and guarantee that the contract letting party shall be protected from any loss caused thereby. In case of causing any loss against the contract letting party, the contractor shall make compensation according to the reasonable fees actually added of the contract letting party. In case of delay in the date of synchronization, the contractor shall be liable for compensating for any loss therefore caused against the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.6.3 The contractor shall pay salaries and wages to the employees on time, purchase all kinds of insurance as set forth in laws and pay relevant taxes and charges.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.6.4 In order to strengthen the supervision on engineering construction work, standardize the probity and discipline in contract conclusion and implementation according to law as well as prevent the occurrence of all kinds of illegitimate behaviors, according to relevant national and local regulations, in line with the work practice, anti-bribery and anti-corruption declaration shall be entered into, see Appendix IV.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakca1d3b1e-1fe2-4144-a3b4-72dac404fb78" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="1.7 Confidentiality matters">1.7 Confidentiality matters</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Either party shall be obliged to keep the trade secrets and technical secrets of the other party known in the process of contract conclusion and performance confidential, without consent, shall not disclose or use for any purpose beyond what is set forth herein. If either party discloses or uses any such trade secret or technical secret beyond this contract, which causes any loss against the other party, it shall assume damage compensation liability. If either party needs any information necessary for contract performance, the other party shall offer. If the parties deem as necessary, they may enter into confidentiality agreement as appendix hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 2 Contract letting party">Article 2 Contract letting party</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="3">&nbsp;</font></p> <p style="MARGIN: 0px"><b><font size="3"><a name="2.1 The contract letting party's obligations and rights">2.1 The contract letting party's obligations and rights</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1.1 Shall perform the contract price adjustment, payment and completion settlement obligations as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1.2 Shall be entitled to raise suggestions on the implementation work including but not limited to the design, purchase and construction of the contractor according to the contract provisions and mandatory stipulations of national laws on safety, quality, standard, environmental protection and occupational health etc., modification and alteration may only be made after such suggestions are acknowledged by both parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1.3 Shall be entitled to, according to the contract provisions, raise compensation requirement for any loss and damage caused by any reason attributable to the contractor against the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1.4 When the contract letting party deems as necessary, it shall be entitled to give notice on suspension in writing. If any reason attributable to the contract letting party causes any increase in the fees, such increase in the fees shall be borne by the contract letting party. In case of delay in any key route of the project caused thereby, the date of synchronization shall be extended accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2.1.5 Perform other rights and obligations as set forth in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak805fe939-b0f0-4b29-b483-0da8c9817251" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="2.2 Representative of the contract letting party">2.2 Representative of the contract letting party</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.2.1 The representative designated by the contract letting party shall exercise the rights entrusted by the contract letting party and perform the obligations of the contract letting party. The representative of the contract letting party shall perform his/her duty according to this contract and within the scope of authorization. Any notice given by the representative of the contract letting party be given to the contractor according to the contract provisions and submitted to the project manager after being signed by himself/herself in writing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.2.2 The name, title and duty of the representative of the contract letting party shall be set forth in the special provisions. If the contract letting party decides to replace its representative, it shall notify the contractor in writing of the name, title, function of power and date of appointment of the new representative 15 days before the new representative takes up the post.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="2.3 Supervisor">2.3 Supervisor</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3.1 If the contract letting party conducts supervision on the project, the name of the supervisor, project director, supervision scope, contents, function of power and authority shall be specified in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The supervisor shall conduct supervision on the contractor on behalf of the contract letting party according to the scope, contents, function of power and authority of supervision entrusted by the contract letting party. Any notice given by the supervisor to the contractor shall be signed by the project director in writing and subsequently submitted to the project manager.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3.2 In case of overlapping or unclear function of power of the project director and the representative of the contract letting party, the contract letting party shall coordinate, make clear and notify the contractor in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd769c23e-5b77-4d02-bb36-8ad6da110f8b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3.3 Unless otherwise expressly set forth in the special provisions or with consent of the contract letting party, the project director shall not be entitled to alter any right and obligation of the contract parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3.4 If the contract letting party intends to replace the project director, it shall notify the contractor of the name, title, function of power, authority and date of appointment of the substitute in writing 15 days in advance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="2.4 Safety guarantee and security guard responsibility">2.4 Safety guarantee and security guard responsibility</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The safety and security guard agreement shall be otherwise entered into.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3"><a name="Article 3 Contractor">Article 3 Contractor</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b style="MARGIN: 0px"><font size="3"><a name="3.1 The contractor's obligations and rights">3.1 The contractor's obligations and rights</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1.1 Shall be responsible for handling relevant formalities including but not limited to project verification and approval, ratification or archival filing, obtaining the use right of all project land, processing relevant formalities including but not limited to change from agricultural land into project land, lease and contracting of the project land, as well as accomplishing demolition and compensation work to make the project have the work start conditions as set forth in laws. The contractor shall be obliged to accomplish design, purchase, construction, completion test, post-completion test, completion inspection &amp; acceptance according to this contract as well as the standards, codes, project functions, scale, assessment object and date of synchronization as set forth in the contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1.2 The contractor shall be obliged to, according to the contract provisions, at its own expenses, renovate any defect in any design, document, equipment, material, part, construction, completion test, post-completion test, completion inspection &amp; acceptance caused by any reason attributable to the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.1.3 The contractor shall be obliged to submit related statements according to the contract provisions and the requirements of the contract letting party. The types, contents and dates of submission of the statements shall be stated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak861a2e58-10ad-4d9c-a98b-a637299d6790" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1.4 In case of notice on suspension on account of any reason attributable to the contract letting party, the contractor shall be entitled to propose to increase the fees or postpone the date of completion according to the provisions of Article 2.1.4 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1.5 With respect to any loss, damage or delay in any key route of the project caused by any reason attributable to the contract letting party, the contractor shall be entitled to require compensation or postpone the date of completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.2 Project manager">3.2 Project manager</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.2.1 The project manager shall have relevant occupational qualification, is authorized to be responsible for performing this contract on behalf of the contractor. The name, duty and authority of the project manager shall be stated in the special provisions. The project manager shall not simultaneously assume the post of project manager for any other project. With prior consent of the contract letting party, the project manager may leave the project site and designate an experienced person with consent of the contract letting party to provisionally perform his/her duty on behalf of him/her. If the contractor violates the above provisions, it shall assume breach liabilities according to the stipulations of such special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.2.2 The project manager shall organize project implementation according to the project progress plan as set forth in the contract and any directive delivered by the representative of the contract letting party or the project director in accordance herewith. In case of emergency and failure to contact with the representative of the contract letting party or the project director, the project manager shall be entitled to take necessary measures to safeguard the human body, project and property safety, however, he/she shall notify the representative of the contract letting party or the project director within <font style="FONT-FAMILY: Wingdings">o</font> hours upon the emergency and submit written report to the representative of the contract letting party or the project director within 48 hours upon the emergency.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.2.3 If the contractor needs to replace the project manager, it shall notify the contract letting party in writing 15 days in advance and obtain consent of the contract letting party. The succeeding project manager shall continue to perform the duty and authority as set forth in Article 3.2.1. If, without consent of the contract letting party, the contractor arbitrarily replaces the project manager, it shall assume breach liabilities according to the stipulations of Article 3.2.1 Special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf633473b-b38b-47d7-8cb8-5f96e7696027" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.2.4 The contract letting party shall be entitled to replace any project manager it deems as incompetent by written notice, the contractor shall submit written improvement report to the contract letting party within 15 days upon the receipt of notice on replacement. Hereinafter, if the contract letting party still notifies of replacement in writing, the contractor shall effect replacement within 15 days after receipt of the second notice on replacement and notify the contract letting party of the name and resume of the newly appointed project manager in writing. The new project manager shall continue to perform the authority as set forth in Article 3.2.1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.3 Project quality assurance">3.3 Project quality assurance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.3.1 Quality assurance system. The contractor's quality assurance system authentication certificate shall be kept continuously effective in the contract implementation process, and the quality assurance system hereunder shall be established.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.3.2 Quality assurance of the implementation process. The contractor shall ensure about the quality of design, purchase, processing &amp; manufacture, construction, completion test, post-completion test, assessment and inspection &amp; acceptance as well as completion acceptance according to the quality standards and codes as set forth in the contract. The contractor shall also guarantee to keep the project in good repair in accordance with national regulations on quality assurance responsibilities. The quality assurance period of the project shall be calculated from the date of completion inspection &amp; acceptance of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.4 Safety assurance">3.4 Safety assurance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.4.1 Project safety performance. The contractor shall conduct design, purchase, construction, completion test, completion inspection &amp; acceptance in order to guarantee about the project safety performance according to the contract provisions and in compliance with construction project design management rules, construction project quality management rules as well as relevant laws and regulations on safe production.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.4.2 Safe construction on the spot and environmental safety. The contractor shall comply with the provisions of health, safety and environment as set forth in Article 7.8 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9a97a1d5-7098-451c-9592-0d17f76b83f0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.5 Occupational health and environmental protection assurance">3.5 Occupational health and environmental protection assurance</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.5.1 Project design. The contractor shall conduct environmental protection design and occupational health protection design of the project in order to guarantee that the project conforms to the laws and regulations on environmental protection and occupational health according to the contract provisions and in compliance with construction project design management rules, construction project quality management rules as well as relevant laws and regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.5.2 Occupational health and environmental protection on the spot. The contractor shall comply with the provisions on health, safety and environment as set forth in Article 7.8 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.6 Progress guarantee">3.6 Progress guarantee</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall, in accordance with the project progress plan as set forth in Article 4 hereof, reasonably organize all kinds of resources necessary for design, purchase, construction, completion test, post-completion test and completion inspection &amp; acceptance in an orderly way and take effective implementation methods and organization methods to guarantee about the realization of the project progress plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.7 Spot security guard">3.7 Spot security guard</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall assume the spot security guard responsibility (including pre-manufacture processing field, office and living zones) after it enters the spot, starts the construction and before the contract letting party accepts the project. The contractor shall also be responsible for formulating relevant security guard system, responsibility system and report system and submitting to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4e2821f6-37cb-4c16-bc36-91312f504287" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.8 Subcontracting">3.8 Subcontracting</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.1 Subcontracting provisions. The contractor shall only conduct subcontracting bidding for the subcontracting matters (including but not limited to design, purchase, construction and completion test) specified in the special provisions and in the shortlist of its subcontractors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">With respect to the subcontracting matters and the shortlist of the subcontractors not specified in the special provisions, the contract letting party shall decide upon whether to approve or raise opinions within 15 days after receiving the subcontracting matters and shortlist of the subcontractors. If the contract letting party neither approves nor raise opinions within 15 days, the contractor shall be not entitled to subcontract the matters to be subcontracted as proposed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.2 Subcontractor qualification. Any subcontractor with enterprise qualification level as set forth in national laws may be chosen as a subcontractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.3 The contractor shall neither subcontract the whole project contracted with the method of dismemberment nor wholly subcontract the project contracted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="left">3.8.4 No subcontractor is allowed to subcontract the project contracted again.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="left">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.5 With respect to the payment to any subcontractor, the contractor shall pay the subcontractor progress accounts on time in accordance with the provisions of the subcontracting contract. If the contractor is behind in payment of worker wages or accounts payable to any subcontractor, upon written notification by the contract letting party, the contractor still refuses to correct, the contract letting party shall be entitled to directly deduct such accounts payable from the contract and shall be punished as per once of the amount in arrears, otherwise, the contractor shall be deemed as breaching the contract and shall assume all losses caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb7c07623-2b66-4041-bfba-551600554328" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.6 The contractor shall be liable to any subcontractor. If any breach behavior, inappropriate management, negligence or any other fault of any subcontractor causes any defect in the project quality, which leads to any loss against the contract letting party or leads to postponement of the date of completion, the contractor shall be liable to any subcontractor, the contractor and any subcontractor shall assume joint liabilities to the contract letting party with respect to the subcontracting project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8.7 The contractor shall be responsible for comprehensive management of any subcontractor and shall pay the subcontracting party project accounts on time, in case of any subcontractor provoking caused by and reason attributable to the contractor, for each occurrence, the contractor shall compensate for any and all losses of the contract letting party, the contractor shall be entitled to impose penalty of RMB 50,000 yuan/time upon the contractor, such penalty shall be directly deducted from the total contract price by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b style="MARGIN: 0px"><font size="3"><a name="Article 4 Progress plan, delay and suspension">Article 4 Progress plan, delay and suspension</a></font></b></p> <p style="MARGIN: 0px" align="justify"><font size="3">&nbsp;</font></p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="4.1 Project progress plan">4.1 Project progress plan</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.1.1 Project progress plan. With respect to the project progress plan formulated by the contractor, the construction period shall conform to the provisions as set forth herein. The project progress plan shall only be approved by the contract letting party. The approval of the contract letting party shall not exempt the contractor from the contract liabilities of the contractor. The counterparts of the project progress plan submitted by the contractor and the time of submission shall be specified in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.1.2 Shall at its own expenses catch up with the project progress plan. If any reason attributable to the contractor causes the actual progress of the project to be obviously behind the project progress plan, the contractor shall be obliged and the contract letting party shall also be entitled to require the contractor to at its own expenses take measures to catch up with the project progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf89b90f2-1ed9-4ce6-b2cd-90a88722892f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="4.2 Design progress plan">4.2 Design progress plan</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.2 Design progress plan. The contractor shall formulate progress plan according to the approved project progress plan and the schedule for verification meeting of any design verification stage and the design stage organized by the contract letting party as set forth in Article 5.3.1. The design progress plan shall only be implemented upon recognition by the contract letting party. The recognition of the contract letting party shall not exempt the contractor from the contract liabilities of the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.2.2 Date of design start. The first day upon contract conclusion shall be deemed as the date of design start.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.2.3 Delay in the date of design start. If any reason attributable to the contractor causes delay in the date of design start, according to the provisions of Article 4.1.2, it shall at its own expenses catch up with the design progress plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.2.4 Delay in the date of verification in any design stage</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Due to any reason attributable to the contractor, in case of failure to submit the design documents of any relevant stage according to the schedule of any design verification stage and verification meeting as set forth in Article 5.3.1 or incompliance of relevant design documents submitted with the design depth of any relevant verification stage, which causes delay in any design verification meeting, in accordance with the provisions as set forth in Article 4.1.2 hereof, the contractor shall at its own expenses take measures and catch up with progress. In case of delay in the date of completion caused thereby, any and all economic losses of the verification meeting preparation caused against the contract letting party shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="4.3 Purchase progress plan">4.3 Purchase progress plan</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.3.1 Purchase progress plan. The contractor's purchase progress plan conforms to the schedule of the project progress plan and connects with the progress plan of design, construction, completion test, post-completion test and completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2a8cfc98-9c6a-4c79-a405-71dc2908c2e0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.3.2 Date of purchase start. As set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.3.3 Delay in the purchase progress. If any reason attributable to the contractor leads to purchase delay, which causes work stop, any loss on slow work of the labor and delay in the date of completion, the contractor shall be liable. If any reason attributable to the contract letting party leads to purchase delay, which causes work stop and any loss on slow work of the labor against the contract letting party and delay in any key route, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="4.4 Construction progress plan">4.4 Construction progress plan</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.4.1 Construction progress plan. The contractor shall submit an overall construction organizing design including the construction progress plan 15 days before start of spot construction. The construction progress plan conforms to the schedule of the project progress plan and connects with the progress plan of design, purchase and completion inspection &amp; acceptance. If the contract letting party requires the contractor to submit sub-divisional construction progress plan of key sub-divisions, it shall stipulate in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.4.2 Delay in the date of construction start. According to the following provisions, the postponement of the date of completion shall be determined:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) If any reason attributable to the contract letting party causes the failure of the contractor to start construction on time, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) If any reason attributable to the contractor causes the failure to start construction on time, it shall specify legitimate reasons and at its own expenses take measures to start construction as soon as possible but not to postpone the date of synchronization.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) If force majeure causes to postpone the date of construction start, the date of synchronization shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.4.3 Date of completion</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak063d92c1-b042-430b-ad41-ef6bb717caad" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. If the contracting scope includes completion test, the planned date of completion and actual date of completion shall be determined with the following methods:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) The date of project completion as set forth in the special provisions of Article 9.1</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Project receipt shall be the planned date of project completion; for the project, the planned date of completion for the last project shall be the planned date of project completion;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The date of 14 days after the project passes completion test, overall project inspection &amp; acceptance and starts formal power generation (definition of formal power generation: the license document has been obtained from the government or the electric power authority) shall be the actual date of project completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2. If the contracting scope excludes completion test, the planned date of completion and actual date of completion shall be determined with the following methods:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) The date of project completion as set forth in the special provisions of Article 9.1</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Project receipt shall be the planned date of project completion; for the project, the planned date of completion for the last project shall be the planned date of project completion;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The date on which the contractor accomplishes all construction work of the project as set forth in the construction drawings and conforms to the quality standards as set forth shall be the actual date of project completion;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The date on which the contractor accomplishes all construction work of the last project as set forth in the construction drawings and conforms to the quality standards as set forth shall be the actual date of project completion;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3. Any construction location reserved by the contractor for completion test or post-completion test or any construction location required by the contractor shall neither affect the fragmentary round-off project and defect renovation used by the substantial operation of the contract letting party nor affect the determination upon the date of completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="4.5 Delay compensation">4.5 Delay compensation</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If any reason attributable to the contractor causes delay in the date of project completion, the contractor shall assume delay compensation. The daily delay compensation amount and the maximum accumulated compensation amount shall be stipulated in the special provisions. The contract letting party shall be entitled to deduct the compensation amount from the project progress accounts, completion settlement accounts and the performance bond submitted as stipulated.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka8b9df8c-fe4d-4820-bce7-cffcccb452b2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="4.6 Suspension">4.6 Suspension</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.1 Suspension caused by any reason attributable to the contract letting party. The contract letting party may notify the contractor of suspending any work in the project implementation in writing. The notice shall specify the date of suspension and anticipated period of suspension.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Any increase in the fees suffered by the contractor due to the implementation of such suspension or reasonable expenses increased by return to work shall be borne by the contract letting party. In case of delay in any key route of the project caused thereby, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.2 Suspension caused by force majeure. The work of the parties shall be arranged according to the provisions on obligations upon occurrence of force majeure as set forth in Article 17.1 and the provisions on consequences of force majeure as set forth in Article 17.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.3 The contractor's work upon suspension. Under the circumstance of suspension as set forth in Article 4.6.1 Suspension caused by any reason attributable to the contract letting party and Article 4.6.2 Suspension caused by force majeure hereof, the contractor shall immediately stop the implementation work on the spot. During the period of suspension, according to the contract provisions, the contractor shall be responsible for attending, protecting and supervising the employees, project, materials and the contractor's documents etc. If the failure of the contractor to perform attending, protecting and supervising responsibilities causes any damage and metamorphism etc., which leads to any increase in the expenses of the contract letting party or delay in the date of completion, the contractor shall be liable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.6.4 The contractor's requirement on return to work. According to the suspension advised by the contract letting party as set forth in Article 4.6.1, the contractor shall be entitled to notify of and require return to work 45 days upon the suspension. In case of failure in return to work, the contractor shall be entitled to adjust and decrease part of the project affected by suspension according to the provisions on adjustment to and decrease of part of the project as set forth in Article 13.2.5 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak696bcdb6-6a52-47a7-9ca8-b50209c6f613" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Should the suspension of the contract letting party last for more than 45 days and affect the whole project, or last for more than 180 days, or the suspension caused by force majeure causes the failure in contract performance, the contractor shall be entitled to give notice on contract cancellation according to the provisions on contract cancellation by the contractor as set forth in Article 18.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.5 The contract letting party's return to work. After the contract letting party gives notice on return to work, the contract letting party shall be entitled to organize for the contractor to examine the project, equipment, materials and parts affected by suspension, the contractor shall notify the contract letting party of the examination result and the contents that needs recovery and renovation as well as the estimation, upon acknowledgement by the contract letting party, the recovery and renovation expenses incurred thereby shall be borne by the contract letting party. In case of delay in any key route of the project caused by recovery and renovation, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.6 Suspension caused by any reason attributable to the contractor. If any reason attributable to the contractor causes suspension of part of the project or the project, which leads to any loss, damage and delay in the date of completion, the contractor shall be liable.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.6.7 Payment upon project suspension. In case of unreasonable suspension caused by the contract letting party, in addition to the payment for the project that has been accomplished according to the contract provisions, the contract letting party shall compensate for any economic loss caused against the contractor by work stop, slow work of the labor, profiteering by buying cheap and selling dear, relocation of mechanical equipment, overstock of materials and components etc.:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) With respect to the equipment, materials and components purchased by the contractor and constituting the project entity but of which the payment can not be effected according to the purchase progress accounts, the contractor shall independently list such accounts into the statements of Article 14.6 Applying for payment according to the monthly project progress or Article 14.7 Applying for payment according to the payment schedule, the contract letting party shall arrange payment according to the date of payment as set forth in Article 14.8 hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) With respect to the permanent project equipment, materials and components purchased and delivered to the spot by the contractor that have not been subject to inspection &amp; acceptance and payment, both parties shall conduct inspection &amp; acceptance and handover &amp; takeover. The contractor shall at its own expenses renovate any defective equipment, material and component. Upon accomplishment of renovation and inspection &amp; acceptance by the contract letting party, according to the provisions as set forth in Article 14.4.1 hereof, the purchase progress accounts wherein shall be paid.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8a1762db-55d0-463f-87bf-84b747ab7e1f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contract letting party shall assume relevant accounts for the equipment, materials and components purchased by the contractor but having not been delivered to the spot for permanent project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) If the contract letting party requires the contractor to return any equipment, materials or component that has been ordered for the permanent project, the contract letting party shall assume relevant expenses including but not limited to the indemnification and compensation required by any supplier or manufacturer.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 5 Technologies and design">Article 5 Technologies and design</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="5.1 Production processing technologies and construction art models">5.1 Production processing technologies and construction art models</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.1.1 Processing technologies or construction art models provided by the contractor When the contractor is responsible for providing production processing technologies (including patent technologies, proprietary technologies and process package) and construction art models (including construction design), the contractor shall be liable for the processing technology data, processing conditions, software, analysis manual, operation instructions, equipment manufacture instructions and other materials, other requirements or construction art models that have been provided and the structural design.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for the trial operation assessment guaranteed value and explanations on the guarantee of use functions as set forth in such special provisions. The trial operation assessment guaranteed value and explanations on the guarantee of use functions shall be the appraisal basis for the trial operation assessment as set forth in Article 10.3.3. According to the project features, the trial operation assessment guaranteed value and explanations on the guarantee of use functions for the project shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6a0bffc4-cd39-4b76-98ad-3c54288498e7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.1.2 Processing technologies or construction art models provided by the contract letting party</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">When the contract letting party is responsible for providing production processing technologies (including patent technologies, proprietary technologies and process package) and construction art models (including construction design), the contract letting party shall be liable for the processing technology data, processing conditions, software, analysis manual, operation instructions, equipment manufacture instructions as well as other documents and materials of the contractor, the requirements of the contract letting party or the requirements of the construction art models.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract letting party shall be obliged to guide, verify and acknowledge the production processing design and construction design documents conducted according to the above materials provided by the contract letting party. All guaranteed values of project trial operation assessment or the responsibilities that shall be respectively assumed in the instructions on guarantee of use functions as set forth in the special provisions shall be appraisal basis for the trial operation assessment and assessment responsibilities as set forth in Article 10.3.3.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="5.2 Design">5.2 Design</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.2.1 Compliance with standards and codes<br></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The standards and codes as set forth in Article 1.5 shall be applicable to the project receipt or whole project receipt by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) In the process of contract performance, if any new standard or code is promulgated by the State, the contractor shall be obliged to submit proposal on any relevant new standard or new code to the contract letting party. Any mandatory standard or code therein shall be observed and deemed as alteration for disposal; the contract letting party may decide to adopt or not to adopt any optional and recommended standard or code, if it decides to adopt, it shall be deemed as alteration for disposal.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka1b96467-ba13-4321-a7ad-cdcc5964ac65" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The design drawings accomplished according to applicable laws as well as the standards and codes as set forth herein, the technical data and technical conditions in the design documents shall be the basis for the equipment, materials, component purchase quality, construction quality and completion test quality of the permanent project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.2.2 Operation and maintenance manual. The contractor shall guide post-completion test, trial operation assessment test and completion inspection &amp; acceptance etc. as well as formulate operation and maintenance manual, the licenser shall provide operation guidance and analysis manual and be liable for the authenticity, accuracy, completeness and timeliness of the materials, unless otherwise set forth in the special provisions. The contract letting party shall submit operation guidance and analysis manual and the contractor shall submit operation and maintenance manual, the counterparts and the period of submission thereof shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.2.3 Counterparts and time of submission of design documents. The counterparts and dates of submission of the design documents, materials and drawings of any relevant design stage to be submitted shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.2.4 Renovation of any design defect at its own expenses and catch up with the progress at its own expenses. In case of any omission, error, defect and deficiency in the design documents caused by any reason attributable to the contractor, the contractor shall renovate at its own expenses. In case of delay in the design progress, the contractor shall at its own expenses take measures to catch up with the progress.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka0f29f97-f235-4022-b286-e92936ed63ef" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="5.3 Design stage verification">5.3 Design stage verification</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3.1 Design verification stage and date of verification meeting. The design stage of this project and the schedule for the verification meeting of the design stage shall be stipulated in the special provisions. The expenses incurred by the verification meeting and participation of the contract letting party's superior unit and relevant governmental authority in the verification meeting shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3.2 According to the provisions as set forth in Article 5.3.1 hereof, the contractor shall submit design documents of any relevant design verification stage to the contract letting party and conform to the in-depth stipulations of administrative regulations on the design documents, drawings and materials of any relevant design stage. The contractor shall be obliged to at its own expenses attend the design verification meeting organized by the contract letting party, introduce, answer and interpret to any and all verifiers and at its own expenses and in the verification process, provide supplementary materials that shall be provided.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3.3 The contract letting party shall be obliged to provide the contractor with the approval files and minutes of the design verification meeting according to Article 5.3.2 hereof. The contractor shall be obliged to make modification, supplementation and perfection to relevant design in accordance with the approval files and minutes of any relevant verification stage, the contract provisions and the stipulations of relevant design regulations.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3.4 If any reason attributable to the contractor causes the failure to submit complete design documents, drawings and materials of any relevant design verification stage to the contract letting party according to the time as set forth in Article 5.2.5 hereof, which leads to the failure to convene the meeting of any relevant design verification stage or failure to convene the meeting of any relevant design verification stage as scheduled, the contractor shall be liable for the delay in the date of completion, any loss on slow work of the labor or any increase in the expenses for the contract letting party to organize the meeting.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.3.5 The contract letting party shall be entitled to, before any and all design verification stages as set forth in Article 5.3.1, raise suggestion, verification and acknowledgement on the design documents, drawings and materials of any relevant design stage, any suggestion, verification and acknowledgement by the contract letting party shall not relieve the contractor of or exempt the contractor from any contract liability and contract obligation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake5e7a769-4859-4e95-88e4-92ca95b6b1f1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3.6 The contractor's design scheme may only be implemented upon recognition by the design supervisor and the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="5.4 Training of operators and maintenance persons">5.4 Training of operators and maintenance persons</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for formulating training plan and methods as well as formulating training manual and materials for the contract letting party's operators and maintenance persons.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="5.5 Intellectual properties">5.5 Intellectual properties</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If this contract involves intellectual properties including but not limited to technical patent, construct art model, know-how and copyright of either party or both parties (including any related licenser and independent architect of either party or both parties), relevant agreement on intellectual properties and confidentiality shall be entered into as appendix hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 6 Project materials">Article 6 Project materials</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="6.1 Provision of project materials">6.1 Provision of project materials</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.1 The equipment, materials and components provided by the contract letting party for the permanent project</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) In case of any defect in the equipment, materials and components purchased by the contract letting party or subject to purchase designated by the contract letting party or delay in delivery thereof to the spot, which causes slow work of the labor, work stop, increase in expenses or delay in any key route against the contractor, the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof shall apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3c4a7290-4574-4b51-aedf-2ba8fd369927" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) If the contract letting party invites the contractor to participate in foreign purchase, the expenses incurred thereby shall be borne by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.2 The equipment, materials and components provided by the contractor for the permanent project</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) According to the technical parameters, technical conditions, function requirements and use requirements as set forth in the design documents, the contractor shall be responsible for the purchase of the equipment, materials and components for the permanent project and delivery thereof to the spot and liable for the quality examination results and performance results. The types, estimated quantity or specification list of the equipment, materials and components provided by the contractor for the permanent project shall be specified in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor shall at its own expenses renovate any quality defect caused by incompliance of the equipment, materials and components (including but not limited to building components) provided by the contractor with national mandatory standards, in case of therefore causing delay in the progress, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The types or list of productive materials provided by the contractor for post-completion test and completion test shall be specified in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.3 Selection of suppliers by the contractor. Based upon the list of suppliers submitted by the contractor and approved by the contract letting party according to the provisions as set forth in Article 3.8.1 hereof, the suppliers or manufacturers of relevant materials shall be chosen by bidding.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall not designate any supplier or processing manufacturer in the design documents or oral implications, except under any special circumstance or if there is only one factory.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.4 Ownership of the project materials. The ownership of the equipment, materials and components provided for the permanent project according to the provisions as set forth in Article 6.1.1 and Article 6.1.2 hereof shall be transferred to the contract letting party after being delivered to the destination on the spot. The contract letting party shall perform the payment obligation as set forth in the contract. Before the contract letting party receives the project, the contractor shall be obliged to keep, preserve and maintain the project equipment, materials and components that shall not be transported out of the spot without approval by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak16299ab1-78cf-410e-83ce-a7019f26eb65" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="6.2 Test">6.2 Test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.2.1 Factory test and report</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contractor shall comply with relevant laws and regulations, be responsible for the equipment, materials, components and spare parts for the permanent project as set forth in Article 6.1.2 hereof as well as the mandatory examination, test, supervision and experiment on the materials subject to post-completion test and completion inspection &amp; acceptance and submitting relevant reports to the contract letting party. The contents, periods and counterparts of each report shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) If the contractor invites the contract letting party to participate in examination, before conducting examination, test, supervision and experiment of any relevant processing manufacture stage, the contractor shall notify the contract letting party of the contents, address and time in writing. Within 5 days upon receipt of the invitation, the contract letting party shall notify the contractor whether it will participate in examination or not in writing. If the contract letting party intends to participate in examination, it shall notify the contractor within 5 days upon receipt of written notice or report sent by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall assume the salaries, subsidies, traveling expenses and accommodation fees etc. of its examination participants during the period of participating in examination, be responsible for handling the license for access to any relevant factory and offer convenience.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) If the contract letting party entrusts any qualified and experience third party to at its own expenses participate in examination on behalf of the contract letting party, within 5 days upon receiving the letter of invitation or report from the contractor, it shall notify the contractor in writing and specify the designation, name as well as function of power granted of any entrusted unit and entrusted person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The participation in examination by the contract letting party and its entrusted person shall not exempt the contractor from the quality liabilities for the project equipment, materials and components purchased by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka378f816-dad8-4afe-a4e4-02bb945faec3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.2.2 Covering and packaging consequences. The contract letting party has notified the contractor of participating in examination in writing within the date as set forth in Article 6.2.1 and arrives at the designated place prior to the date as stipulated or on time, however, the processed and manufactured equipment, materials and components (including the materials subject to post-completion test and completion inspection &amp; acceptance) have been covered, packaged or delivered to place of departure, the contract letting party shall be entitled to order the contractor to transport back to the original place, remove the coverage and package as well as conduct examination or test or inspection or experiment or recovery again, the contractor shall assume the expenses incurred thereby. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.2.3 Failure to participate in examination on time. If the contract letting party fails to participate in examination according to the provisions as set forth in Article 6.2.1, the contractor may on its own organize examination, test, inspection and experiment, the quality inspection result shall be deemed as authentic. If the contract letting party orders to conduct examination, test, inspection and experiment again hereinafter or add any experiment detail or alter the experiment place, it shall be entitled to notify the contractor of the alteration order. Upon conformity by quality inspection, the expenses incurred thereby shall be borne by the contract letting party, in case of causing delay in any key route of the project, the date of completion shall be postponed accordingly; upon inconformity by quality inspection, the expenses incurred thereby shall be borne by the contractor and the date of completion shall not be postponed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.2.4 Spot count and examination</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall notify the contract letting party 5 days before the equipment, materials and components provided by the contractor for the permanent project according to the provisions as set forth in Article 6.1.2 hereof are delivered to the spot. The contractor (including contractor or any supplier or subcontractor providing the contractor with equipment, materials and components) and the contract letting party (including the contract letting party or its representative or its supervisor) shall count the carton quantity according to the delivery document for each batch of goods and conduct examination on the appearance as well as count the in-carton quantity, certificates of compliance for appearance, drawings and document materials according to the packing list and conduct examination on the appearance. Upon examination and count, both parties shall sign the handover and takeover list.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In case of carton shortage detected in spot examination and count, for the shortage of the in-carton quantity, drawings and materials or any defect in the appearance, the contractor shall be responsible for supplementation and renovation at its own expenses, before defect renovation, no use in the project shall be allowed. The contractor shall be liable for any increase in the fees and delay in the date of completion caused thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak581594af-29e4-4892-9900-a6f5403a2d0b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.2.5 Participation in examination by the quality supervision, fire protection and environmental protection authorities. The contract letting party and the contractor shall, from time to time, accept the on-site inspection on the manufacture factory, installation and experiment process conducted by professional inspectors from the quality supervision authority, fire protection authority, environmental protection authority and the industry etc., the expenses shall be borne by the contractor. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">With respect to the opinions on modification and replacement proposed in examination, the liable party as set forth in Article 6.1.1 or Article 6.1.2 shall assume relevant expenses. In case of delay in any key route of the project caused thereby, if the liable party is the contractor, the date of completion shall not be postponed; if the liable party is the contract letting party, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><font size="3"><a name="6.3 Imported project materials and customs declaration &amp; customs clearance"><b>6.3 Imported project materials and customs declaration &amp; </b><b>customs clearance</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.3.1 The party responsible for imported purchase of the equipment, materials and components for the permanent project as well as the bidding and inquiry methods shall be stipulated in the special provisions. The party responsible for purchase shall be responsible for customs declaration &amp; customs clearance, and the other party shall be obliged to offer assistance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.3.2 If the delay in customs declaration &amp; customs clearance of imported project equipment, materials and components causes delay in any key route of the project, if it is the contractor who is responsible for imported purchase, the date of completion shall not be postponed and any increase in the expenses shall be borne by the contractor; if it is the contract letting party is responsible for imported purchase, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="6.4 Transportation and transportation of the materials beyond limits">6.4 Transportation and transportation of the materials beyond limits</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be responsible for the transportation of project materials beyond limits (beyond the weight, length, width and weight limits), all expenses for transportation of the materials beyond limits and special measures etc. are included in the bid-winning contract price. Any increase in the expenses due to the transportation of the materials beyond limits shall be borne by the contractor. In case of delay in any key route of the project caused thereby, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak42c9811d-12b4-4957-84ac-239b84605ec6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="6.5 Reorder and consequences">6.5 Reorder and consequences</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the provisions as set forth in Article 6.1.2 and Article 6.1.3 hereof, in case of any defect in the equipment, materials and components provided by the contractor for the permanent project and in case of inconformity upon renovation by the contractor, the contractor shall be responsible for reorder and delivery to the spot. The contractor shall be liable for any increase in the fees and delay in the date of completion caused thereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="6.6 Custody and surplus of project materials">6.6 Custody and surplus of project materials</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.6.1 Custody of project materials. If the project materials provided by the contract letting party according to Article 6.1.1 hereof and those provided by the contractor according to Article 6.1.2 are subject to custody by the contractor upon entrustment, the types and estimated quantity of the project materials shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall keep, preserve and maintain according to relevant provisions of the instructions in order to prevent deformation, deterioration, pollution and human body injury. The time within which the contractor shall submit custody and maintenance scheme is stipulated in the special provisions, such scheme includes: classification and custody of project materials, maintenance, security guard and obtaining system as well as warehouse, special custody warehouse, pile, road, lighting, fire protection, facility and appliance planning etc. All expenses necessary for custody shall be included in the bid-winning contract price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.6.2 Handover of surplus project materials. With respect to the materials kept by the contractor for the permanent project, upon accomplishment of completion test, the surplus project materials shall be handed over to the contract letting party free of charge (unless otherwise set forth in special provisions).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 7 Construction">Article 7 Construction</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="7.1 The contract letting party's obligations">7.1 The contract letting party's obligations</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1.1 Verify overall construction organization and design. The contract letting party shall be entitled to conduct verification on the overall construction organization and design submitted by the contractor according to the provisions as set forth in Article 7.2.2 hereof as well as raise suggestions, requirements and supplementary requirements within 20 days upon receipt. The contract letting party's suggestions and requirements will not relieve the contractor of or exempt the contractor from any contract liability. If the contract letting party fails to raise any suggestion and requirement within 20 days, the contractor shall be entitled to conduct implementation according to the overall construction organization and design submitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak4592bb85-f2fe-4b81-93f8-fac44aff4886" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1.2 Entry conditions and entry date. The contract letting party shall agree with the contractor upon entry conditions and determine upon the entry date according to the approved preliminary design and provisional land occupation materials submitted by the contractor according to the provisions as set forth in Article 7.2.3. The contract letting party shall guarantee that the contractor can enter the spot and start preparation work on time. The entry conditions and entry date shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In case of delay in the contractor's entry date caused by any reason attributable to the contract letting party, the date of completion shall be postponed accordingly. The contract letting party shall assume relevant expenses for slow work of the labor incurred thereby against the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="left">7.1.3 Urge the contractor to handle approval formalities for construction start etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1.4 The contract letting party shall make acknowledgement within 20 days upon receipt of "health, safety and environment" management plan submitted by the contractor according to the provisions as set forth in Article 7.8 hereof. The contract letting party shall be entitled to inspect its implementation status and raise correction suggestions on any problem detected in the inspection, the contractor shall correct according to the contract letting party's reasonable suggestions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1.5 The contract letting party shall perform other obligations that shall be performed by the contract letting party as set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="7.2 The contractor's obligations">7.2 The contractor's obligations</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.1 Coordinate review and despooling. The contractor shall be obliged to review the benchmark coordinate materials (including benchmark control point, benchmark control elevation and benchmark coordinate control line). The contractor shall be liable for the despooling of the project and construction part and liable for the despooling accuracy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2f00729d-2eb1-4ca6-a942-11516f9d6c96" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.2 Construction organization and design. Within 15 days before construction start or within other time as stipulated, the contractor shall submit overall construction organization and design to the contract letting party. Along with the construction progress, the contractor shall submit the construction organization and design of main divisions and main items submitted by the contract letting party. The contractor shall at its own expenses make modification and perfection according to the reasonable suggestions and requirement proposed by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The counterparts and time of submission of the overall construction organization and design as well as the name, counterparts and dates of submission of main divisions and main items of the construction organization and design that shall be submitted are stipulated in special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.3 Submitting provisional land occupation materials. The contractor shall, within the time as set forth in the special provisions, submit:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) According to the provisions on custody of project materials as set forth in Article 6.6.1 hereof, shall submit the explanations on the coordinate locations, areas, land use time and use purposes of the land used for warehouse, pile and road and shall independently list the explanations on the coordinate locations, areas, land use time and use purposes of the land that shall be rented by the contract letting party;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Shall submit the explanations on the coordinate locations, areas, land use time and use purposes of the land used for construction and shall independently list the explanations on the coordinate locations, areas, land use time and use purposes of the land that shall be rented by the contract letting party;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) Shall indicate the coordinate location of the entrance to the road of the construction site, and specify the direction, length, width, level, bridge and culvert bearing, turning circle radius of the road that the contract letting party is required to pave for connecting to urban and rural public roads as well as the requirements on the time of paving.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd97797b3-f294-455f-8e4b-3f4942d30753" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">45</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contractor fails to submit the above materials on time, which causes delay in the entry date as set forth in the provisions of Article 7.1.3 hereof, any increase in the expenses or delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.4 The contractor shall be responsible for solving the problems of provisional water and electricity use etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.5 The contractor shall handle construction start approval or construction license, project quality supervision formalities and any other license, certificate and approval file etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.6 Any approval that shall be handled in the construction process upon notification. In the construction process, if the contractor provisionally adds off-site provisional land, provisional requires to cut off water supply, cut off power supply, cut off road communication and conduct blasting operation, or may damage public facilities relating to road, pipeline, power, post &amp; telecommunications and communication, the contractor shall be responsible for handling relevant formalities.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.7 Provide construction obstacle materials. The contractor shall, according to the provisions hereof, provide the coordinate locations of relevant underground buildings, structures and other facilities within the project scope.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.8 Newly discovered construction obstacle. With respect to any building, structure, historical and cultural relic, ancient tree and famous tree newly discovered in the construction process neighboring and close to the site as well as underground pipeline, wire, structure, cultural relic, fossil and tomb etc., the contractor shall immediately take protection measures and timely notify the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.9 The contractor shall be obliged to guarantee that the human power, machines and tools, equipment, facilities, measure materials, circulation materials and other construction resources can satisfy the demands of project implementation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.10 The contractor shall be obliged to, before construction, explain the intention of the design document and interpret the design documents to the construction subcontractor and supervisor and timely solve any relevant problem occurring in the construction process.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfc8a6230-9d13-4b4f-ac22-e016d21d5889" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">46</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.11 Project protection and maintenance. From the date of construction start to the date on which the project is received by the contract letting party, the contractor shall be responsible for the protection, maintenance and security guard of the project and shall guarantee that the project will not be subject to any loss or damage due to the contractor's construction.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.12 Site clearing. The contractor shall be responsible for site clearing and classified piling in the construction process and upon accomplishment of the project, and shall deliver the residue, waste and garbage etc. to any place designated by the contract letting party or any local relevant authority. Any machine and tool, equipment, facility and provisional project etc. that will not be used by the contractor again shall be evacuated from the site or delivered to any field designated by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2.13 The contractor shall be obliged to perform other related obligations that shall be performed by the contractor as set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="7.3 Construction technologies and methods">7.3 Construction technologies and methods</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor's construction technologies and methods are in compliance with relevant laws and operation procedures, safety procedures and quality standards.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract letting party shall make acknowledgement on key construction technologies and methods, and within 5 days after receiving any such method submitted by the contractor, shall make acknowledgement or raise suggestions, any such acknowledgement and suggestion of the contract letting party will not relieve the contractor of or exempt the contractor from any contract liability.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="7.4 Human, machine and tool resources">7.4 Human, machine and tool resources</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.4.1 The contractor shall submit schedule of human resource plan for construction to the contract letting party according to the format, contents, counterparts and time of submission as set forth in the special provisions. The human resource plan for construction shall satisfy the demands of the construction progress plan. The contractor shall also provide the contract letting party with the information about the human resources subject to actual entry according to the format, contents, counterparts and time of submission as set forth in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc8b01078-0f0d-4e84-91da-e22c96f8dde7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">47</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contractor fails to input sufficient work and human resources according to the schedule of human resource plan for construction, which causes the actual construction progress to be obviously behind the construction progress plan, the contract letting party shall be entitled to notify the contractor of adjusting and designating any relevant person to enter the site according to the work type and number of persons listed in the schedule of plan within reasonable time. Otherwise, the contract letting party shall be entitled to order the contractor to separately subcontract some parts and some items of the project, the expenses incurred thereby and the time of delay shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.4.2 The contractor shall submit schedule of main machine and tool resource plan for construction to the contract letting party according to the format, contents, counterparts and time of submission as set forth in the special provisions. The machine and tool resource plan for construction shall satisfy the demands of the construction progress plan. The contractor shall also provide the contract letting party with the information about main machines and tools subject to actual entry according to the format, contents, counterparts and time of submission as set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contractor fails to input sufficient machines and tools according to the schedule of machine and tool plan for construction, which causes the actual construction progress to be obviously behind the construction progress plan, the contract letting party shall be entitled to notify the contractor of adjusting and designating any relevant machine and tool to enter the site according to the number of machines and tools listed in the schedule of plan within reasonable time. Otherwise, the contract letting party shall be entitled to order the contractor to otherwise lease machines and tools, the expenses incurred thereby and the time of delay shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="7.5 Quality and inspection">7.5 Quality and inspection</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.5.1 Quality and inspection</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contractor and its subcontractors shall, from time to time, accept safety quality supervision and inspection conducted by the contract letting party, project director, administrative authority, quality administration authority, safety administration authority and industrial safety inspectors or any third-party quality inspection unit designated by the contract letting party. The contractor shall provide such supervision and inspection with convenience and assume relevant expenses.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak18910f71-f47d-4941-862f-5d37630133bc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">48</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) When the contract letting party entrusts any third party to conducts examination, inspection, test and experiment on the construction quality, it shall notify the contractor in writing. The third-party inspection and acceptance result shall be the contract letting party's inspection and acceptance result.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall comply with relevant regulations on construction quality administration and shall be responsible for providing the operators with training, assessment, drawing disclosure, technical disclosure, operation procedure disclosure, safety procedure disclosure and quality standard disclosure to eliminate accident and hidden danger.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor shall conduct examination, inspection, test and experiment on the equipment, materials and components (including building parts and accessories) of the permanent project according to the provisions of the design documents and construction standards as well as the contract provisions, but shall not use disqualified equipment, materials and components. The contractor shall also be obliged to at its own expenses renovate and replace disqualified equipment, materials and components, the delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The contractor's construction shall conform to the quality standards as set forth in the contract. The assessment of quality standards shall be based upon the assessment standards for quality inspection as set forth in the contract. With respect to the construction part not in compliance with the quality standards, the contractor shall be obliged to at its own expenses renovate, rework or replace or reset, the delay in the date of completion caused thereby shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.5.2 Quality inspection parts and inspection participants. The quality inspection parts are: the part subject to inspection by the contract letting party, supervisor and the contractor; the part subject to inspection by the supervisor and the contractor; the part subject to inspection by either any third party or the contractor. The parts subject to inspection on the construction quality, inspection standards as well as inspection &amp; acceptance table format are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka3a75404-0c9b-4752-8e59-59a2f2a4daa9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">49</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the above provisions, any part inspected as qualified by the contractor shall be reported to the contract letting party or the supervisor for archival filing. The contract letting party and the project director shall be entitled to, from time to time, conduct spot inspection or overall inspection on the parts subject to archival filing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.5.3 Notify inspection participants of participation in inspection. If the contractor on its own examines, inspects, tests and experiments the conformity, it shall notify relevant inspection participating units of participating in inspection according to the quality inspection parts and inspection participants as set forth in the special provisions of Article 7.5.2 hereof. If any inspection participant fails to participate on time, the contractor shall submit the self-inspection result of conformity to the contract letting party or the supervisor for signing within 24 hours thereafter, in case of failure to be signed after 24 hours, the quality inspection result shall be deemed as having been recognized by the contract letting party. Within 3 days thereafter, the contractor shall send notice on the fact that the contract letting party or the supervisor has been deemed to have acknowledged such quality inspection result.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.5.4 Quality inspection rights. The contract letting party or the supervisor or any third party authorized thereby shall, under the circumstance of not hindering normal operation of the contractor, have to rights to conduct quality supervision, examination, inspection, test and experiment on any construction zone. The contractor shall provide such quality inspection activity with convenience. If the examination, inspection, test and experiment result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In case of detecting any quality defect caused by any reason attributable to the contractor upon quality inspection, shall be entitled to place directives on renovation, suspension, demolition, rework, reconstruction and replacement etc. Any increase in the expenses caused thereby shall be borne by the contractor, in case of delay in the date of completion, the date of completion shall not be postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb97a6281-c576-4617-a8f9-39e60caa2798" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">50</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.5.5 Conduct quality inspection again. According to the provisions as set forth in Article 7.5.3 hereof, with respect to the project parts certified to be qualified upon quality inspection, the contract letting party shall be entitled to conduct quality inspection again under the condition of not affecting normal project construction. If the examination, inspection, test and experiment result indicates inconformity, the expenses incurred thereby shall be borne by the contractor, in case of delay in any key route of the project, the date of completion shall not be postponed; if the examination, inspection, test and experiment result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.5.6 Other additional expenses incurred by any reason not attributable to the contract letting party shall be completely borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="7.6 Concealed project and midway inspection &amp; acceptance">7.6 Concealed project and midway inspection &amp; acceptance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.6.1 Concealed project and midway inspection &amp; acceptance. The classification, parts, quality inspection contents, quality inspection standards, quality inspection tables and inspection participants of the concealed project that shall be subject to quality inspection and the parts of midway inspection &amp; acceptance are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.6.2 Notice on inspection &amp; acceptance and inspection &amp; acceptance. With respect to the concealed project or midway inspection &amp; acceptance parts certified to be qualified upon self inspection, the contractor shall notify the contract letting party and the supervisor of inspection &amp; acceptance in writing 48 hours before the concealed project or midway inspection &amp; acceptance. The notice shall specify the contents of concealment and midway inspection &amp; acceptance, inspection &amp; acceptance time and place. If the inspection &amp; acceptance result indicates conformity, both parties shall sign on the inspection &amp; acceptance records in order to cover, conduct subsequent operation, formulate and submit concealed project completion materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak31a642d1-66d2-4b4e-977d-fd3599331c44" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">51</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party and the supervisor do not sign on the inspection &amp; acceptance records within 24 hours after the inspection &amp; acceptance result indicates conformity, the contract letting party and the supervisor shall be deemed as having recognized the inspection &amp; acceptance records, the contractor can conceal or conduct subsequent operation. If the contract letting party and the supervisor's inspection &amp; acceptance result indicates inconformity, the contractor shall correct within the time as limited by the contract letting party and the supervisor and notify the contract letting party and the supervisor of inspection &amp; acceptance again.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.6.3 Failure to participate in inspection &amp; acceptance on time. If the contract letting party and the supervisor fail to participate in the inspection &amp; acceptance of the concealed project and the parts subject to midway inspection &amp; acceptance on time, within 24 hours upon receipt of notice on inspection &amp; acceptance, the contract letting party and the supervisor shall apply to the contractor for postponement, the inspection &amp; acceptance shall not be postponed for more than 48 hours. In case of failure to apply for postponement of inspection &amp; acceptance within the above time and failure to participate in inspection &amp; acceptance, the contractor shall on its own organize inspection &amp; acceptance, and the inspection &amp; acceptance records shall be deemed as having been recognized by the contract letting party and the supervisor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.6.4 Re-inspection. Within any time, the contract letting party and the supervisor shall be entitled to require re-inspection on the concealed project that has been inspected and accepted, the contractor shall remove coverage, conduct stripping or trepanning and shall recover or renovate upon inspection. If the inspection result indicates inconformity, the expenses incurred thereby shall be borne by the contractor, in case of delay in any key route of the project, the date of completion shall not be postponed; if the inspection result indicates conformity, any increase in the expenses incurred against the contractor or delay in any key route of the project shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8ca4018a-f9eb-4f0f-bb15-4e959c34bf8a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">52</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="7.7 Dispute on the construction quality result">7.7 Dispute on the construction quality result</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.7.1 Any dispute on the construction quality result shall be firstly settled through negotiation. If no consensus is reached upon negotiation, any project quality test institution with relevant qualification shall be entrusted to conduct authentication with consent of the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the authentication result, if the liable party is the contractor, the contractor shall be liable for any increase in the expenses incurred against the contractor or delay in any key route of the project; if the liable party is the contract letting party, the contract letting party shall be liable for any increase in the expenses incurred against the contractor, in case of delay in any key route of the project duet to any dispute, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.7.2 According to the authentication result, if both contract parties are liable, according to the liabilities of either party, they shall negotiate for assuming respective expenses; in case of delay in any key route of the project caused thereby, they shall discuss about postponement of the date of completion. If both parties fail to reach consensus on the assuming of expenses and postponement of the date of completion, the procedures as set forth in Article 16.3 Dispute and adjudication shall apply to settlement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="7.8 Health, safety and environment">7.8 Health, safety and environment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.8.1 Health, safety and environment management</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Both parties shall be obliged to observe all laws and regulations on health, safety and environment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Implementation plan for health, safety and environment management. Before construction start on the spot or within other time as stipulated, the contractor shall submit implementation plan for health, safety and environment management to the contract letting party. The management and implementation fees of such plan are included in the contract price. The contract letting party shall raise suggestions and make acknowledgement within 15 days upon receipt of such plan, the contractor shall at its own expenses correct according to the suggestions of the contract letting party. The counterparts and time of submission of such plan are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfe5cc396-fb47-4a7c-abc8-5f2e9c627e1a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">53</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) In the process of carrying out the implementation plan for health, safety and environment by the contractor, if the contract letting party needs to take special measures beyond such plan, it shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor ensures that all employees of the contractor and its subcontractors on the spot have been sufficiently trained and experienced and are competent for health, safety and environment management work.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The parties shall comply with all laws and regulations on spot health, safety and environment relating to implementation of this project and use of construction equipment and respectively handle related formalities as stipulated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) The contractor shall establish health security conditions, construct safe facilities and take environmental protection measures etc. for the part subject to spot construction start of the project. If any reason causes delay in the approval of construction license due to any reason attributable to the contractor, the contractor shall be liable for any increase in the expenses or delay in any key route of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(7) The parties shall have full-time engineers or management persons responsible for managing, supervising and guiding employee health, safety protection and environmental protection work. The contractor shall be liable to any subcontractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(8) The contractor shall from time to time accept the supervision and inspection conducted by the health, safety and environment inspectors of any relevant governmental administrative authority, industrial institution, contract letting party and project director and shall therefore provide convenience.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(9) According to the Regulations on Safety, Health and Environment Management Work of Power Construction and relevant provisions of laws, in case of any accident against safety and violation in the contents of Appendix I, the contract letting party shall be entitled to directly deduct penalty from the total contract price of the project accounts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.8.2 Occupational health management on the spot</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) The contractor shall comply with applicable laws and regulations on occupational health as well as the contract provisions (including the provisions on employment, health, safety and benefit etc.) and be responsible for the occupational health and protection of the persons in the spot implementation process.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak30c05c01-0557-40e1-bb29-37f33c885f1b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">54</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor shall comply with applicable labor laws to protect legal rights and interests of its employees including but not limited to legal holiday right and shall provide the employees on the spot with labor protection articles, protective device, heatstroke prevention products, necessary spot boarding and lodging conditions as well as safe production facilities.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall provide the constructors with occupational health knowledge training for relevant operation, disclosure of dangerous and hazardous factors, disclosure of safe operation procedures, shall take effective measures and shall provide protective device to prevent human body injury according to relevant provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor shall set warning marks and instructions in poisonous and harmful operation zones. Any injury caused by the contract letting party and its entrusted persons due to entry into such operation zones without permission of the contractor and not equipped with relevant protection appliance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The contractor shall conduct preventive examination on the poisonous and harmful posts and timely ratify and correct disqualified protection facilities, appliance and erection etc. in order to eliminate hidden danger that is harmful to health.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) The contractor shall take health and anti-epidemic measures to be equipment with medical workers and first-aid facilities, keep the food health of dining hall, maintain the environmental health of the residence and its surrounding areas and protect the health of constructors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.8.3 Safety management on the spot</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The supervisor shall provide the employees on the spot with safety education and shall be liable for any accident against safety caused thereby. The supervisor shall not force the contractor to violate relevant safety regulations on safe construction, safe operation, completion test, post-completion test and completion inspection &amp; acceptance. The supervisor shall assume relevant liabilities and the expenses incurred thereby for any human body injury and property loss caused by any reason attributable to the supervisor and its employees on the spot. In case of delay in any key route of the project, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak39ca48af-35cd-4a43-a98d-ceff04f0f72d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">55</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall be liable for any human body injury, property loss and delay in any key route of the project caused by violation of relevant safety regulations on safe construction, safe operation, completion test, post-completion test and completion inspection &amp; acceptance due to any reason attributable to the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The employees of the parties shall comply with attention to no entry, including no entry to the work field and no closeness to special zones of the work field. In case of failure to comply with such provisions, the party failing to comply with such provisions shall be liable for any injury, damage and loss caused thereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall be responsible for the safe work on the spot according to the contract provisions, including the spot of any subcontractor. Any spot with relevant conditions shall be subject to closed management. According to the project features, shall formulate relevant technical safety measures in the construction organization and design documents and formulate special safe construction organization and design to the project part with strong specialty, including but not limited to the measures for maintaining safety, prevent danger and prevent fire.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor (including subcontractors, suppliers and transportation units of the contractor) shall take preventive measures to protect the roads, bridges and underground facilities etc. on the spot and on the way entering into and exiting from the spot, unless otherwise set forth in special provisions. The contractor shall be liable for any damage and delay in the date of completion caused by failure to take preventive measures as stipulated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The contractor shall provide its constructors with safe operation training, disclosure of safe operation procedures, take safety protection measures, set safe warning marks and instructions and conduct safety inspection to eliminate accident and hidden danger.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) When the contractor conducts operation in power equipment, electric transmission line, underground pipeline, sealed quakeproof workshop, high temperature and high pressure, inflammable and explosive zones and sections as well as in the neighborhood of vital communication lines close to street, the contractor shall take safety protection measures to any damage that may be caused against the construction site and neighboring buildings, structure and special operation environment. Before construction start, safety protection measures and schemes shall be submitted to the contract letting party or the supervisor and may only be implemented after being recognized.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3f7f78cb-4a66-4e85-9b11-b6bd16b2f225" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">56</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(7) If the contractor intends to conduct blasting, radioactive, electric and toxic operation as well as conduct operation by using inflammable and explosive, toxic and corrosive articles (including transportation, storage and custody), the contractor shall, within 10 days before construction start, notify the contract letting party and the supervisor in writing, submit relevant safety protection measures and schemes which shall only be implemented after being recognized.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(8) Safety and protection inspection. Before start of operation, the contractor shall notify the representative of the contract letting party and the supervisor of conducting inspection on any influence that may be generated by the safety measures and schemes submitted and construction of safe facilities on the spot, safe passages, safe appliance and fire protection appliance and configuration on the safety of surrounding environment, and shall at its own expenses make ratification and correction according to the ratification and correction raised by the contract letting party and the supervisor. The supervisor's suggestions and requirements will not relieve the contractor of or exempt the contractor from any contract liability.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.8.4 Environmental protection and management on the spot</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contractor shall be responsible for protecting the buildings, structure, cultural relic buildings, ancient trees and famous trees as well as underground pipelines, wire, structures, cultural relics, fossils and tombs etc. on the spot and in the neighborhood in the spot construction process. The contractor shall be liable for any increase in the expenses including but not limited to damage, loss and compensation and delay in the date of completion due to the failure of the contractor to notify the contract letting party and failure to obtain further instructions from the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor shall take measures and be responsible for controlling and disposing of the pollution and damage caused by the dust, waste gas, waste water, solid waste and noise against the environment on the spot. The contractor shall be liable for any increase in the expenses including but not limited to injury, compensation and penalty and delay in the date of completion.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8e9b11d7-05b3-4367-be39-b27cb92f5cb6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">57</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall timely and periodically transport the residual and waste garbage on the construction site to any place designated by the contract letting party or relevant local administrative authority to prevent the pollution on the surrounding environment and influence on the operation. The contractor shall be liable for any increase in the expenses including but not limited to injury and compensation imposed by local administrative authority.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.8.5 Accident treatment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) If the contractor or any employee of any subcontractor is deceased or suffers injury in the spot operation process, the contractor or its subcontractor shall immediately take rescue measures, immediately report to the contract letting party and the rescue unit, the contract letting party shall be obliged to provide such rescue with necessary conditions. The contractor shall maintain the spot and take relevant measures to prevent the spreading of any accident.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) With respect to significant casualty, significant damages on properties and the environment as well as other accidents against safety, the contractor shall, according to relevant provisions, immediately report to relevant authority and immediately notify the representative of the contract letting party and the supervisor. Meanwhile, it shall be handled according to the requirements of relevant governmental authority.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) If the contract parties have any dispute on the liabilities for any accident, the final result identified by relevant governmental authority upon investigation shall apply.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) If the construction project causes human body and property damage within reasonable use period and equipment assurance period, the contractor shall assume damage compensation liability.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) In case of any food poisoning, endemic disease and occupational health event among the employees, the contractor shall be liable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak565dbf7b-6311-464b-b803-9f91831d403b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">58</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 8 Completion test">Article 8 Completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The project as set forth herein includes completion test, the provisions hereof shall be observed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="8.1 Completion test obligation">8.1 Completion test obligation</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8.1.1 The contractor's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Before start of the project completion test, the contractor shall accomplish the construction operation of relevant project; and before start of the completion test, shall accomplish examination, inspection, test and experiment that shall be conducted according to the contract provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Before start of the completion test, the contractor shall submit relevant quality inspection materials and its completion materials to the contract letting party according to the provisions of concealed project and midway inspection and acceptance parts as set forth in Article 7.6 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) According to the provisions on post-completion test as set forth in Article 10 hereof, the contractor shall guide the contract letting party to conduct post-completion test, the contractor shall accomplish the training for operators and maintenance persons according to the provisions as set forth in Article 5.4 and submit the operation and maintenance manual as set forth in Article 5.2.2 before post-completion test.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) Completion test scheme. Within 20 days before the completion test conditions are satisfied, the contractor shall submit the completion test scheme to the contract letting party. The contract letting party shall raise suggestions and opinions within 10 days, the contractor shall at its own expenses amend the completion test scheme according to the suggestions and comments raised by the contract letting party. After the completion test scheme is acknowledged by the contract letting party as appendix hereto, it shall be implemented by the contractor. The counterparts and time of submission of completion test scheme are stipulated in the special provisions. The scheme shall include:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1) The basis and principles based upon which the completion test scheme is formulated;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak0432c3d1-2de9-4dde-b251-d1cdb1642d83" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">59</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2) Establishment and responsibility division of the organizational framework;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3) Test procedures and test conditions of completion test for the project;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4) Test procedures and test conditions of single, individual and joint test for the project;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5) Types, performance standards, test, inspection &amp; acceptance format of the equipment, materials and components subject to completion test;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6) The quality and quantity requirements on the water, electricity and power conditions etc.;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7) Safe procedures, safe measures and protection facilities;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8) Progress plan, measures and schemes, human resource as well as machine and tool plan and arrangement of completion test;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9) Others</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) The completion test of the contractor shall include the completion test of the equipment, materials and components newly entrusted by the contract letting party to the contractor according to Claus (3) of Article 8.1.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) The contractor shall accomplish completion test according to the test conditions and test procedures as well as the standards, codes and data as set forth in Clause (3), Article 5.2.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8.1.2 The contract letting party's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In the inspection &amp; acceptance process, if it is necessary for the contract letting party to organize inspection &amp; acceptance group, the contract letting party shall cooperate with the contractor in accomplishing the organization of inspection &amp; acceptance and acknowledgment on the inspection &amp; acceptance result.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.1.3 Completion test leading organ. The completion test leading organ shall be responsible for leading, organizing and coordinating the completion test. The contractor shall provide relevant conditions as set forth in the human resource, machine and tool as well as completion test schemes and be responsible for accomplishing the test. The contract letting party shall be responsible for organizing the inspection &amp; acceptance of completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak27416b1a-d8da-428f-84a6-539c44a14d5b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">60</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="8.2 Examination and inspection &amp; acceptance of completion test">8.2 Examination and inspection &amp; acceptance of completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2.1 The examination and inspection &amp; acceptance shall be conducted according to the standards, codes and data as set forth in Clause (3), Article 5.2.3 hereof and Sub-clause 5) of Clause 4 Completion test scheme of Article 8.1.1.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2.2 Before start of the completion test, after the contractor examines and verifies the test conditions provided by the parties according to the provisions as set forth in Article 8.1.1 hereof, both parties shall sign on relevant tables. In case of delay in the completion test progress plan of any key route, the date of completion shall be postponed accordingly; if any reason attributable to the contractor causes the failure to verify the completion test conditions on time, any increase in the expenses shall be borne by the contractor, in case of delay in the completion test, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2.3 Within 36 hours before start of certain completion test, the contractor shall send notice to the contract letting party and the supervisor, the notice shall include the test items, contents, place and inspection &amp; acceptance time. Within 24 hours upon receipt of notice, the contractor or (and) the supervisor shall notify the contractor of participating in writing, if the test result indicates conformity, both parties shall sign on the test records and inspection &amp; acceptance table.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">If the contract letting party and the supervisor do not sign on the inspection &amp; acceptance records and inspection &amp; acceptance table within 24 hours after the inspection &amp; acceptance result indicates conformity, the contract letting party and the supervisor shall be deemed as having recognized the inspection &amp; acceptance records, the contractor can conceal or conduct subsequent operation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the inspection &amp; acceptance result indicates inconformity, within the time as ordered by the contract letting party and the supervisor, the contractor shall make amendment and notify the contract letting party and the supervisor of conducting inspection &amp; acceptance again.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak07a28c22-701c-4737-aab5-4a9aeaf857fa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">61</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2.4 If the contract letting party and the supervisor fail to participate in the test and inspection &amp; acceptance on time, they shall apply to the contractor in writing for postponement within 24 hours upon receipt of notice, the time shall not be postponed for more than 24 hours. In case of failure to apply for postponed test within the above time and failure to participate in test and inspection &amp; acceptance, the contractor may on its own organize test according to the test items as notified, the test result shall be deemed as recognized by the contract letting party and passing inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2.5 No matter whether the contract letting party and the supervisor participate in completion test and inspection &amp; acceptance or not, the contract letting party shall be entitled to order to conduct test again. If the retest result indicates inconformity, any increase in the expenses incurred against the contractor shall be borne by the contractor, in case of delay in the completion test progress, the date of completion shall not be postponed; if the retest result indicates conformity, any increase in the expenses incurred against the contractor and delay in the date of completion shall be deemed as alteration according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8.2.6 Provisions on date of inspection &amp; acceptance of completion test</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Date and time of inspection &amp; acceptance of certain completion test. The date and time of passing such completion test shall be deemed as the date and time of inspection &amp; acceptance of such completion test.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Date and time of completion test of the project. The date and time of passing completion test of the last project shall be deemed as the date and time of completion test of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="8.3 Completion test safety and examination">8.3 Completion test safety and examination</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3.1 According to the provisions on health, safety and environment as set forth in Article 7.8 hereof, in combination with electricity access, water access, pressure test, leakage test and turning features etc. of completion test, the contractor shall formulate safe operation schemes including but not limited to safe procedures, safe system, fire protection measures, accident report system and accident disposal scheme for completion test with respect to electric shock hazard, inflammable and explosive as well as running of mechanic equipment, and shall submit such schemes to the contract letting party for acknowledgement and raise suggestions, comments and requirements to the contract letting party, the contractor shall at its own expenses make amendment and put into implementation upon acknowledgement by the contract letting party. The acknowledgement of the contract letting party shall not relieve the contractor of or exempt the contractor from the contract liabilities of the contractor. The expenses for the contractor to provide the completion test with safe protection measures and protection articles have been included in the contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak73ef9d59-61c0-47a7-a3be-a4970eb29f74" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">62</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3.2 The contractor shall provide its employees with training on the safety of completion test and disclose the safe operation procedures, field environment, operation system and emergency disposal measures etc. of completion test.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3.3 The contract letting party and the supervisor shall be obliged to, according to the safe procedures, safe system and safe measures etc. in the safe schemes of completion test acknowledged, provide its management persons, operators and maintenance persons with education on the safety of completion test and at its own expenses provide the supervisors and inspectors with protection facilities.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3.4 The contract letting party and the supervisor shall be entitled to supervise and examine the work and implementation status listed in the safe schemes of completion test, and shall be entitled to propose safe ratification and correction as well as deliver regulation orders. The contractor shall be obliged to make ratification, correction and regulation according to the order and bear any increase in the expenses. In case of delay in the completion test progress plan of the project caused thereby, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3.5 Shall, according to the decision of the completion test leading organ as set forth in Article 8.1.3 hereof, organize, coordinate and implement completion test to prevent the occurrence of human body injury and accident.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">With respect to any accident caused by any reason attributable to the contract letting party, the contract letting party shall assume its relevant liabilities, expenses and compensation. In case of delay in the completion test progress plan of the project caused thereby, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9b5d4165-18f1-41e8-97a3-bbb8dc7640fb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">63</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">With respect to any accident caused by any reason attributable to the contractor, the contractor shall assume its relevant liabilities, expenses and compensation. In case of delay in the completion test progress plan of the project caused thereby, shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="8.4 Delayed completion test">8.4 Delayed completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.4.1 If any reason attributable to the contractor causes certain project to be behind the completion test progress plan, the contractor shall at its own expenses take measures to catch up with the completion test progress plan according to the provisions as set forth in Article 4.1.2.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.4.2 In case of delay in the completion test caused by any reason attributable to the contractor, which leads to delay in the date of completion of the project as set forth in the contract, according to the provisions on delay and damage compensation as set forth in Article 4.5, the contractor shall be liable for delay and damage compensation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.4.3 Completion test organized by the contract letting party. Without any legitimate reason, if the contractor fails to conduct certain completion test according to the completion test progress plan decided by the completion test leading organ, and within 10 days upon receipt of notice sent by the test leading organ, the contractor still fails to conduct certain completion test without any legitimate reason, the contract letting party shall be entitled to on its own organize such completion test, the test risks and expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.4.4 If the contract letting party fails to perform its obligations as set forth in Article 8.1.2 hereof, which causes delay in the completion test, in case of any increase in the expenses, the contract letting party shall bear reasonable expenses, in case of delay in the completion test progress plan, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9d14175a-bf24-4eee-85d0-8c63b068218f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">64</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="8.5 Retest and inspection &amp; acceptance">8.5 Retest and inspection &amp; acceptance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.5.1 If the contractor fails to pass relevant completion test, it shall conduct such test again according to the provisions as set forth in Clause (6), Article 8.1.1 hereof and conduct test and inspection &amp; acceptance according to the provisions as set forth in Article 8.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.5.2 No matter whether the contract letting party and the supervisor participate in completion test and inspection &amp; acceptance or not, if the contractor fails to pass completion test, the contract letting party shall be entitled to notify the contractor of conducting such completion test again according to the provisions as set forth in Clause (6), Article 8.1.1 hereof and conducting test and inspection &amp; acceptance according to the provisions as set forth in Article 8.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><font size="3"><a name="8.6 Failure to pass completion test"><b>8</b><b>.</b><b>6 Failure to pass completion test</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In case of failure to pass the completion test due to any reason attributable to the contractor, it is permitted that such completion test should be conducted again, however, it shall only be conducted for at least twice, in case of inconformity with the inspection &amp; acceptance conditions upon twice test, the date of completion shall not be postponed, relevant expenses and relevant matters shall be handled according to the following provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) In case of failure to pass such completion test, which does not have any substantial influence on the operation or use, the contractor shall at its own expenses renovate. In case of failure to renovate, the contract letting party shall be entitled to deduct relevant accounts of such part, and it shall be deemed as passing such completion test;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) In case of failure to pass such completion test, which has any substantial influence on the operation or use of such project, the contract letting party shall be entitled to deduct relevant accounts of such part, and it shall be deemed as passing such completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakcbda3a56-69e7-4965-90ea-e7bd1db778b0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">65</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) In case of failure to pass such completion test, which has any substantial influence on the operation or use, the contract letting party shall be entitled to order the contractor to replace relevant parts and conduct completion test. Any increase in the expenses incurred against the contract letting party shall be borne by the contractor. In case of delay in the date of completion caused thereby, the contractor shall be liable for delay and damage compensation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) In case of failure to pass the completion test, which causes any main part of the project to lose the production and use functions, the contract letting party shall be entitled to order the contractor to replace any relevant part, the contractor shall be liable for any increase in the expenses and delay in the date of completion caused thereby. In case of any increase in the expenses incurred against the contract letting party, the contract letting party shall be titled to claim to the contractor according to the provisions on claim as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) In case of failure to pass the completion test, which causes the whole project to lose the production and use functions, the contract letting party shall be entitled to order the contractor to redesign and reset any relevant part, the contractor shall be liable for any increase in the expenses and delay in the date of completion caused thereby. The contract letting party shall be titled to claim to the contractor according to the provisions on claim as set forth in Article 16.2.1 hereof. Or shall be entitled to cancel the contract according to the provisions as set forth in Article 18.4 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="8.7 Dispute on completion test result">8.7 Dispute on completion test result</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.7.1 Negotiation for settlement. Any dispute on the completion test result shall be firstly settled through negotiation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.7.2 Entrustment of authentication institution. Upon negotiation, should there still be any dispute on the completion test result, a test institution with relevant qualification shall be jointly entrusted to conduct authentication. Upon authentication,</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) If the liable party is the contractor, the necessary authentication fees and any increase in the reasonable expenses therefore incurred against the contract letting party shall be borne by the contractor, the date of completion shall not be postponed;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf8b795e2-4b5c-4e8d-9b20-2465bed4271e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">66</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) If the liable party is the contract letting party, the necessary authentication fees and any increase in the reasonable expenses therefore incurred against the contractor shall be borne by the contract letting party, the date of completion shall be postponed accordingly;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) If both parties are liable, they shall negotiate for respectively bearing the expenses according to their liabilities and postponing the date of completion based upon the delay in the completion test plan. In case of any dispute between the parties on the expense bearing and postponement of the date of completion, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 9 Project receipt">Article 9 Project receipt</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="9.1 Project receipt">9.1 Project receipt</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.1.1 Receipt based upon the project. According to the specific situation and features of the engineering project, the project receipt shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) Receipt based upon the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the provisions on post-completion test as set forth in Article 10 hereof, the contractor shall be responsible for guiding the contract letting party to conduct post-completion test and assume the assessment responsibility for trial operation. The schedule for the project is stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party is responsible for post-completion test of the project and the assessment responsibility for trial operation, the arrangement for the date of project receipt shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) With respect to the project without completion test or post-completion test, the contractor shall accomplish the round-off project and defect renovation, and in case of compliance with the inspection &amp; acceptance standards as set forth in the contract, the project receipt and completion inspection &amp; acceptance shall be handled according to the contract provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3642edab-195f-4d5b-a6ec-42aab0f99055" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">67</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.1.2 The materials that shall be submitted by the contractor upon project receipt. In addition to the materials that have been submitted according to the provisions as set forth in Clause (1) to (3) of Article 8.1.1 hereof, the types, contents, counterparts and time of submission of the inspection &amp; acceptance materials for accomplishment of completion test that shall be submitted are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="9.2 Receipt certificate">9.2 Receipt certificate</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.2.1 Within 10 days after the project satisfies the receipt conditions, the contractor shall submit application for receipt certificate to the contract letting party, and within 10 days upon receipt of the application, the contract letting party shall organize receipt and issue project receipt certificate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The date of project receipt shall be subject to the date as set forth in Clause 2, Article 8.2.6 as the date of receipt.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.2.2 Round-off project and defect renovation: the round-off project and defect renovation having not substantial influence on the operation and use of the project shall not be deemed as the reason for the contract letting party's refusal to receive the project. The reasonable time determined upon negotiation by the contract letting party and the contractor for the contractor to accomplish such round-off project and defect renovation shall be deemed as appendix to the receipt certificate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="9.3 Project receipt responsibilities">9.3 Project receipt responsibilities</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.3.1 Security guard responsibility: the contract letting party shall assume security guard responsibility upon overall project receipt, and the employees of the contractor shall all evacuate or basically evacuate from the site.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.3.2 Attention responsibility: from the date of overall project receipt, the contract letting party shall assume its attention responsibility. And shall be responsible for the preservation, maintenance and repair of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9.3.3 Project insurance coverage responsibility: according to the contract provisions, during the construction period, if the party that shall purchase insurance is the contractor, the contractor shall keep the insurance coverage period of the project until the date on which the contract letting party receives the project as set forth in Article 9.2.1. The party that shall purchase insurance shall be contract letting party thereafter.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak726e1ae9-3670-4ce7-87ec-e7136ea20501" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">68</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="9.4 Failure to receive the project">9.4 Failure to receive the project</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.4.1 Refusal to receive the project: within 15 days upon receipt of the application for overall project receipt certificate submitted by the contractor, if the contract letting party does not organize receipt, it shall be deemed that the application for project receipt certificate has been recognized by the contract letting party. From the 16th day, the contract letting party shall assume relevant liabilities according to the provisions as set forth in Article 9.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.4.2 Failure to receive the project according to the contract provisions: if the contractor fails to submit application for project receipt certificate or fails to pass the project receipt conditions, the contract letting party shall be entitled to refuse the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party fails to comply the provisions of this article, uses or forces to receive the project, it shall, according to the provisions on project receipt as set forth in Article 9.3, assume relevant liabilities and shall be liable for any loss, breakdown, damage and compensation caused by the operation and use of the project upon use or forced receipt.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 10 Post-completion test">Article 10 Post-completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The project as set forth herein includes post-completion test, the provisions hereof shall be observed.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.1 Rights and obligations">10.1 Rights and obligations</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1.1 The contract letting party's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) The contract letting party shall be entitled to verify and approve the post-completion test scheme submitted by the contractor according to the provisions as set forth in Clause (2), Article 10.1.2, the contract letting party's approval will not relieve the contractor of or exempt the contractor from the contract liabilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak284f5e9c-4d31-401b-bbd8-3fc8085479fe" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">69</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contract letting party shall be obliged to establish post-completion test united coordinating and leading organ and arrange work division, organize and accomplish preparation work, post-completion test and trial operation assessment according to the post-completion test scheme that has been approved. The establishment scheme and the work division &amp; duties of the united coordinating and leading organ shall be deemed as part hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contract letting party shall be entitled to give the contractor notice on refusal or acceptance of any suggestion raised by the contract letting party to the contractor according to Clause (4), Article 10.1.2 hereof. In case of failure to accept such suggestion, the contractor shall be obliged to implement according to any original organization, arrangement, directive and notice.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) Any organization, arrangement, directive and notice delivered by the contract letting party to the contractor at the post-completion test stage shall be delivered to the project manager of the contractor in writing, and the project manager shall sign thereupon with date, time and signature.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Under emergency, the contract letting party shall be entitled to issue emergent directive to the contractor orally and in writing, and the contract shall immediately implement. If the contractor fails to implement any directive of the contract letting party, the contractor shall be liable for any accident liability, human body injury and project damage caused thereby. Within 12 hour after giving oral directive, the contract letting party shall send supplementary directive in writing to the project manager.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) Other obligations and work of the contract letting party at the post-completion test stage are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1.2 The contractor's responsibilities and obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Under unitary arrangement of the post-completion test united coordinating and leading organ established by the contract letting party, the contractor shall designate any person with relevant qualification and experience to guide the post-completion test. During the post-completion test period, the power station initiation manger and its guiding persons designated by the contractor shall only leave the site upon approval by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak478d5a9d-7047-4934-81d2-247213c45d17" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">70</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor shall formulate post-completion test scheme according to the contract provisions and the post-completion test features of this project. And shall submit post-completion test scheme to the contract letting party before start of post-completion test. Such scheme shall include: the operation test procedures, resource conditions, test conditions, operation procedures, safe procedures, accident disposal procedures and progress plan etc. of the project and its relevant parts. The scheme shall only be implemented after being verified and approved by the contract letting party. The counterparts and time of submission of post-completion test scheme are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) If the contractor fails to implement any arrangement, directive and notice of the contract letting party, the contractor shall be liable for any accident, human body injury and project damage caused thereby.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor shall be obliged to raise suggestions and make explanations on any organization, arrangement, directive and notice of the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Under emergency, the contractor shall immediately implement the operation, work and assignment ordered by the contract letting party orally. The contractor shall make records for such directive and make implementation records. With respect to such directive, the contract letting party shall deliver the oral directive in writing again to the contractor within 12 hours.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party fails to deliver supplementary notice on such oral directive in writing within 12 hours, the contractor and its project manager shall be entitled to, within 24 hours upon receipt of the oral directive, submit such oral directive in writing to the contract letting party, the contract letting party shall sign for confirmation on the receipt with the date and time of receiving. If the contract letting party fails to sign for confirmation on the receipt within 24 hours, it shall be deemed as confirmed by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The contract letting party shall be liable for any accident liability, human body injury, project damage and increase in the expenses due to implementation of such oral directive. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak07e52b01-a9a7-4530-a702-f9c28d1d689d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">71</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(6) Liability for any defect of the operation and maintenance manual. With respect to the operation and maintenance manual formulated by the contractor, the contractor shall be liable for any accident liability, human body injury and project damage caused by any defect of the manual; if any defect existing in the operation guidance provided by the contract letting party (including any licenser of its) causes any defect of the contractor's operation manual, the contract letting party shall be liable for any accident liability, human body injury, project damage and increase in the expenses incurred against the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(7) Other obligations and work of the contractor at the post-completion test stage according to the contract provisions and industrial regulations are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.2 Post-completion test procedures">10.2 Post-completion test procedures</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.1 The contract letting party shall organize and arrange its management persons, operators, maintenance persons and all other preparation work according to the post-completion test scheme approved by the united coordinating and leading organ.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.2 The contractor shall, according to the post-completion test scheme that has been approved, provide all electric power, water, power, raw materials, auxiliary materials, consumable materials and other test conditions as well as provide other equipment, facilities, tools and appliances necessary for post-completion test that shall be provided by the contractor as set forth in the scheme and accomplish other preparation work that shall be finished by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.3 The contractor shall organize post-completion test according to the post-completion test scheme that has been approved as well as the post-completion test procedures and test conditions for any part of the project, among different projects and the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.4 The united coordinating and leading organ shall organize, fully examine and carry out the resource conditions, test conditions, safe facilities and conditions, fire protection facilities and conditions, emergency and accident disposal facilities, conditions and relevant measures necessary for post-completion test of the project and any part thereof, in order to guarantee about the completeness of recording instruments and special recording tables and the sufficiency of quantity thereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak63e10988-c36f-4008-ab36-6f2a09488a47" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">72</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.5 Notice on date of post-completion test. The contract letting party shall, within 15 days upon the date of project receipt, notify the contractor of the date of post-completion test start. Unless otherwise set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.3 Post-completion test and trial operation assessment">10.3 Post-completion test and trial operation assessment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3.1 Test shall be conducted according to the test procedures, test conditions and operation procedures of the post-completion test scheme that has been approved in order to achieve the production function and use function of the project as set forth in the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3.2 The contract letting party's operators and the contractor's instructors shall truthfully fill out data, conditions, status, time, name and other contents as stipulated in the test condition records, test records and tables of the same post in the process of post-completion test.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.3.3 Trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) According to the provisions as set forth in Article 5.1.1 hereof, if the contractor provides production process and technologies or construction design, it shall guarantee to achieve the assessment guaranteed value or use function as set forth in the special provisions of Article 5.1.1 within the trial operation assessment period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) According to the provisions as set forth in Article 5.1.2 hereof, if the contract letting party provides production process and technologies or construction design, the contractor shall guarantee to achieve the assessment guaranteed value or use function as set forth in the special provisions of Article 5.1.2 within the trial operation assessment period.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) According to the regulations of relevant industries on the trial operation assessment period, the trial operation assessment period shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd7a9850e-dc49-416c-870f-adff51db7ecc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">73</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) After passing the trial operation assessment or use function, both parties shall jointly clear up the post-completion test and its trial operation test result and compile appraisal report. The report shall be made in duplicate with either party holding each respectively after being signed or sealed by both contract parties and shall be deemed as part hereof. The contract letting party shall issue assessment inspection &amp; acceptance certificate according to the provisions as set forth in Article 10.7 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3.4 Ownership of product and service income. Any product income or service income during the period of post-completion test of the project and trial operation assessment shall belong to the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3.5 One of the trial operation assessment indexes is that, after the power station experiences trial operation of a period of time, only when the generating capacity of the power station reaches the agreement value, the trial operation may be subject to closure in a real sense.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="10.4 Delay in post-completion test">10.4 Delay in post-completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.4.1 In case of delay in the post-completion test caused by any reason attributable to the contractor, relevant measures shall be take to organize post-completion test as soon as possible. If the delay causes any increase in the expenses against the contract letting party, the contract letting party shall be entitled to claim from the contractor according to the provisions as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.4.2 According to the provisions on trial operation assessment as set forth in Article 10.3.3 hereof, during the trial operation assessment period, in case of assessment suspension or shutoff, and the accumulative days of suspension or shutoff exceeds the trial operation assessment period as set forth in the special provisions of Clause (3), Article 10.3.3, trial operation assessment shall be conducted again within 20 days upon suspension or shutoff, beyond such period, the project shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak43a1eb35-54ac-4d25-afa1-55d7aa36073c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">74</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.5 Conducting post-completion test again">10.5 Conducting post-completion test again</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.5.1 According to the provisions as set forth in Article 5.1.1 or Article 5.1.2 and their special provisions, if any reason attributable to the contractor causes the project or any part thereof to fail to pass the post-completion test, the contractor shall at its own expenses renovate its defect and conduct such test again according to the test procedures and test conditions as set forth in Article 10.2.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.5.2 According to the provisions on conducting test again as set forth in Article</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.5.1 hereof, if the contractor still fails to pass such test, the contractor shall at its own expenses continue to renovate the defect and conduct such test again according to the test procedures and test conditions as set forth in Article 10.2.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.5.3 If the post-completion test conducted again by the contractor causes any increase in the expenses against the contract letting party, the contract letting party shall be entitled to claim to the contractor according to the provisions as set forth in Article 16.2.1 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.6 Failure to pass assessment">10.6 Failure to pass assessment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If any reason attributable to the contractor causes the failure of the project to pass the assessment, however, it still has production function and use function, it shall be handled according to the following provisions:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) Compensation for failure to pass the trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1) The production process and technologies or construction design provided by the contractor fail to pass trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the project trial operation guaranteed value or instructions on use function guarantee as set forth in the special provisions of Article 5.1.1 hereof, and in accordance with the amount of compensation or the amount calculated based upon the compensation computation formula for failure to pass trial operation assessment as set forth in the special provisions of this article, after relevant amount of compensation is paid to the contract letting party, the contractor shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5c78e2e1-ef03-4693-a9c4-95322697fb5c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">75</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2) The production process and technologies or construction design provided by the contract letting party fail to pass trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to relevant liabilities that shall be assumed by the contractor in the project trial operation assessment as set forth in the special provisions of Article 5.1.2 hereof, and in accordance with the amount of compensation as set forth in the special provisions of this article for relevant liabilities or the amount calculated based upon the compensation computation formula, after relevant amount of compensation is paid to the contract letting party, the contractor shall be deemed as having passed the trial operation assessment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) With respect to the project failing to pass trial operation assessment, the contractor shall at its own expenses investigate, adjust and amend until the project is accepted by the contract letting party, both parties shall discuss about relevant investigation, amendment and test periods, and the contract letting party shall therefore provide convenience. Before passing such assessment, the contract letting party may provisionally not claim for compensation according to the provisions as set forth in Clause (1), Article 10.6 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) When the contract letting party accepts the provisions as set forth in Clause (2) of this article, however, within the period as agreed upon, if the contract letting party fails to provide the contractor with convenience, which causes the failure of the contractor to conduct investigation, adjustment and amendment within the period as agreed upon, it shall be deemed as having passed such trial operation assessment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><font size="3"><a name="10.7 Post-completion test and assessment inspection &amp; acceptance certificate"><b>10.7 Post-completion test and assessment inspection &amp; </b><b>acceptance certificate</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.7.1 It is stipulated in the special provisions that post-completion test and assessment inspection &amp; acceptance certificate shall be issued based upon the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.7.2 According to the provisions as set forth in Article 10.3, Article 10.4, Article 10.5.1, Article 10.5.2 and Article 10.6 hereof, if the contract letting party passes or is deemed to pass post-completion test and trial operation assessment, it shall issues post-completion test and assessment inspection &amp; acceptance certificate according to Article 10.7.1. The date and time of passing trial operation assessment as specified in such certificate shall be the date and time of actually accomplishing assessment or being deemed to pass trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3e15b22c-10c9-43bf-b411-421820521c85" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">76</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="10.8 Loss of production value and use value">10.8 Loss of production value and use value</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If any reason attributable to the contractor causes the project or single project to fail to pass the post-completion test and causes the whole project to lose production value or use value, the contract letting party shall be entitled to claim for failure of performance and deduct the performance bond that has been submitted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 11 Quality assurance responsibility">Article 11 Quality assurance responsibility</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><font size="3"><a name="11.1 Quality assurance responsibility agreement"><b>1</b><b>1.1 Quality assurance responsibility agreement</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.1.1 Quality assurance responsibility agreement. To enter into quality assurance responsibility agreement according to relevant laws and regulations is one of the conditions for completion inspection &amp; acceptance. According to the assurance contents, scope, period and responsibilities as set forth in laws and regulations, the quality assurance responsibility agreement shall be entered into as Appendix III hereto. The date on which the contract letting party receives all projects hereof is the date on which the contractor's assurance responsibility starts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.1.2 If the contractor fails to submit quality assurance responsibility agreement and refuses to enter into quality assurance responsibility agreement with the contract letting party without any legitimate reason, the contract letting party may refuse to handle completion settlement with the contractor and refuse to assume the completion settlement accounts and relevant interest not paid, even if the interest for delayed payment is stipulated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contractor submits quality assurance responsibility agreement, proposes to enter into such quality assurance responsibility agreement with the contract letting party and agrees upon the interest for delayed payment in the contract, however, if any reason attributable to the contract letting party causes the failure to timely enter into quality assurance responsibility agreement, the contract letting party shall bear the interest for delayed payment of completion settlement from the 11th day of receiving such responsibility agreement.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7065a83f-127d-469a-b22b-8814a1571535" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">77</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><font size="3"><a name="11.2 Quality assurance amount"><b>1</b><b>1.2 Quality assurance amount</b></a></font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.2.1 Quality assurance amount. The quality assurance amount is stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.2.2 Provisional deduction of quality assurance amount. The provisional deduction method of quality assurance amount is stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.2.3 Payment of quality assurance amount. The contractor shall pay the quality assurance amount subject to provisional deduction according to the provisions on payment of quality assurance amount as set forth in Article 14.5.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 12 Project completion inspection &amp; acceptance">Article 12 Project completion inspection &amp; acceptance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="12.1 Completion inspection &amp; acceptance report and complete completion materials">12.1 Completion inspection &amp; acceptance report and complete completion materials</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.1.1 The project conforms to relevant provisions on project receipt as set forth in Article 9.1, or the post-completion test and assessment inspection &amp; acceptance certification has been issued according to the provisions as set forth in Article 10.8, the round-off project and defect renovation as set forth in Article 9.2.2 have been accomplished, upon inspection &amp; acceptance conducted by the contract letting party or the supervisor, the contractor shall submit complete project completion materials according to examination and inspection &amp; acceptance of completion test as set forth in Clause (1), (2) and (3), Article 8.1.1 and Article 8.2 and based upon the materials including but not limited to the post-completion test and its trial operation assessment result as set forth in Clause (4), Article 10.3.3. The formats, contents and counterparts of the completion inspection &amp; acceptance report and complete completion materials are stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak77564260-68b1-4e20-a7a6-476394ce6e3d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">78</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.1.2 The contract letting party shall raise modification opinions or acknowledgement within 25 working days upon receipt of completion inspection &amp; acceptance report and complete completion materials, and the contractor shall at its own expenses be responsible for modification. In case of failure to raise modification opinions within 25 working days, it shall be deemed that the completion materials and completion inspection &amp; acceptance report have been acknowledged.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.1.3 The project subject to stage construction, stage production or stage use shall be handled according to the provisions as set forth in Article 12.1.1 and Article 12.1.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="12.2 Completion inspection &amp; acceptance">12.2 Completion inspection &amp; acceptance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.2.1 Organizing completion inspection &amp; acceptance. According to the provisions as set forth in Article 12.1.2 hereof, upon acknowledgement on completion inspection &amp; acceptance report and complete completion materials, the contract letting party shall preside over completion inspection &amp; acceptance, the specific completion inspection &amp; acceptance preparation work shall be carried out by the contractor within 20 days and the expenses shall be borne by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.2.2 Within 15 days upon inspection &amp; acceptance, the contract letting party shall raise further modification opinions on the completion inspection &amp; acceptance report or completion materials of the contractor and the contractor shall at its own expenses be responsible for modification.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.2.3 The completion inspection &amp; acceptance of the contract project subject to stage construction, stage production or stage use shall be handled according to the provisions as set forth in Article 12.1.3 and Article 12.1.1 hereof, and the completion inspection &amp; acceptance shall be organized by stages.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1d232d02-72cd-4ce3-ae92-942def6c66f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">79</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 13 Alteration and contract price adjustment">Article 13 Alteration and contract price adjustment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.1 Alteration rights">13.1 Alteration rights</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.1.1 Alteration rights. The contract letting party shall have the rights to approve alteration. Within any time from effectiveness of the contract to the project completion inspection &amp; acceptance, the contract letting party shall be entitled to deliver alteration directive. The alteration directive shall be delivered in writing.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.1.2 Alteration. Both written alteration directive and oral alteration directive approved and sent by the contract letting party shall be deemed as alteration. Including: any alteration directive directly delivered by the contract letting party or any alteration directive approved by the contract letting party or delivered by the supervisor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If any reason attributable to the contractor causes any defect existing in design, purchase, construction, completion test, post-completion test and completion inspection &amp; acceptance, the contractor shall at its own expenses make amendment, adjustment and perfection which shall not be deemed as alteration.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.1.3 Alteration proposing rights. The contractor shall be entitled to submit written suggestions on alteration at any time, including: shortening work period, lowering the project, construction, maintenance and operation expenses of the contract letting party, improving the efficiency or value of completed project, bringing long-term interest and other interest to the contract letting party. Upon receipt of such suggestions, the contract letting party shall send: written notice on refusing to adopt, adopting and supplementing further materials.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.2 Alteration scope">13.2 Alteration scope</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.2.1 Design alteration scope</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Adjusting production process and procedures, but not enlarging or shrinking the production routes and scale approved by preliminary design or not enlarging or shrinking the production routes and scale as set forth herein;</p> <p style="MARGIN: 0px">&nbsp;<br> <table id="pagebreak028be36f-8143-4c4d-bab8-01e58c4ad18b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">80</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Adjusting the planar layout, vertical layout and partial use function, but not enlarging the construction scale approved by preliminary design, not changing the use function approved by preliminary design; or not enlarging the construction scale as set forth herein, not changing the use function as set forth herein;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(3) Adjusting the process and use function of the supporting project system;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) Adjusting the benchmark control point, benchmark elevation and benchmark line in the region;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Adjusting the performance, specification and quantity of equipment, materials and components;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(6) N/A;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(7) Other design matters beyond the contract provisions; (8) Additional work necessary for the above alteration.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.2.2 Purchase alteration scope</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contractor has, according to the name list approved by the contract letting party, entered into purchase contract with any relevant supplier or has started processing</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&amp; manufacture, commodity supply and transportation etc., the contract letting party notifies the contractor of selecting another supplier in such name list;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contract letting party requires to change examination, inspection, test and experiment address or added additional experiment;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contract letting party requires to increase or decrease the purchase quantity of the spare parts, special tools and post-completion experiment materials.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.2.3 Construction alteration scope</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The design alteration as set forth in Article 13.2.1 hereof causes change in construction method and increase or decrease in the equipment, materials, parts and project quantity;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The additional experiment added according to the requirement of the contract letting party and change in the experiment address;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) Beyond Clause (1) and Clause (2), Article 5.2.1 hereof, newly added construction obstacle;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(4) With respect to the project certified to be qualified upon completion test inspection &amp; acceptance or municipal inspection &amp; acceptance, the contract letting party shall notify of conducting completion test again;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak342601f9-650c-4eec-93df-844ccc0fae64" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">81</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(5) Additional work necessary for the above alteration.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.2.4 The contract letting party's hurry work directive. Upon acceptance of the contract letting party's written instructions, when the contractor accelerates design, construction or the progress of any other part with any method deemed as necessary by the contract letting party, if the contractor needs to adjust the project progress plan for implementing the hurry work directive and make estimate for the added measures and resources, upon approval by the contract letting party, such adjustment shall be deemed as alteration. If the contract letting party fails to approve such alteration, the contractor shall be entitled to implement according to the progress plan of any relevant stage as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If any reason attributable to the contractor causes the actual progress to be obviously behind the project progress plan approved above, the contractor shall at its own expenses catch up with the progress according to the provisions as set forth in Article 4.1.2; in case of delay in the date of completion, the contractor shall assume compensation for delay according to the provisions as set forth in Article 4.5.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.2.5 Decrease adjustment to part of the project. According to the provisions on the contractor's requirement on return to work as set forth in Article 4.6.4 hereof, if the suspension of the contract letting party lasts for more than 45 days, the contract letting party still fails to return to work when the contractor requires return to work or fails to continue the construction due to the lasting of force majeure, as required by either party, decrease adjustment may be made to the part of the project affected by suspension with the method of alteration.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.2.6 Other alteration. Other alteration is stipulated in the special provisions according to specific features of the project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.3 Alteration procedures">13.3 Alteration procedures</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.3.1 Alteration notice. In order to avoid adverse influence of alteration on the project functions or use function etc., notice on the contract letting party's alteration in writing shall be sent to the contractor in advance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak60887ed6-be0e-4bce-a7ac-43db7982d12e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">82</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.3.2 Proposal and report of alteration notice. The contractor shall be obliged to submit written proposal and report to the contract letting party within 10 days upon receipt of the contract letting party's alteration notice, including:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Upon acceptance of such alteration in the contract letting party's alteration notice, the proposal and report shall include: the reason for supporting such alteration, the estimate on the resources and consumables including but not limited to the work contents, equipment, materials, human resource, machines and tools for implementing such alteration. In case of delay in the date of completion caused by such alteration, the reasons shall be specified in the report and the progress plan shall be submitted. If the contractor fails to submit the estimate on any increase in the expenses and in case of delay in the date of completion, it shall be deemed that such alteration does not involve adjustment to the contract price and delay in the date of completion, the contract letting party shall not assume any expense of such alteration or be liable for delay in the date of completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) In case of refusal to accept such alteration in the contract letting party's alteration notice, the proposal and report shall include the reasons for not supporting such alteration, the reasons include:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1) Such alteration does not conform to laws and regulations etc.;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2) Or it is difficult for the contractor to obtain special equipment, materials and components necessary for alteration;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3) Or the alteration will reduce the project safety, stability and applicability;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4) Or the alteration will generate adverse influence on the realization of productive performance guaranteed value and use function guarantee.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.3.3 The contract letting party's verification and approval. Within 10 days upon receipt of written proposal and report submitted by the contractor according to the provisions as set forth in Article 13.3.2 hereof, the contract letting party shall verify such proposal and deliver written notice on approval, revocation, alteration and raising further requirements. With the time of waiting for the contract letting party's response, the contractor shall not stop or delay any work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1679a17a-f4d9-4c45-aacf-dceb15683c5b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">83</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Upon receipt of the proposal and report submitted by the contractor according to the provisions as set forth in Clause (1), Article 13.3.2 hereof, the contract letting party shall deliver alteration directive in writing after verifying and approving the reasons, estimate and delay in the date of completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party fails to make acknowledgement on the estimate or (and) delay in the date of completion proposed by the contractor on such alteration in the delivered alteration directive, from the 11th day after the contract letting party receives written approval and report, it shall be deemed that the alteration estimate and delay in the date of completion submitted by the contractor have been approved by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) After the reasons submitted according to the provisions as set forth in Clause (2), Article 13.3.2 hereof for contractor's refusal to accept such alteration are verified by the contract letting party, the contractor shall implement the written notice delivered on revocation, alteration and submitting further supplementary materials.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.3.4 If the contractor submits the alteration proposal according to the provisions as set forth in Article 13.1.3 hereof, the alteration procedures shall be subject to such provisions on alteration procedures.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.4 Emergent alteration procedures">13.4 Emergent alteration procedures</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.4.1 The contract letting party shall be entitled to deliver emergent alteration directive in writing or orally and order the contractor to immediately implement such alteration. The contractor shall immediately implement upon receipt of such directive.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.4.2 The contractor shall, within 10 days after the implementation of emergent alteration directive is finished, submit to the contract letting party the work contents of implementing such alteration as well as the expenses actually consumed by the resources including but not limited to equipment, materials, human resources, machine and tools and relevant obtaining expenses. In case of delay in any key route of the project caused by implementation of such alteration, it shall be proposed to postpone the date of completion, specify the reasons and submit the progress plan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak8ce79fec-4da1-41ea-b938-ed95b3f3e2c5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">84</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contractor fails to submit the expenses actually consumed and relevant obtaining expense or (and) written materials for postponing the date of completion within 10 days after such alteration is finished, it shall be deemed that such alteration does not involve adjustment to the contract price and delay in the date of completion, the contract letting party will not be liable for such alteration any more.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.4.3 Within 25 days upon receipt of the written materials submitted by the contractor according to the provisions as set forth in Article 13.4.2 hereof, the contract letting party shall notify the contractor of approved reasonable expenses in writing or reasonably postpone the date of completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Within 25 days upon receipt of such written report of the contractor, if the contract letting party fails to approve the expenses of the contractor or postpone the date of completion, from the 26th day of receiving such report, it shall be deemed that the expenses submitted and the delay in the date of completion have been approved by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="13.5 Determination upon alteration price">13.5 Determination upon alteration price</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">With respect to the determination upon each alteration price, the alteration price shall be determined based upon the unit price (including obtaining expenses) of the human resources, machines and tools as well as project quantity etc.; or the alteration price shall be determined based upon the price of similar altered project; or the alteration price shall be determined based upon the price as negotiated; or the alteration price shall be determined with any other method. As set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="13.6 Interest sharing of suggested alteration">13.6 Interest sharing of suggested alteration</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the contract letting party approves and adopts any alteration suggestion raised by the contractor according to the provisions as set forth in Article 13.1.3 hereof, which causes decrease in project investment, shortening of work period and achievement of long-term operating efficiency or other interest, the interest sharing methods shall be stipulated in the special provisions, then supplementary agreement on interest sharing shall be otherwise entered into as contract appendix.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf61ded17-0b88-4420-865d-193c5bf2f782" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">85</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.7 Adjustment to the contract price">13.7 Adjustment to the contract price</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Within 30 days under any of the following circumstances, the contractor shall notify the contract letting party or the supervisor in writing of the reasons for adjustment to the contract price and adjustment amount. The reasonable amount acknowledged by the contract letting party shall be adjustment amount of the contract price and the amount that shall be paid or deducted in the payment of the project accounts of that period. The adjustment to the contract price shall include the following situations:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Upon contract conclusion, due to any change in laws, administrative regulations and national policies and the industrial regulations that shall be observed, the contract price is affected;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The increase or decrease in the alteration expenses approved by the contract letting party according to the alteration procedures as set forth in Article 13.3 to Article 13.5 hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) Adjustment to any increase or decrease in other accounts as set forth herein. With respect to any increase or decrease in the accounts not set forth herein, the contract letting party will not be responsible for adjusting the contract price. Unless otherwise set forth in applicable laws;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(4) Adjustment to the contract price shall not include the contract alteration.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="13.8 Dispute in adjustment to the contract price">13.8 Dispute in adjustment to the contract price</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Upon negotiation, in case of any dispute arising out of the failure to reach consensus on the expenses of project alteration, adjustment to the contract price or delay in the date of completion, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd2c43973-b414-4d33-9b9f-902bde93f837" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">86</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 14 Total contract price and payment">Article 14 Total contract price and payment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.1 Total contract price and payment">14.1 Total contract price and payment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.1.1 Total contract price. This contract is total-price contract, unless in accordance with the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof as well as the provisions on increase or decrease in other related amounts as set forth in the contract, the contract price shall not be adjusted.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.1.2 Payment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The currency type of the contract price shall be RMB, and the contract price shall be paid to the contractor within the territory of China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contract letting party shall pay the contract price to the contractor based upon the type of payables and payment schedule as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.2 Guarantee (not applicable to this contract)">14.2 Guarantee (not applicable to this contract)</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.2.1 Performance bond. If the contractor shall submits performance bond to the contract letting party as set forth in the contract, the format, amount and time of submission of the performance bond shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.3 Prepayment">14.3 Prepayment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.1 Prepayment amount. The contract letting party agrees that certain proportion of the contract price shall be deemed as prepayment amount of which the specific amount shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.2 Payment of prepayment. Within 5 working days upon effectiveness of the contract and construction start of exterior lines, conclusion of main equipment contract and accomplishment of road fences (acknowledged by the contract letting party), the contract letting party shall pay the contractor the prepayment amount as set forth in the provisions of Article 14.3.1 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.3.3 Deduction of prepayment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakaab28d3e-3824-48a8-858b-05c1664d66c9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">87</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Deduction of prepayment. The deduction method of prepayment, deduction proportion and deduction time schedule shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) After the contract letting party issues project receipt certificate or the contract is cancelled, if the prepayment has not been fully deducted,</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1) The contract letting party shall be entitled to deduct from the accounts payable to the contractor or the accounts belonging to the contractor once or more times;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2) If the accounts deducted by the contract letting party from the accounts payable to the contractor or the accounts belonging to the contractor are insufficient for deduction, in the event that the contract does not stipulate that the contractor shall submit performance bond for prepayment but stipulates performance bond, the contract letting party shall be entitled to deduct the part of prepayment that has not been deducted from the performance bond;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3) If the accounts deducted by the contract letting party from the accounts payable to the contractor or the accounts belonging to the contractor are insufficient for deduction, in the event that the contract stipulates performance bond, the prepayment amount that has not been deducted by the contract letting party shall be paid by the contractor to the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.4 Project progress accounts">14.4 Project progress accounts</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.4.1 Project progress accounts. The project progress accounts shall include but be not limited to design progress accounts, purchase progress accounts, construction progress accounts, completion test progress accounts and post-completion test service fees, completion test progress accounts and project contracting management fees, the payment method, payment condition and payment time shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.4.2 According to specific situation of the project, other progress accounts payable shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak45feee89-54e4-4c3d-9f16-5f188a546daf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">88</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.5 Provisional deduction and payment of quality assurance amount.">14.5 Provisional deduction and payment of quality assurance amount.</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.5.1 Provisional deduction of quality assurance amount. Shall be provisionally deducted according to the provisions on quality assurance amount as set forth in Article 11.2.1 hereof and those on provisional deduction of quality assurance amount as set forth in Article 11.2.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.5.2 Payment of quality assurance amount.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) While handling project completion inspection &amp; acceptance and completion settlement, half of the quality assurance amount subject to provisional deduction as set forth in Article 14.5.1 (unless otherwise set forth in special provisions). Hereinafter, if the contractor fails to renovate any newly detected defect or entrust the contracting party to renovate such defect according to the notice of the contract letting party, such expenses incurred against the contract letting party shall be deducted from the remaining quality assurance amount. Within 15 days upon one year from the date of receipt of the certificate issued, the contract letting party shall pay the balance of the quality assurance amount subject to provisional deduction to the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) While handling project completion inspection &amp; acceptance and completion settlement, if the contractor requires to provide performance bond for the remaining half of quality assurance amount and the contract letting party agrees to accept, upon receipt of such performance bond, the contract letting party shall pay the remaining half of such assurance amount. Hereinafter, if the contractor fails to at its own expenses renovate any newly detected defect or entrust the contract letting party to renovate such defect, the expenses incurred against the contract letting party shall be deducted from such performance bond. Within 15 working days upon one year from the date of receipt of the certificate issued, the performance bond shall be returned. The format, amount and time of submission of the performance bond for the quality assurance amount shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakef056459-1162-4bac-bea8-a60db27b2927" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">89</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.6 Applying for payment according to the payment schedule">14.6 Applying for payment according to the payment schedule</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.6.1 Applying for payment according to the payment schedule. With respect to application for payment according to the payment schedule, based upon the contract price as set forth in the contract as well as the payment installments as set forth in the special provisions, the main image progress anticipated to be achieved in each installment or the main planned project quantity (including but not limited to design, purchase, construction, completion test and post-completion test) and the payment amount of each installment as well as in accordance with the format, contents, counterparts and time of submission as set forth in the special provisions, the contractor shall submit the application report for payment of current installment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The amount as set forth in the application report for the payment of each installment shall include:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The amount of current installment subject to planned application as set forth in the special provisions of this clause;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Any increase or decrease according to the provisions on adjustment to the contract price as set forth in Article 13.7;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The accounts paid or deducted according to the provisions on prepayment as set forth in Article 14.3 hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The accounts subject to provisional deduction or payment according to the provisions on quality assurance amount as set forth in Article 14.5 hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Any increase or decrease in the accounts according to the claim result as set forth in Article 16.2 hereof;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) Any increase or decrease in the accounts according to supplementary agreement to this contract otherwise entered into.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.6.2 When the contract letting party effects payment according to the payment schedule, if the contractor's actual work and actual progress is obviously behind what is stipulated in the payment schedule, the contract letting party shall be entitled to negotiate with the contractor for decreasing the payment amount of current installment and shall be entitled to jointly adjust the payment schedule with the contractor. The contractor's application for payment of all subsequent installments and the contract letting party's payment shall be based upon the adjusted payment schedule.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2b7dcd8c-8727-49d8-9a7e-f70578a9a057" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">90</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i><a href="#Table of Contents">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.6.3 If it is stipulated that application for payment shall be made according to the payment schedule as set forth in Article 14.6 hereof, the application according to the monthly project progress payment as set forth in Article 14.6 hereof shall not apply.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="14.7 Payment condition and schedule">14.7 Payment condition and schedule</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.7.1 Payment condition. If it is stipulated that the contractor shall submit performance bond, the submission of performance bond shall be the condition for the contract letting party to pay all accounts; in case of no performance bond stipulated, the contract letting party shall pay all accounts as agreed upon.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.7.2 Payment of prepayment shall be subject to the provisions on payment of prepayment as set forth in Article 14.3.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.7.3 Project progress accounts</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Application and payment according to the monthly project progress. If it is stipulated to apply for payment and effect payment according to the monthly project progress as set forth in Article 14.5.1 hereof, the contract letting party shall, within 25 days after receiving the monthly payment application report submitted according to Article 14.5.1 hereof, conduct verification and effect payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Application and payment according to the payment schedule as set forth herein. In case of applying for payment and effecting payment according to the payment schedule as set forth in Article 14.6.1 hereof, the contract letting party shall, within 25 days after receiving the application report for the payment of each installment submitted according to Article 14.6.1 hereof, conduct verification and effect payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="14.8 Delay in payment time">14.8 Delay in payment time</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.8.1 If any reason attributable to the contract letting party causes the failure to pay the contractor all accounts hereunder, from the 15th day thereafter, the interest for overdue payment shall be paid to the contractor as per the interest rate of similar loans during the same period published by the People's Bank of China as liquidated damages for overdue payment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4135f650-e7a1-4ee5-a565-688e93de8aa9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">91</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.8.2 If the contract letting party has been behind in payment for over 15 days, the contractor shall be entitled to send notice on payment requirement to the contract letting party, if the contract letting party still does not effect payment upon receipt of notice, the contractor may suspend part of the work, it shall be deemed as suspension caused by the contract letting party and subject to the provisions on suspension caused by any reason attributable to the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In case of negotiation for entering into overdue payment agreement, the contract letting party shall effect payment according to the installments, time, amount and interest as set forth in the overdue payment agreement; if both parties fail to reach overdue payment agreement, which causes the failure to implement the project, the contractor may stop part or whole of the project, the contract letting party shall assume breach liabilities, in case of delay in any key route of the project, the date of completion shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.8.3 If the contract letting party has been behind in payment for over 60 days, which affects the implementation of the whole project, the contract letting party shall pay the contractor interest for overdue payment as per twice of the interest rate of similar loans during the same period published by the People's Bank of China as liquidated damages for overdue payment, the interest for overdue payment shall be calculated from the date of overdue payment to the date of actual payment and deemed as liquidated damages for overdue payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="14.9 Tax and tariff">14.9 Tax and tariff</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.9.1 The contract letting party and the contractor shall respectively perform their tax (including import tariff) payment obligations according to national regulations on tax payment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0a4b74ab-e8e2-4cec-906f-f3ee6c437b62" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">92</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i><a href="#Table of Contents">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.9.2 If either party enjoys tax reduction and exemption on the import value added tax and tariff for the imported project equipment, materials, equipment parts etc. as set forth herein), the other party shall be obliged to handle the formalities for tax reduction and exemption as well as assist and cooperate.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.10 Payment of claim accounts">14.10 Payment of claim accounts</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.10.1 With respect to the claim accounts deserved by the contract letting party determined by negotiation, adjudicated by arbitration or judged by the court, the contract letting party may deduct such claim accounts from the payment paid to the contractor according to the monthly project progress accounts or payment schedule of current installment. If the project progress accounts of all installments paid to the contractor are insufficient for deduction of the contract letting party's claim accounts, and the contract stipulates that the contractor shall submit performance bond, then the insufficiency of the claim accounts may be deducted from the performance bond. If the performance bond is insufficient for deduction, or in case of no performance bond stipulated, <b>the contractor shall otherwise pay such claim accounts.</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.10.2 With respect to the claim accounts deserved by the contractor determined by negotiation, adjudicated by arbitration or judged by the court, the contractor may separately list such claim accounts in the monthly project progress accounts or payment schedule of current installment, and the contract letting party shall pay such claim accounts in the payment of current installment. If the contract letting party fails to pay such claim accounts, and it is stipulated in the contract that the contract letting party shall submit performance of bond for payment, the contractor shall be entitled to deduct from the performance of bond for payment submitted by the contract letting party. If both parties do not agree upon the performance of bond for payment, the contract letting party shall otherwise pay such claim accounts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="14.11 Completion settlement">14.11 Completion settlement</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.11.1 Submitting completion settlement materials. According to the provisions as set forth in Article 12.1 hereof, within 12 days after the completion inspection &amp; acceptance report and complete completion materials submitted by the contractor are recognized by the contract letting party, the contractor shall deliver the completion inspection &amp; acceptance report and complete completion materials to the contract letting party.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9de38340-314f-4418-9643-f66f86766b39" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">93</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11.2 Final completion settlement materials. Within 15 days upon receipt of the completion inspection &amp; acceptance report and complete completion materials submitted by the contractor, the contract letting party shall make verification and raise modification opinions, upon consensus through negotiation, the contractor shall at its own expenses make amendment and submit the final completion inspection &amp; acceptance report and final completion materials. The contractor shall be liable for delay in the completion settlement and delay in subsequent payment caused by incompleteness of the settlement materials provided by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11.3 Paying up completion settlement accounts. Within 15 days after the contractor submits final completion settlement materials according to the provisions as set forth in Article 14.11.2 hereof, the contract letting party shall pay up the completion settlement accounts. Upon settlement, the contract letting party will return the performance bond submitted by the contractor according to the provisions as set forth in Article 14.2.1 hereof to the contractor; the contractor shall return the performance of bond submitted by the contract letting party according to the provisions as set forth in Article 14.2.2 hereof to the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11.4 Failure to make response to the completion settlement report. Within 15 days upon receipt of completion settlement report and complete completion settlement materials submitted according to the provisions as set forth in Article 14.11.1 hereof, if the contract letting party fails to raise modification opinions and fails to make response, it shall be deemed that the contract letting party has recognized such completion settlement materials as final completion settlement materials. The contract letting party shall pay up the completion settlement accounts according to the provisions as set forth in Article 14.11.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.11.5 The contract letting party's failure to pay the completion settlement accounts</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake6975e19-99a0-45c5-8c69-1cc0d4f00971" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">94</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) If the contract letting party fails to pay up the remaining completion settlement accounts payable to the contractor according to the provisions as set forth in Article 14.11.3 hereof, the contractor shall be entitled to deduct such remaining accounts from the performance of bond for payment submitted by the contract letting party according to the provisions as set forth in Article 14.2.2 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If it is not stipulated in the contract that the contract letting party shall submit the performance of bond for payment according to the provisions as set forth in Article 14.2.2 hereof, from the 31st day after the contractor submits final settlement materials, the contract letting party shall pay the remaining completion settlement accounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) According to the provisions as set forth in Article 14.11.4 hereof, if the contract letting party fails to raise modification opinions and response on the completion settlement materials within 30 days as stipulated, and fails to pay the contractor the remaining completion settlement accounts, from the 31st day of submitting such report by the contractor, the contract letting party shall pay the remaining completion settlement accounts owing to the contractor and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Within 15 days after the contractor submits final completion settlement materials, if the contract letting party still fails to effect payment, the contract may seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11.6 Failure to submit completion settlement report and complete settlement materials on time. Within 15 days after the project completion inspection &amp; acceptance report is recognized by the contract letting party, the contractor fails to submit completion settlement report and complete settlement materials to the contract letting party, which causes the failure to conduct project completion settlement normally or failure to conduct project completion settlement on time, if the contract letting party requires the contractor to pay for the project, the contractor shall effect payment; if the contract letting party does not require payment for the project, the contractor shall assume custody, preservation and maintenance expenses and be responsible for custody, preservation and maintenance, excluding any part of the project that has been used and received by the contract letting party according to the provisions on project receipt as set forth in Article 9 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6e0982c7-dbf6-423c-b408-a66d301df30c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">95</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.11.7 The contractor's failure to pay the completion settlement accounts</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) If the contractor fails to pay up the remaining completion settlement accounts payable to the contract letting party according to the provisions as set forth in Article 14.11.3 hereof, the contract letting party shall be entitled to deduct such remaining accounts from the performance of bond submitted by the contractor according to the provisions as set forth in Article 14.2.1 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">If the amount of the performance bond is insufficient for deduction, from the 31st day from the submission of final completion settlement materials, the contractor shall pay the remaining completion settlement accounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China. If the contractor still fails to effect payment within 60 days upon submission of the final completion settlement materials, the contract letting party shall be entitled to seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) In case of no performance bond stipulated in the contract, from the 31st day from the submission of final completion settlement materials, the contractor shall pay the contract letting party the remaining amounts in arrears and the interest thereof as per the interest rate of similar loans during the same period published by the People's Bank of China. If the contractor still fails to effect payment within 60 days upon submission of the final completion settlement materials, the contract letting party shall be entitled to seek for settlement according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11.8 Dispute on completion settlement. Within 30 days upon receipt of the completion settlement report and complete settlement materials submitted by the contractor, if the contract letting party has any objection to the project completion settlement price, they shall jointly entrust a project construction cost consultation unit to conduct verification on the completion settlement, and the completion settlement accounts shall be paid up according to the verification result. In case of any dispute on the verification result, it shall be settled according to the provisions on dispute and adjudication as set forth in Article 16.3 hereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak098ca38a-a619-49a6-a40a-6624bb994f54" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">96</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="Article 15 Insurance">Article 15 Insurance</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="15.1 The insurance purchased by the contractor">15.1 The insurance purchased by the contractor</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.1.1 According to the insurance coverage categories as set in applicable laws, administrative regulations and rules as well as special provisions, the types of insurance that shall be purchased by the contractor are stipulated, and the insurance premium is included in the contract price. The types, scope, amount, period and effective lasting time of the insurance etc. that shall be purchased by the contractor are stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contractor shall be responsible for purchasing the insurance as set forth in applicable laws, administrative regulations and rules as well as special provisions on schedule and according to the needs of the project implementation stage;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) In the contract performance process, with respect to the mandatory insurance that shall be purchased by the contractor according to newly promulgated applicable laws, regulations and rules, the contract price shall be adjusted according to the provisions on alteration and adjustment to the contract price as set forth in Article 13 hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.1.2 If any insurance policy provides the joint insured with insurance, the insurance compensation shall respectively apply to each joint insured. The contractor shall, on behalf of its insured, guarantee that its insured will comply with the conditions and its compensation amount as set forth in the insurance policy.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.1.3 The claim accounts received by the contractor from the insurer shall be used for renovating any loss, damage and injury as set forth in the insurance policy and used for acquisition, reconstruction and compensation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.1.4 With respect to the insurance items and within the insurance period, the contractor shall provide the contract letting party with duplicate of insurance policy, copy of premium payment voucher and certification on effectiveness of the insurance policy.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak763af9dd-bbbf-4a88-bb85-fa2e16b39ac9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">97</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="15.2 All-risk insurance and third-party liability insurance">15.2 All-risk insurance and third-party liability insurance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">With respect to all-risk insurance of the construction project, all-risk insurance of the installation project and third-party liability insurance, no matter the party that shall purchase insurance is which party, it shall at the same list the other party hereunder as the insured under the insurance contract while purchasing insurance. The specific insurance applicant shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="15.3 Miscellaneous provisions on insurance">15.3 Miscellaneous provisions on insurance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.3.1 The contractor shall purchase transportation insurance for the equipment, materials and components purchased and transported by the contractor. Such insurance premium has been included in the contract price. Unless otherwise set forth in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.3.2 Upon occurrence of any accidental event under the insurance matters, the present parties shall be obliged to make efforts to take necessary measure to prevent the expansion of any loss and damage.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.3.3 Any insurance beyond this contract shall be purchased as needed, and the insurance premium shall be borne respectively.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 16 Breach, claim and arbitration">Article 16 Breach, claim and arbitration</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="16.1 Breach liabilities">16.1 Breach liabilities</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.1.1 The contract letting party's breach liabilities. Under any of the following circumstances:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) The contract letting party fails to perform the provisions as set forth in Article 5.1.1 and Clause (1) and (2), Article 5.1.2 hereof and fails to provide authentic, accurate and complete process technologies and construction models, project basic materials and spot obstacle materials on time;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5b026b6d-fd79-4f50-a34e-688d71d69858" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">98</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i><a href="#Table of Contents">Table of Contents</a></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contract letting party fails to adjust the contract price according to the provisions as set forth in Article 13 hereof and fails to pay relevant accounts as per the account type, amount and time as set forth by the prepayment, project progress accounts and completion settlement;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contract letting party fails to perform any other responsibility and obligation as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract letting party shall take remedy measures and compensate for any loss caused by the above breach behavior against the contractor. In case of delay in any key route of the project, the date of completion shall be postponed accordingly. The contract letting party's assuming of the breach liabilities will not relieve the contract letting party of or exempt the contract letting party from other responsibilities and obligations that shall be assumed by the contract letting party continually as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.1.2 The contractor's breach liabilities. Under any of the following circumstances:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor fails to perform the provisions on inspection of the equipment, materials and components provided for the permanent project as set forth in Article 6.2 and the provisions on construction quality and inspection as set forth in Article 7.5 and fails to renovate any defect;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) The contractor still fails to pass completion test after having being tested for three times, still fails to pass post-completion test after having being tested for three times, or fail to pass completion inspection &amp; acceptance, any main part or the whole of the project to lose use value, production value and use interest;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor fails to perform any other responsibility and obligation as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Without consent of the contract letting party, or without necessary permission, or not allowed by applicable laws, the contractor transfers the project to any other person.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall take remedy measures and compensate for any loss caused by the above breach behavior against the contract letting party. The contractor's assuming of the breach liabilities will not relieve the contractor of or exempt the contractor from other responsibilities and obligations that shall be assumed by the contractor continually as set forth herein.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3a7d96f8-27fa-4638-840c-a7548e9dc3d0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">99</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="16.2 Claim">16.2 Claim</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.2.1 The contract letting party's claim. If the contract letting party deems that, the contractor fails to perform any duty, responsibility and obligation as set forth herein, and according to any relevant situation and matter of the documents and materials as set forth herein and relating hereto, the contract letting party deems to be entitled to the compensation for any loss, damage and injury that shall be borne by the contractor, the contractor fails to perform its compensation liability according to the provisions as set forth herein, the contract letting party shall be entitled to file claim against the contractor. The claim shall conform to laws and the contract provisions and be handled in compliance with the following procedures:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Within 30 days upon occurrence of any claim event, the contract letting party submits notice on claim to the contractor. In case of failure to send notice on claim within 30 days upon occurrence of any claim event, the contractor will not assume any liability any more, unless otherwise set forth by laws;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Within 30 days after sending notice on claim, the contract letting party provides the contractor in writing with relevant materials including but not limited to legitimate reasons, article basis, effective provable evidence and claim estimate for specifying the claim event;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) Within 30 days upon receipt of the claim materials submitted by the contract letting party, the contractor negotiates with the contract letting party for settlement or makes response, or requires the contract letting party to further provide claim reasons and evidence;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) Within 30 days upon receipt of the claim materials submitted by the contract letting party, if the contractor does not negotiate with the contract letting party, does not make response or does not raise further requirements to the contract letting party, it shall be deemed that such claim has been recognized by the contractor.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakf49d5aa3-36d0-4afa-8cc8-353cf4d4d72b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr"></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">100</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) If the claim event raised by the contract letting party continually has influence, the contract letting party shall send the lasting influence of the claim event to the contractor on a weekly basis, within 30 days upon stop of the lasting influence of the claim event, the contract letting party shall submit final claim report and final claim estimate to the contractor. The claim procedures shall be the same with those as set forth in Clause (1) to (4) of this article.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.2.2 The contractor's claim. The contractor deems that, if the contract letting party fails to perform any duty, responsibility and obligation as set forth herein, and according to the provisions of article hereof, any relevant situation and matter of the documents and materials relating hereto, it deems that it shall be entitled to the compensation for any loss, damage and injury that shall be borne by the contract letting party and delay in the date of completion, the contract letting party fails to perform its compensation liability as set forth herein, the contractor shall be entitled to file claim against the contract letting party. The claim shall conform to laws and the contract provisions and be handled in compliance with the following procedures:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Within 30 days upon occurrence of any claim event, sending notice on claim to the contract letting party. In case of failure to send notice on claim within 30 days upon occurrence of any claim event, the contract letting party will not assume any liability any more, unless otherwise set forth by laws;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Within 30 days after sending notice on claim, the contractor provides the contractor in writing with relevant materials including but not limited to legitimate reasons, article basis, effective provable evidence and claim estimate for specifying the claim event;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) Within 30 days upon receipt of the claim materials submitted by the contractor, the contract letting party negotiates with the contractor for settlement or makes response, or requires the contractor to further provide claim reasons and evidence;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) Within 30 days upon receipt of the report and supplementary materials according to Clause (3) of this article, if the contract letting party does not negotiate with the contractor, does not make response or does not raise further requirements to the contractor, it shall be deemed that such claim has been recognized by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak816af0ec-0e0a-4d8c-9b5e-ccdef1a7d143" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">101</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) If the claim event raised by the contractor continually has influence, the contractor shall send the lasting influence of the claim event to the contract letting party on a weekly basis, within 30 days upon stop of the lasting influence of the claim event, the contractor shall submit final claim report and final claim estimate to the contract letting party. The claim procedures shall be the same with those as set forth in Clause (1) to (4) of this article.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="16.3 Dispute and adjudication">16.3 Dispute and adjudication</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.3.1 Dispute settlement procedures: in case of any dispute, the parties shall firstly negotiate for reconciliation; upon negotiation, in case of failure in reconciliation or the parties indicates unwillingness to negotiate for reconciliation, arbitration or lawsuit shall be adopted for settling the claim dispute. The name and address of the arbitration institution as agreed upon shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.3.2 No dispute shall affect the contract performance. Upon occurrence of any dispute, the performance of the responsibilities and obligations as set forth herein shall be continued to keep the continuing implementation of the project. Except under any of the following circumstances, neither party shall stop the implementation of the project or part of the project:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Breach by either party causes the exact failure to perform the contract, the implementation is stopped upon agreement by the contract parties;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(2) The arbitration institution or the court orders to stop the implementation.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">16.3.3 Protection of the project of which the implementation is stopped. According to the provisions as set forth in Article 16.3.2 hereof, with respect to the project or part of project of which the implementation is stopped, the parties shall, according to the duties, responsibilities and obligations as set forth herein, protect all documents, materials and drawings relating to the project as set forth herein as well as the project that has been accomplished and the equipment, materials and components for the permanent project that have not been used.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak1d883b49-b2f7-4e81-b731-5a005f34aac8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">102</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 17 Force majeure">Article 17 Force majeure</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="17.1 Obligations upon occurrence of force majeure.">17.1 Obligations upon occurrence of force majeure.</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">17.1.1 Notice obligation. The party sensing or detecting any force majeure event shall be obliged to immediately notify the other party. According to the provisions as set forth herein, upon occurrence of any force majeure event, the party responsible for custody on the project spot shall promptly take measures as possible as it can to reduce the loss to its ability; and the other party shall spare no effort to assist and take measures. The construction or work of which the implementation shall be suspended shall be immediately stopped.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">17.1.2 Notification obligation. Within 48 hours upon the end of any force majeure event, if the party responsible for custody on the project spot is the contractor, the contractor shall notify the contract letting party of the victim and loss information. If any force majeure event occurs and lasts, the contractor shall report the victim information to the contract letting party and the project director on a weekly basis. Unless the reporting period is otherwise stipulated.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="17.2 Consequences of force majeure.">17.2 Consequences of force majeure.</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The expenses incurred by any loss, damage and injury due to any force majeure event and the delay in the date of completion shall be subject to the following provisions:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The contract letting party shall be liable for any loss and damage on the permanent project and its equipment, materials and components etc.;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Any injury suffered by any employee shall be respectively subject to the employment contract relationship;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(3) The contractor shall be liable for any loss and damage on the machines and tools, equipment, properties and provisional project of the contractor;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(4) The contractor shall be liable for the shutdown loss suffered by the contractor due to any force majeure event;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0f3b37f6-cc06-464d-a0fc-c32f34f9f479" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">103</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(5) Upon occurrence of any force majeure event, with respect to any lasting loss and damage caused by either party's delay in the performance of the protection obligation as set forth in the contract, the party subject to delay in the performance of any obligation shall assume any relevant liability and loss;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(6) If the contract letting party notifies of recovery in construction, within 20 days upon receipt of the notice or within the time as agreed upon by both parties as the case may be, the contractor shall submit clearing and renovating scheme and its estimate as well as the materials and report as arranged by the progress plan, upon acknowledgement by the contract letting party, the necessary clearing and renovating expenses shall be borne by the contract letting party. The date of completion upon recovery in construction shall be postponed accordingly.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 18 N/A">Article 18 N/A</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 19 Contract effectiveness and termination">Article 19 Contract effectiveness and termination</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">19.1 Contract Effectiveness. The contract shall come into effectiveness after satisfying the contract effectiveness conditions as set forth in the contract. The counterparts of the original and copy of the contract shall be stipulated in the special provisions.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Article 19.2 Unless otherwise set forth in the provisions on quality assurance responsibility agreement as set forth in Article 11.1 hereof, if the contract parties have performed all obligations as set forth herein and paid up the completion settlement accounts, this contract shall be immediately subject to termination.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">19.3 Upon termination of the contract, the contract parties shall observe the principles of integrity and credit to perform the obligations of notice, assistance and confidentiality etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 20 Supplementary provisions">Article 20 Supplementary provisions</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to relevant laws, administrative regulations and industrial regulations, in line with the project implementation status, upon consensus through negotiation, specific stipulations, supplementations or modifications may be made to such general provisions in the special provisions. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakfbfc1637-dad1-40cb-bd40-090831d2aa00" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">104</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="4"><a name="Part III Special provisions">Part III Special provisions</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.1">Article 1 General stipulations</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.1 Definitions and interpretations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">According to the features of the project as set forth herein, other definitions that shall be supplemented as agreed upon: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.2 Language and words</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">This contract shall be written, interpreted and explained in Chinese.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.3 Governing laws</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The laws and administrative regulations that shall be expressly indicated by the contract parties: according to the laws, regulations as well as the department regulation as stipulated and the local regulations of the place in which the project is located.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.4 Standards and codes</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.4.1 The standards and codes (names) applicable to this contract: <i>Typical Design of Photovoltaic Power Generation Project </i>(see Appendix I), <i>Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.4.2 Names, counterparts and time of foreign standards and codes provided by the contract letting party: provisionally N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.4.3 The stipulations not set forth in written codes and standards: provisionally N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contract letting party's technical requirements: <i>Typical Design of Photovoltaic </i><i>Power Generation Project </i>(see Appendix I), <i>Construction Quality Examination and </i>standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb25a9295-3b1c-4d78-9498-0d293ce827ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">105</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The time for the contractor to submit construction organization and design scheme: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Training agreement: to be supplemented upon negotiation by the parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1.5 Confidentiality matters</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. The commercial confidentiality agreement entered into: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. The technical confidentiality agreement entered into: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.2">Article 2 Contract letting party</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2.1 Representative of the contract letting party</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Name of representative of the contract letting party: ;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Title of representative of the contract letting party: project manager;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Duty of representative of the contract letting party: supervising project construction including but not limited to project safety, quality, progress, operation and management according to relevant laws, regulations and rules.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.3">Article 3 Contractor</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.1 General obligations and rights of the contractor</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1.1 As agreed upon by the contract parties, the types, names, requirements, reporting periods, time of submission and counterparts of the statements that shall be submitted by the contractor: to be otherwise determined.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.2 Project manager</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.2.1 Name of project manager:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Duty of project manager: being fully responsible for the project construction of such project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Authority of project manager: being only limited to such project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Provisions on breach, for example, arbitrary replacement of project manager or the project manager being any other project manager: such project manager shall not assume the post of project manager for any other project, for the replacement of project manager, it is necessary to obtain consent from the contract letting party in advance. The contractor shall have 2 persons specially responsible for handling exterior formalities, the human resource and commission charges shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak610526c7-b254-4833-b157-688cce3baf38" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">106</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.3 Subcontracting</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.3.1 Subcontracting provisions</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Shortlist of subcontracting matters and subcontractors as agreed upon: to be supplemented upon negotiation by the parties;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.4">Article 4 Progress plan, delay and suspension</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.1 Project progress plan</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.1.1 The counterparts and time of submission of the project progress plan that shall be submitted by the contractor: 7 counterparts in writing, 1 in electric form, within 10 days upon contract conclusion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.1.2 Upon project construction start, the contractor shall send the prepared weekly project report and monthly project report to the contract letting party between 16:00 of each Friday and before the 25th day of each month. The contents to be compiled shall include: construction safety, quality and progress status of the week and the month, as well as the construction plan of the following week and the following month as well as all construction safety and technical measures etc.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.3 Material purchase and progress plan</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.3.1 Provisions on project material purchase and date of start: 1) specification, model No. and quantity of the materials purchased and the list of equipment provided by the design institution; 2) the date shall be determined according to the project progress plan.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.4 Construction progress plan</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.4.1 Construction progress plan (expressed in table or words)</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Submitting key construction plan (name): see the construction organization and design scheme approved by the contract letting party.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6d5b81d2-a94e-4816-b5ac-365b26958c40" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">107</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Submitting the divisional project construction plan of any key part (name): see the construction organization and design scheme approved by the owner.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.5">Article 5 Technologies and design</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.1 Production processing technologies and construction art models</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.1.1 The explanations provided by the contractor on the production processing technologies or construction art models and project trial operation assessment guaranteed value and use function are as follows: <i>Typical Design of Photovoltaic Power Generation Project </i>(see Appendix I), <i>Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries. Or the explanations on project trial operation assessment guaranteed value and use function are as follows: <i>Typical Design of Photovoltaic Power Generation Project </i>(see Appendix I), <i>Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.1.2 The explanations provided by the contract letting party on the production processing technologies or construction art models and project trial operation assessment guaranteed value and use function are as follows: see <i>Typical Design of Photovoltaic Power Generation Project </i>(see Appendix I) for main technical indexes, <i>Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Or the explanations on project trial operation assessment guaranteed value and use function are respectively as follows: <i>Typical Design of Photovoltaic Power Generation Project </i>(see Appendix I), <i>Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II) as well as relevant technical standards promulgated by the State and relevant industries.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.2 Design</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.2.1 The contract letting party's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) Providing project basic materials. The types, contents, counterparts and time of submission of the project basic materials that shall be provided by the contract letting party: the contract letting party entrusts Solarmax Technology (Jiangsu) Co., Ltd. to be responsible for neatening and providing basic materials for free.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5aed4925-8035-447e-9750-3110c1d5711d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">108</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(2) Providing spot obstacle materials. The types, contents, counterparts and time of submission of the spot obstacle materials that shall be provided by the contract letting party: the contract letting party entrusts Solarmax Technology (Jiangsu) Co., Ltd. to be responsible for surveying, neatening and providing obstacle materials for free.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.2.2 The contractor's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) As agreed upon by the contract parties, with respect to the following parts of the project basic materials and spot obstacle materials provided by the contractor upon entrustment of the contract letting party, further requirements may be raised according to the following time and period as set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.2.3 Operation and maintenance manual. Counterparts that shall be submitted and final submission period: 7 counterparts, 1 in electronic form, 1 month before project completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.6">Article 6 Project materials</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.1 Provision of project materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.1 The types, estimated quantity and specification list of the equipment, materials and components that shall be provided by the contract letting party for the permanent project: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1.2 The types, spare part quantity and specification list of the equipment, materials and components that shall be provided by the contractor for the permanent project: based upon the list of equipment provided by the design institution.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.2 Custody and surplus of project materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.2.1 Custody of project materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The types and estimated quantity of the project materials subject to custody by the contractor upon entrustment: photovoltaic components 70MW.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The time for the contractor to submit construction custody and maintenance scheme: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The warehouse, pile, facility and equipment provided by the contract letting party: N/A.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6b720bbd-31f3-4396-8703-25666fb48999" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">109</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.7">Article 7 Construction</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.1 The contract letting party's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.1.1 Providing benchmark coordinate materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The contents and time of submission of benchmark coordinate materials: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.1.2 Entry conditions and entry date</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The contractor's entry conditions: the contractor shall be responsible.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The contractor's entry date: within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1.3 With respect to the provisional water and electricity provision and section pavement, the contract letting party shall provide provisional water and electricity etc. and unit price of obtaining fees: the contractor shall be responsible.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.1.4 Other obligations to be performed by the contract letting party: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.2 The contractor's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.2.2 Construction organization and design.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The counterparts and time of submission of overall project construction organization and design: 7 counterparts in writing, 1 in electric form, within 10 days upon effectiveness of the contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The names, counterparts and time of submission of divisional project construction organization &amp; design of main parts that shall be submitted: civil engineering project, component and pile foundation, frame project, access system project, equipment installation, debugging project, supervision and control system, roof solidification and improvement (if any).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.2.2 Submitting provisional land occupation materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The time of submitting provisional land occupation materials: shall be provided at the project design stage simultaneously.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.2.3 Providing provisional water and electricity use materials</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The quality, normal use quantity, peak quantity and use time of water and electricity etc. needed by the contractor: N/A.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7f6d402b-b80f-47ce-8089-877865ad3e0c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">110</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The type and quantity of provisional water and electricity use etc. for the contract letting party to satisfy construction demands: the contractor shall be responsible.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Time of submission for section and location materials of water and electricity etc.: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.2.4 Other obligations to be performed by the contractor: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.3 Human power, machine and tool resources</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.3.1 The format, contents, counterparts and time of submission of schedule of human resource plan for construction: see the construction organization and design scheme. The format, counterparts and reporting period of the statement for actual entry of human resources: see the construction organization and design scheme.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.3.2 The format, contents, counterparts and time of submission of schedule of main machine and tool plan: see the construction organization and design scheme. The format, counterparts and reporting period of the statement for actual entry of main machines and tools: see the construction organization and design scheme.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.4 Quality and inspection</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.4.1 Quality inspection parts and inspection participants</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The parts subject to quality inspection by three parties, standards and table: refer to <i>Photovoltaic Power Station Construction Quality Examination and Inspection &amp; Acceptance Procedures </i>(see Appendix II for details) and relevant technical standards promulgated by the State and the industry.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.5 Concealed project and midway inspection &amp; acceptance</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.6.1 Concealed project and midway inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The classification, parts, quality inspection contents, standards and tables of the concealed project and midway inspection &amp; acceptance parts as well as the provisions of the inspection participants: the supervising unit shall issue specific detailed rules for inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.6 Health, safety and environment</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak97acce9e-4731-421e-9e6b-a5e9980d7de0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">111</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.6.1 Health, safety and environment management</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The counterparts and time of submission of health, safety and environment management plan: 7 counterparts, 10 days before project start.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7.6.2 Before project start, both parties enter into Project Safety Agreement, see Appendix V.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.8">Article 8 Completion test</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The project as set forth herein includes completion test.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8.1 Completion test obligation</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8.1.1 The contractor's general obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) Completion test scheme</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The counterparts and time of submission of completion test scheme: 7 counterparts, 10 days before project start.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak33f46efd-56e5-40a5-933d-288feaef6999" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">112</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.9">Article 9 Project receipt</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9.1 Project receipt</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9.1.1 (1) Receipt based upon the project</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Date of receipt based upon the project: 240 hours upon project trial operation, after accomplishment of defect ratification and correction, Party A shall organize project receipt with seven working days, in case of failure to receive within seven working days, it shall be deemed that the project is inspected &amp; accepted to be qualified.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9.1.2 The materials that shall be submitted for project receipt</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The types, contents, counterparts and time of submission of completion test materials: 7 counterparts, one disc, within 1 month upon project completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided<br>&nbsp; <table id="pagebreakf843002b-9039-4403-b7a3-032e45db64a3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">113</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"><b style="MARGIN: 0px"><font size="3"><a name="3.10">Article 10 Post-completion test</a></font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1 Responsibilities and obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1.1 The contract letting party's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) Other obligations and work: N/A</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1.2 The contractor's obligations</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(1) The counterparts and time of submission of post-completion test scheme submitted to the contract letting party: see the construction organization and design scheme.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(2) Other obligations and work: N/A</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.2 Post-completion test procedures</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.2.1 Shall be implemented according to the test scheme acknowledged by both parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.2.2 Notice on date of post-completion test</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Date of start of project post-completion test: signed for confirmation by the supervisor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.3 Post-completion test and trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.3.1 Trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">(1) Trial operation assessment period: 240 hours.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.4 Failure to pass assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.4.1 Compensation for failure to pass trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1) Compensation for the failure of the production process and technologies or construction design provided by the contractor to pass trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Project compensation amount: both parties shall make ratification and correction within the time as agreed upon, if the contractor fails to make ratification and correction and fails to pass assessment within the time as agreed upon, upon identification and confirmation by any third-party institution, the contractor shall compensate for any loss caused against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment. The contractor against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5c8e853f-4fcd-4e24-9690-157b1c9d0c39" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">114</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2) Compensation for the failure of the production process and technologies or construction design provided by the contract letting party to pass trial operation assessment</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The contractor shall compensate for any loss caused by any liability attributable to the contractor against the contract letting party, however, the compensation will not exempt from the obligation to further make ratification &amp; correction and pass assessment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.5 Assessment inspection &amp; acceptance certificate</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.5.1 According to this contract, the post-completion test and assessment inspection &amp; acceptance certificate shall be issued.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.11">Article 11 Quality assurance responsibility</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.1 Quality assurance deposit</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.1.1 Quality assurance deposit</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The quality assurance deposit shall be 5% of the total contract price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The provisional deduction method of the quality assurance deposit: see Appendix III for details, the quality assurance deposit shall be kept for one year <b>(from the date of completion inspection &amp; acceptance and issuance of compliance certificate).</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Quality assurance period: the overall quality assurance period of the system shall be one year (from the date of completion inspection &amp; acceptance of the project), the quality assurance period of the main equipment including but not limited to the inverter and transformer shall not be less than 5 years, see the technical agreement for details.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.2 See Appendix III for signing of <i>Project Quality Assurance Agreement</i>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.12">Article 12 Project completion inspection &amp; acceptance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.1 Completion materials and completion inspection &amp; acceptance report</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.1.1 Completion materials and completion inspection &amp; acceptance report inspection &amp; acceptance report: word format, 7 counterparts, one disc, within 2 months upon completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakaeb8d83d-8250-4a76-9a4c-ab55a2e07b69" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">115</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The format, number of counterparts and time of submission of complete completion inspection &amp; acceptance report: word format, 7 counterparts, one disc, within 2 months upon completion inspection &amp; acceptance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">One electric copy (shall be modifiable format including but not limited to CAD, WORD and EXCEL) for each of the above documents submission shall be provided</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.13">Article 13 Alteration and contract price adjustment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.1 Alteration scope</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.1.1 Other alteration</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">According to the features of this project, other alteration scope as agreed upon: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13.1.2 Determination of price alteration:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Agreement upon the calculation method for each price alteration: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="3.14">Article 14 Total contract price and payment</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.1 The total contract price shall be RMB 518,000,000 yuan (in words: RMB FIVE HUNDRED AND EIGHTEEN MILLION YUAN ONLY).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.2 Payment method of component accounts: the payment method shall be otherwise agreed upon.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3 All accounts other than the component accounts: the unit price shall not be lower than RMB 3.5 yuan/W, RMB 245,000,000 yuan (in words: RMB TWO HUNDRED AND FORTY-FIVE MILLION YUAN ONLY) (hereinafter referred to as: project accounts) shall be paid with the following method:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.1 This contract shall come into effectiveness and satisfy the following conditions:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">A. The contractor enters and starts the construction of exterior lines, the main equipment contract is entered into, the roads and fences have been finished and confirmed by the contract letting party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakecb50438-efbc-4ea1-a387-59b76eefcbd5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">116</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">B. The project archival filing is obtained;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">C. The provincial access approval and response file is obtained; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">D. Equal-amount financial receipt;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">E. All formalities and documents as set forth in the appendix (Table I) have been accomplished;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">F. The foundation of the comprehensive building and electronic control building has been finished, 5MW of the pile foundation has been finished (field flatting and line paving have been completely finished) and confirmed by the contract letting party.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Within 5 working days of satisfying the above conditions and receiving equal-amount financial receipt from the contractor, the contract letting party shall pay 15% of the project accounts to the contractor [the payment method shall be telegraphic transfer (T/T)];</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.2 For this project, the installation of the exterior line tower frame has been finished, 20MW of the pile foundation has been finished, 20MW of the frame has been finished, within 5 working days upon confirmation by the contract letting party and receipt of equal-amount financial receipt from the contractor, the contract letting party shall pay 20% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.3.3 For this project, the exterior lines have been physically cut through, the comprehensive building and electronic control building have been wholly completed, component installation of no less than 20MW has been finished, within 5 working days upon confirmation by the contract letting party and after the contractor submits legal and effective invoice with 50% of the project accounts, the contract letting party shall pay 15% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill].</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.3.4 For this project, the installation of the frame has been finished, 50MW of the component installation has been finished, 40MW of synchronization has been finished, within 5 working days upon confirmation by the contract letting party and submission of equal-amount financial to the contract letting party, the contract letting party shall pay 10% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9af38c21-3cb8-4f74-8543-ac1f66a2ac00" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">117</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.5 For this project, upon accomplishment of overall synchronization and upon inspection and acceptance on synchronization, within 5 working days upon confirmation by the contract letting party and submission of equal-amount financial receipt to the contract letting party, the contract letting party shall pay 20% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill];</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.6 For this project, scheduling agreement, electricity purchase and sale agreement as well as the file issued by relevant governmental authority certifying that the target project can enjoy benchmark grid purchase price of RMB 1.0 yuan/kwh, within 5 working days upon accomplishment of project completion inspection &amp; acceptance and settlement and after the contractor finishes all formalities as set forth in the appendices (Table I, Table II and Table III) and receives 100% invoice issued by the contractor in compliance with the requirements of the contract letting party, the contract letting party shall pay the contract 15% of the project accounts to the contractor [the payment method shall be 50% telegraphic transfer (T/T) and 50% bank six-month acceptance bill] on time after deducting quality assurance deposit based upon the settlement;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3.7 The quality assurance deposit shall be 5% of the project accounts, the quality assurance period shall be one year. 12 months upon accomplishment of completion inspection and acceptance on this project by issuance of <i>Trial Operation of the Project and Handover of Authentication on Production Inspection and Acceptance</i>, after the contract letting party confirms to be qualified without any problem and the contractor finishes all formalities as set forth in the appendices (Table I, Table II and Table III), the contract letting party shall pay the contractor quality assurance deposit.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.4 Provisions on invoice issuance:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.4.1 Material and equipment invoice with the amount accounting for 69% of the total contract price; construction and installation invoice with the amount accounting for 28% of the total contract price;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px">design invoice with the amount accounting for 3% of the total contract price;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak33d09ae0-c6b6-4300-b724-831f1088aaeb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">118</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.4.2 Due to adjustment to national tax policies and implementation of change of business tax into value added tax, if the contract letting party needs the contractor to issue value added tax invoice of construction and installation category, the contract letting party shall assume relevant value added tax as set forth by the State and shall pay such part of tax to the contractor's account before invoice issuance.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Remarks: the payment method for the project accounts shall be 50% telegraphic transfer (T/T) and 50% bank acceptance bill.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.5 Guarantee</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.5.1 Performance bond</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Performance bond: N/A.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">14.5.2 Release of performance bond</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.5.2.1 Within one year from the date of completion settlement, if the generating capacity of this project can not satisfy the requirements as agreed up by Party A and Party B, Party A may directly deduct the cash deposit for generating capacity in order to make up for loss, if the cash deposit for generating capacity is insufficient for making up the loss, Party B shall make supplementation and at its own expenses conduct increased work on this project.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.5.2.2 If the contractor fails to perform the contractor's responsibilities and obligations hereunder within valid period of the performance bond, the contract letting party shall be entitled to seek recourse from the performance bond. The contract letting party shall be entitled to continue to seek recourse for the insufficient part from the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><font size="3"><a name="3.15">Article 15 Insurance</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">15.1 Insurance purchase by the contractor</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">15.1.1 The contract parties agree upon the type, scope, amount, period and effective lasting time: project construction period of the insurance that shall be purchased by the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">15.2 All-risk insurance and third-party liability</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak96e3958a-65d5-4cdf-baa6-8b7078d27e76" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">119</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td><i></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The insurance that shall be purchased by the contract letting party:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Life insurance of the employees of the contract letting party and other persons of the contract letting party;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Vehicle insurance of the employees of the contract letting party and other persons of the contract letting party;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The insurance that shall be purchased by the contractor, including but not limited to:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">All-risk insurance for construction and installation within the scope of the contracting contract;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Third-party liability insurance;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Vehicle insurance of the contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The insurance companies (of the contractor and the owner) shall be chosen by bidding, bidding shall be organized and implemented by the insurance broker company chosen by the owner.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px"><b><font size="3"><a name="Article 16 Contract effectiveness and termination">Article 16 Contract effectiveness and termination</a></font></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The text body of this contract shall be made in duplicate with either party holding each respectively; and the copy of the contract shall be made in quadruplicate with either party holding two respectively.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px">February 15, 2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contract letting party</p> <p style="MARGIN: 0px"><u>[seal] Xingyi Zhonghong New Energies Co., Ltd.</u></p> <p style="MARGIN: 0px">Xingyi Zhonghong New Energies Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">February 15, 2016</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contractor</p> <p style="MARGIN: 0px"><u>[seal] Solarmax Technology (Jiangsu) Co., Ltd.</u></p> <p style="MARGIN: 0px">Solarmax Technology (Jiangsu) Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">[Appendix]:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">Appendix: List of Formalities&nbsp; </p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="left">(The following is intentionally left blank)</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">120</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>28
<FILENAME>solarmax_ex1022.htm
<DESCRIPTION>EX-10.22
<TEXT>
<html><head><title>solarmax_ex1022.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.22</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>INSTRUMENT OF NONQUALIFIED STOCK OPTION GRANT</b></p> <p style="MARGIN: 0px" align="center">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Instrument of Grant issued as of this 7<sup>th</sup> day of October, 2016, from SolarMax Technology, Inc., a Nevada corporation, with offices at 3080 12<sup>th</sup> Street, Riverside, CA 92507 (the &#8220;Company&#8221;), to [name of Option Holder] (the &#8220;Option Holder&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>W I T N E S S E T H</u>:</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the Company has, on the date of this Instrument of Grant, granted Option Holder a nonqualified stock option to purchase from the Company shares of the Company&#8217;s common stock, par value $0.001 per share (&#8220;Common Stock&#8221;), pursuant to the Company&#8217;s 2016 Long-Term Incentive Plan (the &#8220;Plan&#8221;) and is subject to the terms and conditions of the Plan; and </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, the exercise of the option is subject to certain conditions precedent;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREFORE, the Company does hereby grant to the Option Holder the following Option: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">1.<font style='FONT: 7pt "Times New Roman"'></font><u>Stock Option</u>. Subject to the terms and conditions set forth in this Instrument of Grant, the Company hereby grants to the Option Holder a non-qualified stock option (the &#8220;Option&#8221;) to purchase from the Company [&#183;] shares (the &#8220;Shares&#8221;) of Common Stock at an exercise price (the &#8220;Exercise Price&#8221;) of $5.00 per share, being the fair value per share of Common Stock on the date of grant.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in">2.<font style='FONT: 7pt "Times New Roman"'></font><u>Exercise Period</u>. The Option shall be exercisable cumulatively as to (a) 50% of the shares of Common Stock initially subject to the Option on the later to occur of (i) six months after a Public Stock Event or (ii) October 7, 2017, such date being the &#8220;Initial Exercise Date&#8221;) provided that the Option Holder is [employed by the Company or an affiliate of the Company on that dates][engaged by the Company or an affiliate of the Company as a consultant on that date], and (b) the remaining 50% of the shares of Common Stock initially subject to the Option on the first anniversary of the Initial Exercise Date., and this Option shall expire on the earlier of (a) 5:00 P.M., Pacific time, on October 6, 2023 (the &#8220;Expiration Date&#8221;) or (b) the date that the Option Holder ceases to be an [employee][director][officer][consultant] of the Company other than as a result of the death or a disability of the Option Holder; provided, however, that if such date is a day on which banks in the State of California are authorized or permitted to be closed, then the Exercise Period shall end at 5:00 P.M. Pacific time on the next day which is not such a day. Notwithstanding the foregoing, the Option cannot be exercised prior to the date that an S-8 registration statement covering the shares issuable pursuant to the Plan becomes effective. In the event of the Option Holder&#8217;s death or a termination of the Option Holder&#8217;s employment as a result of a disability, the Option may be exercised, to the extent it is exercisable on the date of death or termination as a result of a disability, until the earlier of (i) six month from the date of death or the date or termination of employment as a result of a disability or (ii) the Expiration Date. A Public Stock Event shall mean the first to occur of (i) the effective date of a registration statement covering an underwritten public offering of the Company&#8217;s common stock on a firm commitment basis; (ii) the closing date with respect to a public offering of the Company&#8217;s common stock other than pursuant to a firm commitment underwritten offering; (iii) the date on which the Company&#8217;s common stock is first trading on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; (iv) the date on which the common equity of a Successor Corporation is publicly traded on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; (v) a Change in Control, as defined in the Plan, or (vi) such other transaction or event which the Company&#8217;s board of directors determines, in its sole discretion, is a Public Stock Event. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka3eb97aa-9ea0-47eb-a71d-ab29a587457d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 1 -</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">3. <u>Termination</u>. The Option shall terminate, and Option Holder shall have no further rights under the Option, on the Expiration Date, subject to earlier termination to the extent provided in Section 2 of the Option and subject to the provisions of the Plan.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">4. <u>Manner of Exercise</u>.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1in" align="justify">(a) The Option shall be exercised by written notice of exercise in the form of Exhibit A to this Instrument of Grant addressed to the Company and signed by the Option Holder and delivered to the Company along with this Instrument of Grant and payment in full of the Exercise Price of the Optioned Shares as to which the Option is being exercised. If the Option is exercised in part only, the Company will either issue a new Instrument of Grant with respect to the unexercised portion of the Option or shall make a notation on this Instrument of Grant reflecting the partial exercise. The Exercise Price is payable by certified or official bank check or by personal check; provided, however, that no Optioned Shares shall be issued to Option Holder until the Company has been advised by its bank that the check has cleared.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1in" align="justify">(b) The Option may also be exercised by the delivery to the Company of shares of Common Stock having a fair market value as of the date of exercise, equal to the Exercise Price of the Optioned Shares to the extent that the Option is being exercised by written notice of exercise in the form of Exhibit B to this Instrument of Grant addressed to the Company and signed by the Option Holder. The market value of the Common Stock shall be determined as follows:</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1.5in" align="justify">(i) If the Common Stock is listed on a national securities exchange or is quoted on the OTCQX, OTCQB, or OTC Pink or other service which provides information as to the last sale price, the current value shall be the reported last sale prices of one share of Common Stock on such exchange, market or system on the trading day prior to the date of exercise of the Option, or if, on any of such dates, no such sale is made on such day, the last reported sale on such exchange, market or system shall be used; or</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1.5in" align="justify">(ii) If the Common Stock is not so listed or admitted to unlisted trading privileges or traded, the current value shall be the mean average of the reported last bid and asked prices of one share of Common Stock as reported by a reporting services selected by the Company, on the last trading day prior to the date of the exercise of the Option; or</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1.5in" align="justify">(iii) If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current value of one share of Common Stock shall be an amount, not less than net tangible book value per share determined in such reasonable manner as may be prescribed by the board of directors of the Company.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 1in" align="justify">(c) The Option may also be exercised through a brokerage transaction in a manner approved by the Compensation Committee</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">5. <u>Adjustment Provisions</u>. The number of shares of Common Stock subject to the Option and the Exercise Price shall be adjusted in accordance with generally accepted accounting principles in the event of a stock dividend, stock split, stock distribution, reverse split or other combination of shares, recapitalization or otherwise, which affects the Common Stock.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp; <table id="pagebreak75bf83c8-f368-4553-8874-c61ea39082b2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 2 -</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">6. <u>Not Transferable</u>. The Option is not transferable by the Option Holder, and may be exercised only by the Option Holder except that, in the event of the Option Holder&#8217;s death or disability, the Option may be exercised by Option Holder&#8217;s legal representative or by the persons to whom the Option is transferred by will or the laws of descent and distribution..</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">7. <u>No Rights as a Stockholder</u>. The Option Holder shall have no interest in and shall not be entitled to any voting rights or any dividend or other rights or privileges of a stockholder of the Company with respect to any shares of Common Stock issuable upon exercise of this Option prior to the exercise of this Option and payment of the Exercise Price of the Optioned Shares. </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">8. <u>No Rights to Continued Employment</u>. Nothing in this Instrument of Grant shall be constructed as an employment agreement or to grant any rights to continue as an [employee] [director] [officer] [consultant] of the Company.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">9. <u>Legality</u>. Anything in this Option to the contrary notwithstanding, the Option Holder agrees that he or she will not exercise the Option, and that the Company will not be obligated to issue any shares of Common Stock pursuant to this Option, if the exercise of the Option or the issuance of such shares shall constitute a violation by the Option Holder or by the Company of any provisions of any law or of any regulation of any governmental authority. Any determination by the Board of Directors or the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors, if appointed, shall be final, binding and conclusive. The Company shall not be obligated to take any affirmative action in order to cause the exercise of the Option or the issuance of shares pursuant thereto to comply with such law or regulation. In this connection, the Option Holder understands that the Optioned Shares, if and when issued, will be restricted securities, as defined in Rule 144 of the Securities and Exchange Commission pursuant to the Securities Act unless issued pursuant to a registration statement on Form S-8. The Company shall not be required to issue any Shares if the Company is not satisfied that the issuance thereof is permitted pursuant to the Securities Act without registration under the Securities Act.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">10. <u>Action by Company</u>. The existence of the Option shall not effect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapi-talization, reorganizations or other changes in the Company&#8217;s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">11. <u>Interpretation</u>. As a condition of the granting of the Option, the Option Holder and each person who succeeds to the Option Holder&#8217;s rights hereunder, agrees that any dispute or disagreement which shall arise under or as a result of or pursuant to this Option shall be determined by the Committee in its sole discretion and that any interpretation by the Committee of the terms of this Agreement shall be final, binding and conclusive. If no Committee is acting, its functions shall be performed by the Board of Directors, and each reference in this Option to the Committee shall, in that event, be deemed to refer to the Board of Directors. The rights of the Option Holder with respect to the Option are subject to the Plan and the interpretations of the Plan by the Committee.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">12. <u>Notice</u>. Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and any be delivered personally or by mail, postage prepaid, addressed as follows: to the Company, at 3080 12<sup>th</sup> Street, Riverside, CA 92507, Attention: Chairman and Chief Executive Officer, or at such other address as the Company, by notice, may designate in writing from time to time; to the Option Holder, at the address shown on the records of the Company or at such other address as the Option Holder, by notice to the Company, may designate in writing from time to time.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp; <table id="pagebreak7ff67c11-e1e7-417f-a910-d940639a6032" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 3 -</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 45px" align="justify">IN WITNESS WHEREOF, the Company has executed this Instrument of Grant as of the date first above written.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>SOLARMAX TECHNOLOYG, INC.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="12%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px 0px 0px 0in" align="justify">David Hsu, Chief Executive Officer</p></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="35%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><u>Address</u></p></td> <td width="15%"></td> <td valign="top" width="38%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><u>OPTION HOLDER</u></p></td> <td width="12%"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak9494636a-eb76-4946-b85d-47d3c5cd672a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 4 -</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">Exhibit A</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Date: _____________</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">SolarMax Technology, Inc.<br>3080 12th Street<br>Riverside, CA 92507<br>Attention: Chairman and CEO</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Re: <u>Stock Option Exercise &#8211; Cash Exercise </u></p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Gentlemen:</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">I hereby exercise the option to the extent of _________ shares, and I am tendering with this Notice full payment of the Exercise Price with respect to the Optioned Shares as to which this Option is being exercised. I further represent and warrant to the Company that I am aware of the tax consequences of my exercise of the option.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px" align="justify">Very truly yours,</p></td> <td width="15%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak464dfe47-49c2-4ab6-b42f-f28774514d8c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 5 -</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="right">Exhibit B</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Date: ____________</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">SolarMax Technology, Inc.<br>3080 12th Street<br>Riverside, CA 92507<br>Attention: Chairman and CEO</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center">Re: <u>Stock Option Exercise &#8211; Delivery of Stock </u></p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Gentlemen:</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">I hereby exercise the option to the extent of _________ shares, and I am tendering with this Notice full payment of the Exercise Price in the form of shares of Common Stock having a value, determined as provided in the Instrument of Grant, equal to $ , as follows:</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Total Exercise Price: </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Current Value of Common Stock: </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Number of shares of Common Stock being delivered: </p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">I further represent and warrant to the Company that I am aware of the tax consequences of my exercise of the option.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px" align="justify">Very truly yours,</p></td> <td width="15%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">- 6 -</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>29
<FILENAME>solarmax_ex1023.htm
<DESCRIPTION>EX-10.23
<TEXT>
<html><head><title>solarmax_ex1023.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.23</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p><b> <p align="center"><img src="solarmax_ex1023img1.jpg"></p> MASTER SOLAR FACILITY TURNKEY CONTRACT </b> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">between</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Sunrun Inc.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Solarmax Renewable Energy Provider, Inc.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">dated</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>January 21, 2015</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakfef5b09d-3412-453d-bf67-d9356f9f8962" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center">TABLE OF CONTENTS</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="3"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>Page</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 1-KEY DEFINITIONS </p></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">1</p></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top" width="1%"></td> <td valign="top" width="9%"></td> <td valign="top" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">1.1</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Definitions</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">1</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">1.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Rules of Usage</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">7</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 2 - RELATIONSHIP BETWEEN THE PARTIES</p></td> <td valign="top"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">8</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">2.1</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Status of Contractor</u>.</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">8</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">2.2</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Subcontracts and Subcontractors</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">8</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">2.3</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Communication</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">9</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 3 -CONTRACTOR&#8217;S TURNKEY OBLIGATIONS</p></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.1</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Statement of Work</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.2</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Engineering</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.3</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Design</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.4</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Solar Facility Procurement and Installation</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.5</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Employment of Licensed and Qualified Personnel</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.6</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Control of the Work</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.7</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Material Control and Handling</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.8 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Labor, Materials and Utilities</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.9</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Clean-Up</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.10</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Safety</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.11</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Emergencies</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.12</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Governmental Authorizations</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">11</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.13</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Laws and Regulations</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.14</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Drawings</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.15</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Excl usions</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">3.16</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Liens</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">12</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 4- NOTICE TO PROCEED AND COMPLETION OF WORK</p></td> <td valign="top"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">13</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Project Schedule and Information Rights</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">13</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.2</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Commencement of Work; New Deal Processing</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">13</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Design Document Submission and Processing</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">14</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.4</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Notice to Proceed</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">14</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.5</p></td> <td> <p style="MARGIN: 0px"><u>Guarantee of Timely Completion; Guaranteed Substantial Completion Date</u></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">15</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">4.6</p></td> <td> <p style="MARGIN: 0px"><u>Rebate Reservation; Processing</u></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">16</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak92dd4940-2883-4e67-9239-31e66db5cd13" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-i-</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 5 - CHANGE ORDERS</p></td> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"></td> <td valign="top"></td> <td valign="top" width="1%"></td> <td valign="top" width="9%"></td> <td valign="top" width="1%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">5.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Change Orders</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">5.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Contractor &#8216; s Change Request</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">5.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Concealed Conditions</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">5.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Host Customer Delay</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">5.5 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Optional Cancellation of Addenda by Sunrun</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">17</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 6- CONTRACT PRICE AND PAYMENT TERMS</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">19</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Amount</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">19</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Payment Schedule</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">19</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Payment for Change Orders</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">20</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.4</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Waiver of Liens</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.5 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Withholding</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.6 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Late Payments</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">6.7 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Taxes</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">21</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 7 -TITLE; RISK OF LOSS;SECURITY INTEREST;FORCE MAJEURE</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">22</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">7.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Passage of Title</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">22</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">7.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Risk of Loss</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">22</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 8- INSURANCE</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Coverage</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Subrogation</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">23</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Additional Insured</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Certification</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.5 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Subcontractor&#8217;s Insurance</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">8.6 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Insurance Review</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 9- INDEMNIFICATION</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">9.1</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Indemni fication by Contractor</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">9.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Indemnification by Sunrun</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">24</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">9.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Obligations of Indemnifying Party</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">25</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td colspan="3"> <p style="MARGIN: 0px">ARTICLE 10-TESTING, SUBSTANTIAL COMPLETION, AND FINAL COMPLETION</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">25</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Notice of Application to Interconnect; ITC Damages</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">25</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Testing</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">26</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Substantial Completion</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">26</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Punch List</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">27</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">10.5</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Final Completion</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">27</p></td> <td valign="top"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3746089e-885c-466c-8102-5851bda78fc8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-ii-</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="3"> <p style="MARGIN: 0px" align="justify">ARTICLE 11-WARRANTIES/LIMITATION OF LIABILITY</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">27</p></td> <td valign="top"></td></tr> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="9%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Contractor &#8216;s Warranties and Covenants</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">27</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Service Level</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">28</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Sun run Quality Standards</u> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">29</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Limited Roofing Warranty</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">29</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.5 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Equipment Warranties</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.6 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Warranty Parity</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.7 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Warranty of Title</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.8 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Warranties&#8217; Transfer</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.9 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Exceptions/Exclusions from Warranty</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.10 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Warranty Disclaimer</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">30</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.11 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Limitation of Liability</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.12 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Liquidated Damages not a Penalty</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">11.13 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Mutual Waiver of Consequential Damages</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top" colspan="3"> <p style="MARGIN: 0px" align="justify">ARTICLE 12- DEFAULT</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">12.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Events of Default</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">31</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">12.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Sunrun&#8217;s Rights</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">12.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Contractor&#8217;s Rights</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top" colspan="3"> <p style="MARGIN: 0px" align="justify">ARTICLE 13 - DISPUTE RESOLUTION</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">13.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Negotiation</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">13.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Mediation</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">32</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">13.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Arbitration</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">33</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">13.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Prevailing Party</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">33</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top" colspan="3"> <p style="MARGIN: 0px" align="justify">ARTICLE 14- MISCELLANEOUS PROVISIONS</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">33</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.1 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Assignment</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">33</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.2 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Amendments</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">33</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.3 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>No Waiver</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">34</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.4 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>No Third-Party Beneficiaries in Host Customer</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">34</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.5 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Applicable Law</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">34</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.6 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Entire Contract; Channel Partner Agreement and Mutual Confidentiality</u> Agreement</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">34</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.7 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Relationship of Contract and Addendum</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.8 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Licensed Contractor Notice</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.9 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Contractor&#8217;s License</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.10</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Severability</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.11 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Survival</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.12</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify"><u>Performance of Obligations</u></p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">35</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.13 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Further Assurances</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">36</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.14 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Mutual Non-disparagement</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">36</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">14.15 </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Counterparts</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">36</p></td> <td valign="top"></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak86e16b3f-be4d-4bd3-afbc-f1244f88de72" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-iii-</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>LIST OF EXHIBITS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"> <p style="MARGIN: 0px">Exhibit A</p></td> <td> <p style="MARGIN: 0px">Form of Solar Facility Addendum Contract</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit B</p></td> <td> <p style="MARGIN: 0px">Materials Equipment and Supplies Provided by Sunrun</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit C</p></td> <td> <p style="MARGIN: 0px">Payment Milestones</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit D</p></td> <td> <p style="MARGIN: 0px" align="justify">Additional Insured Requirements</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit E</p></td> <td> <p style="MARGIN: 0px" align="justify">Acceptable Formats for Drawings</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit F</p></td> <td> <p style="MARGIN: 0px" align="justify">Work Exclusions</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit G</p></td> <td> <p style="MARGIN: 0px">Test Specifications</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit H</p></td> <td> <p style="MARGIN: 0px">Quality Standards</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit I</p></td> <td> <p style="MARGIN: 0px" align="justify">Sunrun Installer Handbook</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit J</p></td> <td> <p style="MARGIN: 0px" align="justify">Non-Warranty Work Fee Schedule</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit K</p></td> <td> <p style="MARGIN: 0px" align="justify">Form of Sunrun Milestone Verification Statements</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Exhibit L</p></td> <td> <p style="MARGIN: 0px" align="justify">Sunrun Service Manual</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakb1ea28d7-d3ff-4704-8b79-9a1537cf50c4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-iv-</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>MASTER SOLAR FACILITY TURNKEY CONTRACT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This MASTER SOLAR FACILITY TURNKEY CONTRACT (&#8220;<u>Contract</u>&#8221;) is made as of January 21, 2015 and shall be effective as of January 25, 2015 (&#8220;<u>Effective Date</u>&#8221;), by and between Sunrun Inc., a Delaware corporation (&#8220;<u>Sunrun</u>&#8221;) Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u> &#8220;). Sunrun and Contractor may be referred to herein in the singular as &#8220;Party&#8221; or jointly as &#8220;Pa rties&#8221;. This Contract sets forth the general terms and conditions for the design,engineering,procurement, installation,construction, test commission and start-up on a turnkey basis of one or more Solar Facilities (as defined in <u>Article 1</u>) by Contractor on residential or commercial property, with the terms and conditions for the Work (as defined in Article 1) associated with each individual Solar Facility also being governed by the terms and conditions of a separate Solar Facility Addendum Contract (&#8220;<u>Addendum</u>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>RECITALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">WHEREAS , Sunrun desires to engage Contractor to design, engineer, procure, install, construct, commission , test, and start-up on a turnkey basis one or more Solar Facilities on residential or commercial property; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Contractor desires to design, engineer, procure, install, const ruct, commission and test, on a turnkey basis, one or more Solar Facilities for Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE </b><b>1- </b><b>KEY DEFINITIONS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.1 <u>Definitions</u>. The Parties hereby agree that capitalized terms used in this Contract,unless otherwise defined herein or in a particular Addendum, shall have the meanings assigned below:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>AAA</u>&#8221; has the meaning set forth in <u>Section 13.2</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Addendum</u>&#8221; has the mea ning set forth in the preamble, a form of which is attached hereto as <u>Exhibit A </u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Assignee</u>&#8221; mea ns the Person set forth as such in the applicable Addendum to which Sunrun will be assigning each Addendum (and hence the Contract but only to the extent that the Contract&#8217;s terms are incorporated into each Addendum) pursuant to <u>Section 14.1</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Business Day</u>&#8221; means any day on which Federal Reserve member banks in Sa n Francisco, California are open for business.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak1c6b436c-6e3c-4baa-9c2b-943e6797df1e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-1-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Change Order&#8221; </u>shall mean the written order issued by Sunrun in accordance with <u>Article 5</u> modifying or amending, among ot&#8217;her things, the Work, the Contract Price, the Substantial Completion date set forth in <u>Section 4.5</u>, the Final Completion date set forth in <u>Section 10.5</u>, or any other terms and conditions of this Contract or an Addendum.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Claims</u>&#8221; means all claims, judgments, settlements, losses, damages, demands, suits, causes of action, liabilities, fines, penalties, costs and expenses (including, without limitation, court costs,attorney&#8217;s fees, and other reasonable costs of suit or dispute resolution) . For the avoidance of doubt, Claims shall also include potential or threatened claims, judgments , settlements, losses damages, demands, suits, causes of action, liabilities, penalties, costs and expenses (including without limitation, court costs, attorney&#8217;s fees,and other reasonable costs of suit or dispute resolution).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Confidential Information</u>&#8221; shall have the meaning set forth in <u>Section 14.6(a)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Construction-In-Progress Date</u>&#8221; shall have the meaning set forth in <u>Section 10.l(b)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Contract</u>&#8221; has the meaning set forth in the preamble.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Contract Price</u>&#8221; shall mean the amount that Sunrun shall pay Contractor pursuant to Article 6 in consideration of Contractor&#8217;s performance in full of all of its obligations under this Contract, as it may be amended in accordance with the terms hereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Contractor</u>&#8221; has the meaning set forth in the preamble.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Contractor&#8217;s Change Request</u>&#8221; shall mean a written request by Contractor wherein Contractor is requesting a change to the Work, the Contract Price, the Substantial Completion date set forth in <u>Section 4.5</u>, the Final Completion date set forth in <u>Section 10. 5 </u>or any other terms and conditions of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>CA&#8221; </u>shall have the meaning set forth in Section 14.6(a).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Contractor Delay Percentage</u>&#8221; is calculated, as it applies to any one Delaying Utility, by dividing (i) the sum of Contract Prices specified on all outstanding Addenda that concern Solar Facilities to be connected to such Delaying Utility that Sunrun has not received Final Completion within sixty (60) days of the Milestone 1payment date by (ii) the sum of Contract Prices specified on all outstanding Addenda in the Delaying Utility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Contractor Delay Percentage Limit</u>&#8221; has the meaning set forth in <u>Section 6.2(c)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Customer Signing Date</u>&#8221; means the date which a Host Customer signs their Residential Solar Customer Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak1160183b-69c7-429f-bbe4-611585cd89c6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-2-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Default Rate&#8221; </u>means one and a half percent (1.5%) per month.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Delaying Utility&#8221; </u>means any utility that is not timely issuing PTO Approvals.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Delay Fee&#8221; </u>has the meaning set forth in <u>Section 4.5(c)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Design Documents</u>&#8221; means a site plan and a single-line diagram for the Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Effective Date</u>&#8221; has the meaning set forth in the preamble.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Excl uded Work</u>&#8221; has the meaning set forth in <u>Exhibit F</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Final Completion</u>&#8221; shall have the meaning provided in <u>Section 10.5</u> of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Financial Fund Delay Fee</u>&#8221; shall have the meaning set forth in <u>Section 4.5</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Financial Fund Target Substantial Completion Date</u>&#8221; shall have the meaning set forth in <u>Section 4.5</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Financial Find Guaranteed Substantia l Comp letion Date</u>&#8221; shall have the meaning set forth in <u>Section 4.5</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Force Majeure Event</u>&#8221; includes acts of God such as storms,fires, floods, lightning and earthquakes, sabotage or destruction by a third party of a Solar Facility, war, riot, acts of a public enemy or other civil disturbanc e, or a strike, wa lkout, lockout or other significant labor dispute, deterioration of financial markets or other causes beyond the affected Party&#8217;s reasonable control.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Governmental Authority</u>&#8221; means any governmental, administrative or municipal authority, including any ministry, department, municipality, instrumentality, agency or commission (including the California Energy Co mmission (&#8220;<u>CEC</u>&#8221;)) under direct or indirect control of any city, county, state or Federal government, or governmental entity with juri sdiction over the applicab le Solar Facility or any part of the Work wherever such compon ents of the Work may be located.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Governmental Authoriz at ions</u>&#8221; means all permits, consents, dec isions, licenses, approva ls, certificates, confirmations or exemptions from, and all applications and notices filed with or required by,any Governmenta l Authority that are necessary for the performance of the Work or any other obligation of either Party pursua nt to this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Gua ranteed Substantial Completion Date</u>&#8221; shall have the meaning set forth in Section 4.5(b) of this Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak7952f8fd-a3ab-4ee6-9a99-0caa6b394d5e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-3-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Hazardous Substances</u>&#8221; means any chemical, substance, medical or other waste, living organism or combination thereof which is or may be hazardous to the environment or human or animal health or safety due to its radioactivity, ignitability, corrosivity,causticity, reactivity, explosivity, toxicity, carcinogenicity, mutagenicity, phytotoxicity, infectiousness or other harmful or potentially harmful properties or effects. Hazardous Substances shall include, without limitation, all substances which now or in the future may be defined as &#8220;hazardous substances,&#8221; &#8220;hazardous wastes,&#8221; &#8220;extremely hazardous wastes,&#8221; &#8220;hazardous materials,&#8221; or &#8220;toxic substances,&#8221; or which are otherwise listed,defined or regulated in any manner pursuant to any Law pertaining to the protection of the environment or human or animal health or safety.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Host Customer&#8221; </u>is the signatory of the Residential Solar Customer Agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Host Customer&#8217;s Site</u>&#8221; means, as applicable, the real property owned by the Host Customer where the Solar Facility is to be installed and the building, structure or residence upon such real property to which the Solar Facility shall be attached. Should usage of this term be ambiguous, as between real property or a building, structure or residence, the ambiguity shall be resolved by applying the term to both the real property and such building, structures or residences.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Interconnection Notice</u>&#8221; shall have the meaning set forth in <u>Section 10.l(a)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>ITC</u>&#8221; means the &#8220;energy credit&#8221; described in Section 48{a) of the Internal Revenue Code of 1986, as amended .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>ITC Jeopardy</u>&#8221; has the meaning set forth in <u>Section 10.l(b)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>ITC Damages</u>&#8221; has the meaning set forth in <u>Section 10.l(c)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Law</u>&#8221; means any applicable constitution charter, act, statute, law, ordinance, code (including, without limitation national, state and local building, installation, and construction codes and standards), rule, case law, regulation, order, treaty, decree, announcement , Governmental Authorization , or published practice or any interpretation thereof , or other legislative or administrative action of any Governmental Authority , or specified standards or objective criteria contained in any applicable Governmental Authorization, or a final decree, judgment, or order of a court, or any applicable engineering, construction, or safety regulation or code .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Lien&#8221; </u>means any mortgage, pledge, assessment, security interest, lease, lien, adverse claim, levy,right of retention,charge or other encumbrance of any kind, or any conditional sale contract, title retention contract or other agreement to give any of the foregoing .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Lien Security</u>&#8221; has the meaning set forth in <u>Section 3.16</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak056371a0-2c85-4dc1-8916-0c8e0e0b0b82" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-4-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>MCA</u>&#8221; shall have the meaning set forth in <u>Section 14.G(a)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Milestone Payment</u>&#8221; shall have the meaning provided in <u>Section 6.2 </u>of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Non-Warranty Services</u>&#8221; means any services performed pursuant to a Service Request that are not covered under the warranties provided in connection with this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Party</u>&#8221; or &#8220;<u>Parties</u>&#8221; has the meaning set forth in the preamble.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Person&#8221;</u> means any individual, corporation, partnership, joint venture, trust, unincorporated organization, association or Governmental Authority.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Project Schedule</u>&#8221; shall mean that certain schedule developed by Contractor to complete the Work with respect to a particular Solar Facility in a timely manner in accordance with the terms and conditions set forth herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Prudent Practices</u>&#8221; shall mean those practices, methods, specifications and standards of safety and performance, which are commonly used by professional engineering and construction firms which in the exercise of reasonable judgment and in the light of the facts known at the time the decision was made are considered good, safe and prudent practice in connection with the design, engineering, procurement and installation of solar facilities and equipment. Prudent Practices are not intended to be limited to the optimum practice or method to the exclusion of all others, but rather to be a spectrum of reasonable and prudent practices and methods. As an illustration of this definition, the Parties agree that the practices, methods, specifications and standards of safety and performance set forth in the Sunrun Installer Handbook in Exhibit I represent Prudent Practice, but are not an exhaustive list of reasonable and prudent practices and methods in the industry. Notwithstanding the immediate foregoing, and without limiting other potential violations of this definition of Prudent Practice, a violation of any of the standards of the Sunrun Installer Handbook and/or a failure to conform all Work to the Mandatory Minimum Requirements of Appendix B of the Sunrun Installer Handbook shall be considered by the Parties to be a violation of Prudent Practices.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>PTO Approval</u>&#8221; means the letter or other communication from the Utility granting permission to interconnect the Solar Facility and operate it in parallel with the local grid. &#8220;PTO Deadline&#8221; shall have the meaning set forth in Section 4.5 of the Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Punch List Items</u>&#8221; shall mean those items which must be completed by Contractor after Substantial Completion as a condition of Final Completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Quality Standards</u>&#8221; has the meaning set forth in Exhibit H.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak1710ee5e-1776-40ca-b272-9ef83a1cbe5e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-5-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Rebate Documentation</u>&#8221; means all forms, documentation and deposits (if any) required to reserve any rebate, renewable energy credit, or other incentive applicable to a Solar Facility, as well as any additional forms or documentation required to secure the rebate(s), renewable energy, or other incentive upon interconnection of the Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Rebate Filing Date&#8221; </u>shall have the meaning set forth in <u>Section 4.6 </u>of this Contract .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Request for Payment&#8221; </u>shall have the meaning set forth in <u>Section 6.2(a)</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Residential Solar Customer Agreement&#8221;</u> means the residential solar customer agreement entered into by and between Sunrun and a particular Host Customer whereby Sunrun agrees to sell solar electric energy produced by the Solar Facility to the Host Customer.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Service Request</u>&#8221; shall have the meaning set forth in Section 11.2.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Solar Facility</u>&#8221; means a complete photovoltaic system (including, without limitation, all equipment, materials, wiring and spare parts, if any) to be designed, engineered, procured (except for Sunrun-Provided Items), constructed, installed, tested, commissioned, and started-up on a Host Customer&#8217;s Site by Contractor on a turnkey basis in accordance with this Contract and the applicable Addendum.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Home Solar Service&#8221; </u>means a product offering to a customer in which a single photovoltaic system is both (i) installed on the property of such customer and (ii) owned by a Person other than such customer, including but not limited to contractual arrangements pursuant to which such photovoltaic systems are leased to such customer or pursuant to which electricity from such photovoltaic systems is sold to such customer under a power purchase agreement.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Standard Test Condition Direct Current</u>&#8221; is determined by summing the photovoltaic collectors&#8217; direct current powers listed on the nameplates on the backsides of the collectors in units of watts.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Subcontractor</u>&#8221; shall mean a person or entity of any tier directly or indirectly engaged by Contractor regarding the performance or provision of the Work or the fulfillment, in whole or in part, of any obligation undertaken by Contractor in connection with this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Substantial Completion</u>&#8221; shall mean (i) completion of all Work necessary to allow the testing required pursuant to <u>Section 10.2</u>; (ii) test results confirming that the equipment associated with the Work performs to the technical specifications set forth in the Addendum to this Contract and to the manufacturer&#8217;s specifications and standards; (iii) completion of the testing set forth in <u>Exhibit G</u> to the satisfaction of Sunrun in its sole discretion; (iv) documentation evidencing the serial numbers of all photovoltaic panels and inverts supplied by Contractor in the applicable Addendum and (v) achievement of all additional requirements, if any, set forth in the relevant Milestone Verification Statement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak9d1ff775-4b51-4886-82a9-9762ea1ab036" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-6-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Sun run&#8221; </u>shall have the meaning set forth in the preamble.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Sunrun Installer Handbook</u>&#8221; shall have the meaning set forth in Exhibit I.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Sunrun Milestone Verification Statement</u>&#8221; is a written document describing the Work milestones described in <u>Exhibit C</u> and <u>Section 10</u> herein. This statement shall be signed by the Host Customer and Contractor or alternately by the Contractor and Notarized. The form of the Milestone Verification Statement for each Milestone is set forth in Exhibit K</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Sunrun </u><u>Provided Items&#8221; </u>means those items of equipment, materials, documents, and other items to be provided by Sunrun as set forth in <u>Exhibit B.</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Sunrun </u><u>Service Manual</u>&#8221; means the manual set forth in Exhibit L.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Target Substantial Completion Date</u>&#8221; shall have the meaning set forth in Section 4.S(a). &#8220;<u>Taxes</u>&#8221; shall have the meaning set forth in <u>Section 6.7</u> of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;<u>Utility&#8221; </u>means the operator of the transmission grid to which the Solar Facility is being interconnected, or another utility providing standard net metering service to the Solar Facility as set forth on the applicable Addendum,.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;<u>Work</u>&#8221; shall mean the performance of all activities, except for procurement of Sunrun-Provided Items and performance of Excluded Work, necessary to design, engineer, procure, install, construct, test, commission, and start-up a Solar Facility on a turnkey basis in accordance with the technical specifications set forth in the Addendum, including, without limitation, all design, engineering, procurement construction, installation, material, equipment, machinery,tools,labor, transportation and any other services related thereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1.2 <u>Rules of Usage</u>. The Parties hereby agree that the following rules of usage shall apply to this Contract unless otherwise required by the context or unless otherwise specified:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) <u>Singular and Plural</u>. Definitions set forth herein shall be equally applicable to the singular and plural forms of the terms defined.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Section References and Headings.</u> References to articles, sections, paragraphs, clauses, annexes, appendices, schedules or exhibits are references to articles, sections, paragraphs, clauses, annexes, appendices, schedules or exhibits in this Contract. The headings,subheadings and table of contents used in this Contract are solely for convenience of reference and shall not constitute a part of this Contract nor shall they affect the meaning, construction or effect of any provision thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakf501943e-f446-4f01-bde1-095ddd3b9a67" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-7-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>References to Persons.</u> References to any Person shall include such Person, its successors and permitted assigns and transferees, including, in the case of Sunrun, the Assignee.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d} <u>Agreements and Laws as Amended.</u> Reference to any agreement (including this Contract} means such agreement as amended, supplemented or otherwise modified from time-to-time in accordance with the applicable provisions thereof. Subject to the provisions of <u>Section 14.2</u>, reference to any law includes any amendment or modification to such law and any rules or regulations issued thereunder or any legal requirement enacted in substitution or replacement thereof.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e} <u>Grammatical Forms</u>. Where a word or phrase is specifically defined, other grammatical forms of such word or phrase have corresponding meanings; the words &#8220;herein,&#8221; &#8220;hereunder,&#8221; and &#8220;hereof&#8221; refer to the provisions of this Contract as a whole and not to any particular portion or provision of this Contract; &#8220;including&#8221; means &#8220;including, but not limited to&#8221;, and other forms of the verb &#8220;to include&#8221; are to be interpreted similarly; and references to &#8220;or&#8221; shall be deemed to be disjunctive but not necessarily exclusive (i.e., unless the context dictates otherwise, &#8220;or&#8221; shall be interpreted to mean &#8220;and/or&#8221; rather than &#8220;either/or&#8221;.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) <u>Day</u>. References to &#8220;days&#8221; shall mean calendar days, unless the term &#8220;Business Days&#8221; is used. If the time for performing an obligation expires on a day that is not a Business Day, the time shall be extended until that time on the next Business Day.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(g} <u>Time Periods and Time Zone. </u>References to time are references to the time in effect in San Francisco, California . Obligations to be performed within a specific period of time shall be performed no later than 11:59 p.m.on the last day of such time period. Time periods shall be calculated exclusive of the day on which the time period commences. For purposes of example only, a time period consisting of three (3} Business Days which commences on a Tuesday would end at 11:59 p.m. on Friday.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 2- RELATIONSHIP BETWEEN THE PARTIES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.1 <u>Status of Contractor </u>. Contractor shall perform and execute the provisions of this Contract as an independent contractor to Sunrun and shall not be an agent, employee or partner of Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.2 <u>Subcontracts and Subcontractors</u>. No contractual relationship shall exist between Sunrun and any Subcontractor with respect to the Work performed hereunder. No Subcontractor is intended to be or shall be deemed a third party beneficiary of this Contract. Contractor shall be fully responsible for the works, services, and materials and the acts, defaults and neglects of any Subcontractor, its agents or employees as fully as if they were Contractor&#8217;s own or those of Contractor&#8217;s agents or employees. Contractor shall not use any Subcontractor that offers a Home Solar Service. On a quarterly basis, within 10 days of the end of such quarter, Contractor shall provide to Sunrun a list of all Subcontractors used by Contractor during such quarter. Sunrun shall have the right to review such Subcontractor list and to reject any Subcontractor in Sunrun&#8217;s reasonable discretion, and Contractor shall no longer subcontract with any such rejected Subcontractor .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak5a51ca20-f6c4-4c7d-9f11-f1a75a31a5c6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-8-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2.3 Communication. All written documentation or notices may be transmitted via US Post, private express mail service, electronic mail, or facsimile. Digital photographs may be transmitted via email or text message from a hand-held mobile device, to Sunrun via Sunrun&#8217;s website and partner portal or to the following addresses:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to Sunrun:</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><u>Sunrun Inc.</u></p> <p style="MARGIN: 0px 0px 0px 45px">Attn: Director, Operations</p> <p style="MARGIN: 0px 0px 0px 45px">595 Market Street, 29th Floor</p> <p style="MARGIN: 0px 0px 0px 45px">San Francisco, CA 94105</p> <p style="MARGIN: 0px 0px 0px 45px">Fax: (415) 982-9021</p> <p style="MARGIN: 0px 0px 0px 45px">Email: operations@sunrunhome.com</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">With a Copy to:</p> <p style="MARGIN: 0px 0px 0px 45px">Attn: General Counsel</p> <p style="MARGIN: 0px 0px 0px 45px">595 Market Street, 29th Floor</p> <p style="MARGIN: 0px 0px 0px 45px">San Francisco, CA 94105</p> <p style="MARGIN: 0px 0px 0px 45px">Email: legalnotices@sunrun.com</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">If to the Contractor:</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px"><u>Solarmax Renewable Energy Provider, Inc.</u></p> <p style="MARGIN: 0px 0px 0px 45px">3080 12th Street</p> <p style="MARGIN: 0px 0px 0px 45px">Riverside,, CA 92507</p> <p style="MARGIN: 0px 0px 0px 45px">Attn: Guillermo Santomauro and David Hsu</p> <p style="MARGIN: 0px 0px 0px 45px">Local Phone: (951) 300-0788</p> <p style="MARGIN: 0px 0px 0px 45px">Email: GuillermoS@solarmaxtech.com and DavidH@solarmaxtech.com</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">Parties may reasonably update the contact information via written notification. All notices shall be effect ive upon receipt.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak20545bd8-ee01-4836-b549-ec2ec5ba0ca4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-9-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 3 -CONTRACTOR&#8217;S TURNKEY OBLIGATIONS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.1 <u>Statement of Work</u>. Based on the terms of this Contract, Contractor shall perform and be responsible on a turnkey basis for all Work necessary to design, engineer, procure, install, construct, test, commission, and start-up a Solar Facility in accordance with Prudent Practices and the technical specifications set forth in the Addendum. Contractor&#8217;s Work shall in all respects be consistent and compatible with Prudent Practices and all applicable Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.2 <u>Engineering</u>. Contractor shall perform or cause to be performed all engineering and design services for completion of the Work in conformity with the technical specifications set forth in the Addendum, as required by applicable Law, and in conformity with Prudent Practices.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.3 <u>Design</u>. Contractor shall design the Solar Facility based on Contractor&#8217;s observations of the Host Customer&#8217;s Site, the technical specifications set forth in the Addendum, in line with the Sunrun Installer Handbook, as required by applicable Law, and in conformity with Prudent Practices. Without the prior written consent of Sunrun, Contractor will not design a Solar Facility that will produce more kilowatt-hours in its first year of operation than the Host Customer consumed during the previous twelve months. Contractor shall provide all Design Documents to Sunrun pursuant to <u>Section 4.3</u>, and disclose to Sunrun any conditions, including anticipated work exclusions, access to or uses of the Host Customer&#8217;s Site, environmental factors, or evidence of animals on the Host Customer&#8217;s Site that may impact the security or performance of the Solar Facility as are observable by Contractor using Prudent Practices. Contractor shall show the Solar Facility design to Host Customer and procure the Host Customer&#8217;s approval for a Solar Facility&#8217;s design before submitting the design for the Solar Facility to Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.4 <u>Solar Facility Procurement and Installation.</u> Contractor shall furnish all installation and construction services, all administration and superintendence, and, with the exception of Sunrun-Provided Items, all materials, equipment, and supplies necessary to complete the Work in a manner which shall:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Result in a Solar Facility in accordance with the technical specifications set forth in the applicable executed Addendum to this Contract and in accordance with Prudent Practices and the Sunrun Installer Handbook, and without limiting the generality of the foregoing, conforming all Work to at least the Mandatory Minimum Requirements outlined in Appendix B of the Sunrun Installer Handbook;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Be in conformance with applicable Laws; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Shall use equipment from Sunrun&#8217;s approved vendor list as set forth and provided by Sunrun to Contractor and updated from time to time .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak01b0a4ba-5812-4d00-9b12-fec921c54db9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-10-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.5 <u>Employment of Licensed and Qualified Personnel.</u> Whenever required by applicable Law, Contractor agrees to employ licensed personnel in the performance of the Work. All such Work will be performed with the degree of care, skill and responsibility ordinary and customary among such licensed personnel. In no event shall Contractor be relieved of any responsibility for the performance of such Work, and Contractor shall be held to the same degree of responsibility and liability with respect to such Work as the licensed personnel performing such Work . Contractor shall not permit employment of Persons not skilled or qualified for the tasks assigned to them .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.6 <u>Control of the Work</u>. Contractor shall be solely responsible for all means, methods, techniques, sequences, procedures, and safety and security programs and precautions in connection with the performance of the Work .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.7 <u>Material Control and Handling</u>. Contractor shall properly store and protect all materials and equipment acquired by Contractor or delivered by or for Sunrun to the Host Customer&#8217;s Site or otherwise to the care custody and control of Contractor. Contractor shall prominently mark all photovoltaic modules and inverters as the exclusive property of Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.8 <u>Labor, Materials and Utilities</u>. Contractor shall provide and pay for all labor, materials, equipment, tools, supervision, testing, inspection, and other services as necessary to complete performance of the Work,whether by Contractor or its Subcontractors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.9 <u>Clean-Up</u>. Contractor shall at the end of each Business Day keep the project site reasonably free from waste materials or rubbish caused by its operations . Prior to Final Completion, Contractor shall remove promptly all of its tools, construction/installation equipment, machinery, surplus materials, waste material and rubbish from and around the Host Customer&#8217;s Site.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.10 <u>Safety</u>. Contractor shall initiate, maintain and supervise all safety precautions necessary to comply with all applicable provisions of federal, state and local safety Laws in order to prevent injury to persons or damage to property on, about or adjacent to the Host Customer&#8217;s Site.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.11 <u>Emergencies</u>. In the event of any emergency endangering life or property, Contractor shall take such action as may be reasonable and necessary to prevent, avoid or mitigate damage, injury or loss and shall report as soon as possible any such incidents, including Contractor&#8217;s response thereto, via a telephone call within twenty-four (24) hours of the incident and written notice to Sun run promptly thereafter.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.12 <u>Governmental Authorizations</u>. Subject to the exclusion prov1s1ons of <u>Section 3.15</u>, Contractor shall secure and pay for all Governmental Authorizations relating to construction and/or installation of the Solar Facility and Contractor&#8217;s performance of the Work .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak2dc01c42-8eac-4dee-90f4-36660a44c856" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-11-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.13 <u>Laws and Regulations</u>. Contractor shall at all times comply with all applicable Laws which affect Contractor&#8217;s performance of the Work. If, subsequent to the execution of this Contract, a change occurs to any Law which materially affects Contractor&#8217;s performance of the Work, then Contractor shall notify Sunrun in writing of such change.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3.14 <u>Drawings</u>. Contractor shall prepare and submit with Contractor&#8217;s notice of Substantial Completion (described in <u>Section 10.3</u>) a complete set of &#8220;as-built&#8221; drawings, specifically including a site plan (e.g. roof layout) and a single-line diagram, in Adobe PDF or other format acceptable to the parties depicting the Solar Facility as installed and constructed by Contractor pursuant to this Contract and the Addendum. Acceptable drawing document formats are listed in <u>Exhibit E</u>. If these documents have not changed from the Design Documents approval stage, then the Design Document versions shall suffice as &#8220;as-built drawings&#8221; for purposes of this Section 3.14.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.15 <u>Exclusions</u>. This Contract shall exclude the activities listed in <u>Exhibit F</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3.16 <u>Liens</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Liens in General</u>. Contractor shall promptly pay or discharge (and properly record any discharge), any such Lien or other charges which, if unpaid, might be or become a Lien provided that Sunrun is not in breach of its payment obligations to Contractor hereunder . To the extent Contractor has a bona fide dispute with a Subcontractor, Contractor may post a bond or a letter of credit paid for by Contractor and issued by a commercial bank assigned a rating of at least &#8220;A&#8221; by Standard &amp; Poor&#8217;s or other similarly recognized national rating agency, or an escrow of funds (&#8220;<u>Lien Security&#8221;</u>) sufficient to satisfy any such Subcontractor&#8217;s claim. Contractor shall indemnify, defend, hold harmless and protect Sunrun from and against any and all Liens pursuant to <u>Article 9.</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Failure to Discharge Improper Liens </u>. Contractor hereby agrees not to place a Lien on any Solar Facility or Host Customer Site. Any Lien placed on a Solar Facility Host Customer Site shall be deemed an improper Lien. Upon the failure of Contractor to promptly pay, discharge or provide Lien Security within ten (10) Business Days of notice that the Solar Facility or the Host Customer&#8217;s Site has been improperly Liened, Sunrun may pay or discharge such Lien and immediately invoice Contractor for such amounts or set off such amounts against subsequent amounts due and owning under the applicable Addendum, and if amounts due under such applicable Addendum are insufficient, other Addenda. If Sunrun invoices Contractor for Sunrun&#8217;s discharge of an improper Lien, Contractor shall promptly, but in no event more than five (5) Business Days, reimburse Sunrun. Contractor shall indemnify, defend and hold Sunrun harmless for any improper Lien (including payment of any reasonable attorney&#8217;s fees and costs Sunrun may incur in removing any improper Lien).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak7d5ff057-0905-47ca-bb22-304d8c19c44a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-12-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Lien Waivers</u>. If applicable, upon each payment by Sunrun to Contractor, Contractor will submit the appropriate waiver and release form(s) in accordance with <u>Section 6.4 </u>of this Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 4 - NOTICE TO PROCEED AND COMPLETION OF WORK</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.1 <u>Project Schedule and Information Rights</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Time is of the Essence</u>. Time is of the essence for achieving Substantial Completion under each Addendum. Contractor shall administer and perform the Work in accordance with the Project Schedule.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Progress Measurements</u>. Contractor shall measure its progress on each Solar Facility on a timeline and in a format to be mutually agreed between Sunrun and Contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Recovering a Project Schedule</u>. If Contractor is not timely in the performance of the Work under any Addendum such that it is reasonably likely that the Guaranteed Substantial Completion Date set forth herein shall not be met for any reason other than a Force Majeure Event, Host Customer-caused delay, Sunrun-caused delay, or inspections or approvals by Governmental Authorities or a Utility, Contractor shall take all necessary commercially reasonable actions including working overtime, weekends, or holidays, or adding additional personnel or work crews at no cost to Sunrun to accelerate performance of the Work, meet the milestones and assure achievement of Substantial Completion by the Guaranteed Substantial Completion Date. To the extent Contractor&#8217;s failure to adhere to the Project Schedule causes Sunrun to incur additional costs prior to the Guaranteed Substantial Completion Date, Sunrun shall submit an invoice to Contractor accompanied by documentation verifying such costs. Contractor shall pay or reimburse Sunrun therefore or at Sunrun&#8217;s discretion, Sunrun shall have the right and Contractor hereby authorizes Sunrun to set off such amounts from amounts due to Contractor as of the future Payment Milestones. Should any milestone not be met due to a Force Majeure Event or because Contractor is waiting for a Governmental Authority or Utility to perform an inspection or issue an approval, Contractor shall be entitled to a Change Order equitably adjusting the Guaranteed Substantial Completion Date upon Contractor&#8217;s request in accordance with <u>Article 5</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.2 <u>Commencement of Work; New Deal Processing</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Commencement of Work</u>. The Project Schedule for Work with respect to a particular Solar Facility covered by a particular Addendum shall commence on the Customer Signing Date. Contractor shall submit to Sunrun: (i) the Addendum, executed by Contractor; (ii) the corresponding Host Customer&#8217;s Residential Solar Customer Agreement in a form substantially similar to the template agreement provided by Sunrun, executed by the Host Customer; (iii) the rebate calculation as defined by the relevant state rebate program (e.g. the California Solar Initiative) or other similar rebate granting authority in a Utility territory and shall make commercially reasdonable efforts to submit the foregoing within five (S) Business Days of the Customer Signing Date.</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak395917ce-3a29-4cc6-9dc9-d807c0092ca7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-13-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Processing bv Sunrun</u>. Once the fully-completed documents referenced in <u>Section 4.2(a)</u> are received by Sunrun, Sunrun shall use reasonable efforts to process the new deal and execute and deliver to Contractor the Addendum within three (3) Business Days. Should Sunrun fail to process the new deal and execute and deliver to Contractor the Addendum within three (3) Business Days of receiving the foregoing documents, Contractor&#8217;s sole and exclusive remedy shall be a day for day extension of the Guaranteed Substantial Completion Date, equivalent to the number of Business Days of Sunrun&#8217;s delay in executing and delivering the Addendum.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.3 <u>Design Document Submission and Processing</u>. Contractor sha ll provide all Design Documents to Sunrun no later than five (5) Business Days following receipt of the Host Customer&#8217;s approval for a Solar Facility&#8217;s design pursuant to <u>Section 3.3. </u>Sunrun shall respond to Contractor within three (3) Business Days of receipt of the Design Documents and state if the Design Documents are acceptable or unacceptable. If the Design Documents are unacceptable to Sunrun or require revisions, Sunrun sha ll notify Contractor within three (3) Business Days of receipt. Should revisions be required for reasons other than Contractor&#8217;s failure to design the Solar Facility to meet the technical specifications set forth in the Addendum or other requirements set forth in this Contract (e.g., Sunrun adjusts the technical specifications set forth in the Addendum upon further consideration), Contractor shall be entitled to an equitable adjustment to the Guaranteed Substantial Completion Date and Contract Price pursuant to <u>Section 5. </u>Contractor shall use its best commercia l efforts to correct and re-submit the Design Documents to Sunrun within three (3) Business Days of Sunrun&#8217;s notice that the Design Documents are inadequate or require revision. This process shall repeat until the Design Documents are approved by Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">4.4 <u>Notice to Proceed. </u>Contractor shall provide evidence of rebate reservation in accordance with <u>Section 4.6(a)</u> satisfactory to Sunrun in its sole discretion prior to or concurrent with Contractor&#8217;s request in writing (email acceptable) a notice to proceed with procurement, installation, construction , testing, commissioning, and start-up of the Solar Facility. Sunrun sha ll respond in writing (email acceptable) within three (3) Business Days. Contractor shall not commence with procurement, installation, construction, testing, commissioning,and start-up of the Solar Facility until Sunrun has provided Contractor with a notice to proceed. In the event of any action, inaction, restraint, order, or decree by a Governmental Authority that will have a material adverse impact (economic or otherwise) on Sunrun, Sunrun&#8217;s or the Assignee&#8217;s performance under this Contract or the Assignee &#8216;s ownership or operation of a Solar Facility, Sunrun in its sole discretion may suspend its issuance of a notice to proceed until such time as Sunrun decides to proceed with the Solar Facility. Sunrun, in its sole discretion, may suspend its issuance of a notice to proceed for any reason until such time as Sunrun decides to proceed with the Solar Facility. Should Sunrun fail to provide a notice to proceed for any reason, Contractor&#8217;s sole and exclusive remedy shall be an adjustment of the Guaranteed Substantial Completion Date to a later date. Such adjustment shall be equivalent to the number of Business Days corresponding to Sunrun&#8217;s delay in issuing the notice to proceed. Sunrun, in its sole discretion, shall have the right to suspend notice to proceed already granted on any Solar Facility that Sunrun believes in its reasonable discretion to have violated the provisions of this Contract or if Contractor is otherwise in breach of this Contract as it relates to the Solar Facility in question.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake0cf9d10-9ef4-4394-a429-51df9614bdfc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-14-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.5 <u>Guarantee of Timely Completion; Guaranteed Substantial Completion Date</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Target Substantial Completion Date</u>. Contractor shall use all commercially reasonable efforts to achieve Substantial Completion no later than sixty (GO) days following the Customer Signing Date, as adjusted pursuant to this <u>Article 4 </u>or as a result of Force Majeure Events, Host Customer delays, Sunrun delays or Utility or Governmental Authority delays (&#8220;<u>Target Substantial Completion Date</u>&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Guaranteed Substantial Completion Date</u>. Contractor guarantees that it shall achieve Substantial Completion no later than ninety (90) days following the Customer Signing Date, as adjusted pursuant to this <u>Article 4 </u>or as a result of Force Majeure Events, Host Customer delays, Sunrun delays or Utility or Governmental Authority delays (&#8220;<u>Guaranteed Substantial Completion Date</u>&#8221;). The Guaranteed Substantial Completion Date may only be adjusted as provided in this Contract or by mutual agreement of the Parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Delay Fee</u>. If, at the end of each calendar month, ten percent (10%) or more of Addenda have exceeded the Guaranteed Substantial Completion Date, Sunrun may assess, and Contractor agrees to pay a fee for delay (&#8220;<u>Delay Fee&#8221;</u>) in the amount of two hundred dollars ($200) for each Addendum which has exceeded the Guaranteed Substantial Completion Date. The percentage shall be calculated as the number of Addenda exceeding the Guaranteed Substantial Completion Date divided by the number of all executed Addenda that have not yet reached Substantial Completion. Sunrun may invoice Contractor on a monthly basis for Delay Fees accruing under any Addendum. Contractor shall pay such Delay Fees within ten (10) Business Days following Sunrun&#8217;s issuance of such invoice. Alternatively, Sunrun may set off such amounts against subsequent amounts due and owing to Contractor under this Contract. Delay Fees not paid when due (and if not set off by Sunrun) shall accrue interest at the Default Rate until paid. Any delay in Sunrun enforcing this provision, invoicing or setting off Delay Fees shall not be a waiver of Sunrun&#8217;s rights to Delay Fees pursuant hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <u>Financial Fund Target Substantial Completion Date. </u>In addition to the above Target Substantial Completion Date, Contractor shall use all commercially reasonable efforts to achieve Substantial Completion no later than thirty (30) days following the achievement of Milestone 1(&#8220;<u>Financial Fund Target Substantial Completion Date</u>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakf4fe51d1-9815-4a1c-9abe-3dd23baa4aa7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-15-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) <u>Financial Fund Guaranteed Substantial Completion Date</u>. In addition to the above Guaranteed Substantial Completion Date, Contractor guarantees that it shall achieve Substantial Completion no later than forty-five (45) days following achievement of Milestone 1 (&#8220;<u>Financial Fund Guaranteed Substantial Completion Date&#8221;</u>). The Financial Fund Guaranteed Substantial Completion Date may only be adjusted as provided in this Contract or by mutual agreement of the Parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(f) <u>Financial Fund Related Delay Fee</u>. If an Addenda exceeds the Financial Fund Guaranteed Substantial Completion Date <u>and </u>does not achieve Final Completion with one-hundred and twenty (120) days of achieving Milestone 1(&#8220;<u>PTO Deadline</u>&#8221;), Sunrun may assess, and Contractor agrees to pay a fee for delay (&#8220;<u>Financial Fund Delay Fee</u>&#8221;) in the amount of forty-five percent (45%) of the Contract Price for the relevant Addendum which has exceeded the Guaranteed Substantial Completion Date and not achieved the PTO Deadline. Sunrun may invoice Contractor immediately for Financial Fund Delay Fees accruing under any Addendum. Contractor shall pay such Financial Fund Delay Fees within ten (10) Business Days following Sunrun&#8217;s issuance of such invoice. Alternatively, Sunrun may withhold future Milestone Payments and off-set such Financial Fund Delay Fee amounts aga inst subsequent amounts due and owing to Contractor under this Contract. Financial Fund Delay Fees not paid when due (and if not set off against future Milestone Payments by Sun run) shall accrue interest at the Default Rate until paid. Any delay in Sunrun enforcing this provision, invoicing or setting off Financial Fund Delay Fees shall not be a waiver of Sunrun&#8217;s rights to Financial Fund Delay Fees pursuant hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4.6 <u>Rebate Reservation; Processing</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Contractor shall reserve the rebate(s) applicable for the Solar Facility promptly after Contractor&#8217;s receipt of the Addendum executed by Sunrun in accordance with <u>Section 4.2(b)</u>. Contractor sha ll be solely responsible for preparing and submitting all Rebate Documentation required to reserve the rebate. Contractor&#8217;s delivery to Sunrun of evidence of rebate reservation satisfactory to Sunrun in its sole discretion shall be a condition precedent to Sunrun&#8217;s issuance of a notice to proceed for a Solar Facility in accordance with <u>Section 4.4.</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) No later than five (5) Business Days from the date the Solar Facility receives its PTO Approval from the applicable Utility (the &#8220;<u>Rebate Filing Date</u>&#8221;), Contractor shall file the app licable Rebate Documentation required for Sunrun to receive payment of the rebate and shall notify Sunrun in writing of such filing. Contractor shall be liable for failure to receive the applicable rebate amount as set forth in the rebate reservation in the Rebate Documentation .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak9dfd05a4-507b-4a91-95ad-471e9bb59c7d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 5 </b><b>- </b><b>CHANGE ORDERS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.1 <u>Change Orders. </u>Sunrun may submit Change Orders to Contractor to perform extra work or to alter, add to or deduct from the Work. No extra work or changes to the Work shall be made until such time as a Change Order has been executed by the Parties and Contractor has been notified by Sunrun to commence performance of such extra work or changes to the Work. All Change Orders sha ll be in writing and shall be executed by Sunrun and Contractor. Change Orders can include a change in the Guaranteed Date of Substantial Completion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.2 <u>Contractor&#8217;s Change Request. </u>Contractor may submit a Contractor&#8217;s Change Request to Sunrun. Sunrun, in its sole discretion, can: (i) accept, in who le or in part, Contractor&#8217;s Change Request and execute a Change Order accordingly ; (ii) request Contractor to revise or modify Contractor &#8216;s Change Request; or (iii) deny Contractor&#8217;s Change Request, in whole or in part; provided, however, any such denial in whole or part shall be subject to Contractor&#8217;s commercially reasonable ability to perform the Contract under those terms.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.3 <u>Concealed Conditions</u>. Concealed conditions that materially affect the Work and were not observable by Contractor using Prudent Practices when the Work was bid to Sunrun may require a Change Order or Contractor&#8217;s Change Request in accordance with <u>Article 5.</u></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">5.4 <u>Host Customer Delay</u>. In the event that the Host Customer delays installation of the Solar Facility by six (6) months or more from the date of execution of the applicable Addendum, then the Parties may agree to either: (i) issue a Change Order in accordance with <u>Article 5</u>; or (ii) if no such Change Order can be agreed upon either Party may cancel the Addendum for that Solar Facility. Host Customer Delay may include the time required to perform services listed in <u>Exhibit F</u> by Contractor for Host Customer, performed under a separate agreement between Contractor and Host Customer that are necessary to prepare the Host Customer&#8217;s Site for completion of the Work required herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5.5 <u>Optional Cancellation of Addenda by Sunrun.</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Sunrun&#8217;s Right to Cancel</u>. The Parties acknowledge and agree that the Residential Solar Customer Agreement provides the Host Customer and Sunrun with the right to cancel suc h Residential Solar Customer Agreement in certain circumstance s. Should either Host Customer or Sunrun cancel the Residential Solar Customer Agreement or such agreement is otherwise terminated according to its terms prior to performance of the applicable Addendum by Contractor, Sunrun shall have the right, upon written notice to Contractor, to cancel the applicable Addendum .</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Sunrun&#8217;s Right to Terminate for Convenience.</u> In addition to the foregoing, Sunrun may terminate this Contract or any Addendum by providing written notice to Contractor that contains a termination effective date that is not less than 30 days from the date of such notice. In the event of such termination, unless the termination notice provides otherwise, the Parties may, at Sunrun&#8217;s discretion as set forth in the notice, fulfill the Addenda executed as of the termination notice date and this Contract shall terminate upon the completion of all Work related to the Solar Facilities contemplated by such Addenda.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakacc37b96-35ff-485d-9a81-3a7826b5a6f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-17-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Sunrun&#8217;s Right to Cancel for Lack of Timely Progress</u>. If Sunrun has not received Design Documents and a Notice to Proceed request within 90 days of the Customer Signing Date, Sunrun may cancel each addenda with seven (7) days written notice to Contractor.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <u>Contractor&#8217;s Obligations Upon Cancellation of an Addendum</u>. Upon Contractor&#8217;s receipt of notice cancelling an Addendum pursuant to <u>Section 5.5(a)</u> or <u>Section 5.5(b)</u> or <u>Section 5.5(c)</u>, Contractor shall, unless the notice directs otherwise:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(i) Immediately discontinue the Work on the date and to the extent specified in such notice and make the Work ready for use under other Addenda or storage as may be directed by Sunrun;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(ii) Place no further orders for materials or equipment or enter into Subcontracts relating to such Addendum;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iii) Promptly make every reasonable effort to procure cancellation upon terms reasonably satisfactory to Sunrun of all orders,Subcontracts and rental agreements relating to the Addendum, or modification of such orders, Subcontracts and rental agreements to account for cancellation of such Addendum;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(iv) Deliver to Sunrun all information prepared hereunder with respect to the Solar Facility as may be reasonably requested by Sunrun and which has been paid for by Sunrun, including all Design Documents, Rebate Documentation, as-built drawings (completed or in progress), and other information prepared hereunder as of the date of termination and assign to Sunrun, to the extent assignable, all issued Governmental Authorizations and other rights and documents referenced herein; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 135px" align="justify">(v) Thereafter execute only that portion of the Work under such cancelled Addendum as may be directed by Sunrun to preserve and protect the Work already in progress and any equipment and materials present on the Host Customer&#8217;s Site or in transit thereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak28eb8d8f-078c-4282-8473-45fb2387d16e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-18-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) <u>Contractor&#8217;s Remedies</u>. Contractor waives any claims for consequential damages, including loss of anticipated profits for uncompleted Work, on account of a cancellation or termination by Sunrun pursuant to <u>Section 5.5 </u>and shall accept as its sole remedy payment of: (i) the Contract Price attributable to the Work (including any Work in progress and equipment and materials purchased) properly performed by Contractor and its Subcontractors under the Addendum as of the effective date of cancellation <u>provided that </u>such Work is properly evidenced in such manner reasonably requested by Sunrun; (ii) reimbursement for any Subcontractor termination costs <u>provided that </u>such termination costs are properly evidenced in such manner reasonably requested by Sunrun; and (iii) any other out-of-pocket costs and expenses reasonably incurred by Contractor as a result of such cancellation which, under the circumstances and Contractor&#8217;s exercise of reasonable diligence, cannot reasonably be avoided by Contractor and are a direct result of such termination and provided that such Work is properly evidenced in such manner reasonably requested by Sunrun. Contractor shall use best efforts to minimize any such costs of cancellation. For the avoidance of doubt, the Parties agree that any costs or compensation for customer acquisition costs or costs or compensation related sales or marketing activities shall not be included in the payments Contractor is entitled to under this Section 5.5(e). Sunrun shall direct Contractor to either, at Sunrun&#8217;s option, retain all equipment and materials procured for use in performing the Work under such cancelled Addendum for use in assoc iation with performing Work under other executory or future Addenda, or shall provide shipping instructions to Contractor to have such equipment and materials delivered to Sunrun at Sunrun&#8217;s expense . Payments for cancellation under this <u>Section 5.5 </u>shall be due within ten (10} Business Days of Sunrun&#8217;s receipt and acceptance of a substantiated, itemized invoice and the delivery of any such Work pursuant to the previous sentence (if such delivery is Sunrun&#8217;s selected opt ion).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE </b><b>6- </b><b>CONTRACT PRICE AND PAYMENT </b><b>TERMS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.1 <u>Amount</u>. Sunrun sha ll pay to Contractor the lump sum Contract Price set forth in each Addendum in accordance with the provisions of this <u>Article 6</u>. The Contract Price for each Addendum may be adjusted solely pursuant to a written Change Order as set forth in <u>Article 5</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.2 <u>Payment Schedule</u>. Sunrun shall make progress payment s based on Contractor&#8217;s completion of the milestones and events specified in <u>Exhibit C</u> to this Contract. Sunrun shall pay the amount specified for each milestone according to the terms specified in <u>Exhibit C</u> of this Contract (each a &#8220;<u>Milestone Payment</u>&#8221;) subject to <u>Section 6.2(c)</u> and/or other provisions of this Contract which allow for offset and withholding of Milestone Payment.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Requests for Payment ; Processing</u>. When Contractor believes it has achieved a milestone under an Addendum, Contractor shall send Sunrun a request for payment (&#8220;<u>Request for Payment</u>&#8221;). Each Request for Payment shall contain a completed Sunrun Milestone Verification Statement signed by the Host Customer and Contractor and all evidence required by the Sunrun Milestone Verification Statement. Contractor shall submit Milestone Verification Statements as well as the relevant documentation and notices for each Milestone as set forth in Exhibit C within three (3} Business Days of achieving each relevant Milestone. Contractor shall be in breach of this Contract if it does not timely submit Milestone Verification Statements and relevant documentation and notices as set forth in Exhibit C to Sunrun within three (3} Business Days of achieving each relevant Milestone. Contractor acknow ledges and agrees that a breach of this provision by Contractor may cause substantial damages to Sunrun. Sunrun may either accept the Sunrun Milestone Verification Statement for the relevant milestone, and the relevant attachments and evidence set forth in the Milestone Verification Statement or physically inspect the Solar Facility within five (5) Business Days&#8217; notice of the milestone completion. Sunrun shall make a verification decision within two (2) Business Days of any of the above actions.</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1fb82ac3-626e-4dd8-95e9-9713d7029a93" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-19-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Payment by Assignee</u>. Contractor acknowledges that progress payments based on each milestone achieved under a particular Addendum may be paid by Assignee, and Contractor agrees to accept such payments from Assignee as though such payments were made by Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Payment Terms</u>. Contractor hereby expressly agrees and acknowledges that if the Contractor Delay Percentage for any Delaying Utility exceeds the Contractor Delay Percentage Limit, Sunrun may in its sole and reasonable discretion (i) suspend the issuance of any new notices to proceed regarding Solar Facilities that would be connected to such Delaying Utility; and (ii) suspend any payments due to Contractor on Solar Facilities that would be connected to such Delaying Utility. Sunrun&#8217;s obligation to make payments or issue a notice to proceed shall resume for Solar Facilities that would be connected to such Delaying Utility when the Contractor Delay Percentage of such Delaying Utility is reduced below: 5.0% (&#8220;Contractor Delay Percentage Limit&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.3 <u>Payment for Change Orders</u>. In the event that Contractor has performed Work in accordance with a Change Order to this Contract and Contractor desires to receive payment for such Work, Contractor shall include the following as part of the payment request:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Each Change Order number for which Work has been performed;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) The price of each Change Order; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="left">(c) The amount of payment being requested under each Change Order.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Upon receipt of the above and subject to Sunrun&#8217;s verification and approval, Sunrun will pay eighty (80%) percent of the amount specified for the Change Order Work within ten (10) Business Days. The remaining twenty (20%) percent of the Change Order Work price shall be paid to Contractor ten (10) Business Days following the date Contractor achieves Final Completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaked6344f9-6636-4a35-a76e-6a1e85e696ae" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-20-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.4 <u>Waiver of Liens</u>. Upon each payment by Sunrun, Contractor will submit the appropriate waiver and release form required under California Civil Code 3262 or a substantially similar waiver and release form acceptable under the governing law of the State where the Solar Facility is located. So long as the Contractor has been paid to the extent required under the terms of this Contract, the Contractor shall promptly, but in any event within five (5) Business Days after notice from Sunrun thereof, discharge and release any Liens filed by Contractor or Subcontractors in connection with the Work, including all expenses and attorneys&#8217; fees incurred by Contractor in discharging any such Liens by bonding, payment or otherwise. If Contractor fails to discharge any Lien(s) upon Sunrun, the Assignee, the Host Customer&#8217;s Site, the Solar Facility, or upon any other Work within such five (5) Business Day period, Sunrun or Assignee (as applicable) shall have the right, at its option, to pay or settle such Lien(s) and Contractor shall, within five (5) Business Days of request by Sunrun or Assignee (as applicable), reimburse Sunrun or Assignee (as applicable) for all costs incurred by either Sunrun or Assignee to discharge such Lien(s) including administrative costs, attorneys&#8217; fees and other expenses. If Contractor fails to reimburse Sunrun within five (5) Business Days pursuant hereto,Sunrun, at its sole discretion,shall have the right to offset and withhold from Milestone Payments any costs incurred in discharging a Lien including administrative costs,attorney&#8217;s fees and other expenses.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6.5 <u>Withholding</u>. Sunrun may elect to withhold amounts payable under this Contract to such extent necessary,in Sunrun&#8217;s reasonable discretion , because of:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Defective Work not remedied;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Third party claims filed or reasonable evidence indicating probable filing of such claims;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(c) Damage to the project site, Sunrun,or any related third party;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(d) Damage for breach of this Contract by Contractor ;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) Claims for which Sunrun is entitled to indemnification; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(f) As otherwise set forth in this Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.6 <u>Late Payments</u>. Interest in the amount of the Default Rate will be charged to payments past due according to the terms set forth in <u>Exhibit C</u>. A payment shall not be deemed late if the payment, or any portion thereof, is disputed, withheld pursua nt to <u>Section 6.5</u>, or otherwise reasonably contested under the terms of this Contract by Sunrun .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">6.7 <u>Taxes</u>. The Contract Price expressed in any Addendum includes all taxes (including sa les, use, excise, ad valorem, service, business, occupation or similar taxes), assessments, duties, tariffs, levies, charges and rates (&#8220;<u>Taxes</u>&#8221;) that are imposed by any Governmental Authority on or with respect to the Solar Facility, the Work and Contractor, including all income tax imposed on or with respect to the Contractor or Subcontractor, employee benefit taxes (whether imposed on Contractor or Subcontractor) , fees for Governmental Authorizations for which Contractor is responsib le under this Contract, taxes imposed upon the Work or wages of Contractor&#8217;s employees, agents and representatives. If&nbsp;Sunrun pays any such Taxes or fees set forth above on account of Contractor, Sunrun may either invoice Contractor for such amounts or set off such amounts against amounts due and owing under the applicable Addendum or other future Milestone Payments. From time to time, but no more than once per quarter, Sunrun may request and Contractor shall deliver evidence of the taxes paid by Contractor under this Contract and any applicable Addendum.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3933d397-ab7a-4c0a-b274-6024d05831ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-21-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 7 </b><b>-</b><b>TITLE; RISK OF LOSS; SECURITY INTEREST; FORCE MAJEURE</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.1 <u>Passa ge of Title</u>. Provided that Sunrun complies with its payment obligations hereunder, Contractor represents and warrant s that: (1) legal title to and ownership of all solar photovoltaic modules and inverters, shall pass to Sunrun or its assignee free and clear of any and all Liens as warranted in <u>Section 11</u> upon Contractor&#8217;s receipt of Milestone 1payment by Sunrun or any evidence of an accounting adjustment for any Milestone 1payment which was withheld or offset pursuant to this Contract; (2) legal title to and ownership of all other materials and equipment shall pass to Sunrun or its assignee free and clear of any and all Liens as warranted in <u>Section 11</u> upon Contractor&#8217;s receipt of Milestone 3 payment by Sunrun or any evidence of an accounting adjustment for any Milestone 3 payment which was withheld or offset pursuant to this Contract .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.2 <u>Risk of Loss</u>. Sunrun or its assignee shall assume the risk of loss for all materials and equipment incorporated into the Work upon Contractor&#8217;s receipt of Milestone 3 payment by Sunrun. Contractor shall retain the risk of loss on all materials and equipment incorporated into the Work until receipt of Milestone 3 payment by Sunrun .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">7.3 <u>Force Majeure</u>. Each Party shall be excused from performance and shall not be considered to be in defa ult with respect to any obligation hereunder, except for Sunrun&#8217;s obligation to pay money in a timely manner for services actually performed by Contactor or other liabilities act ually incurred by Sunrun, if and to the extent that its failure of, or delay in, performance is due to a Force Majeure Event; provided that :</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) such Party gives the other Party written notice describing the particulars of the Force Majeure Event as soon as is reasonably practicable;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) the suspension of performance is of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) no obligations of the Party that arose before the occurrenc e causing the sus pensio n of performance shall be exc used as a result of the occurrence of the Force Majeure Event unless the performance of such obligation s is impaired by the Force Majeure Event;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) the Party uses commercially reasonable efforts to overcome or mitigate the effects of the Force Majeure Event; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9ddb5d7e-a8ef-4133-b1d1-ee09288f1cc1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-22-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(e) when the Party is able to resume performance of its obligations under this Contract, such Party shall give the other Party written notice to that effect and shall promptly resume performance hereunder .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 8- INSURANCE</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.1 <u>Coverage. </u>Contractor shall provide for and maintain commenc ing with Sunrun&#8217;s issuance of the notice to proceed and continuing uninterrupted until at least the expiration of Contractor&#8217;s warranty obligations under this Contract, the following minimum insurance coverage, written with carriers acceptable to Sunrun :</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Workers&#8217; compensation,subject to statutory limits;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Commercial general liability, in an amount not less than one million ($1,000,000} dollars per occurrence and two million ($2,000,000) dollars annual aggregat e, provided the annual aggregate will apply separately to the Work under this Cont ract, including, but not limited to, premises-operat ions, products-completed operations hazard, contractual liability, broad form property damage, personal injury, and coverage for subcontracto rs and/or independent contractors;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) Commercial automobile liability, in an amount not less than a combined bodily injury and property damage limit of one million ($1,000,000} dollars per accident covering hired, owned, and non-owned vehicles;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) Umbrella or excess liability insurance with a limit of five million ($5,000,000} dollars per occurrence and in the annual aggregate in excess of the limits of insurance provided in <u>Sections 8.l(b)</u>, <u>(c)</u><font size="3">, </font>and <u>(d)</u>; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(e) Any other insurance required by applicable Laws.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The insurance policies procured by Contractor pursuant to this <u>Article 8</u> shall provide Sunrun with a minimum twenty (20) Business Days&#8217; notice in the event of cancellation or material change in the conditions or amount s of coverage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.2 <u>Subrogation </u>. All of Contractor&#8217;s insurance policies procured pursuant to <u>Section 8.1</u> shall include a waiver of subrogation by the insure rs in favo r of Sunrun, and Sunrun&#8217;s lenders, and each of their respective assignee s, affiliates, agents, officers, directors, employees,insurers or policy issuers and a waiver of any right of the insurers to any set-off or counterclaim ,whether by endorsement or otherwise, in respect of any type of liability of any of the Persons insured under any such policies .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc37b3dfd-6724-4e28-9d67-427c28df2e72" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-23-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.3 <u>Additional Insured</u>. The insurance policies procured by Contractor pursuant to <u>Sections 8.l(b)</u> through <font size="3">ifil </font>shall name Sunrun as an additional insured, and shall also name additional insured entities as set forth in <u>Exhibit D</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.4 <u>Certification</u> . Prior to commencement of the Work, Contractor shall furnish to Sunrun certificates of insurance indicating that the insurance coverage and conditions set forth in this <u>Article 8</u> have been put in place. Upon the request of Sunrun, Contractor sha ll provide certified copies of the insurance policies as described in Section 8.1, excluding for such documents only those sections describing the premium amounts paid therefore. However, Contractor shall be solely responsible for the timely payment in full of premiums for all such insurance procured pursuant to this <u>Article 8</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.5 <u>Subcont ractor&#8217;s Insurance</u>. Contractor shall cause any Subcontracto rs to maintain workers&#8217; compensation and other ins urance consistent with this Contract .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.6 <u>Insurance Review</u>. At least once annually, on or before the anniversary of the Effective Date, Sunrun and Contractor shall meet to evaluate and revise the insurance amounts a nd coverage maintained by Contractor pursuant to this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">8.7 <u>Financial Review</u>. From time to time, but no more than once per quarter ,Sunrun shall have the right to request and Contractor agrees to provide financial statements prepared in accordance with GAAP evidencing the financial condition of the Contractor at the time of the request. The financial statements requested and provided shall be at Sunrun&#8217;s reasonable discretion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 9 - INDEMNIFICATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.1 <u>Indemnification by Contractor</u>. Contractor shall indemnify, defend and hold harmless Sunrun, its officers, director s, agents, employees, and assigns from and against any and all Claims and Liens, whether arising in equity, at common law, or by stat ute, under any lega l theory, for: (i) the bodily injury (including deat h) or property damage to such third party to the extent caused by the negligence or willful misconduct of, or violation of laws or breach of this Contract or an Addendum by, Contractor (ii) Contractor&#8217;s violation of Laws or breach of the Contract and (iii) for remedial obligations and response costs resulting from Contractor&#8217;s violation of applicable Law or breach of this Contract or an Addendum by, Contractor. This indemnification obligation shall apply regardless of the amount of insurance coverage held by Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.2 <u>Indemnification by Sunrun</u>. Sunrun shall indemnify, defend and hold harmless Contractor, its officers, directors, agents,emp loyees, and assigns from and against any and all Claims with respect to any third party,whether arising in equity,at common law,or by statute, under any legal theory, to the extent caused by or resulting from the negligence or willful misconduct of, or violation of laws by or any breach of this Contract by Sunrun or any of its directors, officers, employees or agents. This indemnification obligat ion shall apply regardless of the amount of insurance coverage held by Contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd2b8e5ac-1c06-4d2f-9d1e-26150a06c192" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-24-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">9.3 <u>Obligations of Indemnifying Party. </u>If Contractor determines that it is entitled to indemnification under this ARTICLE 9, Contractor shall promptly notify Sunrun in writing of the loss, and provide all reasonably necessary or useful information, assistance and authority to settle and/or defend any loss. In the event of a loss claimed by a third party, the selection of counsel, the conduct of the defense of any lawsuit, arbitration, or other proceeding, and any settlement shall solely be within Sunrun&#8217;s control, provided that the Contractor shall have the right to participate in the defense of such loss using counsel of its choice, at its expense. If Sunrun determines that it is entitled to indemnification under this ARTICLE 9, Sunrun shall promptly notify the Contractor in writing of the loss or claim. In the event of a loss or claim by a third party, the selection of counsel,the conduct of the defense of any lawsuit, arbitration,or other proceeding, and any settlement shall solely be within the Sunrun&#8217;s control, provided that the Contractor shall have the right to participate in the defense of such claim or loss using counsel of its choice, at its expense . Prior to the finalization of any settlement or claim, Sunrun shall use reasonable efforts to confer with Contractor regarding such sett lement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 10 -TESTING, SUBSTANTIAL COMPLETION, AND FINAL COMPLETION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.1 <u>Notice of Application to Interconnect; ITC Damages</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Notice of Application to Interconnect</u>. Contractor shall provide Sunrun with written notice (the &#8220;Interconnection Notice&#8221;) of completion and submission to the Utility of the application to interconnect the Solar Facility to the Utility&#8217;s grid. The Interconnection Notice shall be sent to the email address set forth in <u>Section 2.3</u> or through other agreed upon electronic communication no later than one (1) Business Day following submission of the completed final interconnection application to the Utility. Contractor shall not proceed with activating the Solar Facility to the Utility&#8217;s grid until a PTO Approval has been issued by the Utility for the Solar Facility and Milestone 3 Payment has been received.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>ITC Jeopardy; Contractor&#8217;s Failure to Timely Provide Notices</u>. The date on which all of the following notices are received by Sunrun shall be deemed the &#8220;Construction-In-Progress Date&#8221;: (i) completion of Milestone 1 as defined in <u>Exhibit C</u>, (ii) completion of Milestone 2 as defined in <u>Exhibit C</u>, (iii) the successful testing of the Solar Facility pursuant to <u>Section 10.2</u>, and (iv) the Interconnection Notice. Should the date of the PTO Approval not be at least two (2) Business Days later than the Construction-In-Progress Date, Assignee&#8217;s ability to claim the ITC may be jeopardized (&#8220;<u>ITC Jeopardy</u>&#8221;). If, in a case of ITC Jeopardy, in its sole discretion, Sunrun determines that the ITC will not be available to Assignee with respect to the particular Addendum, Contractor and Sunrun agree that Sunrun&#8217;s (or Assignee &#8216;s, as applicable) exclusive remedy shall be a reduction in the Contract Price associated with the applicable Addendum by forty-five percent (45%) (&#8220;<u>ITC Damages&#8221;</u>) . Contractor shall pay such ITC Damages within ten {10) days following Sunrun&#8217;s (or Assignee&#8217;s, as applicable) issuance of such invoice. Alternatively, Sunrun or Assignee may set off such amounts against subsequent amounts due and owing under this Contract or the applicable Addendum. ITC Damages not paid when due (and if not set off by Sunrun or Assignee) shall accrue interest at the Default Rate until paid. If Sunrun or Assignee subsequently obtains some or all the benefit of the ITC,or the benefit of any other similar or replacement monetary tax credit or incentive program, for example in a later year, Sunrun or Assignee shall promptly pay to Contractor a corresponding amount, up to the amount previously paid by Contractor as ITC Damages for the particular Addendum. Sunrun acknowledges that as long as cash grants are available under Section 1603 of The American Recovery and Reinvestment Act of 2009, ITC Damages will not apply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1936acad-6545-443d-8062-9449ff59623f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-25-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10.2 <u>Testing.</u> All equipment shall be tested to confirm that the equipment: (i) performs to the technical specifications set forth in the Addendum; (ii) adheres to the manufacturer&#8217;s installation specifications and installation standards; and (iii) is tested in accordance with <u>Exhibit G</u>. A Sunrun representative has the right to witness the testing. Sunrun shall notify Contractor in writing or by email or other electronic communication upon completion of testing if the Solar Facility failed the test. If the Solar Facility fails the test, then Contractor shall take all reasonable steps necessary to permit the Solar Facility to pass the test identified in this <u>Section 10.2</u> and the test procedure set forth herein shall be repeated until the Solar Facility passes the test. To the extent Contractor incurs, or will incur,additional costs to permit the Solar Facility to pass the test due to a problem with the Sunrun Provided Items, Contractor shall submit an executed Contractor&#8217;s Change Request reflecting the additional Work and cost to Sunrun and Sunrun shall promptly accept and execute a Change Order for such request. Sunrun will use Prudent Practices to perform subsequent tests remotely. Sunrun may check the meter reading at the Host Customer&#8217;s Site or via its proprietary Internet monitoring system to verify the Solar Facility generation performance in accordance with the technical specifications set forth in the Addendum .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.3 <u>Substantial Completion </u>. When Contractor believes it has achieved Substantial Completion, it shall notify Sunrun in writing including a copy of the completed Sunrun Milestone Verification Statement and inspection certificate signed by the applicable Governmental Authority. If Sunrun determines that the requirements of Substantial Completion have not been satisfied, it shall deliver to Contractor a written statement to that effect within ten (10) Business Days after testing has been completed and shall give the reasons therefore, in which event Contractor shall perform such additional Work to achieve Substantial Completion. Thereafter, Contractor shall have the right to issue another notice of Substantial Completion. The foregoing procedures shall be repeated until Contractor achieves Substantial Completion. The achievement of Substantial Completion shall not relieve Contractor of its other obligations under this Contract,including its obligation to achieve Final Completion, in a timely manner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak134891d0-87d5-41b5-9cb1-60b15f3f7d48" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-26-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.4 <u>Punch List</u>. Within ten (10) Business Days following Contractor&#8217;s achievement of Substantial Completion, Sunrun may provide Contractor with written notice of Punch List Items that must be completed by Contractor for Contractor to achieve Final Completion. In the event of a dispute as to any item, Sunrun shall have the final decision on the contents of the Punch List Items. Contractor shall diligently perform the Work on the Punch List Items. The Parties shall close the Punch List Items as they are completed. If Contractor has not completed any of the Punch List Items within a period of time after the date Substantial Completion was achieved equal to ten (10) Business Days, Sunrun shall have the right to arrange for the outstanding Punch List Items to be completed or supplied by third parties. The reasonable cost thereof shall at Sunrun&#8217;s option, be deducted from the Contract Price and/or billed to Contractor .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">10.5 <u>Final Completion</u>. No later than three (3) Business Days after having achieved Substantial Completion, Contractor shall take all necessary action to complete or cause to be completed all actions set forth in Section 10.S(b) . Contractor &#8216;s achievement of Final Completion may be reasonably delayed by inspections by the Utility and Governmental Authorities. When Contractor believes it has achieved Final Completion pursuant to Section 10.S(b), it shall notify Sunrun in writing, stating in detail its basis for this conclusion . Sunrun shall notify Contractor within two (2) Business Days in writing whether Sunrun concurs that the conditions to Final Completion have been satisfied or which conditions Sunrun believes Contractor has failed to satisfy.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) In order to achieve Final Completion with respect to a Solar Facility, Contractor shall: (i) achieve Substantial Completion (ii) close out all Punch List Items to the satisfaction of Sunrun; (iii) provide Sunrun a complete set of &#8220;as-built&#8221; drawings per the requirements of <u>Section 3.14</u>; (iv) comply with all inspections of the Solar Facility by the Utility and Governmental Authorities; (v) provide a copy of a Solmetric or Pathfinder shade study for the Solar Facility as-built; (vi) provide a copy of the Solar Facility&#8217;s equipment warranties as required by <u>Section 11.3</u>; (vii) provide copies of completed and submitted Rebate Documentation, including the applicable confirmation letters; (viii) provide a copy of the Solar Facility&#8217;s completed inspection certificate issued by the applicable Governmental Authority ; and (ix) provide evidence of PTO Approval satisfactory to Sunrun in its reasonable discretion and (x) upload set of photographs of Solar Facilities and Work after Substantial Completion is achieved as set forth in the Sunrun Installer Handbook.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 11-WARRANTIES/LIMITATION OF LIABILITY</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.1 <u>Contractor&#8217;s Warranties and Covenants</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) Contractor covenants and warrants that: (i) all Work is of good quality and installed, constructed and accomplished in a good and workmanlike manner and using skill, care and diligence consistent with all manufacturer&#8217;s requirements and Prudent Practices; (ii) Contractor shall procure, supply, install, construct and test the Work so that all Work performed prior to and as of Final Completion complies with all Laws, permits, codes, and standards; and (iii) all material and equipment constituting any portion of the Work are in good order and are new when installed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak416cc5c6-4655-45a5-bb62-6060a1065662" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-27-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Contractor provides a limited warranty to all Contractor-supplied materials and services used in this project against defects in material or workmanship for a period of ten (10) years following Substantial Completion of all work. During this period, Contractor will repair or replace any defective component of the warranted goods at Contractor&#8217;s own expense, and shall be responsible for all Claims that result from such breach of warranty, including without limitation, damages incurred by Host Customer or Sunrun . Sunrun sha ll notify Contractor in writing of any defect, malfunction, or nonconformity of the warranted goods or services. Upon receipt of such notice, Contractor shall repair or replace the defective, malfunctioning, or nonconforming warranted goods or services within three (3) Business Days subject to replacement part availability. Contractor &#8216;s failure to remedy a breach of these warranties within twenty (20) Business Days shall be deemed a material breach of this Contract. In addition to the rights and remedies provided Sunrun under this Contract and under statutory and common law, Sunrun at its option and after notice to Contractor shall have the right to either perform the necessary Work and the cost thereof shall be paid by Contractor, or forego the undertaking of any Work and receive from Contractor a refund of money. At Sunrun&#8217;s so le discretion, it shall be entitled to withhold amounts due hereunde r from other Milestone Payments.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.2 <u>Service Level</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>General.</u> For the duration of Contractor&#8217;s warranty provided herein, Contractor shall respond to requests sent by Sunrun to Contractor to perform service on a Solar Facility that has malfunctioned or underperformed (such request, a &#8220;<u>Service Request</u>&#8221;), and Contractor hereby accepts the engagement and agrees to perform the Service Requests. Contractor shall perform work for Service Requests in accordance with Prudent Practices and the Sunrun Service Manual.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) <u>Timing. </u>Contractor shall initially respond to such Service Request by visiting the Solar Facility within two (2) business days of such Service Request to conduct an evaluation. Contractor shall promptly perform the necessary repairs or service of the Solar Facility within three (3) Business Days of the Service Request, subject to replacement part availability . If Contractor does not repair the Solar Facility within such three (3) Business Day period, Contractor sha ll owe to Sunrun liquidated damages in the amount of $25 per day beginning on the fourth (4th) Business Day after the Service Request until the necessa ry repairs to the Solar Facility are complete. In addition, if Contractor does not respond to a Service Request in a timely manner, as determined by Sunrun in its reasonable discretion,Sunrun shall hire a different contractor to perform the Service Request and sha ll, at Sunrun&#8217;s discretion, either invoice Contractor for the costs of that Service Request (invoice to be paid within 10 days&nbsp;of receipt) or offset the costs of the Service Request from Milestone Payments owed to Contractor under this Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2fc0c4f3-6315-4af6-8019-df0c623bef08" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-28-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(c) <u>Standard of Performance</u>. Contractor shall perform the Service Requests in a manner that is (i) safe, prudent and reasonable, (ii) in accordance with good professional standards applicable to the residential solar electric systems industry at the time of the performance; (iii) consistent with Prudent Practices, to the extent applicable; (iv) consistent with the requirements applicable to on-site generation, if any, of the applicable local electric distribution utility; (v) in compliance with all vendor equipment warranty requirements, maintenance instructions and specifications; (vii) in compliance with all Laws, and (viii) reasonably calculated to maximize the availability, output and reliability of the Solar Facility and to minimize operating expenses of the Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(d) <u>Non-Warranty Services</u>. In the event Contractor determines consistent with Prudent Practices, or Sunrun identifies that the Service Request includes Non-Warranty Services, Contractor shall perform such Non-Warranty Services on a time and materials basis, at a rate schedule set forth in Exhibit J. Contractor will submit an invoice for payment reasonably promptly following comp letion of such Non-Warranty Services, and Sunrun shall make payment on such invoice in accordance with Article 6 <u>provided that </u>if Contractor does not submit an invoice for the Non-Warranty Services within 90 days of completion of such Non-Warranty Services, no payment shall be due from Sunrun for such Non-Warranty Services. Contractor provides a limited warranty to all Contractor-supplied materials and services used in Non- Warranty Services against defects in material or workmanship for a period of ten (10) years following the date the Non-Warranty Service is performed except for wildlife guards which shall be warranted for a period of 5 years from the date installed . During this period,Contractor will repair or replace any defective component of the warranted goods at Contractor&#8217;s own expense, and shall be responsible for all Claims that result from suc h breach of warranty, including without limitation, damages incurred by Host Customer or Sunrun. All Non-Warranty Services shall be performed in accordance with prudent practices in the construction industry and the Sunrun Service Manual.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.3 <u>Sunrun Quality Standards</u>. Sunrun may inspect Solar Facilities at its discretion. If any inspected Solar Facilities do not meet Quality Standards as defined in Exhibit H or are not installed in accordance with Prudent Practices and/or the Sunrun Installer Handbook, Contractor will remedy any deficiencie s identified in the inspection within ten (10) business days, and will reimburse Sunrun for the inspection cost in an amount up to three hundred dollars ($300) for each Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.4 <u>Limited Roofing Warranty</u>. Contractor provides a limited warranty for all roofing penetrations made by Contractor for the solar electric system installation for a period of five (S) years. Contractor will not warr ant any roofing related issues outside of the scope of the Work required to install the Solar Facility.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak06007d4d-bb98-45ee-aef9-063cb8c8023c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-29-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.5 <u>Eauioment Warranties</u>. In procuring all equipment necessary for the Work, Contractor shall obtain all applicable manufacturers&#8217; warranties. In performing the Work, Contractor warrants that it will install all equipment in such a manner as to not void or otherwise negate any manufacturers&#8217; warranty. On the date that Contractor achieves Final Completion, Contractor shall deliver to Sunrun or Assignee all manufacturers&#8217; warranties it obtained when procuring the equipment which shall be for the sole benefit of Sunrun.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.6 <u>Warranty Parity</u>. In the event that Contractor offers additional, improved, or extended warranties to Contractor&#8217;s direct customers, those same warranties shall be extended to Sunrun; provided that if such additional, improved or extended warranties are optional and offered at an additional cost to Contractor&#8217;s direct customers, if Sunrun opts to pay such additional funds for such warranties, such warranties will be given under similar terms, conditions and circumstances.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.7 <u>Warranty of Title</u>. Provided that Sunrun complies with its payment obligations hereunder, Contractor warrants good title to all Work and guarantees that title,when it passes to and vests in Assignee as described in <u>Section 7.1</u>, shall be free and clear of any and all Liens arising as a result of any actions or failure to act of Contractor, its Subcontractors or their employees or representatives. In the event of any failure to conform to this warranty, Contractor, upon prompt notice of such failure, shall defend the title to the Work.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.8 <u>Warranties&#8217; Transfer</u>. In the case that Sunrun or Assignee sells a Solar Facility, but does not physically move the Solar Facility or otherwise invalidate the manufacturers&#8217; warranties associated with the Solar Facility, the warranties granted herein shall remain in effect and shall transfer to the new owner of the Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.9 <u>Exceptions/Exclusions from Warranty</u>. Repair of the following items is specifically excluded from Contractor&#8217;s warranty: any materials that were modified, altered, repaired, or attempted to be repaired by anyone other than Contractor; any damages resulting from lack of Sunrun maintenance; damages resulting from Sunrun or owner of the project site abuse; aesthetic changes, damages due to animals, weather or natural disasters; damages resulting from mold, fungus and other organic pathogens, unless caused by the negligence of Contractor as a direct result of a construction defect causing water infiltration into a part of the structure; shrinking/cracking of grouts and caulking; and fading of paints and finishes exposed to sunlight.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11.10 <u>Warranty Disclaimer</u>. THE EXPRESS WARRANTIES CONTAINED HEREIN ARE EXCLUSIVE AND IN LIEU OF ALL OTHER STATUTORY, EXPRESS OR IMPLIED WARRANTIES , INCLUDING ANY WARRANTIES OF MERCHANTABILITY, HABITABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE. ANY STATUTORY OR IMPLIED WARRANTIES ARE WAIVED TO THE FULLEST EXTENT PERMISSIBLE UNDER STATE AND FEDERAL LAW.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak5638b2fb-f48f-4a78-b868-f2fb942f81f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-30-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.11 <u>Limitation of Liability. </u>To the fullest extent permitted by law, the maximum aggregate liability of either Party to the other Party under this Contract shall not exceed the sum of the Contract Prices for all executed Addenda . This limitation applies to any and all injuries, damages, claims, losses, or expenses (including attorneys&#8217; fees) arising out of this Contract from any cause or causes. This limitation on liability shall not apply to limit the indemnification obligations set forth in this Contract and shall also not apply to breach of the confidentiality provisions set forth in this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.12 <u>Liquidated Damages not a Penalty</u>. The Parties acknowledge and agree that it may be difficult or impossible to determine with precision the amount of damages that would or might be incurred by Sunrun or Assignee as a result of Contractor&#8217;s failure, under each Addendum, to comply with the obligations set forth in <u>Section 4.5</u> (Delay Fees and Financial Fund Delay Fees), and <u>Section 10.1</u> (ITC Damages) . It is understood and agreed that: (i) Sunrun may be damaged by Contractor&#8217;s failure to meet such obligations; (ii) it would be impractical or extremely difficult to fix the actual damages resulting therefrom; and (iii) any sums payable under this Contract for failure to meet such obligations are in the nature of liquidated damages, and not a penalty, and are fair and reasonable estimate of compensation for the losses that Sunrun may reasonably be anticipated to incur by such failure .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">11.13 <u>Mutual Waiver of Consequential Damages</u>. SUNRUN AND THE CONTRACTOR WAIVE CLAIMS AGAINST EACH OTHER FOR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATED TO THIS CONTRACT EXCEPT TO THE EXTENT THAT DELAY FEES, FINANCIAL FUND DELAY FEES OR ITC DAMAGES WOULD CONSTITUTE CONSEQUENTIAL DAMAGES. FOR PURPOSES OF THIS CONTRACT, &#8220;CONSEQUENTIAL DAMAGES&#8221; INCLUDES, BUT ARE NOT LIMITED TO THE FOLLOWING: (I) DAMAGES INCURRED BY SUNRUN FOR LOSSES OF USE, INCOME, PROFIT AND FINANCING; AND (II) DAMAGES INCURRED BY THE CONTRACTOR FOR PRINCIPAL OFFICE AND SITE OFFICE EXPENSES (INCLUDING BUT NOT LIMITED TO THE COMPENSATION OF PERSONNEL STATIONED THERE) AND FOR LOSSES OF INCOME,PROFIT OR FINANCING FROM OR RELATED TO THIS CONTRACT OR THE CONTRACTOR &#8216;S OTHER CONTRACTS. NOTWITHSTANDING THE FOREGOING, THIS WAIVER OF CONSEQUENTIAL DAMAGES SHALL NOT APPLY TO OR ACT TO LIMIT THE INDEMNIFICATION OBLIGATIONS OF EITHER PARTY OR LIABILITY FOR BREACH OF THE CONFIDENTIALITY PROVISIONS OF THIS CONTRACT.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE12 - DEFAULT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.1 <u>Events of Default. </u>Any of the following occurrences or events, by or against Contractor and by or against Sunrun, shall constitute a default under this Contract :</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) Breach of any of the terms, conditions, representations, warranties , or guarantees ex pressed in this Contract; or</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf0537316-f16f-4d3c-bf1f-85a583595091" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-31-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(b) Filing of a voluntary petition in bankruptcy, confession of insolvency, or any assignment for the benefit of Contractor &#8216;s creditors.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">12.2 <u>Sunrun&#8217;s Rights</u>. In the event that Contractor is in default of this Contract pursuant to <u>Section 12.1</u>, and fails to cure such default within fifteen (15) days following receipt of written notice from Sunrun that an event of default has occurred, then this Contract may be immediately terminated by Sunrun for cause. Furthermore, Sunrun shall have the right to take possession of all of Contractor&#8217;s materials tools and equipment located at the project site for the purpose of completing the Work and may employ any other person, firm or corporation to finish the Work by whatever method Sunrun may deem expedient, provided, however, if Contractor has begun, in good faith, curing such default within the period specified above, but the cure using Prudent Practices requires a longer period to accomplish, then Sunrun shall have no cause for termination or Sunrun&#8217;s completion of the Work so long as Contractor is diligently pursuing such cure.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12.3 <u>Contractor&#8217;s Rights</u>. In the event that Sunrun is in default of this Contract pursuant to <u>Section 12.1</u>, and fails to cure such default within fifteen (15) days following receipt of written notice from Contractor that an event of default has occurred, then this Contract may be terminated by Contractor for cause, provided, however, if Sunrun has begun, in good faith, curing such default within the period specified above (other than defaults related to payments or financing obligations hereunder, which defaults must be cured within fifteen (15) days unless disputed in good faith), but the cure using Prudent Practices requires a longer period to accomplish, then Contractor shall have no cause for termination so long as Sunrun is diligent ly pursuing such cure. In addition, Contractor may suspend Work under an Addendum and will be entitled to an equitable adjustment to the required timelines in <u>Section 4</u> upon five (5) Business Days&#8217; advance written notice if Sunrun fails to pay any Milestone Payments due under any Addendum in a timely manner and fails to cure the delay in payment within the five (5) Business Day notice period, unless Sunrun&#8217;s delay of payment is expressly permitted by this Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 13 - DISPUTE RESOLUTION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.1 <u>Negotiation</u>. The Parties shall negotiate in good faith and attempt to resolve any dispute within thirty (30) days after the date that a Party gives written notice of such dispute to the other Party. In the event that the Parties are unable to reach an agreement within such thirty (30) day period (or such longer period as the Parties may agree) then either Party may initiate mediation in accordance with <u>Section 13.2</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.2 <u>Mediation</u>. If, after such negotiation, the dispute remains unresolved, either Party may require that non-binding mediation take place. If neither Party initiates mediation within thirty (30) days of failing to reach agreement pursuant to the procedures set forth in <u>Section 13.1</u>, then the Parties shall resolve the dispute in accordance with <u>Section 13.3</u>. In such mediation, representatives of the Parties with authority to resolve the dispute shall meet for at least three (3) hours with a mediator whom they choose together. If the Parties are unable to agree on a mediator, then either Party is hereby empowered to request the American Arbitration Association (&#8220;AAA&#8221;) to appoint a mediator. The mediator&#8217;s fee and expenses shall be paid one-half by each Party. If the Parties fail to reach a resolution within thirty (30) days of initiating mediation, then the Parties shall resolve the dispute in accordance with <u>Section 13.3</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0227fc9a-6817-4c3b-a29e-53d09a74bf56" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-32-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.3 <u>Arbitration</u>. The laws of the State of California shall control in the event of any dispute concerning interpretation or enforcement of this Contract. Any dispute over the dollar limit of the small claims court arising out of this Contract shall be submitted to an experienced private construction arbitrator in a mutually agreeable location in California, or failing the ability of the parties to mutually agree on such a location, in the county where the party accused of a breach is headquartered, who shall be mutually selected by the parties to conduct a binding arbitration in accordance with Chapter 3, Title 9 of the California Code of Civil Procedure (CCP section 1282), including, but not limited to the right of discovery. The arbitrator shall also be a licensed attorney or retired judge who is familiar with construction law. If the parties cannot mutually agree on an arbitrator within sixty (60) days of written demand for arbitration, then either of the parties may submit the dispute to the AAA for arbitration according to the construction industry rules of the AAA, and the AAA shall administer the binding arbitration. Judgment upon the award may be entered in any court having juri sdiction thereof. The arbitrator&#8217;s award shall be detailed and set forth both the legal and factual basis of the award. This agreement to arbitrate will be specifically enforceable by any court with jurisdiction thereof .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">13.4 <u>Prevailing Party</u>. The prevailing party in any arbitration or other legal proceeding related to this Contract may receive as an award it&#8217;s reasonable attorney &#8216;s fees, reasonable expert fees, costs, and expenses, subject to the arbitrator&#8217;s right to exercise his or her reasonable discretion in making such an award.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>ARTICLE 14 - MISCELLANEOUS PROVISIONS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.1 <u>Assignment</u>. Contractor may not assign or transfer this Contract or its rights or obligations hereunder, in whole or in part,without the prior written consent of Sunrun,which conse nt shall not be unreasonably withheld, conditioned, or delayed. A change in control of Contractor, as defined by the California State Board of Equalization, sha ll be considered an assignment under this provision. Subject to the foregoing sentence, this Contract shall be binding upon and inure to the benefit of the Parties hereto,their successor and assigns. Any purported assignment in violation of this Section is void ab initio.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.2 <u>Amendments</u>. No change, amendment or modification of this Contract shall be valid or binding upon the parties hereto unless such change, amendment,or modification shall be in writing and duly executed by both Parties. If any subsequent amendment or modification of law, rules or regulations materially alters a Party&#8217;s obligations hereunder to its detriment, the Parties will negotiate in good faith a mutually-acceptable amendment of the affected obligations .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb201687f-b352-46db-9ffb-7db40bad3275" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-33-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.3 <u>No Waiver</u>. Any failure of Sunrun or Contractor to enforce any of the provisions of this Contract or to require at any time performance by Contractor or Sunrun of any of the provisions hereof during the pendency of this Contract shall in no way affect the validity of this Contract, or any part hereof, and shall not be deemed a waiver of the right of Sunrun or Contractor thereafter to enforce any and each such provision .</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.4 <u>No Third-Party Beneficiaries in Host Customer</u>. The Host Customer or any Subcontractor who may benefit hereby is an incidental beneficiary and shall not have the rights of a third party beneficiary of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.5 <u>Applicable Law</u>. This Contract shall be governed by, construed and enforced in accordance with the laws of the State of California.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.6 <u>Entire Contract; Channel Partner Agreement and Mutual Confidentiality Agreement</u>.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px">(a) This Contract along with the (i) Addendum and <u>Exhibits A</u> through <u>G</u>. (which are incorporated into this Contract by this reference and deemed to be an integral part of this Contract), (ii) that certain Channel Agreement (&#8220;CA&#8221;) entered into by the Parties on January 25, 2015, and (iii) that certain Mutual Confidentiality Agreement (&#8220;<u>MCA</u>&#8221;) entered into by the Parties on November 3, 2014 contains the entire understanding of the Parties with respect to the subject matter hereof and supersede s any and all prior negotiations, contracts, agreements, commitments, and writings with res pect thereto. There are no oral understandings, terms or conditions and neither Party has relied upon any representation, express or implied, not contained in this Contract, the Addendum , the CPA and the MCA. Notwithstanding the forego ing, and by way of supporting and not s uperseding such CA and/or MCA, from the date of this Contract through the second anniversary of the termination hereof, each Party agrees, and shall cause its respective directors, officers, employees, consultants, advisors and affiliates, to treat and hold as confidential (and not disclose or provide access to any perso n) all business, technical,financial or other information of the other disclosing Party (&#8220;<u>Confidential Information</u>&#8221;) including, without limitation, information relating to trade secrets, patent applications, product development ,customer lists, pricing and marketing plans, policies and strategie s, details of client and consultant contracts, business acquisition plans and new personnel acquisition plans. Each Party further agrees to use (and not reverse engineer) the Confidential Information of the other disclosing Party sole ly for the purpose of advancing the business relationship contemplated under this Contract as expressly permitted or directed by the disclosing Party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf3e6ebda-2a56-453c-a2b7-d807f1e584e9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-34-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(b) Upon the expiration or termination of the CA, the Parties shall fulfill the Addenda executed as of the date of such expiration or termination and this Contract shall terminate upon the completion of all Work related to the Solar Facilities contemplated by such Addenda.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.7 <u>Relationship of Contract and Addendum</u>. The Parties intend to enter into separate Addenda setting forth the particular terms and conditions for each Solar Facility designed, engineered, procured, installed and constructed by Contractor . As such, each Addendum executed on or after the Effective Date shall incorporate, in toto, all of the terms and conditions of this Contract. Each Addendum executed prior to the Effective Date shall continue to incorporate, in toto, all of the terms and conditions of the Contract . Each Addendum shall constitute a separate and distinct contractual relationship between the Parties.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.8 <u>Licensed Contractor Notice</u>. Contractors are required by applicable Law to be licensed and regulated by the Contractors&#8217; State License Board, which has jurisdiction to investigate complaints against contractors if a complaint regarding a patent act or omission is filed within four years of the date of the alleged violation. A complaint regarding a latent act or omission pertaining to structural defects must be filed within ten (10) years of the date of the alleged violation. Any questions concerning a contractor may be referred to the Registrar, Contractors&#8217; State License Board, P.O. Box 26000, Sacramento, CA 95826</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.9 <u>Contractor&#8217;s License</u>. The Contractor&#8217;s California contractor&#8217;s license number is 972048.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.10 <u>Severability. </u>If any term or provision of this Contract is determined to be invalid, in conflict with any Law, void, or otherwise unenforceable, and provided the terms and provisions of the Contract that are essential to the interests of Sunrun and the Contractor remain substantially in effect, then the remaining terms and provisions will continue in full force and effect and the offending term or provision will be given the fullest meaning and effect allowed by Law.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.11 Survival. The provisions set forth in <u>Articles 9</u>, <u>11</u>, <u>13</u> and 14, and any other provision which expressly survives termination of this Contract shall survive the completion of the Work, the payment of all portions of the Contract Price, and any termination of this Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.12 <u>Performance of Obligations</u>. If an obligation to be performed under this Contract falls due on a day other than a Business Day, the obligation shall be due on the next Business Day.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakce4e7c9a-a3d2-4121-90f7-7bcc96873fc7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-35-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.13 <u>Further Assurances</u>. Contractor and Sunrun agree to provide such information, execute and deliver any instruments and documents and to take such other actions as may be necessary or reasonably requested by the other Party which are not inconsistent with the provisions of this Contract and which do not involve the assumptions of obligations other than those provided for in this Contract, in order to give full effect to this Contract and to carry out the intent of this Contract. In addition, Contractor and Sunrun may enter into a mutually agreed upon separate agreement for the ongoing operation and maintenance of the Solar Facilities.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.14 <u>Mutual Non-disparagement</u>. The Parties agree that its officers and directors will not make any disparaging remarks about or otherwise take any action that could be reasonably be expected to adversely affect the personal or professional reputation or prospects of the other Party. The Parties may disclose truthful and accurate facts and opinions about the other Party where required to do so by legal process (such as subpoena, court order, or similar process}; provided however, that the commenting Party shall notify the other Party in writing if such disclosure is sought within sufficient time to allow for a full and fair opportunity to object to such legal process.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">14.15 <u>Counterparts</u>. This Contract and any Addendum may be executed in counterparts, each of which will be deemed an original, but all of which taken together will constitute but one and the same instrument .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature Page Follows]</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak10d71c7a-1ba2-4075-b3a5-cb2aa8a9f54e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-36-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">IN WITNESS WHEREOF, the Parties have hereto set their hands as of the Effective date.</p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">SUNRUN INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="5%"></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="15%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/&nbsp;Anne Bernnan</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Name: </p></td> <td> <p style="MARGIN: 0px">Anne Bernnan</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Name: </p></td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Title: </p></td> <td> <p style="MARGIN: 0px">CFO</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Title: </p></td> <td> <p style="MARGIN: 0px">CEO</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date: </p></td> <td> <p style="MARGIN: 0px">1/25/2015</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Date: </p></td> <td> <p style="MARGIN: 0px">1-30-15</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Approved by&nbsp;Legal</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px"><em>Nisha Ramachandran</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><em>Signature page to Master Solar Facility Turnkey Contract</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf054819e-2b9f-4429-870a-b6999e1290f8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT </b><b>A</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>FORM OF SOLAR </u></b><b><u>FACILITY </u></b><b><u>ADDENDUM CONTRACT</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">(Unique Residential Solar Customer Agreement No. ____________)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">THIS SOLAR FACILITY ADDENDUM CONTRACT (&#8220;<u>Addendum&#8221;</u>) is made by and between Sunrun Inc. (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc.(&#8220;<u>Contractor</u>&#8221;) for the design, engineering, procurement, installation, and construction of the Solar Facility described herein. This Addendum hereby incorporates, <i><font size="3">in toto, </font></i>the terms and conditions set forth in the Master Solar Facility Turnkey Contract (&#8220;<u>Contract</u>&#8221;), and all schedules and exhibits thereto, executed by Sunrun and Contractor on January 25, 2015. Capitalized terms contained herein have the meanings set forth in the Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">It is agreed:</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify"><b>SOLAR FACILITY</b></p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">Contract Price:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3">$______________________</font></p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">Host Customer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">Street Address: Utility:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____________________________________________________________________</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">Rebate Level:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><b>TECHNICAL SPECIFICATIONS</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><b>System Size</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="60%"> <p style="MARGIN: 0px">Description</p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="34%"> <p style="MARGIN: 0px">Rating</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Standard Test Condition Direct Current (STC DC kilowatts) ..........</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">CEC Alternating Current (CEC AC kilowatts) ................................. .</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak6a29a227-693e-46e1-996d-da6c4b6f0684" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">A-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><b>Generation Equipment</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="35%"> <p style="MARGIN: 0px"><b>Photovoltaic collectors</b></p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Description</b></p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Manufacturer ........................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Model number ......................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">STC DC rating.........................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity ................................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Inverters</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Description</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Manufacturer .....................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Model number ...................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Efficiency ............................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity .............................</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>SOLAR FACILITY DESIGN DIAGRAMS</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Attach the single-line diagram and aerial-view module layout for the Solar Facility to this document.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>SITE SPECIFICATIONS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="85%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="50%" colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px">Array 1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px">Array 2</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px"><b>Shading (% of solar access)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Jan</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Feb</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Mar</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Apr</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">May</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Jun</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Jul</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Aug</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Sep</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Oct</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Nov</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 15px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px 0px 0px 15px">Dec</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px"><b>Mounting pitch (degrees)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px"><b>Azimuth (degrees)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px"><b>Offset (inches)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" colspan="2"> <p style="MARGIN: 0px"><b>Production (kWh)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top"></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak92c19538-730a-4363-9cec-bc4411e3d440" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">H-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>ASSIGNMENT</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">When transfer of the title to the Work occurs pursuant to <u>Section 7.1 </u>of the Contract, title to the Work shall be transferred to the Person (&#8220;<u>Assignee&#8221;</u>) designated in Exhibit A-1 for Sunrun use only.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>MISCELLANEOUS</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Neither this Addendum, nor the Contract, creates any employment, agency, partnership, joint venture or other joint relationship between the Parties. Should a conflict arise between the terms of this Addendum and the terms of the Contract that cannot be reconciled, the terms of this Addendum shall govern; provided, however, agreement on a conflicting term in this Addendum shall not operate to modify the conflicting term in the Contract for future addenda executed between the Parties. This Addendum may be executed in counterparts, each of which will be deemed an original, but all of which taken together will constitute but one and the same instrument.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak4aed762f-a89c-48a1-a737-9d2b37e898d0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">H-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt Times new roman" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <p style="MARGIN: 0px"><b>SUNRUN INC.</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px"><b>SOLARMAX RENEWABLE ENERGY PROVIDER, INC.:</b></p></td></tr> <tr> <td width="40%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="40%">&nbsp;</td> <td width="15%">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"></td> <td>&nbsp;</td> <td style="BORDER-BOTTOM: black 1px solid"></td> <td>&nbsp;</td></tr> <tr> <td> <p style="MARGIN: 0px">SIGNATURE</p></td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px">SIGNATURE</p></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">NAME</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">NAME</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">TITLE</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">TITLE</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">DATE</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">DATE</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7921cad3-ddf5-4a58-9184-9389bde7da28" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">H-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT B</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>MATERIALS EQUIPMENT AND SUPPLIES PROVIDED BY SUNRUN</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="68%"> <p style="MARGIN: 0px"><b>Item</b></p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px"><b>Quantity</b></p></td></tr> <tr> <td> <p style="MARGIN: 0px">Revenue-grade (ANSI C12 Class 0.2) digital residential meter including communication mechanism</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">1per solar facility</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Meter seals</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">1per solar facility</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Sunrun inverter sticker</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity as required</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">Sunrun asset tags</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity as required</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak319d910c-b506-436a-a16f-c4309789b126" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">B-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT C</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u>PAYMENT MILESTONES</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Capitalized terms contained herein have the meanings set forth in the Master Solar Facility Turnkey Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN: 0px"><b>Milestone</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Payment Due Contractor </b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Terms</b></p></td></tr> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">(1)</p></td> <td width="42%"> <p style="MARGIN: 0px">Photovoltaic modules and inverter are delivered to the Host Customer&#8217;s Site and all Work necessary to design, engineer, construct and install a Solar Facility on a Host Customer Site is complete</p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="25%"> <p style="MARGIN: 0px">60% of Contract Price</p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="25%"> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Payment initiated within 10</p> <p style="MARGIN: 0px">Business Days</p></td></tr> <tr> <td> <p style="MARGIN: 0px">(2)</p></td> <td> <p style="MARGIN: 0px">Substantial Completion achieved</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">20% of Contract Price</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Payment initiated within 10</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Business Days</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">(3)</p></td> <td> <p style="MARGIN: 0px">Final Completion achieved</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">20% of Contract Price</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Payment initiated within 10</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Business Days</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Contractor shall have the option to invoice Sunrun once per Solar Facility Addendum reflecting the amounts due for each milestone .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak76a914a8-c967-497a-bc45-2d554825f72e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">C-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT D</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>ADDITIONAL INSURED REQUIREMENTS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">The following language shall be included on the Certificate of Insurance :</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify"><b>Description of Operations/Locations/Vehicles/Special Items (Limits May Be Subject To Deductibles or Retentions)</b></p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">Program Administrator , its affiliates, subsidiaries, and parent company, and Program Administrator &#8216;s directors, officers, agents and employees with respect to liability arising out of the work performed by or for the Applicant and Host Customer are additional insureds if so provided by a blanket endorsement under the General Liability policy, or if by specific endorsement (such as ISO CG2010); and such General Liability policy shall be endorsed to specify that the Applicant&#8217;s and Host Customer&#8217;s insurance is primary and that any insurance or self-insurance maintained by Program Administrator shall not contribute with it.</p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify"><b>The Certificate Holder shall be listed as required by the applicable Utility or solar incentive program administrator.</b></p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify"><b>CANCELLATION</b></p> <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">SHOULD ANY OF THE POLICIES DESCRIBED HEREIN BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE INSURER AFFORDING COVERAGE WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED HEREIN, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER AFFORDING COVERAGE, ITS AGENTS OR REPRESENTATIVES .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak30aec2cd-4b7f-4167-a040-b5bacaa9b60e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">D-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT E</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>ACCEPTABLE FORMATS FOR DRAWINGS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">The following formats are acceptable for the electronic presentation of all project drawings from Contractor to Sunrun.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Adobe PDF</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">AutoCAD</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreake1aab52d-4f84-417d-ac11-67e737ca1d9d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">E-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT F</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>WORK EXCLUSIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Unless specified to the contrary in an applicable Addendum, the services, activities and work set forth in this <u>Exhibit F </u>are excluded from the scope of Work performed by Contractor pursuant to the Contract and each Addendum (&#8220;<u>Excluded Work</u>&#8221;). Capitalized terms contained herein have the meanings set forth in the Master Solar Facility Turnkey Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. Remove or dispose of any Hazardous Substances that currently exist on the Host Customer&#8217;s Site;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. Improve the construction of the roof or the Host Customer&#8217;s Site to support the Solar Facility;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. Remove or replace existing rot,rust,or insect infested structures ;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4. Provide structural framing for any part of the Host Customer&#8217; s Site;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5. Pay for or correct construction errors, omissions, and deficiencies by the Host Customer or contractors hired by the Host Customer;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6. Pay for,remove,or remediate mold,fungus, mildew,or organic pathogens;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">7. Upgrade the Host Customer &#8216;s Site&#8217;s existing electrical service ;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">8. Install of any smoke detectors, sprinklers, or life safety equipment required by municipal code or inspectors as a result of the Solar Facility installation;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">9. Pay for the removal or re-location of equipment , obstacles or vegetation in the vicinity of the Sola r Facility;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">10. Move items unassociated with the Solar Facility around the Host Customer&#8217;s Site.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">11. Any site improvements, barriers, railings,or other structures, used to enclose an area of the Solar Facility.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">12. Any construction that does not use solar energy to generate electric ity nor parts that are related to the functioning of the solar modules</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">13. Any components of a Solar Facility or upgrades to a Host Customer Site that are not eligible for ITC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakd354839a-b957-474d-a798-e7b55744f6ff" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">F-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBITG</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>TEST SPECIFICATIONS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Sunrun and Contractor will perform the following test at the beginning and end of the test period. Capitalized terms contained herein have the meanings set forth in the Master Solar Facility Turnkey Contract.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1) Contractor shall call Sunrun and notify Sunrun that the meter detailed in <u>Exhibit B</u> is installed;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2) Contractor shall provide to Sunrun (a) the instantaneous watts and current generated by the Solar Facility&#8217;s inverter and provide the nominal AC volt rating for the Solar Facility&#8217;s inverter, (b) the serial numbers of the meter, and (c) any other information or performance data that Sunrun may reasonab ly require; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3) Sunrun shall remotely read the meter and confirm proper meter operation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak4f224215-c8f2-4977-8db8-958bf1a90812" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">G-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT H</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>QUALITY STANDARDS</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Sunrun Quality Standards will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreak3059cb16-e116-4ff8-8004-9f3be484be5a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">H-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT I</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>SUNRUN INSTALLER HANDBOOK</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Sunrun Installer Handbook w ill be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakebfdecf1-c8f8-4131-b745-1aee40eb6665" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">I-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT </b><b>J</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b style="MARGIN: 0px"><u>Non-Warranty Work Fees Schedule</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Non-Warranty Work Fees Schedule will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following rates are not to be exceeded for billable, non-warranty work :</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"> <p style="MARGIN: 0px"><b>General labor</b><b>:</b></p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">$85/hr (includes all service work performed on site that is not covered by a flat rate)</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px"><b>Travel:</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">$55/hr (includes time to travel to and from the site when not covered by a flat rate)</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>Meter service flat rate:</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">$132 .50/site Sunrun meter service flat rate includes troubleshooting, replacement, deactivation,and re-activation of meters.</p> <p style="MARGIN: 0px">Rate based on average of 2 hours per incident (1.25 hours travel and 0.75 hours on site).</p> <p style="MARGIN: 0px">If total time per incident exceeds 3 hours, the excess time is billable at the standard travel rate of $55/hr.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>Wildlife guards flat rate:</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">$6.00/per linear foot Includes all travel, labor,and materials for installation.</p> <p style="MARGIN: 0px">Cost overages may be considered if conditions are not typical (i.e. steep pitch roof or excess cleaning required)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreakc3dce876-b1f9-4c25-b934-3fc3bf3a59f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">J-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIB</b><b>I</b><b>T K</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u><b>FORM O</b><b>F </b><b>SUNRUN MILESTONE VERIFICATION STATEMENTS</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top"><u>Milestone 1</u></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"><u>Milestone 2</u></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"><u>Milestone 3</u></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakd1d4f893-7f90-494f-b661-796fb3ec2825" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">K-1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT L</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>SUNRUN SERVICE MANUAL</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Sunrun Service Manual will be provided by Sunrun to Contractor and attached hereto and may be amended from time to time by Sunrun upon notice to Contractor without requiring any amendment to the Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;L-1</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>30
<FILENAME>solarmax_ex1024.htm
<DESCRIPTION>EX-10.24
<TEXT>
<html><head><title>solarmax_ex1024.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.24</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Amendment No. 1 to Master Solar Facility Turnkey Contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">This Amendment No. 1 (the &#8220;<u>A</u><u>mendment</u>&#8221;) to the Master Solar Facility Turnkey Contract, between Sunrun Inc., a Delaware Corporation (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u>&#8221;) (Contractor and Sunrun are each hereinafter referred to as <i>&#8220;</i><u>Party</u><i>&#8221;</i>, and together as <i>&#8220;</i><u>Parties</u><i>&#8221;</i>) is entered into as of<u> </u>and shall be effective as of December 31, 2014 (the &#8220;<u>A</u><u>mendment Effective Date</u>&#8221;). Capitalized terms used but not defined herein shall have the meaning given to them in the Contract (as defined below).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor previously entered into that certain Master Solar Facility Turnkey Contract dated January 21, 2015, as amended (the &#8220;<u>Contract</u>&#8221;) in which the Parties agreed, among other things, to the general terms and conditions for the design, engineering, procurement, installation and construction of one or more Solar Facilities; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor mutually desire to amend the Contract as set forth below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px">1. Article 7 is hereby amended to add the following <u>Section 7.4 </u>as hereby follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px" align="justify">&#8220;7.4 <u>Transfer of Title and Risk of Loss with Respect to Certain Solar Facilities</u>. Notwithstanding <u>Sections 7.1 </u>and <u>7.2 </u>of this Contract, upon written notification in substantially the form attached hereto as Exhibit M ((the &#8220;<u>Tra</u><u>nsfer Notification</u>&#8221;, and the date the Transfer Notification is delivered, the &#8220;<u>Notice Date</u>&#8221; or such other date as otherwise agreed upon by the parties the &#8220;<u>E</u><u>ffective Date</u>&#8221;), by Sunrun to Contractor to transfer title and risk of loss with respect to certain Solar Facilities (the &#8220;<u>Selected Facilities</u>&#8221;) as more specifically described in the Transfer Notification which shall be provided no earlier than submission of the Milestone Verification Statement for Milestone 2 by Contractor with respect to each Selected Facility, (1) legal title to and ownership of all materials and equipment (excluding title and ownership to solar photovoltaic modules and inverters already passed to Sunrun or its assignee pursuant to Section 7.1) incorporated into the Work with respect to the Selected Facilities shall pass to Sunrun or its assignee free and clear of any and all Liens as warranted in Section 11, and Contractor represents and warrants the same and (2) Sunrun or its assignee shall assume the risk of loss for all materials and equipment incorporated into the Work with respect to the Selected Facilities. Contractor shall retain the risk of loss on all materials and equipment incorporated into the Work with respect to the Selected Facilities until assumption by Sunrun or its assignees pursuant to this <u>Section 7.4</u>. Contractor further agrees to execute and deliver a Bill of Sale and Assignment, as included in the Transfer Notification, and dated as of the Notice Date, no later than five (5) business days after receipt of the Transfer Notification.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. A new <u>E</u><u>xhibit M </u>to the Contract as attached hereto as <u>Exhibit M </u>is added to the Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak515b06a1-c6f4-4317-84a2-ce654c6e9faf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. Upon written notice (the &#8220;<u>Meter Notification</u>&#8221;) by Sunrun to Contractor, which shall occur on or around April 1, 2015, the Contract shall be amended as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">a. Exhibit A to the Contract shall be deleted in its entirety and replaced in full by the <u>Exhibit A </u>attached hereto.</p> <p style="MARGIN: 0px 0px 0px 90px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">b. Exhibit B to the Contract shall be deleted in its entirety and replaced in full by the <u>E</u><u>xhibit B </u>attached hereto.</p> <p style="MARGIN: 0px 0px 0px 90px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 90px">c. <u>Exhibit G </u>shall be amended such that the reference to &#8220;<u>E</u><u>xhibit B</u>&#8221; in Paragraph 1 shall be changed to &#8220;<u>E</u><u>xhibit A</u>.&#8221;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Contract. Except as expressly amended by this Amendment or any additional amendments made pursuant to <u>Section 14.2 </u>of the Contract, the Contract remains in full force and effect. In the event of any conflict between the terms of this Amendment and the terms of the Contract, the terms of this Amendment shall prevail. Each Party warrants that it has the authority to enter into this Amendment and perform its obligations hereunder. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature page follows.]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakc9f76b9f-1c51-47df-ae7e-3bc3163e386f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. I as of the Amendment Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" colspan="2">SUNRUN INC.</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="MARGIN: 0px" colspan="2"> <p>SOLARMAX RENEWABLE ENERGY<br>PROVIDER, INC.</p></td> <td></td></tr> <tr> <td width="5%">&nbsp;</td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%">&nbsp; </td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td>By:</td> <td> <p style="MARGIN: 0px">/s/ [signature not legible]</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Michael Valencia</em></p></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">Michael Valencia</p></td> <td>&nbsp;</td></tr> <tr> <td>Title:</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Title:</td> <td>Sales Director</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakb2082a93-7463-4a64-bdb4-b2e9ae5c27fa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT A</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>F</u></b><b><u>ORM OF SOLAR FACILITY ADDENDUM CONTRACT</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">(Unique Residential Solar Customer Agreement No.<u> </u>)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">THIS SOLAR FACILITY ADDENDUM CONTRACT (&#8220;<u>A</u><u>ddendum</u>&#8221;) is made by and between Sunrun Inc. (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc. (&#8220;<u>Contractor</u>&#8221;) for the design, engineering, procurement, installation, and construction of the Solar Facility described herein. This Addendum hereby incorporates, <i>in toto</i>, the terms and conditions set forth in the Master Solar Facility Turnkey Contract (&#8220;<u>Contract</u>&#8221;), and all schedules and exhibits thereto, executed by Sunrun and Contractor on<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>, 20____ [INSERT MONTH, DAY YEAR OF CONTRACT], as amended. Capitalized terms contained herein have the meanings set forth in the Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">It is agreed:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SOLAR FACILITY</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contract Price:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $____________________<u> </u></p> <p style="MARGIN: 0px" align="justify">Host Customer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________</p> <p style="MARGIN: 0px" align="justify"><u></u>Street Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________</p> <p style="MARGIN: 0px" align="justify"><u></u>Utility:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________</p> <p style="MARGIN: 0px">Rebate Level:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>TECHNICAL SPECIFICATIONS</b></p> <p style="MARGIN: 0px"><b>System Size</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px"><b>Description</b></p></td> <td valign="top" width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px"><b>Rating</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Standard Test Condition Direct Current (STC DC kilowatts)</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">CEC Alternating Current (CEC AC kilowatts)</p></td> <td></td> <td valign="top"></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>G</b><b>e</b><b>neration Equipment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px"><b>Photovoltaic collectors</b></p></td> <td valign="top" width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px"><b>Description</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Manufacturer</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Model number</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">STC DC rating</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity</p></td> <td></td> <td valign="top"></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak44bfc425-1f4a-434c-afbc-3c46714eb867" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px"><b>In</b><b>v</b><b>erters</b></p></td> <td valign="top" width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px"><b>Description</b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Manufacturer</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Model number</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Efficiency</p></td> <td></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Quantity</p></td> <td></td> <td valign="top"></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Met</b><b>e</b><b>r Information</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="8%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="25%"> <p style="MARGIN: 0px"><b>M</b><b>e</b><b>ter</b></p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><b>Description</b></p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Manufacturer</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Model number</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SOLAR FACILITY DESIGN DIAGRAMS</b></p> <p style="MARGIN: 0px">Attach the single-line diagram and aerial-view module layout for the Solar Facility to this document.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>SITE SPECIFICATIONS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"> <p style="MARGIN: 0px">Array 1</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">Array 2</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px"><b>Sh</b><b>ading (% of solar</b></p> <p style="MARGIN: 0px"><b>access)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Jan</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Feb</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Mar</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Apr</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">May</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Jun</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Jul</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Aug</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Sep</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Oct</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Nov</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px 0px 0px 30px">Dec</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px"><b>Mounting pitch (degrees)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px"><b>A</b><b>z</b><b>i</b><b>muth (degrees)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px"><b>O</b><b>ffset (inches)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="23%"> <p style="MARGIN: 0px"><b>P</b><b>roduction (kWh)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="9%"></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="10%"></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>A</b><b>SSIGNMENT</b></p> <p style="MARGIN: 0px">When transfer of the title to the Work occurs pursuant to <u>Article 7 </u>of the Contract, title to the Work shall be transferred to the Person (&#8220;<u>A</u><u>ssignee</u>&#8221;) designated in Exhibit A-1 for Sunrun use only.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak35938e76-1534-4b99-8a68-3af45ad92792" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>MISCELLANEOUS</b></p> <p style="MARGIN: 0px" align="justify">Neither this Addendum, nor the Contract, creates any employment, agency, partnership, joint venture or other joint relationship between the Parties. Should a conflict arise between the terms of this Addendum and the terms of the Contract that cannot be reconciled, the terms of this Addendum shall govern; provided, however, agreement on a conflicting term in this Addendum shall not operate to modify the conflicting term in the Contract for future addenda executed between the Parties. This Addendum may be executed in counterparts, each of which will be deemed an original, but all of which taken together will constitute but one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="45%"> <p style="MARGIN: 0px"><b>SUNRUN INC.</b></p></td> <td width="10%"></td> <td width="45%"> <p style="MARGIN: 0px"><b>SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</b></p></td></tr> <tr> <td></td> <td></td> <td></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">SIGNATURE </p></td> <td></td> <td> <p style="MARGIN: 0px">SIGNATURE</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">NAME </p></td> <td></td> <td> <p style="MARGIN: 0px">NAME</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">TITLE </p></td> <td></td> <td> <p style="MARGIN: 0px">TITLE</p></td></tr> <tr height="15"> <td></td> <td></td> <td></td></tr> <tr height="15"> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">DATE </p></td> <td></td> <td> <p style="MARGIN: 0px">DATE</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak953e8377-600a-403c-a5ac-837537bacab4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT B</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>MA</u></b><b><u>TERIALS EQUIPMENT AND SUPPLIES PROVIDED BY SUNRUN</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="60%"> <p style="MARGIN: 0px"><b>Item </b></p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>Quantity </b></p></td></tr> <tr> <td> <p style="MARGIN: 0px">Sunrun inverter sticker</p></td> <td></td> <td> <p style="MARGIN: 0px">Quantity as required</p></td></tr> <tr> <td> <p style="MARGIN: 0px">Sunrun asset tags</p></td> <td></td> <td> <p style="MARGIN: 0px">Quantity as required</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2444bbb7-841a-41b6-ae79-8eb08fb1ac72" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT M</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>TRANSFER NOTIFICATION</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>[</b><b>SUNRUN LETTERHEAD]</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">[<i>D</i><i>ate</i>]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Solarmax Renewable Energy Provider, Inc.</p> <p style="MARGIN: 0px">3080 12th Street</p> <p style="MARGIN: 0px" align="justify">Riverside, CA 92507</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Re: Master Solar Facility Turnkey Contract, between Sunrun Inc. (&#8220;<b><u>Sunrun</u></b>&#8221;) and Solarmax Renewable Energy Provider, Inc. (&#8220;<b><u>you</u></b>&#8221; or &#8220;<b><u>C</u></b><b><u>ontractor</u></b>&#8221;), dated as of January 21, 2015, as amended (the &#8220;<b><u>A</u></b><b><u>greement</u></b>&#8221;)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Ladies and Gentlemen:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This transfer notification (this &#8220;<b><u>Transfer Notification</u></b>&#8221;) hereby notifies you of Sunrun&#8217;s election to transfer title and risk of loss with respect to certain Solar Facilities from you to a respective affiliate of Sunrun, pursuant to Section 7.4 of the Agreement. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Pursuant to Section 7.4 of the Agreement, you will execute and deliver the bills of sale (the &#8220;<b><u>Bills of Sale</u></b>&#8221;) attached as <u>Exhibit A </u>hereto, and dated as of the Notice Date, no later than five (5) business days after receipt of this Transfer Notification. Upon the effective date of the Bills of Sale, the title to and risk of loss with respect to the Solar Facilities more specifically described in each Bill of Sale shall be transferred from you to the respective affiliate of Sunrun set forth therein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Please contact us with any questions. Thank you for your cooperation and assistance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td style="MARGIN: 0px" colspan="2"> <p style="MARGIN: 0px">Sincerely,</p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px">SUNRUN INC.</p></td> <td></td></tr> <tr> <td width="47%">&nbsp;</td> <td width="3%">&nbsp; </td> <td width="30%">&nbsp;</td> <td width="15%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Print Name: _______________________________</p></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:<u> </u></td> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp; <table id="pagebreakaf3058ee-bdc2-4df4-9473-f3796c3b35d8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Exhibit A</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Bill of Sale</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This <b>BILL OF SALE AND ASSIGNMENT </b>is made and entered into as of&nbsp;________, 20[__]<sup>1 </sup>and shall be effective as of __________, by and between [APPLICABLE FUND NAME], a Delaware limited liability company (&#8220;<b><i>P</i></b><b><i>urchaser</i></b>&#8221;), and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<b><i>Seller</i></b>&#8221;). Purchaser and Seller are referred to collectively herein as the &#8220;<b><i>P</i></b><b><i>arties</i></b>&#8221;.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>RECITALS</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Pursuant to Section 7.4 of that certain Master Solar Facility Turnkey Contract, between Sunrun Inc. (&#8220;<b><i>Sunrun</i></b>&#8221;) and Seller, dated as of January 21, 2015, as amended (the &#8220;<b><i>Agreement</i></b>&#8221;) Seller has agreed to transfer title and risk of loss with respect to certain Solar Facilities. Capitalized terms used herein and not defined herein shall have the meanings ascribed to such terms in the Agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. It is the Parties&#8217; intention to reflect the transfer of Seller&#8217;s legal title to and ownership of all materials and equipment (excluding title and ownership to solar photovoltaic modules and inverters already passed to Purchaser) incorporated into the Work (the &#8220;<b><i>T</i></b><b><i>ransferred Assets</i></b>&#8221;) with respect to the Solar Facilities more specifically described on <u>Schedule I </u>hereto (the &#8220;<b><i>T</i></b><b><i>ransferred Facilities</i></b>&#8221;) by the execution and delivery of this Bill of Sale and Assignment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. The Parties now desire to carry out the intent and purpose of Section 7.4 of the Agreement by Seller&#8217;s and Purchaser&#8217;s execution and delivery of this Bill of Sale and Assignment as evidence of the sale, conveyance, assignment, transfer and delivery to Purchaser of the Transferred Assets.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">NOW, THEREFORE, in consideration of the covenants, promises and representations set forth herein, in the Agreement and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">1.</td> <td valign="top">Seller does hereby, effective from and after the date hereof, sell, convey, assign, transfer and deliver unto Purchaser, Seller&#8217;s legal title to and ownership of the Transferred Assets with respect to the Transferred Facilities, all as consistent with the Agreement, as amended (all such transactions together with respect to a Transferred Facility, the <b><i>&#8220;Purchase And Sale&#8221;</i></b>) and Purchaser does hereby, effective from and after the Effective Date, assume the risk of loss for the Transferred Assets and the Transferred Facilities.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">2.</td> <td valign="top">Seller warrants to Purchaser that Seller has good and marketable title to the Transferred Assets, and that the Transferred Assets are sold free of all liens, encumbrances, liabilities, and adverse claims of every nature and description whatsoever as of the Effective Date.</td></tr></tr></table></p> <p style="MARGIN: 0px">_____________&nbsp;</p> <p style="MARGIN: 0px"><sup>1</sup> To be dated the date the Transfer Date was sent (the Notice Date)</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake125046a-afb2-4d89-b620-d1309290752e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">3.</td> <td valign="top">Within one month of the Effective Date, Purchaser shall update Schedule I to include additional applicable Transferred Facilities related to such Effective Date, which shall constitute an amendment to this Agreement without any further action required of Seller.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">4.</td> <td valign="top">Each of the Parties shall use its commercially reasonable efforts to take, or cause to be taken, all appropriate action, do or cause to be done all things necessary, proper or advisable under applicable laws, and execute and deliver such documents and other papers, as may be required to carry out the provisions of this Bill of Sale and Assignment and consummate and make effective the transactions contemplated by this Bill of Sale and Assignment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">5.</td> <td valign="top">This Bill of Sale and Assignment shall bind and shall inure to the benefit of the respective Parties and their assigns, transferees and successors.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">6.</td> <td valign="top">This Bill of Sale and Assignment shall be construed and enforced in accordance with the laws of the State of California.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">7.</td> <td valign="top">This Bill of Sale and Assignment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.</td></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Remainder of Page Intentionally Left Blank]</p><b style="MARGIN: 0px">&nbsp; <table id="pagebreak0f6b3c29-0f7c-43e6-92ff-1ecfb5097019" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></b> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>IN WITNESS WHEREOF, </b>this Bill of Sale and Assignment has been duly executed and delivered by a duly authorized representative of each of the Parties as of the Effective Date.</p> <p style="MARGIN: 0px" align="center"><u></u>&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"><u>SELLER</u>:</td> <td></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Solarmax Renewable Energy Provider, Inc.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="10%">&nbsp;</td></tr> <tr> <td></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>Title:</td> <td></td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px"><u>PURCHASER</u>:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">[Fund Name]</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">By:</p></td> <td> <p style="MARGIN: 0px">Sunrun Inc., its managing member</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak511a9440-429e-4a08-b6af-d181526e0d43" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>SCHEDULE I</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>TO BILL OF SALE</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b><u>Transferred Facilities</u></b></p> <p style="MARGIN: 0px" align="center"><b><u></u></b>&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>31
<FILENAME>solarmax_ex1025.htm
<DESCRIPTION>EX-10.25
<TEXT>
<html><head><title>solarmax_ex1025.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.25</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Amendment No. 2 to Master Solar Facility Turnkey Contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">This Amendment No. 2 (the &#8220;<u>A</u><u>mendment</u>&#8221;) to the Master Solar Facility Turnkey Contract, between Sunrun Inc., a Delaware Corporation (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u>&#8221;) (Contractor and Sunrun are each hereinafter referred to as <i>&#8220;</i><u>Party</u><i>&#8221;</i>, and together as <i>&#8220;</i><u>Parties</u><i>&#8221;</i>) is entered into as of <u>5/11/2015</u> and shall be effective as of June 1, 2015 (the &#8220;<u>Amendment Effective Date</u>&#8221;). Capitalized terms used but not defined herein shall have the meaning given to them in the Contract (as defined below).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor previously entered into that certain Master Solar Facility Turnkey Contract dated January 21, 2015, as amended (the &#8220;<u>Contract</u>&#8221;) in which the Parties agreed, among other things, to the general terms and conditions for the design, engineering, procurement, installation and construction of one or more Solar Facilities; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor mutually desire to amend the Contract as set forth below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. Exhibit C to the Contract shall be deleted in its entirety and replace in full by Exhibit C attached hereto.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Contract. Except as expressly amended by this Amendment or any additional amendments made pursuant to <u>Section 14.2 </u>of the Contract, the Contract remains in full force and effect. In the event of any conflict between the terms of this Amendment and the terms of the Contract, the terms of this Amendment shall prevail. Each Party warrants that it has the authority to enter into this Amendment and perform its obligations hereunder. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature page follows]</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka916f9ba-d0c3-45a2-a502-d6a85cf46f9b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 2 as of the Amendment Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SUNRUN INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Solarmax Renewable Energy Provider, Inc.</p></td> <td valign="top"></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top" width="5%"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="35%"> <p style="MARGIN: 0px"><em>/s/ Matthew Woods</em></p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="5%"> <p style="MARGIN: 0px">By: <u></u></p></td> <td style="BORDER-BOTTOM: black 1px solid" width="35%"> <p style="MARGIN: 0px"><em>/s/ Michael Valencia</em></p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td valign="top"> <p style="MARGIN: 0px">Matthew Woods</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">Michael Valencia</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td valign="top"> <p style="MARGIN: 0px">Sr. Vice President, Channel Sales / Partner Management</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Title: </p></td> <td> <p style="MARGIN: 0px">Sales Director</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td valign="top"> <p style="MARGIN: 0px">5/11/2015</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Date: </p></td> <td> <p style="MARGIN: 0px">5/10/2015</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak99a47188-89e4-4764-ab72-c298b22d67a6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXHIBIT C</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u><b>PAYMENT MILESTONES</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Capitalized terms contained herein have the meanings set forth in the Master Solar Facility Turnkey Contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>If Host Customer and Sunrun have entered into a Residential Solar Customer Agreement prior to June 1, 2015:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Milestone</b></p></td> <td valign="top" width="2%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="20%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Payment Due Contractor</b></p></td> <td valign="top" width="2%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Terms</b></p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Photovoltaic modules and inverter are delivered to the Host Customer&#8217;s Site and all Work necessary to design, engineer, construct and install a Solar Facility on a Host Customer Site is complete</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">60% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10 Business Days</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Substantial Completion achieved</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">20% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Business Days</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Final Completion achieved</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">20% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Business Days</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contractor shall have the option to invoice Sunrun once per Solar Facility Addendum reflecting the amounts due for each milestone.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Otherwise:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Milestone</b></p></td> <td valign="top" width="1%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="20%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Payment Due Contractor</b></p></td> <td valign="top" width="2%"></td> <td style="BORDER-BOTTOM: 1px solid" valign="top" width="25%"> <p style="MARGIN: 0px 0px 0px 0in" align="justify"><b>Terms</b></p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(1) Photovoltaic modules and inverter are delivered to the Host Customer&#8217;s Site and all Work necessary to design, engineer, construct and install a Solar Facility on a Host Customer Site is complete</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">80% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10 Business Days</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(2) Substantial Completion achieved</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">0% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Business Days</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">(3) Final Completion achieved</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">20% of Contract Price</p></td> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Payment initiated within 10</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Business Days</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Contractor shall have the option to invoice Sunrun once per Solar Facility Addendum reflecting the amounts due for each milestone.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>32
<FILENAME>solarmax_ex1026.htm
<DESCRIPTION>EX-10.26
<TEXT>
<html><head><title>solarmax_ex1026.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.26</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>A</b><b>m</b><b>e</b><b>ndment No. 3 to Master Solar Facility Turnkey Contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">This Amendment No. 3 (the &#8220;<u>Amendment No. 3</u>&#8221;) to the Master Solar Facility Turnkey Contract between Sunrun Inc., a Delaware corporation (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u>&#8221;) (Contractor and Sunrun are each hereinafter referred to as <i>&#8220;</i>Party<i>&#8221;</i>, and together as <i>&#8220;</i>Parties<i>&#8221;</i>) is effective as of the date the last Party signs (the &#8220;<u>Amendment No. 3 Effective Date</u>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor previously entered into that certain Master Solar Facility Turnkey Contract effective January 25, 2015, as amended (the &#8220;<u>Contract</u>&#8221;) in which the Parties agreed, among other things, to the general terms and conditions for the design, engineering, procurement, installation and construction of one or more Solar Facilities; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor mutually desire to amend the Contract as set forth below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. Starting on December 1, 2017, the following defined term is hereby added to <u>Section 1.1</u> of the Contract:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;&#8216;<u>Rebate</u>&#8217; shall mean any rebate, renewable energy credit or other incentive applicable to a Solar Facility or related Sunrun Product.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. Starting on December 1, 2017, each and every reference in the Contract to &#8220;rebate&#8221; will be replaced with &#8220;Rebate&#8221; with the definition included herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. Starting on December 1, 2017, the first sentence of <u>Section 4.4</u> of the Contract is hereby deleted in its entirety and replaced in full with the following:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&#8220;Contractor shall submit to Sunrun a request in writing (email acceptable) for a notice to proceed with procurement, installation, construction, testing, commissioning, and start-up of the Solar Facility.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">4. Starting on December 1, 2017, <u>Section 4.6</u> of the Contract shall be deleted in its entirety and replaced in full with the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;4.6 <u>Rebates</u>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">(a) <u>Rebate Reservation</u>. Contractor shall be solely responsible for preparing and submitting all Rebate Documentation required to reserve the Rebate(s) applicable for the Solar Facility and other Sunrun Products (as applicable). Contractor shall provide evidence of Rebate reservation in accordance with <u>Section 4.6(a)</u> satisfactory to Sunrun in its sole discretion prior to or concurrent with Contractor&#8217;s Request for Payment for Milestone 1. Contractor&#8217;s delivery to Sunrun of evidence of Rebate reservation satisfactory to Sunrun in its sole discretion shall be a condition precedent to Sunrun&#8217;s approval of Contractor&#8217;s Request for Payment for Milestone 1 in accordance with <u>Section 6.2(a)</u>.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak32a59bc9-ae3a-42da-ba0d-8d6b8f10160d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(b) <u>Rebate Documentation; Processing</u>. No later than five (5) Business Days from the date the Solar Facility receives PTO Approval from the applicable Utility (the &#8220;<u>Rebate Filing Date</u>&#8221;), Contractor shall file the applicable Rebate Documentation required for Sunrun to receive payment of the Rebate and shall notify Sunrun in writing of such filing. Contractor shall be liable for failure to receive the applicable Rebate amount as set forth in the Rebate reservation in the Rebate Documentation.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">5. Starting on December 1, 2017, the second sentence of <u>Section 6.2(a)</u> of the Contract shall be deleted in its entirety and replaced in full with the following:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;Each Request for Payment shall contain the applicable completed Sunrun Milestone Verification Statement signed by the Contractor and all evidence required by such Sunrun Milestone Verification Statement and required by this Contract.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">6. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Contract. Except as expressly amended by this Amendment No. 3 or any additional amendments made pursuant to <u>Section 14.2</u> of the Contract, the Contract remains in full force and effect. In the event of any conflict between the terms of this Amendment No. 3 and the terms of the Contract, the terms of this Amendment No. 3 shall prevail. Each Party warrants that it has the authority to enter into this Amendment No. 3 and perform its obligations hereunder. This Amendment No. 3 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature page follows]</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreak11ac5b32-e380-4edf-9fd1-4af9cb748306" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 3 as of the Amendment No. 3 Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SUNRUN INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp; </p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp; </p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="10%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">/s/ Matt Schindel</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">/s/ David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Name: </p></td> <td> <p style="MARGIN: 0px">Matt Schindel</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Name: </p></td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title: </p></td> <td> <p style="MARGIN: 0px">VP Finance</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">CEO</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td> <p style="MARGIN: 0px">1/13/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Date: </p></td> <td> <p style="MARGIN: 0px">1/12/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Approved by Sunrun Legal</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Approved by Sunrun Finance</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>33
<FILENAME>solarmax_ex1027.htm
<DESCRIPTION>EX-10.27
<TEXT>
<html><head><title>solarmax_ex1027.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.27</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>A</b><b>m</b><b>e</b><b>ndment No. 1 to Channel Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">This Amendment No. 1 (the &#8220;<u>Amendment No. 1</u>&#8221;) to the Channel Agreement between Sunrun Inc., a Delaware corporation (&#8220;<u>Sunrun</u>&#8221;) and Solarmax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u>&#8221;) (Contractor and Sunrun are each hereinafter referred to as <i>&#8220;</i><u>Party</u><i>&#8221;</i>, and together as <i>&#8220;</i><u>Parties</u><i>&#8221;</i>) is effective as of the date the last Party signs (the &#8220;<u>Amendment No. 1 Effective Date</u>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor previously entered into that certain Channel Agreement effective as of January 25, 2015, as amended (the &#8220;<u>Agreement</u>&#8221;) in which the Parties agreed, among other things, that Contractor would market and sell Sunrun Products on the terms and conditions set forth therein; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor mutually desire to amend the Agreement as set forth below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. Starting on December 1, 2017, the following defined term is hereby added to <u>Section 1.1</u> of the Agreement:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&#8220;&#8216;<u>Rebate</u>&#8217; has the meaning set forth in Amendment No. 3 to the Master Solar Facility Turnkey Contract.&#8221;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. Starting on December 1, 2017, each and every reference in the Agreement to &#8220;rebate&#8221; will be replaced with &#8220;Rebate&#8221; with the definition included herein.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">3. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Agreement. Except as expressly amended by this Amendment No. 1 or any additional amendments made pursuant to <u>Section 12.2</u> of the Agreement, the Agreement remains in full force and effect. In the event of any conflict between the terms of this Amendment No. 1 and the terms of the Agreement, the terms of this Amendment No. 1 shall prevail. Each Party warrants that it has the authority to enter into this Amendment No. 1 and perform its obligations hereunder. This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature page follows]</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table id="pagebreaka87d21a0-635e-4fb1-bcb1-291ca6369d07" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No. 1 as of the Amendment No. 1 Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SUNRUN INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" colspan="3"> <p style="MARGIN: 0px">SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</p></td></tr> <tr height="15"> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="15%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Matt Schindel</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">Matt Schindel</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">David Hsu</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">VP Finance</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">CEO</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td> <p style="MARGIN: 0px">1/13/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td> <p style="MARGIN: 0px">1/12/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Approved by Sunrun Legal</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Approved by Sunrun Finance</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>34
<FILENAME>solarmax_ex1028.htm
<DESCRIPTION>EX-10.28
<TEXT>
<html><head><title>solarmax_ex1028.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.28</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Amendment No. 2 to Channel Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">This Amendment No. 2 (the &#8220;<u>Amendment No. 2</u>&#8221;) to the Channel Agreement between Sunrun Inc., a Delaware corporation (&#8220;<u>Sunrun</u>&#8221;) and SolarMax Renewable Energy Provider, Inc., a California corporation (&#8220;<u>Contractor</u>&#8221;) (Contractor and Sunrun are each hereinafter referred to as <i>&#8220;</i><u>Party</u>&#8221;, and together as <i>&#8220;</i><u>Parties</u>&#8221;) is effective as of the date the last Party signs (the &#8220;<u>Amendment No. 2 Effective Date</u>&#8221;).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor previously entered into that certain Channel Agreement dated January 25, 2015, as amended (the &#8220;<u>Agreement</u>&#8221;), in which the Parties agreed, among other things, that Contractor would market and sell Sunrun Products on the terms and conditions set forth therein; and</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">WHEREAS, Sunrun and Contractor mutually desire to amend the Agreement as set forth below.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">NOW THEREFORE in consideration of the mutual promises and covenants set forth herein, it is agreed:</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">1. Contractor&#8217;s exclusivity obligations, as described in Section 2.2(b) of the Agreement, shall terminate as of the Amendment No. 2 Effective Date.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">2. Capitalized terms used herein and not otherwise defined herein have the respective meanings assigned to them in the Agreement. Except as expressly amended by this Amendment No. 2 or any additional amendments made pursuant to <u>Section 12.2</u> of the Agreement, the Agreement remains in full force and effect. In the event of any conflict between the terms of this Amendment No. 2 and the terms of the Agreement, the terms of this Amendment No. 2 shall prevail. Each Party warrants that it has the authority to enter into this Amendment No. 2 and perform its obligations hereunder. This Amendment No. 2 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">[Signature page follows]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2d9ba3a2-0d50-4617-8365-efb5e9838541" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left">IN WITNESS WHEREOF, Sunrun and Contractor hereby execute this Amendment No.2 as of the Amendment No. 2 Effective Date.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SUNRUN INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px">SOLARMAX RENEWABLE ENERGY PROVIDER, INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="5%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="15%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ Matt Schindel</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><em>/s/ David Hsu</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td> <p style="MARGIN: 0px">Matt Schindel</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Name:</p></td> <td>David Hsu</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">VP Finance</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Title:</p></td> <td> <p style="MARGIN: 0px">Ceo</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td> <p style="MARGIN: 0px">3/22/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Date:</p></td> <td> <p style="MARGIN: 0px">3/22/2018</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td colspan="2"> <p style="MARGIN: 0px">Approved by Sunrun Legal</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.29
<SEQUENCE>35
<FILENAME>solarmax_ex1029.htm
<DESCRIPTION>EX-10.29
<TEXT>
<html><head><title>solarmax_ex1029.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.29</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>[Letterhead of]</b></p> <p style="MARGIN: 0px" align="center"><b>SolarMax Technology, Inc.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">October , 2018</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Li-Max Technology, Inc.</p> <p style="MARGIN: 0px">[address]</p> <p style="MARGIN: 0px">Attention:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 135px">Re: <u>Master Distribution Agreement</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Ladies and Gentlemen:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Reference is made to the master distribution agreement (the &#8220;Agreement&#8221;) dated June 9, 2016, by and between Li-Max Technology, Inc. (&#8220;Li-Max&#8221;) and SolarMax Technology, Inc. (&#8220;SolarMax&#8221; and, together with Li-Max, the &#8220;Parties&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Parties recognize that Section 3.2 of the Agreement contains certain minimum purchase requirements on behalf of SolarMax, and that SolarMax has not met these requirements because the Li-Max Energy System (the &#8220;System&#8221;), as presently developed, does not meet the requirements of the State of California for qualification for incentives for energy storage under the California Self-Generation Incentive Program (&#8220;SGIP&#8221;). The Parties recognize that Li-Max needs to redesign the System in order that the System qualifies for the California home battery rebate under SGIP. Li-Max agrees to redesign the System in order that it qualify for the California home battery rebate. Until (i) Li-Max shall have so redesigned the System and (ii) SolarMax shall be satisfied that the System, as redesigned, qualifies for the California home battery rebate and that Li-Max can manufacture and delivery the redesigned Systems in the quantities contemplated by the Agreement (the &#8220;Redesign Date&#8221;), all provisions of the Agreement relating to minimum purchase requirements shall be suspended, SolarMax shall have no obligation to make any purchases pursuant to the Agreement, and Li-Max shall not terminate the Agreement or reduce SolarMax&#8217; rights thereunder. SolarMax&#8217; purchase obligations shall commence on the Redesign Date, and the six-month period referred to in Section 3.2 of the Agreement shall mean the six-month period commencing on the first day of the first calendar month which follows six months after the Redesign Date. For example, if the Redesign Date is February 5, 2019, the six-month period for the Initial Purchase Commitment will commence August 1, 2019. The Parties shall negotiate in good faith the Initial Purchase Commitment; provided, that in no event shall the Initial Purchase Commitment exceeds 375 Units. The Base Price shall be adjusted to reflect changes in Li-Max&#8217; cost as well as the anticipated market price, but in no event will the Base Price be greater than the anticipated market price.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Parties further agree that the Term of the Agreement shall be extended until five years from the Redesign Date.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Except as amended by this letter, the Agreement shall remain in full force and effect.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="2"> <p style="MARGIN: 0px">AGREED TO: </p> <p style="MARGIN: 0px">LI-MAX TECHNOLOGY, INC.</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2">Very truly yours, <p style="MARGIN: 0px">SOLARMAX TECHOLOGY, INC.</p></td> <td></td></tr> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="35%">&nbsp;</td> <td width="12%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%">&nbsp; &nbsp; </td> <td width="35%">&nbsp;</td> <td width="12%">&nbsp;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid">/s/ David Hsu</td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>David Hsu, CEO</td> <td>&nbsp;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>&nbsp;</td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>&nbsp;</td> <td></td> <td>&nbsp;</td></tr> <tr> <td> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid">Yang Wen-Ching </td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.30
<SEQUENCE>36
<FILENAME>solarmax_ex1030.htm
<DESCRIPTION>EX-10.30
<TEXT>
<html><head><title>solarmax_ex1030.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.30</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right">Contract SN: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Ningxia MCC Meili Cloud New Energy Co., Ltd.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>50MWp Photovoltaic Power Station</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EPC General Contract Project</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>General Contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Commercial Part</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">Aug. 2018</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table id="pagebreakdd2405b3-a2e5-4227-9ce9-66d7515f9fcc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Contents</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td colspan="3"> <p style="MARGIN: 0px">Part I: Contract Agreement</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">6</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">1. Project outline</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">6</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">2. Main sources of technology</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">7</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">3. Main dates</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">7</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">4. Engineering quality standard</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">7</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">5. Contract composition, price and payment currency</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">7</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">6. Contractor&#8217;s promise</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">7</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">7. Connotations in the contract agreement</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">8</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">8. Contract entry into force</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">8</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="3"> <p style="MARGIN: 0px">Part II: General Provisions</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">10</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 1: General Stipulations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">10</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1 Definition and Interpretation</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">10</p></td> <td valign="top" width="1%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2 Contract documents</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">11</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.3 Language</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">12</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4. Applicable law</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">12</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5. Standard and norm</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">12</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.6 Observe laws</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">13</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.7 Confidentiality</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">13</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 2: Owner</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">13</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1 Rights and obligations of the owner</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">13</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.2 Owner&#8217;s representative</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.3 Supervisor</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.4 Safety guarantee and security responsibility</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 3: Contractor</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1 Rights and obligations of the contractor</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2 Project manager</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">14</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3 Engineering quality assurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">15</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.4 Safety guarantee</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">15</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.5 Guarantee for occupational health and environmental protection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">15</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.6 Progress guarantee</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.7 On-site security</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.8 Subcontract</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 4: Progress schedule, delay and suspension</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1 Project progress schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.2 Design progress plan</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">16</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3 Procurement schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">17</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4 Construction schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">17</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.5. Delay damages</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">18</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.6 Suspension</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">18</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 5: Technology and Design</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">19</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1 Production technology, architectural design scheme</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">19</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2 Design</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">20</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.3 Design phase review</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">20</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.4 Training of operation and maintenance personnel</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">21</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.5. Intellectual property right</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">21</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 6: Engineering Materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">21</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1 Provision of engineering materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">21</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2 Inspection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">22</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.3 Declaration and clearance of customs of imported engineering materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">23</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.4 Transportation and transport of goods beyond limits</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">24</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.5 Reorder and consequences</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">24</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.6 Custody and surplus of engineering materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">24</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 7: Construction</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">24</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1 Owner&#8217;s obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">24</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2 Contactor&#8217;s obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">25</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.3 Construction technique and method</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">26</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4 Human power and machine resources</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">26</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak596d85a9-b4a0-421d-ac82-069f95c2501b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5 Quality and inspection</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">27</p></td> <td valign="top" width="1%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6 Concealed engineering and intermediate acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">28</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.7 Disputes over the results of construction quality</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">29</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.8 Occupational health, safety, and environmental protection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">29</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 8: Completion Test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">32</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1 Obligation to complete test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">32</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.2 Inspection and acceptance of completed test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">33</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.3 Safety and inspection of completion tests</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">34</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.4 Delayed completion test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">35</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.5 Retesting and acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">35</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.6 Failure to pass completion test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">35</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.7 Dispute over the results of the completed test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">36</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 9: Engineering receiving</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">36</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1 Engineering receiving</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">36</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.2 Acceptance certificate</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">37</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.3 Responsibility for receiving works</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">37</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.4 Failure to receive the project</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">37</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 10: Post-completion Test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">38</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1 Rights and obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">38</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2 Post-completion test procedure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">39</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3 Assessment on test after completion and pilot run</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">39</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.4 Delay in testing after completion</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">40</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.5 Recommencement of post-completion test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">40</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.6 Fail to pass the assessment.</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">41</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.7 Post-completion test and certificate of check and acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">41</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.8 Lost value of production and use</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">41</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 11: Quality Warranty Liability</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">42</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1 Warranty of quality liability</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">42</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.2 Warranty premium on quality liability</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">42</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 12: Completion Acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">42</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1 Completion acceptance report and complete completion materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">42</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.2 Completion acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">43</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 13: Amendment and contract price adjustments</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">43</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1 Right of amendment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">43</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.2 Scope of amendment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">43</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.3 Procedures of modification</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">44</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.4 Emergency amendment procedure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">45</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.5 Determination of amendment price</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.6 Benefit-sharing of proposed amendment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.7 Contract price adjustment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.8 Dispute over contract price adjustment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 14: Total price and payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.1: Total price and payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">46</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.2 Guarantee</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">47</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.3 Advance payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">47</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.4 Progress payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">47</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.5 Withhold and payment of quality liability warranty.</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">47</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.6 Application for payment according to payment schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">48</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.7 Payment condition and time arrangement</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">48</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.8 Delay in payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">48</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.9 Tax and customs duties</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">49</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.10 Payment of claim&#8217;s amount</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">49</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">14.11 Completion settlement</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">49</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 15: Insurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">50</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.1 Contractor&#8217;s insurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">50</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.2 All risks and third party liability risks</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">51</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.3 Other provisions of insurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">54</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 16: Breach of contract, claims and disputes</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">51</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.1 Responsibility of breach</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">51</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.2 Claim indemnity</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">52</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr></table>&nbsp; <table id="pagebreak8305691b-6454-4a59-89e9-2990ed431c5d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.3 Disputes and awards</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">53</p></td> <td valign="top" width="1%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 17: Force Majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">53</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.1 Obligations on force majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">53</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.2 Consequences of force majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">54</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 18: Contract effectiveness and termination</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">54</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 19: Supplementary terms</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">54</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td colspan="3"> <p style="MARGIN: 0px">Part III: Particular Condition</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 1: General Provision</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.1 Definition and explanation</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.2 Language</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.3. Applicable laws</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.4. Standards and norms</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">1.5 Confidentiality</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 2: Owner</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">2.1 Owner&#8217;s representative</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">55</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 3: Contractor</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.1 General obligations and rights of the contractor</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.2 Project manager</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">3.3.3 Subcontract</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 4: Progress schedule, delay and suspension</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.1 Progress schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.3 Material procurement schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">4.4 Construction schedule</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 5: Technology and Design</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.1 Production technology, architectural design scheme</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">56</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">5.2 Design</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">57</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 6: Engineering Materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">57</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.1 Provision of engineering materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">57</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">6.2 Custody and surplus of engineering materials</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">57</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 7: Construction</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">58</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.1 Owner&#8217;s obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">58</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.2 Contactor&#8217;s obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">58</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.3 Human power and machine resources</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">58</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.4 Quality and inspection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.5 Concealed engineering and intermediate acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">7.6 Occupational health, safety, and environmental protection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 8: Completion Test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">8.1 Obligation to complete test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 9: Engineering receiving</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">9.1 Engineering receiving</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">59</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 10: Post-completion Test</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.1 Liabilities and obligations</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.2 Post-completion test procedure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">10.3 Post-completion test and trial operation</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Trial operation period: 240 hours.</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 11: Quality Warranty Liability</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">11.1 Warranty premium on quality liability</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">60</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 12: Completion Acceptance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">12.1 Completion documents and acceptance report</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 13: Amendment and contract price adjustments</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">13.1 Scope of amendment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 14: Performance Bond</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 15: Total Price and Payment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.2 Advance payment: within 30 days after the contract is signed, the contractor shall provide the following materials to the owner, and the owner shall pay 10% of the project fund to the contractor (via bank cable transfer).</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">61</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.3 Payment at goods arrival: the owner will pay 15% of the project fund (in bank cable transfer or bank acceptance bill (percentage of bank acceptance bill in 50% at most)) after the supervisor has confirmed that main devices (assemblies, supports, inverters and box transformers) are taken into the project site and the contractor has provided the following materials.</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">62</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr></table>&nbsp; <table id="pagebreakc5ff4008-8705-4374-b1d5-284528336ad4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#cceeff"> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">15.4 All works (design, device procurement, installation and debugging) in this contract are completed, within 30 days after the Certificate of Completion Acceptance or the related document of acceptance is issued by the grid company; the contractor provides the following files to the owner, and the owner pay 72% of the project fund (in bank cable transfer or bank acceptance bill (percentage of bank acceptance bill in 50% at most)).</p></td> <td valign="top" width="9%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">62</p></td> <td valign="top" width="1%"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 16: Insurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">62</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.1 Contractor&#8217;s insurance</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">62</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">16.2 All risks and third party liability risks</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">63</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 17: System Efficiency and Power Generation Output Warranty</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">63</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.1 System efficiency</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">63</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">17.2 Warranty of power generation output</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">64</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 18: Force Majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">64</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">18.1 Obligations on force majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">64</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">18.2 Consequences of force majeure</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">65</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 19: Award and Punishment</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">65</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">19.1 Project progress control</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">65</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">19.2 Engineering quality control (see Appendix 3: Commitment of Quality Assurance)</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="left">19.3 Safe and civilized production (See Appendix 4: Standard for the Collection and Deduction of Safe and Civilized Production Guarantee Fund from Engineering Service Contractor)</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">19.4 Power generation output and system efficiency</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 20: Contract effectiveness and termination</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 21: Contract Dispute and Solution</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">Article 22: Others</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">66</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Agreement on Safe Construction</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">67</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Notification of Probity and Self-discipline</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">70</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Commitment to Environmental Protection, Civilized Construction, Safety and Quality</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">71</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Appendix 1: Commitment to Environmental Protection</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">71</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Appendix 2: Commitment to Quality</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">72</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Appendix 3: Commitment to Safety</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">73</p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in" align="right">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Appendix 4: Standard for the Collection and Deduction of Safe and Civilized Production Guarantee Fund from Engineering Service Contractor</p></td> <td valign="top"> <p style="MARGIN: 0px" align="right">75</p></td> <td valign="top"></td></tr></table>&nbsp;&nbsp; <p style="MARGIN: 0px" align="justify"> <table id="pagebreakf70f5460-ad1d-45c9-9041-17c717c08c32" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Part I: Contract Agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Owner (Party A): Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Contractor (Party B): Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This contract is signed by both Parties for the 50MWp Photovoltaic Power Station EPC General Contract Project of Ningxia MCC Meili Cloud New Energy Co., Ltd. (registered project name: 50MWp Photovoltaic Power Station Project of MCC Meili Cloud New Energy Co., Ltd.) through negotiation according to the <i>Contract Law of the People&#8217;s Republic of China</i>, <i>Construction Law of the People&#8217;s Republic of China</i> and other related laws, administrative regulations and the principle of equal, volunteer, fair and honest.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1. Project outline</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project name: 50MWp Photovoltaic Power Station Project of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project site: in MCC Meili Cloud Paper Making Industry Park, Shapotou District, Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">General contract scope:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Project feasibility researching and planning, topographic mapping (1: 500), geological examining, power station electric energy evaluating and electrical system designing;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Preliminary designing and construction drawing designing for each system and supportive work in the photovoltaic power generation area and switch station area of the project; The main content covers (but is not limited by): general layout, system performance, photovoltaic power generation array, inversion system, boosting system, lightning protection grounding system, power compensation system, power transmission and transformation system (including the power supply for the station), relay protection system, communication and dispatching system, computer monitor system, fire fighting and warning system, security video system, network safety system, water supply and drainage system, heating and ventilating system, station buildings, areas, roads and walls, greening in front of the station, and vegetation restoration in the station, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Purchasing, supervised manufacturing, acceptance inspecting, transporting (from the manufacturer&#8217;s plant to the construction site), insuring, warehousing, loading and unloading (including secondary transferring) of devices (main and auxiliary) in the design scope;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Constructing of the 35KV outgoing lines and reconstructing of transformation and isolation for Meili;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Constructing and installing all systems in the design scope, debugging device units and systems, passing the grid acceptance check, meeting the requirement for grid incorporating, and organizing grid incorporating and power generating; assisting in initialization check, trial operation before handover and production, and examination for meeting the production standard, etc;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Providing all insurances (for devices and workers) for the project during the construction period;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) Editing and applying for approval of all special subject reports related to but not limited by fire fighting, lightning protection and power grid and so on except the preliminary supportive files provided by the owner; environmental assessment, water protection expenses and monitor during the construction period; editing and applying for approval of all special subject reports for acceptance check;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9613cea0-2bad-4203-be9e-e7c2fec58518" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(8) Organizing project acceptance check and paying related expenses as required by the owner; The project acceptance check covers (but is not limited by) the acceptance check for the completion of fire fighting, lighting protection, quality supervision and safety facilities, grid incorporation and safety assessment, metering system, acceptance check before power supply through the local power company, safety production standardization, project file acceptance check and all other special work acceptance check and completion acceptance check.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2. Main sources of technology</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It must generally follow <i>Typical Engineering Design for Photovoltaic Power Generation</i>, <i>Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection</i>, <i>Code for Design of Photovoltaic Power Station GB50797-2010</i>, <i>Code for Construction Organization Planning of Photovoltaic Power Project GB50795-2012</i>, <i>Code for Acceptance of Photovoltaic Power Project GBT50796-2012</i>, <i>Code for Construction of Photovoltaic Power Station GB50794-2012</i>, <i>Code for Acceptance of Construction Quality of Steel Structures GB50205</i> and other related national and industrial technical codes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3. Main dates</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Construction period: the contractor must meet all conditions for grid incorporation and power generation within 100 calendar days, incorporate with the grid and generate power within 115 days after this contract is signed and taken into effectiveness.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4. Engineering quality standard</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Engineering quality standard: this project must meet <i>Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection</i>, <i>Code for Acceptance of Photovoltaic Power Project GB/T50796-2012</i>, <i>Technical Code for Power Construction and Acceptance Check</i> and other related national and industrial technical codes, the engineering quality of both the civil part and the installation part must be acceptable in 100%. This project must be put into production according to <i>Technical Requirement for Photovoltaic System Grid Incorporation</i> as a high quality project. Main devices in the project must be the &#8220;Pacemaker&#8221; photovoltaic power generation products certified by CQC and complying with <i>Plan for Actualizing the Energy Efficiency &#8220;Pacemaker&#8221; System</i> released by the Eight Ministries and Commissions including NDRC of the People&#8217;s Republic of China, certified by CQC, this project applies high efficiency double-glass monocrystalline silicon photovoltaic assemblies whose power is not lower than 300Wp (positive power difference not lower than 2Wp) and transformation efficiency is not lower than 18.2%.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5. Contract composition, price and payment currency</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The total contract price covers project design, device purchase, construction, installation, debugging, trial operation, grid incorporation and power generation, etc, and this project is a turn-key (EPC) project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The total contract price is: RMB Two Hundred Six Million Two Thousand One Hundred and Ninety-Six Yuan (?206,002,196.00) including the tax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The total capacity of this project is 50MWp, and the unit price of any additionally installed part will be 4.12 Yuan/Wp if the owner requires any additional installation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6. Contractor&#8217;s promise</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Device models for this project must be confirmed by the owner (as per the detailed technical clauses).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises to follow the contract totally for project design, purchase, construction and debugging till this project passes the acceptance check for grid incorporation and power generation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8be07378-5f9f-4da7-b9d5-c909331e6d81" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises that all the suppliers of devices for this project are chosen from the name list provided by the owner. The contractor promises to train operators and maintainers for this owner, and provide them enough copies of training material before training so that they can be given enough knowledge for system and device operating and maintaining, get familiar with the operation and maintenance of all systems and device before grid incorporation and power generation, and provide all data and samples for operation and maintenance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises that the construction quality of all subcontracted works will meet the design, device manufacturer&#8217;s drawings, data and national related standards for power construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises that technicians and managers for this project will always stay in the construction site and not be replaced without any permission from the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises that the project quality will meet the national related standards and codes for construction quality acceptance check, strictly follow all clauses for engineering guaranteed repair specified in Construction Engineering Quality Control Regulations, and ensures this EPC general contract project can fully pass the acceptance check for completion, acceptance check for environmental protection, acceptance check for fire protection and all national related acceptance check.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor promises that the project management department will set up a safe construction management organization and a safety management responsibility system, designate special safety chiefs for project construction, and carefully actualize all managerial rules for safe and civilized construction. All workers for project construction are trained with safety knowledge and technical operation, and special workers have certificates of qualification for corresponded techniques.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7. Connotations in the contract agreement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Connotations of related words in this agreement follow the definitions and interpretations specified in the General Provisions of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8. Contract entry into force</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This contract enters into force after it is signed and stamped (official stamp and special stamp for contracts) by Party A and Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Contract signing date: Aug. 13<sup>th</sup>, 2018</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Contract signing place: Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7df1f347-fab1-44a2-bef7-5ae57f659056" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Signing page:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="justify">Owner: Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex1030img1.jpg"> </p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="justify">Contractor: Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.</p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex1030img2.jpg"> </p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Signing representative: <img src="solarmax_ex1030img3.jpg"> </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="justify">Signing representative: <img src="solarmax_ex1030img4.jpg"> </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Postal code:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Postal code: 211111</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Tel.:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Tel.: 025-52160263</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Fax:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Fax:</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Email:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Email: davidwan@solannaxtech.com.cn</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Account bank:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Account bank: Jiangning Science Park Branch, Nanjing CMB</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Account number:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Account number: 12590486410301</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf24ac4d0-50a4-47fe-9e49-585c7211c130" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Part II: General Provisions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 1: General Stipulations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.1 Definition and Interpretation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.1 The general provision refers to the general provisions which are observed by the parties in accordance with laws and administrative regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.2 Particular condition refers to the provisions to which parties hereto shall, according to the specific conditions of the general contracting projects, refine, supplement, modify and improve the general terms and agree to take common compliance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.3 Contracting of a work refers to the work contracting of whole process or several stages thereof for which the contractor entrusted by the owner, shall, in accordance with stipulations of the contract, plan, purchase, construct, test and do trial operation, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.4 The owner refers to the party or the legal successor who obtains the qualification of the party concerned as stipulated in the contract agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.5 The contractor means the party to be stipulated in contract agreement, accepted by the owner and with the capacity of general engineering contracting, including its legal successor with the qualification of such party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.6 Subcontractor refers to the legal person or other organization with corresponding qualifications which accepts part of the works or services subcontracted by the contractor according to the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.7 Representative of the owner refers to the representative appointed by the owner for the performance of this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.8 Supervisor refers to the project supervision unit entrusted by the owner with corresponding qualifications.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.9 Chief supervising engineer refers to the chief engineer who is authorized by the supervisor and is responsible for the execution of the supervision contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.10 Project manager refers to the representative designated by the contractor to perform the contract as stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.11 Permanent work means the work which is designed, purchased, constructed, completed, tested and completion tested by the contractor in accordance with the stipulation of the contract and delivered to the owner for production operation or use.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.12 Temporary work refers to, for the purpose of implementation, completion of permanent works and repair of any quality defects, the temporary buildings, structures and other temporary facilities which do not constitute permanent engineering entities on the site.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.13 Site or space refers to any place provided by the owner for the contractor's on-site office, storage of engineering materials, machinery, equipment and execution of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.14 Project basic information refers to the documents, reports (such as plant selection reports, resource reports, survey reports), data (such as meteorology, hydrology, geology), grid incorporation examination and approval, and relevant data etc. in addition to other basic information needed for design, which, have been approved or ratified by the relevant authority, provided by the owner to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.15 Design stage refers to overall design, construction drawing design, completion drawing design and other stages.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak786f5b74-2608-4312-a1af-8d2618a3ded3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.16 Engineering material means the equipment, materials and parts that will constitute permanent engineering entities as specified in the design documents in addition to the materials required for after the completion etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.17 Construction refers to the contractor's process of converting design documents into works, including the works of civil engineering, installation and completion tests, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.18 Project acceptance refers to the procedure of engineering handover, subsequent to the completion of the project, between the contractor and the owner, in addition to issuance of acceptance certificate by the owner, enable the owner&#8217;s operator and the user to enter the post to conduct to prepare for the trial operation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.19 Acceptance of project completion refers to the project settlement and acceptance organized by the owner upon the receipt by the contractor of the certificate of acceptance and examination, completion of finishing project and defects repair in addition to submission of the completion acceptance report, the data and settlement of completion, which are provided under the stipulations hereof. The quality assurance period of the project will be from the day when the project is completed and accepted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.20 Modification means any change and alteration which made to the project subject to the owner&#8217;s written notice or approval.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.21 Contract price refers to the cost agreed upon in the contract agreement for the contractor to design, purchase, construct, complete the testand service, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.22 Contract price adjustment refers to the corresponding adjustment of the added or reduced costs in accordance with the law and the stipulations hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.23 Total contract price refers to the adjusted contract settlement price as per the contract agreement and signed by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.24 Advance payment refers to a sum of money paid by the owner to the contractor as per stipulation of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.25 Progress payment refers to the amount of progress paid in installments by the owner in accordance with the terms and conditions of payment agreed upon by the contract, of the design, procurement and construction and so on.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.26 Written form means the form in which contract, letter, data message, etc., can be physically expressed. Data messages include telex, fax, electronic data interchange and e-mail, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.27 Liability for breach of contract refers to the liability of a party hereto for not performing its obligations or its performance not complying with the stipulation of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.28 Force majeure refers to the objective circumstances which are unforeseeable, unavoidable and insurmountable.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.1.29 No title of any clause can be used as any reference to interpret the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.2 Contract documents</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.2.1 Composition of contract documents. The contract documents shall be interpreted and explained to each other. Unless otherwise stated in the particular condition, the documents constituting this contract and the order of priority for interpretation shall be as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) This contract agreement</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Particular provisions of this contract agreement</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) General provisions of this contract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Standards, specifications and related technical documents</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Design documents, materials and drawings</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4a9ccaed-40df-4840-a9cf-ff95e2612928" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Other documents which form an integral part of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Notices,the minutes of meetings, memorandums, supplementary documents,instructions, faxes, e-mails, alteration and negotiation documents signed by the authorized representatives of both parties in the course of the performance hereof shall form an integral part of this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.2.2 Provided that the terms of the contract document are ambiguous or inconsistent, and cannot be explained clearly according to the interpretation order agreed in the contract, the parties hereto shall, subject to the normal work of the project will not be effected, settle the matter through consultation or according to the supervisor&#8217;s interpretation. Where the parties failed to reach an agreement on the settlement of the dispute or did not accept supervisor&#8217;s interpretation, may settle under the article 16.3 [Dispute and Arbitration]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.2.3 The title of the article in the contract is for ease of reading only and do not serve as the basis for the interpretation of the terms of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.2.4 &#8220;Day&#8221;, &#8220;Month&#8221; and &#8220;Year&#8221; used in this contract are the day, month and year in the Gregorian calendar. The starting point of any period mentioned in this contract is the next day after the corresponded event. If the starting of any time is from the expiration of a period, the starting point will be the next after the expiration of the period. The expiration day of any period is the very day when the period expires. &#8220;Working day&#8221; refers to all days in the Gregorian calendar except the statutory holidays of the People&#8217;s Republic of China.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.3 Language</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Preparation, interpretation and description of the contract documents are made in simplified Chinese language. Where the parties hereto agree to use two or more languages, Chinese is the dominant language to interpret and explain this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The parties in minority areas may agree to write, interpret and explain the text of this contract in minority languages.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.4. Applicable law</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Laws in the People&#8217;s Republic of China are applicable. The title of the specific applicable law that needs to be expressed is stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.5. Standard and norm</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.5.1 The national standards, norms and / or industry standards applicable to this project and / or the local standards, norms and / or the name (or serial number) of the enterprise standard specifications are agreed upon in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.5.2 Owner shall, if use foreign standard and norm, be responsible for provision of the original version and Chinese translation thereof, and the title, copy number and time of the submitted standard and normal shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.5.3 In the absence of the standard / norm in written form, the owner shall specify the technical requirements to the contractor at the time stated in the particular condition, and the contractor shall propose the implementation method as the agreed time and technical requirements, which shall be carried out after the approval of the owner. Where the contractor is required to carry out the research and development tests on the implementation method or to provide particular training to the construction personnel, the parties hereto shall enter into an agreement as an annex hereto, and the cost thereof will be for account of the owner except which have been included in contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.5.4 Design, purchase, process and construction must be made according to the standards and norms stipulated in the contract, and no party is allowed to modify any compulsory standard or norm.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.5.5 The owner has right to make any suggestion, modification and alternation on the contractor&#8217;s design or actualization in consideration of safety, quality, environmental protection and occupational health according to the standards and norms stipulated in the contract and applicable laws(without additional cost).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2dba4450-d79a-4b59-a4f2-6e4983f9c026" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.6 Observe laws</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.6.1 During the contract fulfillment period, as specified by national laws and administrative regulations, the contractor shall apply for all project approvals including urban plan, regional plan approvals, land use permit, construction approval or construction certificate, engineering quality supervision procedures and other licenses, permits, certificates and approvals, and the contractor shall be responsible for coordinating the relationship with governmental authorities and units.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.6.2 The contractor shall observe applicable laws, administrative regulations or industrial specifications for design, purchase, process, construction and completion, and take the responsibility for quality and guaranteed repair during the contract fulfillment period. The contracter must apply for all permits, licenses, approvals and procedures, etc for fulfilling the contract and protect the owner from any loss related. If any related loss is caused to the owner, the contractor shall compensate the owner as per the reasonable price increased actually.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.6.3 The contractor shall pay salaries, provide person insurance and pay related taxes for their employees on time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.6.4 To enhance the supervision on the engineering construction, honest and clean disciplines must be standardized in contract signing and fulfilling to prevent any improper behavior, and a declaration of anti-bribery and any-corruption must be made according to national related regulations and the work practice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.7 Confidentiality</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Any party hereto shall be liable for confidentiality of the other party's trade secrets, technical secrets and other information which known in the course of conclusion and performance of the contract and expressly requested by either party, and without consent shall not disclose or use for the purposes beyond this contract. Provided that one party divulges or uses such confidential information as trade secrets, technical secrets, or other confidential information for the purposes beyond this contract, shall be liable for damages to the other party. The information which is necessary to perform contract by one party should be provided by other party, and if necessary in case, a confidentiality agreement as an attachment to the contract may be signed by parties hereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 2: Owner</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2.1 Rights and obligations of the owner</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.1.1 To fulfill the obligations of adjustment on contract price, payment, completion settlement as stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.1.2 The owner shall, in accordance with the provisions of the contract agreement and applicable law on safety, quality, environmental protection and occupational health, etc., have the right to make suggestionson the contractor's design, procurement, construction, completion test, etc., and any modification or alternation can be made after confirmed by both parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.1.3 The owner shall, as per the stipulations of contract, have the right to make claim for compensation of any loss or damage caused to the owner due to reason of the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.1.4 The owner shall have the right to issue the notice of suspension in writing if deems it necessary. Among which, where the suspension due to the owner&#8217;s reason causes the increase of cost to the contractor, which will be for account of the owner; if, the critical path is delayed, the completion date should be extended accordingly.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2e5d1317-fe4d-41df-9049-dc8c5ac77abf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.1.5 The owner shall fulfill other rights and obligations stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2.2 Owner&#8217;s representative</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.2.1 The owner shall designate a representative thereof to exercise the right entrusted by the owner, and perform the duties of the owner. The owner's representative shall, within the delegation extent, perform his duties under this contract. The owner&#8217;s representative shall, as per the scope and issues agreed upon in the contract, submit written notice to the contractor which signs thereon before sent to the project manager.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.2.2 The name, position and duties of the owner's representative are stipulated in the particular condition. Where the owner decides to replace its representative, he shall submit written notify to the contractor of the name, position, authority and time of appointment of the new representative on 15 days prior to his arrival in office.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2.3 Supervisor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.3.1 Where the owner requires the project to be supervised, the name of the supervisor, the chief engineer, the scope, content and authority of supervision shall be specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The supervisor shall, subject to the scope, content, power and authorities entrusted by the owner and on behalf of owner, carry out the supervision on the contractor. The notice given by the supervisor to the contractor shall be sent to the project manager in writing with signature of chief engineer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.3.2 Where the authority of chief engineer overlaps or is unclear with the authority of the owner&#8217;s representative, the owner shall coordinate and clarify and notify the contractor in writing thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.3.3 Chief engineer have no right to amend or change any rights and obligations of the parties hereto unless otherwise agreed upon in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2.3.4 The owner should, if replacement of its chief engineer, notify the contractor in writing 15 days in advance and state the name, position, authority, power limited and appointment time of the replacement therein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2.4 Safety guarantee and security responsibility</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The safety and security agreement will be signed separately.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 3: Contractor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.1 Rights and obligations of the contractor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.1 It is the contractor&#8217;s obligation for designing, purchasing, constructing and completing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.2 The contractor shall, as the stipulations hereof, at his own expense, repair the defects due to the contractor&#8217;s reason, in the design, documents, equipment, materials, components, construction, or found in the completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.3 The contractor shall submit the relevant reports as the agreement of contract and the requirements of the contractor, and the category,content,and submission shall be specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.4 If the owner issues a notice in writing of suspension, the contractor will have right to require increasing the cost or delaying the completion date according to Article 2.1.5. The suspension arising from any reason of the contractor is not covered in this scope.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.5 The contractor shall have the right to claim compensation or extend the completion date for any loss, damage or delay in the critical path of the works caused by the owner.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>3.2 Project manager</b></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak97f3d0cd-3ed7-424e-abe7-e6fba9e6d2dd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.2.1 The project manager must have the corresponded occupational qualification, and is authorized to fulfill this contract on behalf of the contractor. The name, responsibility and authority of the project manager are specified in the particular condition. The project manager shall not be the project manager for other projects at the same time. Project manager should obtain the prior consent of the owner if being necessary to leave the project site and designate an experienced person to act on his behalf. Where the contractor violates the above stipulations, shall be liable for breach of contract under the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.2.2 The project manager shall,under project schedule as stipulated in the contract and the instructions issued by the owner or chief engineer, organize the implementation of the project. In case of emergency and in the absence of contact with the owner's representative or chief engineer, project manager shall have the right to take such measures as may be necessary to ensure the safety of persons, works and property, however, a written report shall be sent to the owner's representative or chief engineer within 48 hours after the event.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.2.3 The contractor shall notify the owner in writing 15 days in advance of the replacement of the project manager and obtain the consent thereof. The successor of project manager shall continue to perform the duties and authority stipulated in article 3.2.1. Where the contractor replaces the project manager without authorization, shall be liable for breach of contract as stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.2.4 The owner shall have the right to notify in writing the contractor to replace the project manager which being deemed incompetent, and the contractor shall submit a written improvement report to the owner within 15 days upon receipt of the replace notice. Where the owner still notify in writing to replace upon receipt of the improvement report, the contractor shall, within 30 days of receiving the second notice of replacement, effect the replacement and inform in writing the owner of the name and resume of the newly appointed project manager. The new project manager shall continue to perform the duties and powers stipulated in article 3.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.3 Engineering quality assurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.3.1 Quality assurance system. The contractor must keep the quality assurance system certificate effective in contract fulfillment, and set up a quality assurance system under this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.3.2 Quality assurance in actualization. The contractor shall, under the stipulations hereof and State&#8217;s laws on safety in production, carry out the design, purchase, manufacturing, construction and completion test and ensure the safety performance of the project. The contractor shall follow national related regulations on quality assurance to provide guaranteed repair for the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.4 Safety guarantee</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.4.1 Engineering safety function. The contractor shall, under the stipulations hereof, administrative regulations on construction project design, administrative regulations on construction engineering quality and laws on safety in production, carry out the design, purchase, construction and completion test and ensure the safety performance of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.4.2 On-site safe construction and environmental safety. The contractor must follow the agreement in Article 7.8 on health, safety and environment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.5 Guarantee for occupational health and environmental protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.5.1 Engineering design. The contractor shall carries out the designs of environmental protection and occupational health protection of the project in accordance with the contract agreement, and the <i>Regulations on the Administration of Construction Engineering Survey and Design</i>, the <i>Regulations on Environmental Protection of Construction Projects</i> and other relevant legal provisions, and ensure the project complies with laws and standards related to environmental protection and occupational health.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.5.2 On-site occupational health and environmental protection. The contractor must follow the agreement in Article 7.8 on health, safety and environment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak38021430-b046-45a4-ac17-8552ef5f9e83" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.6 Progress guarantee</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, in accordance with the schedule of the project progress as stated in article 4.1, in a reasonable and orderly manner, organize the various resources required for the design, procurement, construction and completion test of the project, and adopt effective implementation methods and organizational measures to ensure the implementation of the project schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.7 On-site security</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor assumes the responsibilities of site security (including the contractor's prefabricated sites, office and living quarters) from entry of the site, commencement to until the receptions by the owner of the project, and is responsible for preparing the rules of relevant security, liability and reporting in addition to effect submission thereof to the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.8 Subcontract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.8.1 Subcontract agreement. The contractor may only subcontract the work items (including design, procurement, construction, completion test, etc.) and choose subcontractors from the approved short name list as specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.8.2 Subcontractor qualification. The subcontractor shall conform to the grade of enterprise qualification stipulated by the State&#8217;s law, otherwise, can&#8217;t act as subcontractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.8.3 Payment to subcontractors. The contractor shall effect payment of the contract price to the subcontractor on time as agreed in the subcontract. If the contractor fails to pay salaries to workers or payables to subcontractors and thus the project or owner has to suffer any adverse effect, the owner will have right to deduct the salaries or payables from the project fund directly and the contractor must pay 30% of the actual amount failed to pay as a penalty for breach of contract and take all loss related if the contractor refuse to correct after the arrival of a written notice from the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.8.4 Contractor is responsible to subcontractors. If any subcontractor is involved in breach of contract, improper management or any other mistake and thus it brings any defect to the project quality, any loss to the owner or delays the completion date, the contractor will be responsible for the subcontractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 4: Progress schedule, delay and suspension</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.1 Project progress schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.1.1 Project progress schedule. The contractor shall be responsible for formation of the project schedule in which the construction period shall conform to the stipulations of contract agreement. It is actualized after approved by the owner. Copy number and time of the contractor&#8217;s submission of project schedule shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.1.2 Catch up with project progress plan at own expense. Where the actual progress of the project is obviously behind the project schedule due to the contractor's reasons, the contractor has the obligation and the owner has the right to require the contractor to take measures at its own expense to expedite the project schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.2 Design progress plan</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.2.1 Design progress plan. The contractor shall draw up the design progress schedule subject to the approved project schedule, the time preparation of the design review phase and the design phase review meeting organized by the owner, which is stipulated in article 5.3.1. The design progress schedule shall be executed subsequent to approval by the owner, however, the approval does not mitigate or exempt the contractor from contractual liability.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak926aebfd-65c6-4dd1-b5e4-8ff82c20cdcf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.2.2 Commencement date of design. The first day when the contract is signed will be the commencement date of design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.2.3 Delay of design commencement date. The contractor should expedite the delayed work due to its reason at own expense under article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.2.4 Delay in date of design phase review</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that, due to the contractor&#8217;s reason, failure to submit the design documents of the relevant stage according to the design review stage and the time of the review meeting as stipulated in the contract, or the relevant design document submitted does not meet the design depth requirements of the relevant examination stage, and cause delay of design review meeting, the contractor shall take measures to expedite at own expense as per article 4.1.2. If the completion date is delayed and the owner has to suffer an economic loss for preparing for a review meeting, the loss caused therefore will be borne by the contractor .</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.3 Procurement schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.3.1 Procurement schedule. The contractor&#8217;s procurement schedule shall comply with the schedule of the project schedule and shall be aligned with the schedule of the design, construction and completion test and the post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.3.2 Commencement date of procurement. It is stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.3.3 Delay of procurement progress. The losses of suspension, labor force idling and delay of completion due to the contractor&#8217;s reason will be responsible for the contractor, however, the delay in procurement caused by the owner&#8217; reason the losses of suspension, labor force idling to the contractor will be liable for the owner, and the completion date shall be postponed accordingly if the delay in the critical path.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.4 Construction schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.4.1 Construction schedule. The contractor shall, prior to the commencement of the site construction, submit the owner a copy of general design of construction organization which including construction schedule. The construction schedule must comply with the project schedule and the design, purchase and completion test schedules. Where the owner requires the contractor to submit a progress plan for the construction of key individual works, it shall be agreed upon in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.2.2 Delay of construction commence date. An extension of the completion date shall be determined subject to following stipulations:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Where the contractor&#8217;s failure of commencement due to the owner&#8217;s reason, the dates of completion of works will be corresponding postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Failure of commencement due to contractor&#8217;s reason should be explained the due reason thereof and the contractor should take measure at its own expense to effect commencement as soon as practicable and the completion date shall not be extended.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Where the commencement date of construction is delayed due to force majeure, the completion date may be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.4.3 Completion date</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Where the implementation phase of the contracted project includes the completion test phase, the planned completion date and the actual completion date shall be determined in the following manner:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The completion date of the project as stipulation of article 9.1 [Taking over of work] in the particular condition shall be the planned completion date of the project; the planned completion date of the final project in the work shall be the planned completion date of the work;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8ab839b1-40dc-4aa1-b3a0-0e9b24b891d7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The date of 10 days later after the project passes the completion check, general acceptance check and is put into formal power generation and operation (definition of formal power generation, the meter at the project outlet start to meter the power output) shall be the actual completion date of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Where the implementation phase of the contracted project excludes the completion test phase, the planned completion date and the actual completion date shall be determined in the following manner:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The completion date of the project as stipulation of article 9.1 [Taking over of work] in the particular condition shall be the planned completion date of the project; the planned completion date of the final project in the work shall be the planned completion date of the work;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The date on which the contractor completes all the construction operations in the project specified in the construction drawings and conforms to the quality standards stipulated in the contract shall be the actual completion date of the project as stipulated in the contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The date on which the contractor completes all the construction operations of the last individual project in the work specified in the construction drawings and conforms to the quality standards stipulated in the contract shall be the actual completion date of the project as stipulated in the contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. The determination of completion date shall not be influenced or affected by the reserved construction site or reserved site by the contractor for the test after completion, or the reserved construction site required by the owner and the uncompleted tail-closing works and defect fixes which do not affect the substantive operation of the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.5. Delay damages</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the completion date of the project is delayed due to the contractor's reasons, the contractor shall be liable for the delay. The amount of compensation for the daily delay and the accumulated maximum amount are stipulated in the particular condition. The owner shall have the right to deduct the amount of compensation from the progress payment, the completion settlement payment or the agreed performance bond.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.6 Suspension</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.1 Suspension due to the owner&#8217;s reason. The owner can inform the contractor in a written form of suspending any work in project implementation. The notice of suspension shall indicate the date of suspension and the expected period of suspension.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The increase of cost or reasonable increase of cost on resumption of work suffered by the contractor in performing such suspension will be taken by the owner. If any critical path of the project is delayed, the completion date will be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.2 Suspension by force majeure. Where the work is suspended due to force majeure, the parties hereto shall arrange their own work respectively under the stipulations of article 17.1 [Obligations at Occurrence of Force Majeure] and article 17.2 [Consequences of Force Majeure].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.3 Contractor&#8217;s work on suspension. In the event of the suspension stated as the stipulations of article 4.6.1 [Owner&#8217;s Suspension] and article 4.6.2 [Suspension Due To Force Majeure], the contractor shall immediately stop the implementation of the site work and be responsible for the care and protection of the project, the engineering materials and the owner's documents during the period of the suspension. Provided that the contractor fails to perform the responsibilities of care and protection thereof, the liabilities of damage, loss, etc., added costs of the owner or delay of completion date will be for account of the contractor.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf79a8110-b071-41e8-b255-6fe3e651bdfa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.4 Contractor&#8217;s request for resumption of work Where suspended as per the notice of the owner, the contractor shall, at 45 days subsequent to suspension, have the right to issue to the owner a notice of resumption of work. In case of failure to resume work, the contractor shall have the right to reduce some of the works effected by the suspension in a modified manner in accordance with the stipulation of article 13.2.5 [Adjustment and reduction of part works].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, pursuant to the stipulation of article 18.2 [Rescission by Contractor], have the right to issue a notice of rescission of contract, where the owner's suspension exceeds 15 days and affects the entire works, or the suspension due to force majeure prevents the performance of the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.5 Owner&#8217;s resumption of work. The owner shall, subsequent to issuance of a notice of resumption of work, have the right to organize the contractor to inspect the works and materials affected by the suspension. The contractor shall notify the owner of the results of the inspection, the contents and estimate amount related with the restoration and repair thereof, the cost will be for account of the owner subject to confirmation by the owner.Completion date of the project will be extended accordingly due to delay of key path by restoration and repair.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.6 Suspension due to contractor. For the suspension of part or total work due to the contractor&#8217;s reason, the loss, damage and delay in completion date will be liable for the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.6.7 Payment on suspension of work. Where the work is suspended for the reason of the owner, the owner must compensate the contractor for the economic loss arising from suspension, idleness due to poor organization of work, transfer, mechanical device redeployment, material and component accumulation, etc in addition to the payment according to the contract, and further pay for the permanent devices, materials and parts as per the following stipulations:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The payment for any device, material and part purchased and fabricated by the contractor into will be separately listed by the contract in the report form of 14.6 [Application for monthly progress payment] or 14.7 [Application for payment according to payment schedule] and paid by the owner as per 14.8 [Payment condition and time arrangement].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Any permanent device, material or part purchased by the contractor and transported to the project site but not inspected, accepted and paid for, will be inspected and handed over by both parties. Any device, material or part with defect will be repaired by the contractor with own expenses. The purchase schedule payment for any repaired and accepted part will be made by the owner according to 14.4.1 [Progress payment].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) When the owner requires the contractor to return any ordered permanent engineering device, material or part which is not in the short name list or go against the design requirement and technical specification, the compensation and related expenses to the supplier or manufacture will be paid by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 5: Technology and Design</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.1 Production technology, architectural design scheme</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.1.1 Production technology or architectural design scheme provided by the contractor</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the contractor is responsible for providing production process technology (including patented technology, proprietary technology, process package) and architectural modeling design (including architectural design), the contractor shall take responsibility for the provided process technical data, process conditions, software, analysis manual, operation instruction, equipment manufacturing instruction and other information requirements, architectural modeling and structural design thereof, etc.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcc086245-e6ad-49d9-84f6-021dff3fbadf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall be responsible for the assessment of the guarantee value of the trial run stipulated in the particular condition, and the explanation of the functional guarantee. The specification of the trial run assessment guarantee value and function guarantee is used as the evaluation basis of the commissioning test conducted by the owner according to 10.3.3. The guarantee value of the trial run stipulated in the particular condition, and the explanation of the functional guarantee will be stipulated in the particular condition according to the engineering features.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.1.2 Architectural design provided by the owner</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the owner is responsible for providing the architectural design plan (including architectural modeling), the owner shall take responsibility for the provided technical process, process technical data, process conditions, software, analysis manual, operation instruction, equipment manufacturing instruction and other information requirements, and the architectural design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall be obliged to direct, verify and confirm the production process design and architectural design carried out by the contractor on the basis of the above information provided by the owner. The guarantee value of the examination of the test operation of the project and the project, or the description of use of function guarantee and the respective responsibility for the assessment by parties hereto shall be stipulated in the particular condition and as the basis for the evaluation of trial operation assessment and responsibility test under 10.3.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.2 Design</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.1 Compliance with standards and specifications</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The standards and specifications stipulated in article 1.5 shall apply to the acceptance of the project and the whole work by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall, if State promulgates new standards or regulations in the process of contract implementation, submit proposals on new standards and new specifications to the owner. For the mandatory standards, specifications among which, the contractors should strictly abide by, the owner take as an amendment thereof; for non-mandatory standards, specifications, the contractor may decide to adopt or not to adopt, when decide to adopt, shall take as an amendment thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The technical data and technical conditions in the design drawings and design documents which are subject to the standards specifications stipulated by law and agreed by contract are the basis for the purchase quality, construction quality and completion test quality of engineering materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.2 Operation and maintenance manual. Where the contractor directs the test after completion and the test for trial run, and compiles the operation and maintenance manual, the owner shall, order its patent dealer to make available the contractor with its operating guide and analysis manual, and to be responsible for the authenticity, accuracy, completeness and timeliness of its information, unless otherwise stipulated in the particular condition. The number of copies and the time limit for submission of the operational guidelines, analysis manuals which submitted by the owner and operational maintenance manuals which submitted by the contractor will be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.3 Number of copies and submission times of design documents. The copies number and time of submission of relevant design documents, materials and drawings are specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.4 Repair and acceleration of design defects at own expense. Where the omissions, errors, defects and deficiencies in the design documents due to the contractor's reasons, the contractor shall repair, make up, correct and perfect the design documents at his own expense and take measures at own expense to accelerate with the delay in design progress.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.3 Design phase review</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.1 Design phase review and review meeting time. Organization and timing of the design phase of the project and review conference on the design phase should be stipulated in the particular condition. The owner shall be responsible for the expenses of the superior unit of the owner and the government authority concerned in participating in the review meeting.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcea26959-10ab-4feb-9e13-35f8ad8643b7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.2 The contractor shall, under the stipulations of article 5.3.1, submit to the owner the design document of the relevant design review stage, which should conform to the depth of the design documents, drawings and materials in the relevant design stages according to the relevant State&#8217;s authorities and the standards and specifications of industry engineering construction. The contractor is obliged to attend the design review conference organized by the owner at its own expense, to introduce, answer, explain the design documents to the examiner, and to provide additional information that should be provided during the review process.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.3 The owner is obliged to provide the contractor with the approval documents and minutes of the design review meeting. The contractor has the obligation, as per the documents and minutes approved at the relevant design review stage and the contract agreement and relevant design provisions, to modify, supplement and improve the related design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.4 For any failure due to the contractor&#8217;s reason, to submit the complete design documents, drawings and materials of the relevant design review phase to the owner at the time specified in article 5.2.5, resulting in the meeting of the relevant design review phase being unable to proceed as scheduled, the contractor shall bear the delay in the completion date, the loss of labor force idling in addition to the increased costs of organizing the meeting.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.5 The owner shall have the right, prior to the design review stages stipulated in article 5.3.1, to make recommendations on the design documents, drawings and information for the relevant design stages, to conduct preliminary examination and confirmation thereof, however, any recommendation, preliminary examination and confirmation by the owner shall not relieve or exempt the contractor of his contractual responsibilities and obligations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.3.6 The contractor&#8217;s design plan cannot be actualized unless confirmed by the design supervisor and the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.4 Training of operation and maintenance personnel</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor is responsible for making the training plan and mode for the owner&#8217;s operators and maintainers, and compiling training manual and materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.5. Intellectual property right</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The parties hereto may enter into agreements of intellectual property rights and confidentiality on technology patents, architectural design schemes, proprietary technology, copyright in design documents, which in respect of one party or the parties hereto (including the patent dealers of one or both parties and the independent architects), which will be taken as an appendix of this contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.5.2 If any technology patent, proprietary technology, or copyright related to this contract violates the legal rights and benefits of a third party, the responsibility will be taken by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 6: Engineering Materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.1 Provision of engineering materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.1.1 Permanent engineering devices, materials and parts provided by the contractor </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, pursuant to technical parameters, technical conditions, performance requirements, and usage requirements specified in the design document, be responsible for organizing the procurement of permanent engineering devices, materials and parts, delivering to the site, and take responsibility of quality inspection results and performance thereof. Types, estimated quantity or list of specifications of the permanent engineering devices, materials and parts provided by the contractor are listed in the particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakfbd0a3ff-4ff7-4e42-a486-95a041c5c882" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The engineering devices, materials and parts (including construction components) which provided by the contractor are not in conformity with the compulsory standards and norms of State or stipulation hereof, the quality defects caused therefore shall be repaired by the contractor at its own expense, and the completion date shall not be extended.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The productive materials provided by the contractor for the post-completion test shall be classified or listed in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.1.2 The contractor&#8217;s choice of suppliers. The contractor shall choose the supplier or manufacturer of the relevant engineering materials by bidding from the list of suppliers submitted by the contractor and approved by the owner according to 3.8.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall not designate suppliers and manufacturing plants in design documents or verbally implied except the sole manufacturer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.1.3 Ownership of engineering material. Where the contractor provides the permanent engineering devices, materials and parts pursuant to the agreement of article 6.1.2 hereof and pay for the progress of the purchase on the delivery at site, the ownership of which shall be transferred to the owner. The contractor shall, prior to acceptance of the owner, has the obligation to keep, maintain and take good care of the engineering materials, and shall not be transported out of the site without the approval of owner (except remaining materials). The payment for the permanent engineering devices, materials and parts provided by the contractor will be made by the contractor as per the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.2 Inspection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.1 Factory inspection and report</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, be compliance with relevant legal provisions, take responsibility of the mandatory inspection, monitoring and testing of the engineering materials specified in article 6.1.2 and shall provide the owner with the relevant reports pursuant to the relevant legal provisions. The time limited, contents and copies number of the report are stipulated in the particular conditions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Where the contractor invite the owner to participate in the inspection, the contractor shall, at prior to the checkup, inspection, monitoring and testing of the related manufacturing phase, notify the owner in writing of the contents, place and time of the inspection. The owner shall notify the contractor in writing, within 5 days after receiving the invitation, whether or not to participate in the inspection. If the owner decides to participate in the inspection, the contractor must be informed within 5 days after the report in (1) is delivered.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The owner shall pay for the wages, subsidies, travel and accommodation of the inspection staff during the inspection period, and the contractor shall be responsible for obtaining the permission to enter the relevant factory and afford convenience.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The owner shall, where delegate the qualified, experienced third party to participate inspection on behalf of the owner at its own expense, notify the contractor in writing within 5 days after receipt of invitation letter from the contractor stating the name and delegated authority of the entrusted unit and personnel.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The participation of inspection by the owner and his client cannot relieve the contractor of his responsibility for the quality of the engineering materials purchased by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.2 Consequences of covering and packaging Provided that the owner has, within the period agreed in article 6.2.1, notified the contractor to participate inspection and arrives at the designated place in advance or on time as the agreed date, however the engineering devices, materials and parts (including post-completion test materials) processed and manufactured have been covered, packed or transported to the place of shipment without the field inspection of the owner, the owner shall have the right to order the contractor to transport the same back to the place of origin, remove the covering or package, make recheck up, re-inspection or re-test and reinstating, for which the cost thereon will be for the contractor&#8217;s account and where the critical path of the project is delayed, the completion date shall not be extended.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8c63a31f-5d70-4599-8be0-7204286e4105" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.3 Failure to participate inspection on time. If, failure of participation of inspection by the owner as the agreed time of article 6.2.1, the contractor may, at its sole option and discretion, organize the inspection, testing, check and examination, and the results of the quality inspection shall be deemed to be genuine. However, the owner has the right thereafter to notify the contractor with an amendment order to re-examine, inspect, test and check, or to add particulars of the test or to change the test place. Provided that the project material is qualified by quality inspection, the expenses incurred shall be born by the owner, and the key path of the project is delayed, the completion date shall be postponed accordingly; however, if the engineering materials fail to pass the quality inspection, the expenses incurred shall be born by the contractor, and the completion date shall not be extended.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.4 On-site inventory and inspection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall, 5 days prior to the arrival at the site of the permanent engineering devices, materials and parts which the owner being liable to deliver as the agreement in article 6.1.1, notify the contractor thereof. The owner (or the supplier or subcontractor providing the owner with the engineering devices, materials and parts) and the contractor (or its subcontractor, representative or supervisor) shall count the quantity of the number of box according to the bill of lading for each lot of goods and carry out the appearance inspection, and count the quantity in the box according to the packing list, factory certificate, drawings, documents, etc., and conduct external inspection. The personnel of parties hereto shall, subsequent to checking and counting, sign the handover list.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In case of shortage of materials, drawings, materials, or appearance defects, the owner shall be responsible for complement deficiency and repairing them at his own expense. Engineering materials shall not be used in the work until the defects have been repaired. And the responsibility for any increased cost or completion date delay due to the above mentioned circumstances will be taken by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.5 Participation of inspection by Quality Supervision Authority, Firefighting, Environmental Protection Administration and other authorities. The owner and the contractor shall, at any time, accept the on-site inspection of the manufacturing, installation and test process by the professional inspectors of the quality supervision authority, the firefighting authority, the environmental protection authority, the industry and so on. The cost shall be borne by the owner. If the critical path of the project is delayed, the completion date shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The additional costs arising from the amendments, replacements and other suggestions made by the above authorities shall be born by the responsible party which providing engineering materials as stipulated in article 6.1.1 or 6.1.2. Where the critical path of the project is delayed due to the contractor&#8217;s responsibility, the completion date shall not be extended; however if the responsible party is the owner, the completion date shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.3 Declaration and clearance of customs of imported engineering materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.3.1 The party responsible for the import and procurement of permanent engineering devices, materials and parts and the procurement method are stipulated in the particular condition. The purchasing party is responsible for customs declaration and customs clearance, while the other party is obliged to assist.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.3.2 For any delay of key engineering critical path due to delay in customs declaration and clearance of imported engineering devices, materials and parts, where the contractor is responsible for import and purchase, the completion date is not extended and the additional costs will be born by the contractor; however, where the owner is responsible for the import purchase, the completion date shall be extended accordingly, and the contractor&#8217;s increased costs to be born by the owner.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak5808ecae-3a4e-46d4-b126-00b76bcbc33e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.4 Transportation and transport of goods beyond limits</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall be responsible for the transportation of the over-limited engineering materials (over-weight, over-length, over-width, over-height), and the transportation expenses thereof and the all expenses of the special measures taken in the course of transportation are included in the contract price. The cost increase during transportation shall be born by the contractor. The completion date shall not be extended when the critical path of the project is delayed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.5 Reorder and consequences</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, pursuant to the stipulations of article 6.1.1 and 6.3.1, be responsible for reordering the permanent engineering devices, materials and parts and arriving at the site if the permanent engineering devices, materials and parts provided by the contractor is defective and is still unqualified after repair by the contractor. And the responsibility for any increased cost or completion date delay due to the above mentioned circumstances will be taken by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.6 Custody and surplus of engineering materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.6.1 Engineering material custody. The category and quantity of engineering materials which are provided and kept by the contractor as per the agreements of Article 6.1.1 will be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, as specified in the specification, keep, maintain and prevent distortion, deterioration, contamination and personal injury of engineering materials. The time in which the contractor submits the safekeeping and maintenance plan shall be specified in the particular condition which shall include classification and storage of engineering materials, maintenance, security, access system, and the layout of warehouse, special storage room, storage yard, road, lighting, firefighting, facilities, appliances, etc. All costs of custody are included in the contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.6.2 Transfer of surplus engineering materials The remaining part of the engineering materials kept by the contractor shall be handed over to the owner free of charge subsequent to the completion of the test, unless otherwise agreed upon in the particular condition, special tools, spares and materials, etc provided by the device suppliers shall be transferred with a special list of transfer.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 7: Construction</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.1 Owner&#8217;s obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.1 Review of overall design of construction organization. The owner shall, under article 7.2.2, have the right to review the overall design of construction organization submitted by the contractor and to submit suggestions and requests thereon within 3 days of receipt thereof. No suggestions and requirements by the owner can relieve or exempt the contractor from any contractual liability. If the owner fails to submit any proposal or request within 3 days, the contractor shall have the right to implement the proposed overall design of construction organization design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.2 Entry conditions and entry date. The owner shall determine the entry date with the contractor pursuant to the approved preliminary design and temporary occupation information submitted by the contractor as stated in article 7.2.3. The owner shall ensure the contractor can enter the site on time to commencement the preparation work. Entry conditions and dates are specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the contractor's entry time is delayed due to the owner's reasons, the completion date shall be postponed accordingly and the owner shall bear the related costs incurred by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.3 Supervise the contractor in applying for approvals for commencement of work and others</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakabaeef2f-54d1-4f44-891b-4d467d1cd3d5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.4 The owner shall, within 20 days subsequent to receipt of the management plan of the &#8220;Occupational Health, Safety and Environmental Protection&#8221; which submitted by the contractor pursuant to article 7.8 , make the confirmation thereof. The owner shall have the right to inspect its implementation and make suggestions for rectification of the problems found in the inspection, and the contractor shall make rectification at his own expense in conformity with the reasonable proposal of the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.5 The owner shall perform its other obligations as stated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.2 Contactor&#8217;s obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.1 Reviewing the coordinates and laying out the construction lines. The contractor shall be responsible for reviewing the reference coordinates (including reference control points, reference control elevations and reference control coordinates) and laying out the constructions lines, and responsible for the accuracy of the lines.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.2 Design of construction organization. The contractor shall submit the overall design of construction organization to the owner at 15 days prior to commencement of construction or at such other time as the parties agree, and submit the construction organization design of the project and the main sub-project to the owner along with the construction progress. The contractor shall, at his own expense, amend and improve the same under the reasonable suggestions and requirements of the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The copy number and time of submission of the overall design of construction organization, and the name, copy number and time of the main individual project and the main sub-project to be submitted to the construction organization design shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.3 Submission of temporary land occupation information. The contractor shall submit the following information of temporary land occupation to the owner at the time specified in the particular condition:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The explanations of coordinate position, area, occupation time, use description of the warehouse, yard, road land required for the storage of the engineering materials as per article 6.6.1 and a separate description of the coordinate position, area, occupation time and use of the land to be leased by the owner;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The explanations of coordinate position, area, occupation time, usage description of the construction land, and a separate requirement of the coordinate position, area, occupation time and use description of the land rental by the owner;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The coordinate position of the road entry entering the construction site and indication of the road direction, length, road width, grade, bridge and culvert load, turning radius and time requirements which are required to be built by the owner to connect with the urban and rural public roads.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall be responsible for the additional costs or delays in the completion date due to its failure to submit the above information on time and resulting in the delay of the entry date specified in article 7.1.3.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.4 The contractor, according to the construction organization design approved by the owner, shall be responsible for designing and building all temporary facilities (including water supply, power supply, heat supply, communication, and managerial network, etc), dismantling them or transferring them to the owner with no condition after project completion or after use. Power and water for construction and living before project completion and acceptance check will be purchased as per the local market price, and the expenses will be paid by the contractor. The contractor shall be also responsible for providing the owner&#8217;s project representative with on-site office and office supportive facilities (in this project, the owner will free provide the contractor&#8217;s project managers with places for office work and living, but the contractor will be responsible for any repair work and providing meals for the owner&#8217;s project managers).</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak89c0f0f7-ee2b-4e03-b9b7-6f6435355e2a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">25</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.5 The contractor is responsible for applying for approval of commencement or engineering quality supervision procedures and other permits (if necessary), etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.6 Approval to be conducted by notice during construction. Provided that the contractor has to, during construction, for the reasons of the addition of off-site temporary land, temporary request for water stoppage, power outages, interruption of road traffic, blasting operations, or possible damage to public facilities such as roads, pipelines, electricity, posts and telecommunications, etc., the contractor shall be responsible for applying for related procedures.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.7 Provision of information on construction obstacles. The contractor shall provide coordinate positions of buildings, structures and other facilities related to the underground and on-ground within the above mentioned area as per the contract agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.8 Newly discovered construction obstacles. The contractor shall immediately take protective measures and notify the owner in time for the buildings, structures, antiquities, ancient trees, famous trees, underground pipelines, cables, structures, relics, fossils, tombs, etc., around and near sites newly discovered during construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.9 The contractor shall ensure that its manpower, machinery, equipment, facilities, measures, materials, turnover materials and other construction resources meet the requirements of the implementation of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.10 The contractor shall, prior to commencement, explain the intention of the design documents to the construction subcontractors and the supervisors and explain the design documents, and resolve the related problems in the construction process in time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.11 Protection and maintenance of work. The contractor shall, from the date of commencement until the date on which the contractor takes over the project, be responsible for the care, protection, maintenance and security of the project and shall ensure there will not be any loss and damage arising from the contractor&#8217;s construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.12 Clearance of site. The contractor is responsible for, during construction and after completion, cleaning the site, classified stacking and transport residues, wastes, garbage, etc., to the designated place by the owner or local authority concerned. The contractor shall evacuate any machinery, equipment, facilities and temporary works that are no longer in use or deliver them to the place designated by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.13 Temporary facilities for water supply and power supply, temporary buildings and roads belong to the contractor, and the cost on these will be paid by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.14 The contractor shall perform such other relevant obligations to be performed by the contractor as stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.3 Construction technique and method</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor&#8217;s construction technical methods shall conform to the relevant operating regulations, safety regulations and quality standards.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall, within 3 days of the receipt of the method submitted by the contractor, make confirmation or recommendations thereof and any such confirmation and suggestion by the owner shall not mitigate or exempt the contractor from contractual liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.4 Human power and machine resources</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.4.1 The contractor shall, as per the format, content, number of copies and time of submission agreed upon in the particular condition, submit a schedule of construction human resources plans to the owner. The plan of construction human resources shall meet the needs of the construction progress plan, and provide the owner with the actual human resources information of entry pursuant to the report form, content, number of copies and reporting period as stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak54ffdca0-8dcd-482f-8d76-198ac5755253" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">26</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In case the contractor fails to input enough kinds of work and manpower as the schedule of the construction human resources plan, and bring about the actual construction schedule obviously behind the construction schedule, the owner shall have the right to notify the contractor to dispatch personnel to the site within a reasonable period of time, and to expedite the progress at its own expense. Otherwise, the owner shall have the right to order the contractor to subcontract the work of certain individual works, sub-projects and sub-parts, the expense and delays incurred in consequence thereof shall be born by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.4.2 The contractor shall, as per the format, content, number of copies and time as stipulated in the particular condition, submit to the owner a list of major construction equipment resource plans. The plan of construction equipment resource shall meet the requirements of the construction schedule plan, and shall provide the owner with the main equipment information of actual entry according to the report form, content, number and reporting period as stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that the contractor fails to input enough machinery and tools as per the schedule of construction machinery and tools resources, which results in the actual construction schedule falling behind the progress plan, the owner shall have the right to notify the contractor, within a reasonable time, to dispatch the number of machines and tools listed in the schedule. Otherwise, the owner shall have the right to make the contractor available with the relevant machinery and equipment, so the costs and delays incurred therefore shall be borne by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.5 Quality and inspection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.1 Quality and inspection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor and its subcontractor shall, at any time, accept the supervision and inspection of safety and quality by the owner, supervisor, administrative authority, quality management department, safety management department, industrial quality safety examinants or any third part quality examination unit authorized by the owner, and the contractor shall offer facilities pay related expenses for such supervision and inspection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the owner entrust a third party to effect check, inspection, gauging and test, the quality of construction, shall notify in writing the contractor thereof and the third party's acceptance result shall be deemed as the owner's acceptance result.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall observe by the relevant provisions of construction quality control and shall be responsible for training and checking operator and disclosures of drawing, technical, operating rules, safety procedures and quality standards, in addition to the responsibility of eliminating accident threat or hidden trouble.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor shall, by virtue of the design documents, construction standards and contract stipulations, be responsible for the preparation of construction test and inspection plans and effect the inspection, testing and testing of engineering materials (including construction fittings), among which, any unqualified cannot be used, and have the obligation to repair and replace unqualified engineering materials at its own expense, the delay of the completion date therefore will be on the contractor&#8217;s liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The contractor's construction shall conform to the quality standards stipulated herein. The assessment on construction quality is based on the quality inspection and evaluation standard stipulated in the contract. The contractor shall repair, rework, replace and so on at its own expense for the construction sites that do not meet the quality standards and be liable for the delay of the completion date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.2 Quality inspected parts and inspecting party. The parts of quality inspection can be divided into three parts: the part where joint participating by three parties of the owner, the supervisor and the contractor in the inspection; the part where joint participating by two parties of the supervisor and the contractor in the inspection; and the part by the third party or the contractor in the inspection. The place, inspection standard and acceptance form of construction quality are stipulated in particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak69fdb75e-2b3a-4fbc-8507-32d7d20a5dfb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">27</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, as per the stipulations of the above agreement, report the qualified parts to the owner or the supervisor for putting on file. The owner and chief engineer shall have the right, at any time, to conduct spot checks or full inspections on the parts on file.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.3 Notify the parties to participate in inspection. The contractor shall, subsequent to the qualification of self-inspecting and testing the quality parts and participating parties as stated in 7.5.2, notify the relevant participating units to participate the inspection. If there is any failure of participation by the participating parties, the contractor shall send the qualified results of the self-inspection to the owner or the supervisor within 24 hours thenceforth for signatures, if, failing to sign thereon within 24 hours, the quality inspection results shall be deemed to have been approved by the owner. The contractor may, within 3 days thenceforth, issue a notice that the owner or the supervisor have confirmed the result of the quality inspection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.4 Right to quality inspection The owner and its authorized supervisor or third party shall, without prejudice to the contractor's normal operation, have the right to supervise, inspect, test and check any construction area, for which the contractor shall furnish facilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall, upon find of quality defects caused by the contractor, have the right to issue orders for repair, suspension, demolition, rework, re-construction, replacement, etc. The added costs shall be born by the contractor and completion date shall not be extended.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.5 Re-inspection of quality. The owner shall, pursuant to the stipulation of 7.5.3 hereof, have the right to effect re-inspection of quality without prejudice to the normal construction of the project. Where the result of checkup, inspection, test or gauging is not qualified, the expenses incurred shall be born by the contractor, and the completion date shall not be extended if the key path of the project is delayed; where the results of checkup, inspection, testing, and gauging are qualified, the additional costs incurred or the completion date delayed by the contractor shall be deemed as a modification as per Article 13 [Amendment and contract price adjustments].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.6 The additional cost incurred not by the owner shall be for account of the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.6 Concealed engineering and intermediate acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6.1 Concealed engineering and intermediate acceptance. The classification, location, content, quality standard, quality inspection form and participating parties of the hidden engineering and intermediate acceptance site required for quality inspection shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6.2 Acceptance notice and acceptance. The contractor shall, 48 hours prior to the acceptance of concealed works with self-examination qualification or intermediate acceptance, give a written notice to the owner and (or) the supervisor to effect acceptance thereof, which shall include the contents, acceptance time and place of concealed works or intermediate acceptance. The concealed works and the subsequent works can be covered and carry out until acceptance thereof and signatures of the parties hereto on the acceptance record, in addition to prepare and submit the completion data of concealed works and the relevant information required by the owner or the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that the owner and the supervisor do not sign the acceptance record 24 hours subsequent to the acceptance pass, the owner and the supervisor shall be deemed to have approved the acceptance record, and the contractor may conceal or perform succedent operation. However, the inspection by the owner and the supervisor fail to pass the acceptance, the contractor shall repair it within the time limit required by the owner and the supervisor, and notify the contractor and the owner of the acceptance again.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6.3 Failure to participate acceptance on time. Provided that the owner and the supervisor are unable to participate in the acceptance of the concealed works or intermediate sites on time, shall, within 24 hours upon receipt of the acceptance notice, submit to the contractor in a written request for extension, however, which shall not exceed 48 hours. The owner fails to put forward deferred acceptance at the above time and fails to participate in the acceptance, the contractor may organize the acceptance by itself. The acceptance record of the contractor shall be deemed to have been accepted by the owner and the supervisor.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreaka4f3a3e4-0fab-460c-b90d-766d37b48421" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">28</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6.4 Reinspection. The owner and the supervisor shall at any time have the right to require a re-inspection of the concealed works which have been accepted, and the contractor shall remove the overlay, peel off or open the hole as required, and re-cover or repair after the inspection. Where the hidden project is not qualified by re-inspection, the expenses incurred shall be born by the contractor, and the completion date shall not be extended if the key path of the project is delayed; where the results of checkup, inspection, testing, and gauging are qualified, the additional costs incurred or the completion date delayed by the contractor shall be deemed as a modification as per Article 13 [Amendment and contract price adjustments].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.7 Disputes over the results of construction quality</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.7.1 Any dispute on the construction quality should be settled firstly through consultation by parties hereto. If an agreement thereon is not reached through consultation, the engineering quality inspection authority which being unanimously agreed by parties and with corresponding qualifications may be entrusted to effect the inspection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the contractor is the responsible party under the inspection result of the testing authority, the increase in cost or the delay in completion date arising therefrom shall be born by the contractor; however, the responsible party is the owner, the increase in the costs incurred therefore shall be born by the owner. If the critical path of the project is delayed due to the dispute, the completion date shall be postponed accordingly. If the critical path of the project is delayed due to the dispute, the completion date shall be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.7.2 Provided that both parties hereto have responsibility pursuant to the examination result of the inspection authority, parties hereto shall, on base of the shares of liability by each party, consult the sharing cost therefore; delay the critical path of the project arising therefrom will be consulted for extension of the completion date. In the event that the parties cannot agree on the share of costs and extension of the completion date, the dispute shall be settled as the stipulated procedure of Article 16.3 [Dispute and Arbitration].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.8 Occupational health, safety, and environmental protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.8.1 Occupational health, safety, and environmental protection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Parties hereto have the liabilities to abide by the laws on health, safety and environmental protection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Implementation plan of occupational health, safety, environmental protection management. The contractor shall, prior to the commencement of work on the site or within such other time as may be agreed upon, submit the implementation plan of occupational health, safety and environmental protection management to the owner. The costs of plan's management and implementation are included in the contract price. The owner shall, within 15 days after receiving the plan, make recommendations and confirm thereon, the contractor shall make amendments thereof at its own expense according to the owner&#8217;s proposal. The copies number and time of submission of the implementation plan for occupational health, safety and environmental protection management will be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) In the course of executing the implementation plan of occupational health, safety and environmental protection management by the contractor which needs to take special measures beyond the plan, may be conducted as an amendment subject to the stipulation of Article 13 [Amendment and Adjustment of Contract Price].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor shall ensure that all employees and their subcontractors on site are adequately trained and experienced to be competent in occupational health, safety and environmental protection management.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak63d8aee8-b92d-4241-9fbb-85b55eeeadf8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">29</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) All parties shall abide by all the legal regulations on occupational health, safety and environmental protection related to the implementation of the project and the use of construction equipment, and shall conduct respectively each relevant formalities pursuant to the regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) The contractor should establish the conditions of occupational health protection, set up safety facilities, etc. The contractor shall be responsible for the delay in the approval of construction permit due to the contractor&#8217;s reasons, the increased costs or delays in the critical path of the project will be born by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) The contractor shall be staffed with full-time engineer or manager responsible for managing, supervising and directing the work of occupational health, safety protection and environmental protection. The contractor should be held responsible for the conduct of its subcontractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(8) The contractor shall at all times accept and facilitate the supervision and inspection of the occupational health, safety and environmental protection by the inspectors of the relevant administrative departments, trade agencies, the contractors and the supervisors of the government.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(9) If any safety accident or breach of the agreement in Appendix 5 occurs in construction as stipulated in Power Construction Safety, Health and Environment Management Regulations and other regulations of our company, the owner will have right to deduct an administrative penalty from the project fund and claim for compensation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.8.2 On-site occupational health management</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall abide by the laws and contractual agreements on applicable occupational health (including provisions on employment, occupational health, safety, benefits, etc.), and shall be responsible for the occupational health and protection of the personnel during the on-site implementation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall abide by applicable labor laws and regulations, protect the lawful rights and interests of its employees, and provide them with labor protection articles, protective appliances, heat protection and temperature relief articles, necessary conditions of food and accommodation on-site and safe production facilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall carry out the training of occupational health knowledge for its construction personnel, safety operation rules, and effective measures to provide protective equipment to prevent personal injury in accordance with relevant regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor shall set up the warning signs and instructions in the working area with toxic and hazardous. The owner shall bear the responsibility and expense for the injury or harm of owner and his consignees caused by entering the working area without the permission of the contractor and without the relevant protective equipment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The contractor shall carry out the inspection of prevention and control of toxic and harmful posts, make rectification and correction, in time, of unqualified protective facilities, appliances, erection, etc., and eliminate hidden dangers to occupational health.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) The contractor shall take sanitary and epidemic prevention measures, staff medical personnel, first aid facilities, maintain the dining room food hygiene, maintain the living place and its surrounding environmental hygiene, and maintain the occupational health of the construction personnel.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.8.3 On-site safety management</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The supervisor shall conduct safety education for their personnel on site, provide necessary personal safety articles, and be responsible for the safety incidents caused thereby. The supervisor shall not compel the contractor to violate the safety regulations of safety construction, safe operation and completion test and post-completion test. The personal injury and property loss due to the reasons of the owner, the supervisor and their on-site staff, the supervisor shall bear the relevant liability and incurred expenses. The completion date will be extended if the critical path of the project is delayed. The supervisor cannot force the contractor to violate any safety rules for construction, operation, completion test and post-completion test. The supervisor shall be responsible for the personal injury and property loss and delay in the critical path of the project due to its breach of the safety regulations of safe construction, safe operation, completion test and post-completion test.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakdd85e13e-233b-4af0-a73d-b3077f3bbc3c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">30</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall be responsible for the personal injury and property loss and delay in the critical path of the project due to its breach of the safety regulations of safe construction, safe operation, completion test and post-completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Personnel of all parties shall comply with the instructions concerning the prohibition of passage, including the prohibition of access to the workplace and specific areas adjacent to the work site. Failure to comply with this agreement and cause injury, damage and loss shall be the responsibility of the party who fails to comply with the agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall be responsible for safety of the site, including the same of its subcontractor and implement closed management on the site with the condition thereof. The corresponding safety technical measures should, according to characteristics of the project, be prepared in the document of construction organization design and the special safety construction organization design for the professional engineering parts, including the maintenance of safety, prevention of danger and fire, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor (including the contractor's subcontractors, suppliers and their transport units) shall take preventive measures against damage to roads, bridges, underground facilities, etc., in and out of the site, unless otherwise stipulated in the particular condition. The contractor shall be liable for damage and delay of completion due to failure to take preventive measures as agreed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The contractor shall conduct safety operation training for its construction personnel, make clear the safety operation rules, take safety protection measures, set up safety warning signs and instructions, carry out safety inspection, and eliminate hidden dangers of accidents.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) The contractor shall, on the time of undertaking operations in the areas and sections of power equipment, transmission lines, underground pipelines, sealed-shockproof workshops, high-temperature, high-pressure, flammable, explosive, and works near the main traffic road nearby, take safety precautions against possible damage to the buildings, structures at site and adjacent thereon, and the special operating environments. The contractor shall, prior to the commencement of construction, submit to the owner or the supervisor a plan of safety precautions, and implemented after confirmation thereby.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) The contractor shall, for carrying out the works of blasting, radioactivity, electrification, toxicity and use of flammable, explosive, toxic and corrosive materials (including transportation, storage, custody), notify the owner and the supervisor in writing 10 days prior to the construction and submit the corresponding safety protection plan for implementation after approval.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(8) Inspection of safety protection. The contractor shall, prior to the commencement of the operation, notify the owner's representative and the supervisor to effect inspection on the safety measures scheme submitted by the contractor, and the installation of on-site safety facilities, safe passage, safety apparatus and firefighting apparatus, and checkup the potential hidden danger nearby, in addition to effect the correction thereof at its own expense as per the proposal of the owner and the supervisor. However, the proposal and suggestion of the owner and the supervisor does not mitigate or exempt the contractor from liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.8.4 Management of on-site environmental protection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, during site construction, take responsibility for the protection of, around the site, buildings, structures, cultural relics, ancient trees, famous trees, underground pipelines, cables, structures, cultural relics, fossils and graves and shall be responsible for the increased costs of damage, loss, compensation, etc., and delays in the completion date, which as a result of the contractor's failure to notify the owner thereof and, in the absence of further instructions from the owner.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak065377a4-980d-4a88-b5cb-cea7c99fc77d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">31</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall take action and be responsible for the control and treatment of environmental pollution and hazards caused by dust, exhaust gas, wastewater, solid waste and noise at the site and shall be liable for the increased costs of injury, compensation, fines, and delays in the completion date consequent thereon or incidental thereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor should, timely or regularly, transport the waste from the construction site to the site designated by the owner or the relevant local authorities to prevent pollution to the surrounding environment and the impact on the operation. The contractor shall bear the additional expenses of penalty and compensation imposed by the local administrative authorities as a result of the violation of the above stipulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.8.5 Accident treatment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor (including his subcontractor) should, in the event of death or injury occurred during the site operation, immediately take rescue measures and report to the owner and the rescue unit, and the owner is obliged to provide the necessary conditions for the rescue. The contractor shall maintain the site and take appropriate measures to prevent the spread of the accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) For heavy casualties, major damages of property, environmental pollution and other safety accidents, the contractor shall immediately report to the relevant authority in accordance with relevant regulations, and immediately notify the owner's representative and the supervisor. At the same time, effect treatment thereof according to the requirements of relevant government authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Any dispute on accident&#8217;s liability between the parties hereto shall, as per the stipulation of article 16.3 [Dispute and Arbitration], be settled.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor shall undertake the responsibility for the damage to person and property due to its reason during the reasonable period of use and the guarantee period of the equipment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) In the event of food poisoning and occupational health of employee incidents due to the contractor&#8217;s reason, the contractor shall assume the relevant responsibilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 8: Completion Test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The provisions of this article shall be abided by where completion test included the works hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.1 Obligation to complete test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.1.1 Contactor&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, prior to commencement of the project, complete the construction work of the corresponding construction operation and complete the inspection, testing, checking and experiment of the construction parts as stipulated herein prior to the completion of the test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall, prior to the commencement of the completion test, submit the relevant quality inspection materials and completion materials to the owner in accordance with the stipulations of Article 7.6 [Concealed Works and Intermediate Acceptance].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Where the contractor shall, in accordance with Article 10 [Post-completion Test], instruct the owner to conduct the post-completion test, the contractor shall complete the training of the operation and maintenance personnel as stipulated in article 5.4, and shall submit the manual of operation and maintenance as stipulated in article 5.2.2 prior to completion of the test.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake1c9fb03-c715-4990-8551-7c204817a3cf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">32</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Completion test plan. The contractor shall, 20 days before the completion conditions are satisfied, submit the completed test scheme to the owner. The owner shall make suggestions and comments on the scheme within 10 days, and the contractor shall amend the completed test scheme at his own expense according to the reasonable suggestions and opinions of the owner. Completion test scheme will, subsequent to confirmation of the owner, taken as an annex to the contract and be in implementation by the contractor. The number of copies and submission date of the completion test plan are stipulated in the particular condition. The plan covers:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) The basis and principle for the preparation of the completed test plan;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) Organizational setup and division of responsibilities;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) The test procedure and test conditions for the completion of the project;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4) Test procedure and test conditions for single piece, single unit and linkage test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5) Categories, performance standards, test and acceptance formats of equipment, materials and components for completion of test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6) The quality and dosage requirements of water, electricity, power and other conditions;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7) Safety procedures, safety measures and protective devices;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8) Progress plan, measure plan, plans of manpower and tools for completion test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(9) Others</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The contractor shall complete the completion test in accordance with the test conditions, test procedures, and the standards, regulations and data agreed upon in article 5.2.3 (3).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.1.2 Owner&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where an acceptance check team is needed to be organized by the owner, the owner must assist the contractor in organizing the acceptance check team and confirming the acceptance check result.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.1.3 Leading group for completion of test. The leading group for the completion test shall be responsible for the leadership, organization and coordination of the completion test. The contractor provides the manpower, machinery and equipment necessary for completion of the test and is responsible for the completion thereof. The owner is responsible for organizing the acceptance check of the completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.2 Inspection and acceptance of completed test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.1 The contractor shall make the inspection and acceptance in accordance with the standards, specifications, data as stipulated in article 5.2.3 (3) and the stipulation of article 8.1.1 (4.5) [Completion test plan].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, prior to commencement of the completion test pursuant to the stipulation of article 8.1.1, inspect the test conditions provided by all parties, if, the conditions are satisfied, the personnel of both parties shall sign and confirm thereon. The owner shall be responsible for the loss of holding up the work to the contractor due to the delay in the completion test conditions provided by the owner. If the completion date is delayed, the completion date will be postponed accordingly; where the contractor is unable to implement the completion test conditions on time and delay completion of the test progress, the contractor shall expedite the work as stated in article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.3 The contractor shall, 36 hours before the commencement of a completed test, give a notice to the owner and / or the supervisor, which shall include the items, contents, location and acceptance time of the test. The owner and / or the supervisor shall, within 24 hours of receipt of the notice, respond in writing. After the test has passed, parties hereto shall sign the test record and acceptance form.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2fc83c60-63af-43b9-9ab1-bfdc2a948249" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">33</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the owner and the supervisor shall not sign the test record and acceptance form 24 hours subsequent to the acceptance, which will deemed as the owner and the supervisor have approved the acceptance, and the contractor may perform the covered work and subsequent operations. If, no satisfaction for acceptance, the contractor shall make amendment thereof within the time specified by the owner and the supervisor, and notify the owner and the supervisor to effect the re-acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.4 Where the owner and the supervisor are unable to participate in the test and acceptance on time, shall, within 24 hours subsequent to receipt of the notice, submit to the contractor in writing a request for extension, which shall not exceed 24 hours. If the owner fails to submit the deferred test at the above time and fails to participate in the test and acceptance, the contractor may, at its sole option, organize the test according to the contents of the notified test project, the result thereof shall be deemed to have been approved by the owner and the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.5 Whether or not the owner and the supervisor participate in completion test and acceptance, the owner has the right to order re-testing. Where the re-test is not qualified due to the contractor's reasons, the contractor shall bear the additional costs therefrom, and the completion date shall not be extended if the progress of the completion test is delayed; in case of qualification of re-test, the increased costs and / or extension of the completion date occurred by the contractor shall be treated as an amendment as per article 13 [Amendment and Adjustment of Contract Price].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.6 Agreement on the date of acceptance of completed test</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Date and time of acceptance of a completed test. The date and time of passing completed test of that project shall be the same of acceptance of completed test;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Date and time for the acceptance of the completion test of the project. The date and time of passing completed test of that project shall be the same of acceptance of project completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.2.7 After devices and systems are installed and well debugged and the contractor has carried out the self-inspection, the contractor may submit a written application for acceptance with acceptance content, acceptance time and complete completion data if there are all conditions for acceptance, and the contractor shall be responsible for organizing debugging and operating units to participate the static system inspection and acceptance after the installation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall organize the quality inspection before grid incorporation and completion acceptance and trace to solve any quality problem if found. The supervisor shall participate in the quality inspection. The contractor shall submit the records and reports of quality inspection to the representative of the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">After the project is completed, the contractor shall organize technicians from the technology and quality departments, prepare, review and bind all construction records and files, and transfer them to the owner in time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.3 Safety and inspection of completion tests</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor should, in accordance with the stipulations of article 7.8[Occupational Health, Safety and Environmental Protection], and combined with characteristics of the completed test, such as electricity, water, ventilation, pressure test, leak test, blow sweep, rotation and so on, formulate the safety operation schemes including the safety procedures, safety regulations, fire prevention measures, accident reporting systems and accident handling schemes for completion tests, such as electrical shock, flammable and explosive, high temperature / high pressure, pressure tests, and operation of machinery and equipment, etc., and submit the schemes to the owner for confirmation. The contractor shall amend the scheme at his own expense pursuant to the reasonable suggestions, opinions and requirements of the owner, and shall effect implementation thereof after confirmation by the owner. The owner's confirmation does not relieve or mitigate the contractor of his contractual liability. The expenses of safety precautions and protective equipment for completion of the test which provided by the contractor have been included in the contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.3.2 The contractor shall conduct the safety training of the completion test for its personnel, and effect the explanation of the safety operation procedure, site environment, operating system and emergency treatment measures of the completion test.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak80f2cf90-62db-4120-a79a-565063c4acdc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">34</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner and the supervisor shall, pursuant to the safety regulations, safety systems, safety measures, etc. in the approved safety plan for the completed test, be obliged to conduct safety education on the completion test for their personnel of management and maintenance, and provide, at its own expense, the protective facilities for the participators in supervision and inspection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner and the supervisor shall have the right to supervise and inspect the contractor's work and implementation thereof as set out in the safety plan of completed test, and shall have the right to issue instruction of safety rectification. The contractor is obliged to carry out rectification and readjustment subject to the instruction, and bear the increased costs therefrom. Where the progress schedule for the completion of the test is delayed therefore, the contractor should, at its own expense, pursuant to the stipulation of article 4.1.2, expedite the work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.3.5 Parties hereto shall, subject to the decision of the completion test leading group stated in article 8.1.3, cooperate closely with the organization of the completion test, effect coordination and implementation to prevent personal injury and accidents.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall bear the corresponding liability, expenses and compensation for any accident due to its reason. The completion date may be extended accordingly when the schedule of the project completion test is delayed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall bear the corresponding liability, expenses and compensation for any accidents due to its reason and shall, as stipulated in article 4.1.2., expedite with the schedule of the project completion test at his own expense.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.4 Delayed completion test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.4.1 If an individual project lags behind the completion test schedule due to the contractor's reasons, the contractor shall, at its own expense, take measures to expedite work with the completion test schedule as stated in article 4.1.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.4.2 Where the delay of completion of test due to the contractor's reasons bring about the delay of completion date of the project as stipulated herein, the contractor shall, under the stipulation of article 4.5 [Compensation for delay damage], be liable for the liability to pay compensation of delay damage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.4.3 Completion test organized by the owner. Provided that the contractor, without proper reason, fails to carry out a completion test according to the schedule of completion test which decided by the completion test leading group, and the completion test has not been carried out within 10 days subsequent to the receipt of the notice issued by the test lead group, the owner will have the right to organize the completion test and the risk and costs arising therefrom shall be born by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.4.4 If the owner fails to fulfill its obligations in accordance with the stipulation in article 8.1.2, the owner shall bear the reasonable expenses incurred by the contractor therefore, and the completion date shall be postponed accordingly if the schedule for completion of the test is delayed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.5 Retesting and acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.5.1 Where the contractor fails to pass the relevant completion test, may re-conduct the test as per stipulated in article 8.1.1 (5), and effect inspection and acceptance pursuant to the stipulation of article 8.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.5.2 Whether or not the owner and the supervisor participate in the completion test and acceptance, if the contractor fails to pass the completion test, the owner shall have the right to notify the contractor to effect the completion test again in accordance with article 8.1.1 (5), and make the inspection and acceptance as per the provisions of article 8.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.6 Failure to pass completion test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where it fails to passing the completion test due to contractor&#8217;s reason, the completion test shall be allowed to be carried out again, however the maximum number of such tests shall be two times, if, the two tests fail to satisfy the acceptance condition, the relevant expenses, completion date and related items shall be dealt with in accordance with the following stipulations:</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak70bf4976-2ab9-4a62-bc05-af34ea9e7334" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">35</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) It fails to pass the completion test but has no material effect on the operation or use, the contractor shall repair it at its own expense. If it cannot be repaired, the owner shall have the right to deduct the corresponding payment in this part and shall be deemed to have passed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) It fails to pass the completion test but has no material effect on the operation and use of the project, the contract price of the project may be effected with corresponding deduction by the owner, which be deemed to have passed;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) It fails to pass the completion test and has a material impact on the operation or use, the owner shall have the right to instruct the contractor to replace the relevant part thereof and to conduct the completion test. The contractor shall bear the additional costs incurred by the owner therefore and if the completion date is delayed, the contractor shall be liable for the delay damage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Provided that failure to pass the completion test results in loss of the functions of production and use of the project, the owner shall have the right to instruct the contractor to replace the relevant part for which the additional costs will be for the account of the contractor; if the completion date is delayed, liability for late damages shall be born by contractor. The increased expense occurred by the owner will be contractor&#8217;s liability of compensation as per 16.2.1 [Owner&#8217;s claim indemnity].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Provided that failure to pass the completion test results in loss of the functions of production and use of the whole project, the owner has the right to instruct the contractor to redesign and replace the relevant part, and the contractor will bear the additional costs arising therefrom; if the completion date is delayed, the contractor shall be liable for the delay damage. The owner shall, as per the stipulation of article 16.2.1 [Owner&#8217;s claim] have the right to file a claim of compensation thereof against the contractor or terminate the contract as the stipulation of article 18.4.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.7 Dispute over the results of the completed test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.7.1 Solution by negotiation or consultation. Any dispute over the results of the completed test between the parties hereto shall, in the first place, be settled through negotiation or consultation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.7.2 Entrusting a testing institution. If the disputes over the completed test are still existing through consultation, the parties hereto shall jointly entrust a competent testing institution to carry out the testing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Where the responsible party is the contractor, the required cost of expert appraisal and the reasonable costs which increase the owner&#8217;s expense therefore shall be for account of the contractor and no extension of the completion date will be rendered to the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Where the responsible party is the owner, the required expert appraisal costs and the reasonable costs which increase the contractor&#8217;s expense therefore shall be for account of the owner and corresponding extension of the completion date will be rendered to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) In case that both parties hereto are responsible, the parties hereto shall share the cost according to the level of the responsibility, and negotiate the extension of the completion date according to the delay of the completion test plan. Any dispute on the share of expenses and extension of completion date can be solved as per 16.3 [Disputes and awards].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 9: Engineering receiving</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>9.1 Engineering receiving</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.1.1 Receive by the work. The receipt of the work shall, subject to the particular case and characteristics of the project, be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd2cbd4fd-3bb4-4dc5-ba5a-204127629c5d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">36</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Receive by the work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, as per the stipulation of article 10, be responsible for directing the owner to conduct the post-completion tests and assume the responsibility of the test operation, and the time arrangement of receiving the work should be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the owner is responsible for the test after the completion of the project and the responsibility of trial operation assessment, the time arrangement of receiving the work shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) For the work which without necessary completion test or post-completion test, the contractor may, subsequent to completion of the finishing work and the repair of the defects and complies with the acceptance standards stipulated in the contract, conduct the receipt and acceptance of the work.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.1.2 Information submitted by the contractor at the time of acceptance of the project. In addition to the information already have submitted as agreed in article 8.1.1 (1) to (3), the type, content, number and time of submission of the acceptance materials for completion of the completion test shall be specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>9.2 Acceptance certificate</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.2.1 The contractor shall, within 10 days subsequent to the completion of the project, submit an application for the acceptance certificate to the owner which shall organize the acceptance within 10 days upon receipt of the application, and shall issue a certificate of acceptance of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The date of acceptance of the project shall be subject to the date agreed in Article 4.4.3 (1) for acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.2.2 Finishing work and defect repair. The finishing work and defect repair which without material effect on the operation of the project shall not be taken as the reason for owner&#8217;s refusal of acceptance. A reasonable time which is determined between the owner and contractor for the contractor to complete the finishing work and defect repair is an attachment to the acceptance certificate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>9.3 Responsibility for receiving works</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.3.1 Security responsibility: The owner shall, as of the date of receipt of the project, assume its security responsibility.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.3.2 Care responsibility: The owner shall, as of the date of receipt of the project, assume its care responsibility. However, the contractor shall be responsible for the quality assurance of the project as stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.3.3 Insurance liability. Provided that the party for insurance during the period of construction is the contractor, the contractor shall be responsible for the insurance of the works and maintain the period of insurance until the date of acceptance of work, which is stipulated in article 9.2.1, and the owner shall, subsequent to that date, be responsible for the insurance for works.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>9.4 Failure to receive the project</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.4.1 Refusal of receiving the project. Where the owner fails, within 15 days of receipt of an application for a certificate from the contractor for the project, organize the acceptance, the applications for receiving certificates for the project shall deemed as have been confirmed by the owner. The owner shall, as of the 16th day as per the stipulation of Article 9.3, be liable to assume related responsibilities.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.4.2 Failure to receive the project under the agreement: The owner shall have the right to refuse to accept the project for contractor&#8217;s failure of submission of an application for the project, or failure of satisfaction of the acceptance conditions for the project.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak0a238abf-e75a-4d35-8c4c-f292e9996795" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">37</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the owner fails to abide by the provisions of this article and uses or orders the acceptance of the project which does not meet the acceptance conditions, shall bear the relevant responsibilities as stipulated in article 9.3 [Acceptance of work], in addition to the liability of loss, damage and compensation for the operation, use, etc. of the project that has been used or forcibly received.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 10: Post-completion Test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The work hereof which comprises post-completion test should be applicable to the provisions of this article.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.1 Rights and obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.1.1 Owner&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The owner has the right to review and approve the plan of post-completion test which prepared by the contractor as stated the stipulation of Article 10.1.2 (2), however, the owner&#8217;s approval does not mitigate or exempt the contractor from contractual liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The joint coordinating leading group for post-completion tests shall be set up by the owner, under the leadership of the owner and the guidance of the contractor, and shall, according to the scheme of approved post-completion test, divide and organize the completion of all preparatory work for the post-completion test, pilot run and assess after completion. The establishment and division of responsibilities of the joint coordinating leading agency shall be an integral part hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The owner shall, for the recommendation made by the contractor as per the stipulation of article 10.1.2 (4), have the right to give notice of acceptance or not. If the owner fails to accept the contractor&#8217;s above recommendation, the contractor is obliged to continue to comply with the original organizational arrangements, commands and notices.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The organizational arrangements, instructions and notices issued by the owner to the contractor during the test phase after completion shall be delivered in writing to the contractor's project manager who shall sign the receiving date, time and signature on the receipt.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The owner shall have the right to issue emergency instructions to the contractor orally or in writing in case of emergency, and the contractor shall execute the same immediately. If the contractor fails to comply with the owner&#8217;s orders, the contractor shall be liable for the accident, personal injury and engineering damage therefore. The owner shall, within 12 hours after giving the oral instruction, submit the oral instruction in writing to the contractor&#8217;s project manager.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Other obligations and work of the owner at the test stage subsequent to completion shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.1.2 Contractor&#8217;s rights and obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, under the unified arrangement of the joint coordinating leading group, dispatch the personnel with corresponding qualifications and experience to guide the post-completion test. The contractor&#8217;s project manager or director must obtain prior approval from the owner before leaving the site during the test period after completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall, in accordance with the contract agreement and the characteristics of the post-completion test, assist the owner in the preparation of the post-completion test plan and in the completion of the completion test prior to the commencement of the completion test. The test plan after completion shall include operation test procedure, resource condition, test condition, operation regulation, safety regulation, accident handling procedure and progress schedule of work, individual project and its related parts. The schedule the post-completion test shall be carried out after examination and approval by the owner. The copies number and time of the test plan after completion is stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak55688073-a842-4923-b7c8-032604c7fd2e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">38</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall be liable for any accident, personal injury or engineering damage due to its failure to execute the owner&#8217;s arrangements, instructions and notices.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor is obliged to offer a proposal with the explanation thereof to the owner&#8217;s organization, direction and notice.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) The owner shall, in case of emergency, have the right to instruct the contractor orally to carry out the manipulation, work and operation, which shall be carried out immediately by the contractor which shall keep a record of the instruction and the implementation thereof. And the owner shall, within 12 hours, submit the said oral instructions to the contractor in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the owner fails, within 12 hours, to submit the oral instruction in written form to the contractor, the contractor and its project manager shall, within 24 hours after receiving the oral instruction, have the right to send the oral instruction to the owner in written form. The owner shall effect its signature with the date and time thereon for confirmation thereof. Where the owner fails to sign and confirm the receipt within 24 hours, which deemed to have been confirmed by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Responsibility for defects in operation and maintenance manual. The contractor shall bear the responsibility for the accident, personal injury and engineering damage due to the defects in the Operation and Maintenance Manual compiled by the contractor; the owner shall be responsible for the accident, personal injury and engineering damage and the contractor&#8217;s added expense due to the Operation and Maintenance Manual provided by owner (including its patentee) which cause the defects of the contractor&#8217;s Operation and Maintenance Manual.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) Other obligations and work of the contractor in the test phase after completion of the project shall be stipulated in the particular condition in accordance with the contract and industry regulations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.2 Post-completion test procedure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.1 The owner shall, under the post-completion test plan approved by the joint coordinating leading group, organize and arrange its management personnel, operation and maintenance staff and other preparations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.2 The contractor shall, under the post-completion test plan approved by the joint coordinating leading group, provide all electricity, water, fuel, power, raw materials, auxiliary materials, consumable materials and other test conditions, and provide such other temporary auxiliary equipment, facilities, tools and appliances as may be required for the post-completion test and other preparations to be performed by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.3 The contractor shall organize the post-completion test pursuant to the approved post-completion test plan and test procedures and test conditions of any part of an individual project, between individual projects, and the test procedure and test condition of post- completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.4 The joint coordination leading group organize the comprehensive inspection and implementation of the conditions of resources, test, safety facilities, fire protection facilities, emergency treatment facilities and related measures, which being the requirements for test after completion of work, individual works and any part of the project, ensure the completeness and sufficiency of the recording instrument and special record form.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.5 Notice of the date of test after completion. The owner shall, within 15 days after the date of acceptance of the individual works and of the acceptance of the work, notify the contractor the date of commencement of the test after completion unless otherwise agreed upon in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.3 Assessment on test after completion and pilot run</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.3.1 The test will, as per the test procedure, test condition and operation procedure of the approved test plan after completion, be carried out and achieve the function as stated herein of production and use functions of the works and individual projects.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake131f2ca-e47b-43f4-a3cf-999d221801af" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">39</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.3.2 The operator of the owner and the director of the contractor shall fill in the data, conditions, circumstances, time, name and other contents of the agreement on the record of test conditions, test records and forms on the same post during the test process after completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.3.3 Trial operation assessment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Where the contractor shall, pursuant to the stipulation of article 5.1.1, provide the production technology and architectural design plan, the contractor shall ensure that the project, during the testing period, achieve the assessment guarantee value and use function stipulated in article 5.1.1 in particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Where the owner shall, pursuant to the stipulation of article 5.1.2, provide the production process technology and architectural design plan, the contractor shall ensure within the assessing period of the trial operation, reach the guaranteed value and use function of the relevant parts of the project to be undertaken by the contractor as stated the stipulation of article 5.1.2 in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The time period of trial operation assessment shall be stipulated by the parties hereto in particular condition according to the regulations of relevant industries.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The parties hereto shall, subsequent to pass of trial operation assessment or use function, effect joint preparation of the examination results of test after completion and its trial operation in addition to compile a evaluation report which, as part of this contract, in duplicate with signatures and seals of the parties hereto. The owner shall issue certificate of examination and acceptance as stated the stipulation of article 10.7.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.3.4 Ownership of product and service income. Any product income and service income during the test after the completion and trial operation assessment of individual works and the work shall be owned by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.3.5 One of the indexes for trial operation examination is the true termination of the trial operation when the power generated reached the value in the agreement after a period of trial operation. The contractor shall bear the liability for all device defect eliminating and rectifying during the trial operation period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.4 Delay in testing after completion</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.4.1 In case of delay in post-completion test due to contractor&#8217;s reasons, the contractor shall take measures to organize and cooperate with the owner to commence and pass the post-completion test as soon as practicable. Where delay results in an increase in the costs of the contractor, the owner shall have the right to file a claim against the contractor in accordance with the stipulation in article 16.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.4.2 During the period of trial operation and assessment, as per the stipulation of Article 10.3.3 [Trial operation assessment], if, the assessment is interrupted or stopped due to the reasons of the owner, and the cumulative number of days of interruption or cessation dates exceed the period of the test run specified in 10.3.3 (3) [Time period for trial operation assessment], the trial operation assessment shall be recommenced within 10 days subsequent to the interruption or stop, beyond which the project will be deemed as have passed the test run examination.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.5 Recommencement of post-completion test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.5.1 Failure of passing the test after completion of the work, any part of the individual project or any part of the project due to the contractor&#8217;s reason, in accordance with the stipulation in article 5.1.1 or 5.1.2 and the particular conditions hereof, the contractor shall repair the defects at its own expense, and re-organization of the test by the owner subject to the procedure and condition of test which stipulated in article 10.2.3.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak18410f86-98c3-45f2-b8e6-a5f0c48e6d80" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">40</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.5.2 Provided that the re-test which effected by the contractor as per article 10.5.1 still fail to pass the test, the contractor shall, at its own expense, continue to repair the defects and, as per the test procedures and test conditions stipulated in 10.2.3, conduct the test against.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.5.3 If the recommencement of the post-completion test increase additional costs to the owner due to the reason of contractor, the owner have the right to make a claim against the contractor therefor pursuant to the stipulation of article 16.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.6 Fail to pass the assessment.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the project fail to pass the assessment due to the contractor&#8217;s reasons, provided that still have the function of production and use, shall be treated according to the following agreement:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Compensation for failure to pass trial run check</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) The production technology or architectural design provided by the contractor fails to pass the test run.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the scheme of production technology and architectural design provided by the contractor fail to pass the test run assessment, the contractor shall, pursuant to the assessment guarantee value of engineering and single project trial operation and specification for the use of functional guarantee for the project as stated in the stipulation of article 5.1.1, effect payment of the corresponding amount of compensation to the owner, after which, the contractor shall be deemed to have passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) The production technology or architectural design plan provided by the owner fails to pass the trial run assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the scheme of production technology and architectural design provided by the owner fail to pass the test run assessment, the contractor shall, pursuant to the assessment guarantee value of project trial operation and specification for the use of functional guarantee for the work and individual project as stated in the stipulation of article 5.1.2., effect payment of the corresponding amount of compensation to the owner, after which, the contractor shall be deemed to have passed the trial operation assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) If the contractor proposes an investigation adjustment and amendment, at its own expense, for the project which fails to pass the test of trial operation, which accepted by the owner, the parties hereto may agree on the time limited for the corresponding investigation, amendment and test. The owner shall provide convenience therefor and may, prior to passing the examination, withhold compensation as agreed in article 10.6 (1).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Where the owner accepts the agreement in paragraph (2) of this article, however the owner fails to make convenience available to the contractor within the agreed time limit, which cause the contractor unable to carry out investigation, adjustment and amendment within the agreed period, the assessment of the trial operation shall be deemed to have been passed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.7 Post-completion test and certificate of check and acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.7.1 The issuances of certificate of test after completion and assessment according to the project will be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall, in accordance with articles 10.3, 10.4, 10.5.1, 10.5.2 and 10.6, issue certificate of test after completion and assessment as per the stipulation of article 10.7.1 for the work or individual project which having passed or deemed to have passed the test after completion and assessment. The date and time of passing the trial run assessment as stated in the certificate is the date and time which assessment is actually completed or deemed to have passed the trial run assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.8 Lost value of production and use</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the work or individual project fails to pass the post-completion test due to the contractor's reasons, and the entire project loses its production value or use value, the owner shall have the right to file a claim for failure to perform, and shall put a penalty of withholding performance bond.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakca055769-47b8-47fb-ba95-d4f01643b8c7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">41</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 11: Quality Warranty Liability</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>11.1 Warranty of quality liability</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11.1.1 Warranty of quality liability. Signature of warranty of quality liability as per the relevant law is one of the conditions of completion acceptance. The parties hereto shall sign the warranty of quality liability as Appendix 3 hereof in accordance with the contents, scope, duration and liability of the warranty as prescribed by law. The date of acceptance of the project is the date of the commencement of the contractor's warranty liability.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11.1.2 Provided that the contractor fails to submit the quality liability warranty, and does not sign the quality liability warranty without proper reason with the owner, the owner may not effect the completion settlement therewith, and shall not bear the corresponding interest on the outstanding settlement amount for the completion of the project, even if the contract has agreed to payment of the postpone interest.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the contractor has submitted the quality liability warranty, and requested to sign thereon, however due to the owner&#8217;s reason, fail to do so, and the owner shall bear the interest deferred with the amount of completion settlement from 11<sup>th</sup> day upon receipt of the quality liability warranty.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>11.2 Warranty premium on quality liability</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11.2.1 Warranty premium on quality liability. The warranty premium on quality liability is stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11.2.2 Suspense of warranty premium on quality liability. The suspense of warranty premium on quality liability is stipulated in the particular condition. 11.2.3 Payment of warranty premium on quality liability. The owner shall, as per the stipulation of Article 14.5.2 [Warranty for quality], effect the payment of warranty premium on defects liability which temporarily detained.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 12: Completion Acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>12.1 Completion acceptance report and complete completion materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.1.1 Provided that the works are in accordance with the relevant agreement for the acceptance of the works in article 9.1, and the owner has issued the certificate of acceptance of the test and assessment after completion as stipulated in article 10.7, in addition, the contractor has completed the finishing works and defect repair as stipulated in article 9.2.2, the contractor shall, subsequent to acceptance of the owner or supervisor, submit the completion acceptance report and a full set of completion materials to the owner as stated in article 8.1.1 (1), (2), (3), article 8.2 [Inspection and Acceptance of Completion Test ] and article 10.3.3 (4) [Test after completion and the result of test operation]. The form, content and copies number of completion acceptance report and complete completion materials are stipulated in particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.1.2 The owner shall, within 25 days after receipt of the completion acceptance report and full completion materials, make an amendment or confirmation thereof, and the contractor shall revises the completion acceptance report and the completion materials at its own expense as per the owner's opinion. If the owner fails to make any the opinion of amendment within 25 days, the completed data and the completion acceptance report shall be deemed to have been confirmed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.1.3 The work of phased construction, phased production or phased use is handled in accordance with the provisions of articles 12.1.1 and 12.1.2.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak1e9f3b20-a0ad-47da-987b-28e4536ce465" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">42</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>12.2 Completion acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.2.1 The owner shall, upon receiving the completion acceptance report and complete completion data and after being confirmed in accordance with the stipulation of article 12.1.2, organize the completion acceptance, and the contractor shall prepare for the completion acceptance within 20 days at the own expenses.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.2.2 The contractor shall, at its own expense as per the owner&#8217;s opinion, amend the completion acceptance report or completion materials within 15 days after acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.2.3 The completion acceptance of the contract project which is, by stages, completed, constructed, commissioned or used, shall be organized by stages according to the stipulations of articles 12.1.3 and12.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 13: Amendment and contract price adjustments</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.1 Right of amendment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.1.1 Right of amendment. The owner has the authority and power to approve the amendment. The owner shall, at any time from the commencement of the contract to the completion and acceptance of the project, have the right to issue amendment order. The amendment order is issued in writing.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.1.2 Amendment. A written amending order approved and issued by the owner is an amendment, including the amend order issued directly by the owner or the same issued by the supervisor with the approval of the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall amend, adjust and perfect at its own expense the defects of the design, purchase, construction, completion test and post-completion test, which do not fall within the scope of amendment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.1.3 Suggestion right of amendment. The contractor shall be obliged at any time to submit to the owner proposals for amendment in writing, including shortening work period, reducing the owner&#8217;s cost of work, construction, maintenance and operation in addition to bring about long-term benefits and other benefits to the owner by the ways of improving the efficiency or value of the completed works. The owner shall, upon receipt of such proposals, give written notice on not to be adopted, accept or supplement further information.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.2 Scope of amendment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.1 Scope of design amendment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The adjustment of the production process, however without expansion or reduction of the production route and scale which approved by the preliminary design, or no expansion or reduction of the production route and scale as stipulated in the contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The adjustment of plane layout, vertical layout and local use function has not expanded the building scale approved by preliminary design, and not change the use function approved by preliminary design; or not expand the scale of construction agreed hereof and not change the use of contractual functions;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Adjustment of the technical process and use function of the supporting engineering system;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Adjustment of benchmark control points, datum elevations and datum lines in the region;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Adjustment of the performance, specifications and quantities of equipment, materials and components;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Other design items beyond the contract;</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake7e3f101-0d01-497d-b315-e4e67874f0bf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">43</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) Additional works required for the above amendments.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.2 Scope of amendment in procurement</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor has, pursuant to the procedures stipulated in the contract, signed a procurement contract with the relevant supplier or has commenced processing, manufacturing, supply, transportation, etc., however the owner informs the contractor to choose another supplier;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner requires amending the location of check, inspections, gauging and experiment, and additional tests;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The owner requests to increase or decrease the purchase quantity of spare parts, special tools, and test materials after completion.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.3 Scope of construction amendment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Amendment in design as per the stipulation of article13.2.1, resulting in the changes of construction methods, additions and decreases in equipment, materials, components, manpower and quantities of work;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The additional test and the changed test place, which required by the owner;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The work of new added construction obstacles in addition to the stipulations of article 5.2.1 (1) and (2).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The owner notifies to conduct rerunning the completion test for the project that has been or is deemed to be acceptable for the completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Additional works required for the above amendments.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.4 The owner's instruction for acceleration. The contractor has received written instruction from the owner to expedite the progress of the design, construction or any other part of the project in such manner as the owner deems necessary, the contractor shall adjust the schedule of the project in the expectation of implement the instruction, and to estimate the additional measures and resources as an amendment for approval of the owner. If, the owner fails to approve the amendment, the contractor shall have the right to carry out the schedule of the relevant stage as stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Where the actual progress is obviously behind the project schedule approved above due to the contractor's reasons, the contractor shall effect acceleration thereof at its own expense in accordance with the stipulation of article 4.1.2; in case of delay in completion date, shall assume the compensation of delay damage as stipulation of article 4.5.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.5 Adjustment and subtraction of some projects. Provided that the owner's suspension exceeds 45 days and the contractor is unable to resume work by its request or is unable to continue work due to the continuation of force majeure, the parties hereto may, by means of variation or amendment, as per the stipulation hereof, adjust and reduce some of the works which affected by the suspension.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.2.6 Other modifications. Other amendments may, as per the specific characteristics thereof, be agreed in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.3 Procedures of modification</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.3.1 Amendment notice. The owner's amendment shall be pre-notified in writing to avoid any adverse effect on the project function or use function.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.3.2 Recommended report of notice of amendment. The contractor shall, within 10 days upon receiving notice of the amendment of the owner, be obliged to submit a written proposal report to the owner, including:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Provided that the contractor accepts the amendment in the notice of amendment submitted by the owner, the proposal report shall include the reasons for the amendment, the work contents, equipment, materials, manpower, machines, tools, turnover material, consumable materials and other resources. Where this amendment results in an extension of the completion date, the reasons therefor shall be provided in the report and a progress plan for the amendment shall be submitted.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6916e307-0924-4374-94be-a3f13179cc7e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">44</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If, the contractor's failure to submit an estimate of the additional cost and the extension of the completion date, the amendment shall be deemed not to involve the adjustment of the contract price and the extension of the completion date, and the owner shall not bear any responsibility for the cost of the amendment and the extension of the completion date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Where the contractor does not accept the amendment in the owner's amendment notice, the recommendation report should include reasons for not supporting the amendment, which including:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) The amendment violates the stipulations of laws, regulations and other relevant provisions;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) The special equipment, materials and components required for the amendment which are difficult to obtain by the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) Amendment will reduce the functions of safety, stability, and applicability of the work;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4) To the production performance assurance value, the use function guarantee realization has the adverse influence and so on.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.3.3 Owner's examination and approval. The owner shall review and exam the proposal within 10 days of receipt of the contractor's written proposal under the stipulation of article 13.3.2, and shall give written notice of approval, withdrawal, change and further request. The contractor cannot stop or delay any work while waiting for the contractor to reply.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The owner shall, upon receipt of the proposal report from the contractor pursuant to the stipulation in article13.3.2 (1), issue amendment order in writing for its reasons, estimates, and extension of the completion date upon review and approval.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that the owner fails to confirm or raise objection on the contractor's estimate of the amendment or (and) the extension of the completion date in the amendment order issued by the owner, the contractor&#8217;s estimate of the amendment and the extension of the completion date shall, as of the 11<sup>th</sup> day after the owner receives the written proposal report, be deemed have been approved by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner shall, after reviewing the reasons for not accepting the amendment submitted by the contractor under the stipulation of article 13.3.2(2)and issue a written notice of continuation, change and further additional information thereof, which shall be enforced by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.3.4 Where the contractor submits an amendment proposal in accordance with article 13.1.3, the amendment procedure shall be handled pursuant to this amendment procedure.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.4 Emergency amendment procedure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.4.1 The owner shall have the right to issue an urgent amendment order, either in writing or orally, requiring the contractor to execute immediately. The contractor shall execute such instructions forthwith upon receipt thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.4.2 The contractor shall, within 10 days upon the completion of the emergency amendment order, submit to the owner the work contents, resource consumption and estimate for the implementation thereof. In case of a delay in the critical path of the project due to the implementation of this amendment, a request for an extension of the completion date may be made, however, the reasons shall be given and a schedule for the amendment shall be submitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If, the contractor's failure to submit an estimate of actual consumption within 10 days upon the completion of the amendment and / or written information extending the completion date shall be deemed not to involve the adjustment of the contract price or the extension of the completion date. None of responsibility for amendment thereof will be for the owner.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc4684e92-fdac-41cf-b837-6fe7745be7f2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">45</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.4.3 The owner shall, within 25 days upon receipt of the written information submitted by the contractor pursuant to article 13.4.2, notify the contractor, in written form, of a reasonable estimate approved and a reasonable extension of the completion date.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If, within 5 days upon receipt of the contractor 's written report, the owner fails to approve the contractor's estimate and or the extension of the completion date and does not state the reasons, shall, from the 5<sup>th</sup> day after the receipt of the report, be deemed to be approved thereof by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.5 Determination of amendment price</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The amendment price shall be determined according to the unit price of corresponding labor, machinery and equipment, (including the fees), which already in the contract; according to the price similar to the amendment project; according to a negotiated price; any according to any other method. It is stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.6 Benefit-sharing of proposed amendment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that the amendment proposal, with approval of the owner, submitted by the contractor as per article 13.1.3 reduce the investment in the project, shorten the duration of the project, and enable the owner obtains long-term operating benefits or other benefits, the parties hereto may share the benefits in accordance with the agreement of the particular condition, if necessary, may sign a supplementary agreement on benefit-sharing as an attachment hereto.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.7 Contract price adjustment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall, within 30 days after the following events occurrence, notify the owner or the supervisor in writing of the reasons for the adjustment of the contract price and the amount of the adjustment. The reasonable amount confirmed by the owner shall be used as the adjusted amount of the contract price, which shall be paid or deducted at the time of paying the current progress. Contract price adjustments include the followings:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Subsequent to signature of contract, additions and subtractions of the contract price due to changes in laws, state policies and industry regulations to be observed;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner shall, pursuant to articles 13.3 to 13.5 [Amendment procedure], approve the additions and subtractions in the estimate of the amendment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Adjustments to other additions and subtractions of sum as agreed in this contract. The owner shall not be liable to adjust the price of the contract for the additions and subtractions which not agreed herein, unless otherwise stipulated in the applicable law.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The adjustment of the contract price does not include the amendment hereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.8 Dispute over contract price adjustment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If, the parties, through negotiation, fail to reach an agreement on the cost of amendment of the project, adjustment of contract price or extension of completion date, shall be settled under article 16.3 [Dispute and award]</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 14: Total price and payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.1: Total price and payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.1.1 Total contract price. The contract shall be a lump-sum contract, and shall not be adjusted except in accordance with the amendment in Article 13 and the adjustment of the contract price, as well as with the other provisions hereof relating to the additions and subtractions of the amount.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.1.2 Payment</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2181fa37-ae1f-4896-a2bf-39b1bdfd0237" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">46</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The currency of the contract price is Renminbi (CNY), which is paid to the contractor in China by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner shall pay the contract price to the contractor pursuant to the categories of amount payable and the time of payment as agreed in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.2 Guarantee</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.2.1 Performance bond. Where the contractor shall submits the performance bond to the owner under the contract, the form, amount and time of the performance bond shall be stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">If the contractor fails to pay back the balance to the owner in completion settlement as per Article 14.11.3, the owner will have right to deduct the balance from the performance bond submitted by the contractor as per Article 14.2.1.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">When the performance bond is not enough for the balance, the contractor shall, from the 31<sup>st</sup> day after the final completion settlement data is submitted, pay the balance and interest as per the same loan interest of the Bank of China. If the contractor sill fails to pay within 60 days after the final completion settlement data is submitted, the owner will have right to solve according to Article 16.3 [Disputes and awards].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) If no performance bond is stipulated in the contract, the contractor shall, from the 31<sup>st</sup> day after the final completion settlement data is submitted, pay the owner the balance and interest as per the similar loan interest of the Bank of China in the same period. If the contractor sill fails to pay within 20 days after the final completion settlement data is submitted, the owner will have right to solve according to Article 16.3 [Disputes and awards].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.3 Advance payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.3.1 Amount of advance payment. The owner agrees to take a certain percentage of the contract price as the advance amount, which is specified in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.3.2 Advance payment. The advance payment amount stipulated in Article 14.3.1 will be paid by the owner to the contractor within 30 days after the contract becomes effective.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.4 Progress payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.4.1 Progress payment. The progress payment includes design progress payment, purchase progress payment, construction progress payment, completion test progress payment, post-completion service fee and project contracting management fee, etc, and the method, condition and time, etc. of progress payment are stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.4.2 According to the specific conditions of the project, other progress payments payable are stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.5 Withhold and payment of quality liability warranty.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.5.1 Temporary deduction for quality warranty. The owner may, pursuant to the stipulations of article 11.2.1[amount of quality liability warranty] and 11.2.2 [Withhold of quality liability warranty], make temporary deduction the amount of defect liability warranty.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.5.2 Payment of warranty premium on quality liability</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) If the contractor fails to comply with the owner's notice to repair the defect during the liability period, or entrusts the owner with the repair of the defect, the cost of repairing the defect shall be deducted from the balance of the defect liability warranty. The owner shall, within 5 days one year later after the acceptance certificate is issued, pay the remaining balance of the quality liability warranty to the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) If the contractor fails to repair the defect at its own expense or entrusts the owner with the repair of the defect, the cost of repairing the defect shall be deducted from the guarantee. The form, amount and time of submission of the guarantee are agreed upon in the particular condition.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf4d808e5-4d27-4319-a18a-6832989b3818" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">47</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.6 Application for payment according to payment schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.6.1 Application for payment according to payment schedule. Where the payment is effected as the payment schedule, the contractor shall, on the basis of the contract price agreed upon in the contract agreement, submit the application report for current term&#8217;s payment to the owner or supervisor, which subject to the terms number of payment periods specified in the particular condition, the main image progress planned for each term or the amount of major planned works completed (including design, procurement, construction, completion, test and meeting the conditions for grid incorporating), and the amount of payment per installment, and the format, content, number of copies and time of submission agreed upon in accordance with the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The amounts of payment application report each term include:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The amount of the application for payment as per the plan for the current term as stipulated in the particular condition;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The increase or decrease amount agreed as stipulated in article 13.7 [Contract price adjustment];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Payment and deductions amount agreed as stipulated in article 14.3 [Advance payment];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Suspense and payment of amount agreed as stipulated in article 14.5 [Quality liability warranty];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Increase or decrease amount as per article 16.2 [Claim result];</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Amount added or subtracted in accordance with the supplemental agreement hereunder.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.6.2 At the time on which the owner effect payment according to the payment schedule, if the contractor's actual work and actual progress is behind the target task, the owner shall have the right to consult with the contractor to reduce the amount of the current payment in addition to the right to make adjustment of the payment schedule. The contractor's subsequent payment application and the owner's payment shall be effected based on the adjusted payment schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.7 Payment condition and time arrangement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.7.1 Payment conditions. Where the parties hereto stipulate that the contractor shall submit the performance bond, the delivery of the performance bond shall be the precondition for the owner to pay the various amounts.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.7.2 The payment of the advance payment of the work shall be executed in accordance with the stipulation of article 14.3.2 [Payment of advance].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.7.3 Progress payment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Application and payment for monthly project progress. Where applying for payment and effecting payment pursuant to article 14.5.1 on monthly project progress, the owner shall, within 30 days from the date of receiving the monthly payment application report submitted by the contractor under article 14.5.1, exam and pay thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Application and payment according to the payment schedule. Where applying for payment and effecting payment pursuant to article 14.6.1 on the payment schedule, the owner shall, within 30 days from the date of receiving the monthly payment application report submitted by the contractor under article 14.6.1, exam and pay thereof.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.8 Delay in payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.8.1 Provided the payment of the progress to the contractor fails due to the owner&#8217;s reason at the time specified, the owner shall, from on the 5th day, pay interest on deferred payment amount to the contractor at the rate of 10% above the same loan issued by the People's Bank of China for the same period as the amount of liquidated damages for deferred payment, and the contract schedule will be postponed accordingly.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb81e138f-78cf-4329-a1f2-e8a09829c7c0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">48</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.8.2 Where the owner delays payment for more than 15 days, the contractor shall have the right to give notice of demand for payment. If, the owner is unable to pay after receiving the notice, the contractor may suspend part of work, which shall be deemed as a suspension caused by the owner, and performance as the stipulation of Article 4.6.1 [Owner&#8217;s suspension].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.8.3 If the owner delays payment for more than 30 days and affect the implementation of the project, the owner shall pay the interest of delayed payment at the rate of the same loan issued by the bank as the penalty for breach of contract till the day when the payment is actually executed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.9 Tax and customs duties</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.9.1 All taxes and customs duties arising project payments, devices, facilities, materials, device parts, etc in this contract are paid by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.9.2 Where one of the parties hereto is entitled to enjoy reduction and exemption of value-added tax on import and customs duties for the import of engineering equipment, materials, equipment accessories, the other party shall be obliged to assist and cooperate in handling the procedures for tax reduction and exemption.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.10 Payment of claim&#8217;s amount</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.10.1 Claim&#8217;s amount due to the owner, as determined by negotiation or conciliation, or by an arbitration award, or by a court judgment, may be deducted by the owner from the progress of the month of works or the current payment schedule payable to the contractor. The contractor shall pay separately if the progress of each period of work paid to the owner is insufficient to offset the claim&#8217;s amount of the owner. In the event that the performance bond is insufficient to offset, the contractor shall pay the claim separately or for a period of time agreed upon by mutual agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.10.2 For claim&#8217;s amount due to contractors determined through consultation or conciliation, or awarded by arbitration, or decided by the court, the contractor may, list separately the claim amount in the application of the monthly progress payment or the current payment schedule. The contractor shall pay the claim amount in the current payment. If the owner fails to pay the claim, the contractor is entitled to offset the payment guarantee submitted by the owner. In the absence of an agreement to pay the guarantee, the owner shall pay the claim separately.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>14.11 Completion settlement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.1 Submission of completion settlement materials. The contractor shall, within 10 days upon confirmation by the owner of the completion acceptance report and the full set of completion documents under the stipulation of article 12.1, submit the completion settlement report and the full set of completion settlement data to the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.2 Final completion settlement data. The owner shall examine and propose amendments within10 days after receiving the completed settlement report and the full set of complete settlement information submitted by the contractor, the contractor shall, subsequent to the unanimous by the parties hereto on the completed settlement report and the full set of complete settlement information, make the amendment at its own expense and submit the final completion settlement report and final settlement information. If the settlement information submitted by the contractor is not complete and the completion settlement and further payment are delayed, the liability will be taken by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.3 Full payment of completion fund. The owner shall effect full payment of the completed fund within 10 days of receipt of the final completion settlement information provided by the contractor in accordance with Article 14.11.2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.4 Failure to reply to completion settlement report. Provided that the owner fails to propose any amendment or reply within 15 days of receipt of the completion settlement report and the full set of complete completion data provided by the contractor in accordance with article 14.11.1, shall be deemed to have approved the completion settlement information as the final completion settlement information. Therefore the contractor shall effect the payment of the completed settlement under article 14.11.3.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak86a77325-7029-4420-9ad1-5d1b885db28c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">49</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.5 Failure by owner of full payment of the completed settlement</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Provided that the owner fails to pay the balance of the completed settlement due to the contractor, execute as per Article 14.8.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.6 Failure to submit completed settlement report and full set of settlement information on time. Where the contractor fails, within 15 days upon approval by the owner of the acceptance report of the completion of the project, to submit the completion settlement report and full set of settlement information to the owner, therefore the project completion settlement cannot be effected normally, or the payment of completion settlement cannot be settled on time, if, the owner requests the contractor to deliver the project, the contractor shall do so; where the owner does not require the delivery of the works, the contractor shall bear the expense and responsibilities of custody, maintenance and maintenance, keeping fit any part of the individual project and work, however which shall be exclusive of the any part of individual project and work which have been used and received by the owner in accordance with the stipulation of article 9 [Receipt of work].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14.11.7 Dispute over settlement of completion. In the event of dispute over the settlement price for the completion of the project within 30 days after the owner receives the completed settlement report and the complete settlement information submitted by the contractor, the parties hereto shall jointly entrust a consulting unit with the corresponding qualification grade to examine and verify the completion settlement and pay the amount of the completed settlement according to the results of the audit. The period of examination / verification shall be agreed upon by the parties hereto and the project cost audit unit. The dispute over the results of examination / verification will be settled under article 16.3 [Disputes and awards].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 15: Insurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.1 Contractor&#8217;s insurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.1.1 As per the type of insurance which stipulated in laws and the particular condition, the insurance premium of the type of insurance effected by the contractor is included in the contract price. The types, scope, amount, insurance period and validity duration of the insurance effected by the contractor are stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Where the applicable law and the particular condition stipulate that the contractor shall be responsible for the insurance, the contractor shall effect the insurance according to the needs of the implementation stage of the project;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) During the execution of the contract, if, the new applicable law provides for compulsory insurance effected by the contractor, the contract price may be adjusted as per the stipulation of Article 13 [Amendment and adjustment of contract price].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.1.2 Where a policy provides insurance for a joint insured, the insurance indemnity shall be applied to each joint insured. The contractor shall, on behalf of his or her insured, ensure that the insured abide by the terms and conditions stipulated in the policy and the amount of compensation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.1.3 The insurance indemnity received by the contractor from the insurer shall be used for the repair, purchase, reconstruction and compensation of loss, damage, injury as stipulated in the policy.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.1.4 The contractor shall, within the insured items and the validity duration, provide the contractor with a copy of the insurance policy, a counterpart of the premium payment document and invoice of the effectiveness of the policy.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcc9b28cb-37e1-4db7-8636-ba93578ce675" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">50</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.2 All risks and third party liability risks</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">For all risks of construction works, all risks of installation works and third party liability risks, whether the insured party is any party, the other party to this contract, the subcontractor, supplier and the service provider hereunder shall be also listed as the insured under the insurance contract. The specific party to effect the insurance shall stipulate in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.3 Other provisions of insurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.3.1 The contractor shall be responsible for effecting the insurance of transportation risks for purchases of equipment, materials and components. The insurance premium is included in the contract price unless otherwise stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.3.2 All parties at present shall, at the time of occurrence of accidents in insurance events, have the responsibility to take the necessary measures to prevent spread of loss or damage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.3.3 The insurance coverage other than that stipulated in this contract shall be effected on their own according to their respective needs, and the insurance premium shall be born by itself.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 16: Breach of contract, claims and disputes</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>16.1 Responsibility of breach</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.1.1 Owner&#8217;s responsibility of breach In the following cases:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The owner fails to comply with the stipulations of Articles 5.2.1 and 7.1 and fails to provide project basic information and site barrier information on time;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner fails to adjust the contract price as per the provisions of article 13, fails to pay the corresponding amount as per Article 13 related to the advance payment, the progress of the project, the type and amount of the money agreed upon for the completion of the settlement, the account and time specified by the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The owner fails to perform the other duties and obligations stipulated in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner shall take remedial measures and shall indemnify the contractor for the damages caused by the above-mentioned breach of contract. Where the critical path of the project is delayed due to the breach of the contract, the date of completion is corresponding postponed. The owner's liability for breach of contract does not mitigate or exempt its other duties and obligations stipulated herein which shall continue to be performed by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.1.2 Owner&#8217;s responsibility of breach In the following cases:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor fails to perform the inspection of the engineering materials provided by the contractor under the stipulation of article 6.2 and the stipulation of the quality and inspection of the construction in article 7.5, and fails to repair the defects;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor still, through three tests, still fails to pass the completion test, or fails to pass the post-completion test after completion through three tests, which resulting in the loss of the value of use, production and use benefit of any major part or whole project of the project;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor fails to delivery the project for completion acceptance in the stipulated period;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The contractor fails to perform the other duties and obligations stipulated in the contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor subcontracts the works to others without the consent of the owner or without the necessary permission or the applicable law does not permit the subcontracting. Or, the owner will have right to terminate the contract and withdraw all project fund paid, and the contractor will compensate at 20% of the total price.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak122aabd2-de3e-4bfc-9714-55a710f5712e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">51</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) The quality of devices and materials supplied by the contractor must comply with national or industrial standards, or the contractor shall take all related losses caused to the owner and any third party;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) The contractor shall bear all personal and property losses caused to the owner and any third party because of any safety accident during construction;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(8) The contractor shall construct and complete the project as per the stipulated schedule, and compensate the owner for the loss for each day delayed at 10% above the similar loan interest in the bank of the amount paid. If it is delayed for 15 days, the owner will have right to cancel this contract. In this case, the contractor shall exit the construction site and compensate at 10% of the total price as a penalty for breach.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(9) If the construction is stopped or delayed by any dispute on labor, employment, trade or subcontract, etc, the owner will have right to cancel this contract, the contractor shall exit the construction site and pay 10% of the total price as a penalty for breach;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(10) During the quality assurance period, the contract must respond within 1 hour after a notice is received from the owner, and arrive at the site within 24 hours to solve the problem, or the owner will have right to employ a third party to solve, and the expense will be deducted from the quality warranty, if the warranty is not enough for deduction, the owner will have right to claim for compensation from the contractor, and at each time of breach, the penalty will be increased by 10% upon the similar load interest of the bank in the total contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall take remedial measures and indemnify the owner for the damages caused by the above-mentioned breach of contract. However, the contractor's liability for breach of contract does not mitigate or exempt the other liabilities and obligations which the contractor should continue to perform as stipulated herein.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>16.2 Claim indemnity</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.2.1 Owner&#8217;s claim indemnity. The owner deem that the contractor shall be liable for losses and damages for its failure of performing the duties, responsibilities and obligations stipulated herein and in accordance with the relevant information and matters relating to the documents, files under this contract, however, if the contractor fails to fulfill its liability as stipulated herein, the owner shall have the right to lodge a claim against the contractor. The claim was made in accordance with the law and the contract, and complying with the following procedures:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The owner shall, within 30 days after the occurrence of the claim event, service notice of claim to the contractor. If the claim notice is not serviced within 30 days after the occurrence of the claim event, the contractor shall no longer bear any responsibility, unless otherwise stipulated by law;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The owner shall, within 30 days upon the issuance of the notice of claim, provide in writing to the contractor the justification of the claim event, the basis of the terms and conditions, valid and verifiable evidence, and relevant information of the estimate of the claim, and other;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall, within 30 days upon receipt of the claim information sent by the owner, settle through consultation with the owner or provide a reply, or request the owner to provide further reasons and evidence for the claim;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Provided that if the contractor, within 30 days of receipt of the claim information from the owner, doesn&#8217;t consult with, reply to, or submit further requests to the owner, the claim shall be deemed to have been confirmed by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Where the event of claim filed by the owner continues to affect, the owner shall weekly issue to the contractor the information on the continuing influence and impact of the claim event, and the owner shall, within 30 days of the cessation of the continuing impact of the claim, submit the final claim report and final claim estimate to the contractor. The claim procedure is the same as that stipulated in (1) to (4) of this article.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcd051608-b95b-448e-b8b7-ab2bc68d20b7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">52</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.2.2 Contractor's claim. Where the contractor considers that the owner shall bear the loss, liability for damage and extension of completion date due to the owner&#8217;s failure of performing its duties, responsibilities and obligations which stipulated herein, and as per any provisions of this contract, relevant information and matters relating to the documents, files under this contract, if the owner fails to fulfill its compensation obligations as stipulated in the contract or extends the completion date, the contractor shall have the right to lodge a claim against the owner. The claim was made in accordance with the law and the contract, and abiding by the following procedures:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor shall, within 20 days upon the occurrence of the claim event, issue a notice of claim to the owner. If, failure of issuance of the notice of claim within 30 days after the occurrence of the claim event, the owner shall no longer bear any liability thereof, unless otherwise provided by law;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contractor shall, within 20 days upon the issuance of the notice of claim event, submit in writing to the owner the justification of the claim event, the basis of the terms and conditions, valid and verifiable evidence and a report on the value estimate of the claim;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The owner shall, within 10 days upon receipt of the report on the claim information sent by the contractor, negotiate with the contractor or provide a reply, or request the contractor to further supplement the reasons and evidence for the claim;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) Where the owner fails, within 30 days of receipt of the contractor's report and supplementary information pursuant to (3) of this article, to consulted with the contractor or not respond or not made any further supplementary request to the contractor, the claim shall be deemed to have been confirmed by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Where the claim filed by the contractor continues to affect, the contractor shall weekly issue to the owner the information on the continuing influence and impact of the claim, and the contractor shall, within 30 days of the cessation of the continuing impact of the claim, submit the final claim report and final claim estimate to the owner. The claim procedure is the same as that stipulated in (1) to (4) of this article.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>16.3 Disputes and awards</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.3.1 Dispute settlement procedures: any dispute shall be firstly solved by both parties through negotiation; if negotiation fails or any party is not willing to solve through negotiation, the dispute can be solved through arbitration or litigation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.3.2 Dispute should not affect performance. Any party hereto shall, in case of dispute, continue to perform its contractual obligations and keep the works in progress. Neither party shall cease or stop to operate the works or any part thereof unless as following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) A breach of contract by one of the parties results in failure of performance of contract and cease to be implemented upon agreement between the parties hereto;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The arbitration institution or the court ordered the suspension of implementation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.3.3 Protection of suspended engineering. Provided that the construction or parts thereof are suspension, as per the stipulation of article 16.3.2, the parties shall, in accordance with the duties, responsibilities and obligations stipulated herein, protect all documents, materials and drawings relating to the contract works, the completed works and unused engineering materials.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 17: Force Majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>17.1 Obligations on force majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">17.1.1 Obligation of giving notice. The party which detect or find the event of force majeure shall be obliged to notify the other party immediately. According to this contract, the party responsible for the site care of the project shall, in the event of force majeure, take prompt measures to reduce the loss as quickly as practicable; the other party fully assists and takes action. The construction or work that needs to be suspended shall be stopped immediately.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3ded0b5d-8a50-4b8b-a4c9-756495b70d87" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">53</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">17.1.2 Notification obligation. In the event of force majeure occurring on the site, the contractor (e.g. the caretaker of the site) shall, within 48 hours after the end of the force majeure event, inform the owner of the damage and loss. Where force majeure events continue, the contractor shall weekly report the damage to the contractor and the director of engineering, unless the reporting period is otherwise agreed upon.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>17.2 Consequences of force majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The expense of loss, damage, injury and delayed completion date due to force majeure will be treated as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The loss of materials on the construction site shall be born by the owner ;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The injuries of employees shall be handled in accordance with their respective employment contract relationship;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The contractor shall bear the loss and damage to its machinery, equipment, property and temporary works;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(4) The owner shall bear the losses caused by work suspension;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) After the event of force majeure occurs, the lasting loss and damage due to one party&#8217;s failure of performance of the obligation of protection under the contract stipulation, the party who delayed the performance of the obligation shall bear the corresponding liability and losses;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(6) Within 7 days after the force majeure is eliminated, the contractor shall provide the owner with effective evidences and references of loss, or no loss will be compensated for over due.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(7) At the time on which the owner notifies the resumption of construction, the contractor shall, within 20 days upon receipt of the notification, or within such time as the parties may agree according to the circumstances, submit the information and report of the schedule arrangement on cleaning, repair or restoration plan and its estimate sums thereof, the necessary cleaning costs shall be born by the contractor after confirmation by the owner. The completion date for the resumption of the construction is reasonably postponed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 18: Contract effectiveness and termination</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18.1 Entry into force. This contract shall come into full force and effect on the date on which satisfaction of the effective conditions stipulated in the contract agreement. The copies number of the original and counterpart of the contract are stipulated in the particular condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18.2 This contract is terminated when both parties has fulfilled all obligations, settled the completion payment and quality warranty except the stipulation of Article 11.1 [Warranty of quality liability].</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18.3 The parties hereto shall, subsequent to the termination of the contract, abide by the principle of good faith, fulfill the obligations of notification, assistance, confidentiality, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 19: Supplementary terms</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The specific agreement, supplement or amendment to the contents of this general provision may be stipulated in the particular condition as per related laws, administrative regulations, industrial specifications and the engineering practice.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9ec277ac-d1ac-44df-b884-96e41e950b4b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">54</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Part III: Particular Condition</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 1: General Provision</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.1 Definition and explanation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Other definitions agreed upon by the parties as per the characteristics of this contract: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.2 Language</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This contract is written, explained and described in Chinese.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.3. Applicable laws</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The laws, administrative regulations, and local regulations which being expressed by the parties: laws and regulations in the People&#8217;s Republic of China, administrative laws and local regulations in the project site.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.4. Standards and norms</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.4.1 Standards and norms (name thereof) applicable to this contract: <i>Typical Engineering Design for Photovoltaic Power Generation</i>, <i>Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection</i>, <i>Code for Acceptance of Photovoltaic Power Project GB/T50796-2012</i>, <i>Technical Specification for Power Construction and Acceptance</i> and other related national and industrial technical codes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.4.2 Foreign standards, specifications, number of copies and time provided by the owner: None so far.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1.4.3 The agreement without written standard, standard stipulates: None so far.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Technical requirements of the owner: <i>Typical Engineering Design for Photovoltaic Power Generation</i>, <i>Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection</i>, <i>Code for Acceptance of Photovoltaic Power Project GB/T50796-2012</i>, <i>Technical Specification for Power Construction and Acceptance</i> and other related national and industrial technical codes.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The time of submission of the construction organizational design plan by the contractor: within 10 days after the contracts becomes effective.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Agreement of training: supplemented by both parties after negotiation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>1.5 Confidentiality</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Commercial confidentiality agreement signed: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Technical confidentiality agreement signed: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 2: Owner</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2.1 Owner&#8217;s representative</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Name of the owner&#8217;s representative:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Post of the owner&#8217;s representative:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Responsibilities of the owner&#8217;s representative: to supervise the project safety, quality, progress, operation, management and engineering construction as per national related laws, regulations and specifications.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak33cae7e8-eefe-441d-b607-1f8b616aba79" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">55</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 3: Contractor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.1 General obligations and rights of the contractor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.1.1 The type, name, content, reporting period, time and copies number of the statements to be submitted by the contractor as agreed by the parties hereto:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.2 Project manager</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.2.1 Name off the project manager:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project manager duties: be fully responsible for the engineering construction of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Authority and power of the project manager: only limited in this project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Stipulation on breach if the project manager is replaced without authorization or the project manager acts as the project manager of any other project at the same time: the project manager cannot act as the project manager of any other project, and the project manager cannot be replaced without a permission from the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>3.3.3 Subcontract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3.3.1 Agreement on subcontract</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Subcontracting items and name list of subcontractors stipulated: supplemented by both parties through negotiation;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 4: Progress schedule, delay and suspension</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.1 Progress schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.1.1 The copies number and time of the contractor's submission of the project schedule: 7 paper copies, 1 electronic copy, 10 days after the contract is signed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.1.2 The contractor shall, after the project is commenced, submitted the well prepared project weekly report and monthly report before 16:00 each Thursday and the 25<sup>th</sup> day each month. The report content covers: construction safety, quality and progress of the current week and month, construction plan, safety and technical measures of the next week and month.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.3 Material procurement schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.3.1 Agreement on engineering material procurement and starting date: 1) material specification, model, quantity and list of devices provided by the design institute; 2) the date is fixed as per the project schedule.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>4.4 Construction schedule</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4.4.1 Construction schedule (expressed in forms or texts)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Submission of key work construction plan (name): see the construction organizational plan approved by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Submission of key individual work construction plan (name): see the construction organizational plan approved by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 5: Technology and Design</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.1 Production technology, architectural design scheme</b></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakbe87cb2f-2b30-4478-8ef9-6d9353f6234c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">56</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.1.1 Technical indexes including the production technology, architectural design, project trial operation examination guaranteed values and use functions are specified in: <i>Typical Engineering Design for Photovoltaic Power Generation, Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection, Code for Design of Photovoltaic Power Station GB50797-2010, Code for Construction Organization Planning of Photovoltaic Power Project GB50795-2012, Code for Acceptance of Photovoltaic Power Project GB/T50796-2012, Code for Construction of Photovoltaic Power Station GB50794-2012, Code for Acceptance of Construction Quality of Steel Structures GB50205 and other related national and industrial technical codes</i>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.1.2 The owner examines the project trial operation for the production technology and architectural design provided by the contractor, and the guaranteed values and use functions are specified in: <i>Typical Engineering Design for Photovoltaic Power Generation, Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection, Code for Design of Photovoltaic Power Station GB50797-2010, Code for Construction Organization Planning of Photovoltaic Power Project GB50795-2012, Code for Acceptance of Photovoltaic Power Project GB/T50796-2012, Code for Construction of Photovoltaic Power Station GB50794-2012, Code for Acceptance of Construction Quality of Steel Structures GB50205 and other related national and industrial technical codes</i>.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>5.2 Design</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.1 Owner&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Provision of basic project information. Type, content, number of copies and duration of basic information on the project provided by the owner: the owner shall, after the contract is signed, provide the project mapping data, geographic surveying data, grid incorporation system report, approvals, project planning report, feasibility report, registration files, border red line map, mineral coverage approval, environmental assessment, water protection, safety assessment, geologic hazard evaluation and other files required for project designing as per the actual conditions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Provision of site barrier information. Type, content, number of copies and duration of basic information on the project provided by the owner: the owner shall, after the contract is signed, provide on-site pipeline network data (irrigating and draining ditches, power supply lines), building data and information of other barriers in the project site as per the actual conditions.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) All expenses shall be paid by the contractor except those on the grid incorporation system report and approval, project planning report, feasibility report, and project registration file.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5.2.2 Contactor&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Upon agreement between the parties hereto, a further request can be made for the following parts of the project information about on-site foundations and obstacles provided by the contractor as per the following time limits upon a request from the owner.5.2.3 Operation and maintenance manual</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The number of copies and time limited for submission: 3 paper copies, 1 electronic copy, 1 month before the project is completed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 6: Engineering Materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.1 Provision of engineering materials</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.1.1 List of types, estimated quantities and specifications of permanent engineering devices, materials and parts provided by the owner: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.1.2 List of types, quantities and specifications of permanent engineering devices, materials, parts and spares provided by the contractor.: follow the list of devices provided by the design institute.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>6.2 Custody and surplus of engineering materials</b></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf89fafd1-f2f1-486a-95b8-f857d8665f67" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">57</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6.2.1 All engineering materials of this project are kept by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 7: Construction</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.1 Owner&#8217;s obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.1 Provide reference coordinates data</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Content and time for the submission of reference coordinates data: provide the reference coordinates position data of the project site within 5 days after the contract is signed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.2 Entry conditions and entry date</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Entry conditions for the contractor: three supplied (water, electricity and road) and one flattened, connection points for temporary water supply and power supply are provided.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.3 Other obligations performed by the owner: the owner ensures the land, roads, border barriers and power supply lines satisfy the contractor&#8217;s plans, construction conditions and related approvals, and solves all affairs including relocation, tomb relocation, green compensation, lumbering and land requisition, etc which prevent the construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.4 Expenses on affairs including relocation, tomb relocation, green compensation, lumbering and land requisition, etc which prevent the construction as stipulated in 7.1.3 are paid by the owner.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.1.5 Completion time of approval of agreement on the external path of power supply: within 20 days after this contract becomes effective, and postponed beyond 20 days.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.2 Contactor&#8217;s obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.1 Construction organization design</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Copies number and time of submission of the general construction organization design of the work: 7 paper copies, 1 electronic copy, within 10 days after the contract becomes effective.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The name, copies number and submitting time of the construction organization design for the major sub-projects: civil work, assembled pile foundation, support work, access system project, device installation, debugging work, monitor system and improvement (if any).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.2 Copies number and submission time of information on temporary land occupation: provide in the project design period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.3 Provision of temporary water, electricity, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The quality, normal consumption, peak consumption and service time of water and electricity which are necessary for the contractor: satisfy the actual demand in the project construction progress.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Categories and quantity of the temporary construction water, electricity and other, provided by the owner, which can satisfy the need of the construction: satisfy the actual demand in the project construction progress.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Delivery time of location information for the nodes of water, electricity: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.4 The plant area fencing is completed by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.2.5 Other obligations performed by the contractor: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.3 Human power and machine resources</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.3.1 Format, content, number of copies and submission time of the human resources plan list: see the construction organizational design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Report format, number of copies and reporting period for the actual entry of human resources: see the construction organizational design scheme.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc0d7c4c1-606e-4ff5-b97d-82a5393fd4f7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">58</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.3.2 Format, content, number of copies and submission time of main machines: see the construction organizational design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Report format, copies number and reporting period for the actual entry of main machines: see the construction organizational design scheme.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.4 Quality and inspection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.4.1 Quality inspected parts and inspecting party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Location, standard and list form of joint-inspection by three parties: <i>Regulations for Photovoltaic Power Station Construction Quality Inspection and Acceptance Inspection</i>, and related national and industrial technical standards</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.5 Concealed engineering and intermediate acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.5.1 Concealed engineering and intermediate acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The agreements on classification, location, quality testing content, standard, form and inspecting parties of hidden works and intermediate acceptance sites which requiring quality inspection: detailed rules for acceptance check issued by the supervising unit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>7.6 Occupational health, safety, and environmental protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7.6.1 Occupational health, safety, and environmental protection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The copies number and time of submitting management plan on occupational health, safety and environmental protection: 7 copies, 10 days before project commencement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All the above files must be submitted with an electronic copy (in CAD, WORD, EXCEL or any other revisable format), and an Agreement of Project Safety, detailed in the appendix, must be signed before project commencement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 8: Completion Test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contract works include the completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>8.1 Obligation to complete test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8.1.1 Contactor&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Completion test plan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Copies number and time of submission of the completed test scheme: 7 copies, 10 days before completion test.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All the above files must be submitted with an electronic copy (in CAD, WORD, EXCEL or any other revisable format).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 9: Engineering receiving</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>9.1 Engineering receiving</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.1.1 Engineering receiving</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">After devices and systems are installed and well debugged and the contractor has carried out the self-inspection, the contractor may submit a written application for acceptance with acceptance content, acceptance time and complete completion data if there are all conditions for acceptance, and the contractor shall be responsible for organizing debugging and operating units to participate the static system inspection and acceptance after the installation.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak863f6626-f5ee-4444-b3c5-f578373662d8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">59</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall organize the quality inspection before grip incorporation and completion acceptance, trace, solve and rectify any quality defect if found. The supervisor shall participate in the quality inspection. The contractor shall also submit the related records and reports of quality inspection to the owner&#8217;s representative. After the project is completed, the contractor shall organize technicians from the technology and quality departments, prepare, review and bind all construction records and files, and transfer them to the owner in time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date of engineering receiving: the owner shall, after 240 hours of trial operation and all defects are rectified, organize engineering receiving within 30 working days, and the project will be deemed as accepted if it is not received by the owner within 30 working days.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9.1.2 Information for receiving work</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Category, content, copies number and time of information for receiving work: 7 copies with 1 CD, within 1 month after project acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All the above files must be submitted with an electronic copy (in CAD, WORD, EXCEL or any other revisable format).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 10: Post-completion Test</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.1 Liabilities and obligations</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.1.1 Owner&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Other obligations and tasks: None</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.1.2 Contactor&#8217;s obligations</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Number of copies and time of submission of post-completion test scheme to the owner: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Other obligations and tasks: None</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.2 Post-completion test procedure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.1 It is implemented as per the test plan fixed by both parties.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10.2.2 Notice of the date of post-completion test</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Commencement date of post-completion test: signed by the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>10.3 Post-completion test and trial operation</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Trial operation period: 240 hours.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 11: Quality Warranty Liability</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>11.1 Warranty premium on quality liability</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11.1.1 Warranty premium on quality liability</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The warranty premium on quality liability is 3% of the total contract price.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The warranty period is one year (from the day when the project is completed, accepted and the certificate of acceptance is issued).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Quality warranty period: at least 1 year for the whole power plant, 5 years for assemblies, 5 years for inverter devices, 25 years for the service life of main devices, within 3% of power drop for photovoltaic assemblies in the first year, within 5% of drop in the first 5 years, within 10% in the first 12 years, within 20% in the first 25 years, photovoltaic transformation rate of full sunshine area for each piece = 18.2%, general efficiency of the photovoltaic power station = 81.6%, see details in the technical agreement.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf390077a-31e2-4121-8dcb-5ea94befee30" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">60</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 12: Completion Acceptance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>12.1 Completion documents and acceptance report</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12.1.1 Completion documents and acceptance report</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Form, copies number and submission time of acceptance report for completion: in WORD, 7 copies, 1 CD, within 2 months after completion acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Form, number of copies and time of submission of full set of completion materials: in WORD, 7 copies, 1 CD, within 2 months after completion acceptance.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All the above files must be submitted with an electronic copy (in CAD, WORD, EXCEL or any other revisable format).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 13: Amendment and contract price adjustments</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>13.1 Scope of amendment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.1.1 Other modifications</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Other amendments agreed upon by the parties in accordance with the characteristics of the project: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13.1.2 Determination of amendment price</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Agreement on the method for calculating each amendment price: None.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 14: Performance Bond</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) The contractor ensures to provide the performance bond to the owner after the Letter of Bid Acceptance is received. The performance bond is three percent (3%) of the bid amount. The performance bond will be returned to the contractor within 28 days after the certificate of engineering receiving is issued.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Form of performance bond: letter of indemnity from the bank.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) If the project is delayed, the contractor shall keep providing the performance bond. If the delay is caused by the owner, the cost on keeping providing the performance bond will be paid by the owner; if the delay is caused by the contractor, the cost will be paid by the contractor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 15: Total Price and Payment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.1 The total contract price is: RMB Two Hundred Six Million Two Thousand One Hundred and Ninety-Six Yuan (?206,002,196.00) including the tax.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.2 Advance payment: within 30 days after the contract is signed, the contractor shall provide the following materials to the owner, and the owner shall pay 10% of the project fund to the contractor (via bank cable transfer).</b></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8cdafd9f-08f0-429c-991d-84e874da2f75" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">61</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Payment conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) Receipt of advanced payment issued by the financial department of the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) Original letter of performance bond provided by the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) The contractor has prepared for commencement, and construction devices have been taken into the project site;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.3 Payment at goods arrival: the owner shall, within 30 days, pay 15% of the project fund (in bank cable transfer or bank acceptance bill (percentage of bank acceptance bill in 50% at most)) after the supervisor has confirmed that main devices (assemblies, supports, inverters and box transformers) are taken into the project site and the contractor has provided the following materials.</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Payment conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) Evidence for the arrival of main devices (assemblies, supports, inverters and box transformers) confirmed by the supervisor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) Vouchers of all risks and the risk of third party&#8217;s liabilities provided by the contractor;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>15.4 All works (design, device procurement, installation and debugging) in this contract are completed, within 30 days after the Certificate of Completion Acceptance or the related document of acceptance is issued by the grid company; the contractor provides the following files to the owner, and the owner pay 72% of the project fund (in bank cable transfer or bank acceptance bill (percentage of bank acceptance bill in 50% at most)).</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Payment conditions:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) The remaining VAT invoice equal to the total contract price is issued by the contractor to the owner;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) The engineering amount is confirmed by the supervising unit, and 100% of the construction amount is completed before grid incorporation;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) As confirmed by the owner and the supervising unit, the project has met the conditions for grid incorporation;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4) As confirmed by the owner and the contractor, the fund of procurement directly made by the owner is deducted from the contract;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.4.1 The quality warranty is 3% of the price at completion settlement, and the warranty period is 12 months. At the first year, if the attenuation of photovoltaic assemblies is below 3% and there is no unsolved dispute or contractor&#8217;s breach of contract, the owner will pay the remaining 3% of the completion settlement price to the contractor in account transfer or bank acceptance bill.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15.4.2 Agreement on invoice issuing: after the project is completed, VAT invoices will be issued as per the actual percentage on the settlement report list confirmed by the owner and the contractor (also by the supervising company): VAT invoice at 16% for devices, 6% for designing and consulting, and 10% for constructing, installing and engineering.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Legal and valid VAT invoices for any other unmentioned payment will be provided as per the business nature and the requirement for the administrative authority.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 16: Insurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>16.1 Contractor&#8217;s insurance</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16.1.1 The type, scope, amount, time limit and validity duration of insurance to be covered by the contractor as agreed by the parties: within the construction period.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf725c6d8-632c-4679-94b6-9cf5ce493bc8" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">62</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>16.2 All risks and third party liability risks</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Insurance provided by the owner:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Life insurance for employees and other persons of the owner;Vehicle insurance for employees and other persons of the owner;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Insurance provided by the contractor:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The amount of insurance against all risks for a construction (installation) project cannot be lower than 100% of the total project cost (including assembly values); the accumulated compensation for the insurance against third party liability risks for a construction (installation) cannot be lower than RMB 20,000,000 Yuan, in which, the compensation for each person cannot be lower than 500,000 Yuan. The period of insurance against all risks and the third party liability risks must cover the construction and installation period, and a warranty period of 1 year; the accident insurance for constructors are provided as per the project cost, all constructors must be covered, the insurance amount for each person is fixed as per the local personal injury compensation standard attached with reasonable medical expenses.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 17: System Efficiency and Power Generation Output Warranty</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>17.1 System efficiency</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The quality warranty is: at least 1 year for the whole power plant, 5 years for assemblies, 5 years for inverter devices, 25 years for the service life of main devices, within 3% of power drop for photovoltaic assemblies in the first year, within 5% of drop in the first 5 years, within 10% in the first 12 years, within 20% in the first 25 years, photovoltaic transformation rate of full sunshine area for each piece = 18.2%, general efficiency of the photovoltaic power station = 81.6%.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">See GB/T20513-2006/IEC61724:1998 Photovoltaic System Performance Monitoring - Guidelines for Measurement Data Exchange and Analysis for the system efficiency test mode.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Annex table: Calculation of system performance ratio (PR)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="23%"> <p style="MARGIN: 0px" align="justify">Date</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="18%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="25%"> <p style="MARGIN: 0px" align="justify">Statistical period</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="23%"> <p style="MARGIN: 0px" align="justify">Po (kWp)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="18%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="25%"> <p style="MARGIN: 0px" align="justify">Tcell (&#176;C)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="66%" colspan="3"> <p style="MARGIN: 0px" align="justify">Actual power generation output at the outlet meter</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="66%" colspan="3"> <p style="MARGIN: 0px" align="justify">Daily irradiation volume (kWh/m<sup>2</sup>)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="66%" colspan="3"> <p style="MARGIN: 0px" align="justify">Temperature coefficient of correction C (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="66%" colspan="3"> <p style="MARGIN: 0px" align="justify">PR (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="66%" colspan="3"> <p style="MARGIN: 0px" align="justify">PRstc (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="15%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="81%" colspan="4"> <p style="MARGIN: 0px" align="justify">PR = (E/Po) / (Hi/Gstc)</p> <p style="MARGIN: 0px" align="justify">PRstc = (E/C&#215;Po) / (Hi/Gstc)</p> <p style="MARGIN: 0px" align="justify">Where,</p> <p style="MARGIN: 0px" align="justify">C=I+d&#215; (Tcell-25&#176;C)</p> <p style="MARGIN: 0px" align="justify">E:</p> <p style="MARGIN: 0px" align="justify">Total power generation output measured at the grid incorporation metering point in time t (kWh)</p> <p style="MARGIN: 0px" align="justify">Po:</p> <p style="MARGIN: 0px" align="justify">Photovoltaic power station rated power (kWp)</p> <p style="MARGIN: 0px" align="justify">Hi:</p> <p style="MARGIN: 0px" align="justify">Photovoltaic matrix irradiation volume in the assessment period (kWh/m<sup>2</sup>)</p> <p style="MARGIN: 0px" align="justify">Gstc:</p> <p style="MARGIN: 0px" align="justify">Irradiation in standard test conditions 1,000W/m<sup>2</sup></p> <p style="MARGIN: 0px" align="justify">C:</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6dff6e25-3481-48a0-b5c1-ffccc83fec07" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">63</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="81%"> <p style="MARGIN: 0px" align="justify">Temperature relative coefficient of correction</p> <p style="MARGIN: 0px" align="justify">d:</p> <p style="MARGIN: 0px" align="justify">Relative power coefficient of photovoltaic assemblies</p> <p style="MARGIN: 0px" align="justify">Tcell</p> <p style="MARGIN: 0px" align="justify">Actually measured average working junction temperature in the cell working period during the assessment period</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>17.2 Warranty of power generation output</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The power generation output of the power station at the first year is not lower than 75,240,000 kWh, and the average annual output in 25 years is not lower than 70,120,000 kWh. The power attenuation of monocrystalline silicon assemblies is within 3% in the first year, within 5% in the first 5 years, within 10% in 12 years, and within 20% in 25 years; the power generation data follows the meter at the outgoing line of 35KV switchgear, and no factors of power limit or power failure is considered.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 18: Force Majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The &#8220;Event of force majeure&#8221; is any behavior or event which stops a party from performing the obligations according to this contract, such behavior or event cannot be reasonably controlled by the party, it is not caused by the breach of contract or mistake of the party, and cannot be overcome by any careful treatment (including any reasonable expense).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As mentioned before, the &#8220;Event of force majeure&#8221; shall cover but be not limited by the following behaviors or events: (i) Natural phenomena, such as storm, hurricane, flood, lightning, volcano eruption and earthquake; (ii) explosion or fire caused by lightning strike or any other reason, and not related to the behavior or mistake of the party who tries to exempt from the obligations; (iii) war or public turbulence, domestic turbulence, rebellion, insurrection, sabotage, communicable diseases, terrorism or armed rebellion; (iv) strike or labor dispute (except the strike or labor dispute caused by the contractor&#8217;s employees separately or because the party fails to follow the labor and payment agreement); (v) Governmental feasance or nonfeasance, and change of laws and policies (except the owner belongs to the government, and the contractor is impacted by such feasance or nonfeasance). No event of force majeure is based on the economic difficulty of any party.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>18.1 Obligations on force majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18.1.1 Obligation of giving notice. The party which detect or find the event of force majeure shall be obliged to notify the other party immediately. According to this contract, the party responsible for the site care of the project shall, in the event of force majeure, take prompt measures to reduce the loss as quickly as practicable; the other party fully assists and takes action. The construction or work that needs to be suspended shall be stopped immediately.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18.1.2 Notification obligation. In the event of force majeure occurring on the site, the contractor (e.g. the caretaker of the site) shall, within 48 hours after the end of the force majeure event, inform the owner of the damage and loss. Where force majeure events continue, the contractor shall weekly report the damage to the contractor and the director of engineering, unless the reporting period is otherwise agreed upon.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreake2dbd3ce-2315-4fb9-91c8-af3f67b2c00e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">64</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>18.2 Consequences of force majeure</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The expense of loss, damage, injury and delayed completion date due to force majeure will be treated as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall bear the loss and damage to its machinery, equipment, property and temporary works;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The contractor shall bear the losses caused by work suspension; after the event of force majeure occurs, the lasting loss and damage due to one party&#8217;s failure of performance of the obligation of protection under the contract stipulation, the party who delayed the performance of the obligation shall bear the corresponding liability and losses;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 19: Award and Punishment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>19.1 Project progress control</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">19.1.1 Award</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner or supervisor will controls the key nodes in the project construction progress as per the construction schedule provided by the contractor, and 2,000 Yuan will be awarded to the contractor for every one day advanced than the key node, and the total project period will be shortened accordingly. The key nodes are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) Matrix pile foundation</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) Matrix support and assembly</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) Box transformer foundation</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4) Inverter and box transformer installation</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5) HV current collection cable connection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6) 35KV On-Off station control building main body</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7) 35KV On-Off station device installation</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8) Outgoing channel physical connection;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">19.1.2 Punishment</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner or supervisor will controls the key nodes in the project construction progress as per the construction schedule provided by the contractor, and 3000 Yuan will be fined from the contractor for every one day delayed than the key node, and the total project period will be shortened accordingly. The key nodes are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1) Matrix pile foundation work</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2) Matrix support and assembly work</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3) Box transformer foundation work;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4) Inverter and box transformer installation work;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5) HV current collection cable connection</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6) 35KV On-Off station control building main body;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7) 35KV On-Off station device installation</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak05ef4b98-02c4-4b2d-a1c6-10e941098204" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">65</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8) Outgoing channel physical connection;</p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify">19.1.3 Grid incorporation and power generation: when the project meets the conditions for grid incorporation and power can be generated and supplied on the grid in 15 days, 5000 Yuan will be awarded for every one day advanced, and 3000 Yuan will be fined for every one day delayed (except the reason arising from the owner).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>19.2 Engineering quality control (see Appendix 3: Commitment of Quality Assurance)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>19.3 Safe and civilized production (See Appendix 4: Standard for the Collection and Deduction of Safe and Civilized Production Guarantee Fund from Engineering Service Contractor)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>19.4 Power generation output and system efficiency</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) If the overall system transformation efficiency of the photovoltaic power station is below 81.6%, the contractor shall add the capacity in the designated period to meet the requirement in the contract.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The power generation output of the whole station cannot be lower than 75,240,000 kWh in the first year and 70,120,000 kWh in the first 25 years. If it fails to meet the contract requirement without any other objective condition (lack of light, power limit, power failure for maintenance, or force majeure), the contractor shall compensate for the deficient electricity plus the grid price (compensate for the loss in the first year and free add installation to meet the requirement, or the loss of power output for 20 years will be deducted from the quality warranty).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) If the power generation output of the station in the first year exceeds 75240000 kWh, 50% of the excessive part plus the grid price will be shared by Party B in three years accumulatively, this share will be settled in the first quarter of every year for the previous year, and paid to Party B by Party A within 5 days after the settlement is completed, and a VAT invoice equal to the same amount will be issued to Party A by Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 20: Contract effectiveness and termination</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Contract effectiveness and termination</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This contract enters into force after it is signed and stamped (official stamp and special stamp for contracts) by the authorized decision making units of Party A and Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The contract will be terminated when both parties have completed all other obligations stipulated in the contract and all financial procedures (and claims, if any) are settled by both parties within 1 month after the power generation efficiency warranty period (one year after the project completion and acceptance).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) The parties hereto shall, subsequent to the termination of the contract, abide by the principle of good faith, fulfill the obligations of notification, assistance, confidentiality, etc.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 21: Contract Dispute and Solution</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Any dispute in executing this contract or related to this contract shall be solved by both parties through friendly negotiation as much as possible before settled through litigation in the local court of the project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Article 22: Others</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Any affair unmentioned in this contract shall be treated as per the bid invitation document, and any affair unmentioned in the bid invitation document shall be treated through negotiation and a supplement agreement.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) The original contract has one format and eight sets (four sets kept by each party); the copied contract has one format and four sets (two sets kept by each party).</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakbc2774c3-4bd5-4d58-96fb-a0061c444a33" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">66</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"><b>Agreement on Safe Construction</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Owner (Party A): Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Contractor (Party B): Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Whereas, Party A intends to authorize Party B to complete the construction engineering project in this contract, and this agreement, which must be followed strictly, is signed together with the construction project contract to clarify the liabilities of both parties for safe production and safe construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I. Project outline:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Project name: 50MWp Photovoltaic Power Station Project of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Project site: in MCC Meili Cloud Paper Making Industry Park, Shapotou District, Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. Subcontracting mode: EPC general contracting</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">II. Project period:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Commence from ________ (M) ____ (D), 2018 and complete before ________ (M) ____ (D), 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">III. Content:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Both Party A and Party B must carefully follow all guidelines and policies for safe production and fire protection issued by the state government, superior labor protection and enterprise safe production administrative departments, and strictly follow all laws, regulations and codes for safe production and labor protection.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Both Party A and Party B must have their safety management organizational systems including safe production leaders, full-time and part-time safety clerks at each level; they must have safe operation rules for each work, certification and examination system for special workers, safe production liability system for each level, and regular safety inspection rules.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. Both Party A and Party B must carefully survey the field before construction:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Party B must prepare construction organization design and corresponded safety technical measures as per the requirement from Party A, and construct strictly as per the requirement in the construction organization design.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. Leader of Party A and Party B must carefully provide trainings about safe production rules and safety technical knowledge to their employees, enhance the consciousness on laws, improve the employees&#8217; safe production consciousness and self-protection ability, and urge them to follow safety rules and regulations at any time.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. Before construction, Party B shall organize a safe production education meeting and inform Party A of sending related persons to participate in the meeting. All rules on safety and fire protection in construction will be introduced, and Party B must inspect and urge constructors to follow and execute carefully and strictly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6. During construction, Party B designates ____________ to be responsible for the actualization of safety measures and protection against fire in this project; Party A designates Yan Shaofang to be responsible for contacting, helping and urging Party B to actualize the safety and fire protection measures. Both Party A and Party B shall contact frequently for safety inspection and prevent any accident together.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7. During the construction period, Party B must strictly execute and following all rules on safe production management, accept the urge, inspection and direction of Party A. Party A is liable for assisting Party B in doing well in safe production management and urging to inspect regularly, and any hidden risk found must be rectified by Party B in a limited period.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak34058189-20cc-4d53-a211-f983f2b70f3c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">67</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">8. Each party is liable for their personal safety protection supplies in safe operation. Both Party A and Party B shall urge field constructors to use safety protection supplies.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">9. Both Party A and Party B shall carefully inspect the construction area, working environment, operating devices, tools and consumables, the construction must be stopped immediately if any hidden risk is found before rectified by the related unit. Once construction is started, it means the constructing unit has confirmed that the construction place, working environment, facilities, devices, tools and consumables are complying with the safety rules and in the safety state, and any consequence arising from the construction will be taken by the constructing unit.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">10. Machines and scaffolds provided by Party B will be inspected and accepted by Party A and Party B before they are installed and used. They cannot be used before they are inspected and accepted or they are inspected but not accepted, or any consequence will be taken by the user.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">11. All devices and tools used by Party B in the construction period will be supplied by Party B. If something is borrowed or rented between Party A and Party B, there must be related procedures. The lender must ensure the devices and tools lent meet the safety requirement, and the borrower must inspect carefully. Once the devices and tools are accepted by the borrower and user, the borrower and user must take the liability for storage, maintenance against any fault and compensation for any damage or loss and accident of injury or death during using.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">12. Neither Party A nor Party B shall dismantle or modify any scaffold, safety protection measure, safety mark or warning label in the construction site without authorization. If something is to be dismantled, it must be confirmed by the man responsible for construction and safety clerks from Party A and Party B and dismantled after necessary and reliable safety measures are taken. Any consequence arising from dismantling without authorization will be taken by the dismantling unit and persons.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">13. Any special work must be performed according to the national <i>Regulations on the Management of Special Worker Safety Technical Training and Examination,</i> related workers must be trained, examined and certified by provincial and municipal special work safety technical examination stations, and their certificates must be verified regularly; each intermediate size or small size machine must be operated by a designated and certified operator, and each hoisting operator must follow the rules of &#8220;Ten Forbidden Hoisting Cases&#8221; and never operator against any rule or without any certificate; no electric device or machine can be operated by any person who is not familiar with electricity and machine without authorization.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">14. Both Party A and Party B must strictly follow all fire protection and explosion protection rules, smoking and naked flames are forbidden in areas with inflammable or explosive risks. Fire fighting tools and materials cannot be used for any other purpose, and they must be protected from misuse, damage and theft. No naked flamed can be used without a three-level reviewing and approving procedures, a fire protection monitor must be designated and a letter of work clarification must be issued. Each welder must work with an effective certificate. No electric oven can be used in living, no iodine tungsten lamp can be used for illuminating or heating, no electric wire or socket can be connected without authorization, smoking on bed is forbidden, and electric heating tools such as electric cookers and electric frying pans must be centrally used in a designated room.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">15. Electrical tools provided by Party A must be tested before using, and any fault found must be rectified by Party A actively, and the consequence of connecting electrical wires against this rule or without a permission from Party A will be taken by the accident maker.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">16. Follow the principle of contracting before constructing. Party A cannot designate Party B to construct beyond the contract. Party B shall refuse any construction task beyond the contract, or the consequence will be taken by the related Party.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak8f292732-3696-43ab-b7f6-ee565acb9f10" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">68</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">17. Both Party A and Party B must protect the underground pipes and lines, barriers and overhead HV or LV lines in construction. Party A must clarify the existence of underground pipes and lines carefully. Party B shall following the requirement, inform Party A and related departments, and take protective measures timely.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">18. After the construction contracted is signed by Party B, the registration procedures for their workers must be done accordingly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">19. Follow the principle that the constructor is liable for the safety. In any injury, death, fire risk, fire or mechanical accident (including the injury or death caused to persons of Party A, any third party or any passer-by) is caused by Party B during construction, Party A shall assist in emergency rescuing, and Party B is liable for reporting, economic compensating and deal with problems arising from the accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">20. Party B must follow the safety management of Party A, or Party A will have right to make Party B replace the related person or take economic punishment, and all consequences will be taken by Party B.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">21. Others</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To actualize the rules and responsibility system on safety management, Party B shall provide Party A with a safety risk warranty as the award or punishment for safety supervision and safety assessment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">22. This agreement becomes effective after it is signed by the representative from each party: it is used as an appendix to the contract, and there is one format and ten copies, and each party keeps five copies.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="50%"> <p style="MARGIN: 0px" align="justify">Party A (stamp):</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex1030img5.jpg"> </p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Party A (stamp):</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex1030img6.jpg"> </p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Safety chief of Party A:</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Safety chief of Party B:</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 30px" align="justify">_______ (M) ______ (D), _________ (Y)</p></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">August, 13<sup>th</sup>, 2018</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak12ac6fa2-c956-4cdb-9bec-311390463bdc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">69</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Notification of Probity and Self-discipline</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To create a proper, health and harmonious working relationship between the owner and the contractor in bidding, protect the legal rights and benefits of both parties, we hereby invite your company / you to supervise the business with us, forbid any behavior for improper profit pursuing and any other serious breach of laws and regulations. If any improper behavior happens, please inform each other.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Content to be informed</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Use the convenience in working to (1) ask for or accept gifts, money, cards, tickets, refunds or payment vouchers, etc; (2) reimburse for any expense which should be paid personally; (3) get involved in any other breach of CCP and political rules.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Facts to be clarified:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Organization, individual, amount, time, place related and the person who knows the fact; (2) Nature of the breach; (3) related evidences.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All points informed must be true and we will keep them secret strictly.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. Contact way</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Probity Office of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Address:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Tel.:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Email:</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7a48b972-5c1a-4350-a3f5-0c3898717d02" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">70</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Commitment to Environmental Protection, Civilized Construction, Safety and Quality</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Appendix 1: Commitment to Environmental Protection</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project name: EPC General Contract Project of 50MWp Photovoltaic Power Station of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project site: in MCC Meili Cloud Paper Making Industry Park, Shapotou District, Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To: Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I hereby, on behalf of the contractor, make the following commitment to environmental protection in project construction:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. It is our liability to protect the environment in construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. During construction, we will construction in the temporary area designated by Party A. and we will be responsible for our damage to the environment beyond the designated area with no condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. During construction, we will centralize and dispose all production and domestic wastes at our own expense. The waste treatment plan will be confirmed by the owner and the supervisor.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. We will fully accept the owner&#8217;s solutions as below with no condition:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 1% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us three pieces of notice for environmental protection and treatment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 3% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us five pieces of notice for environmental protection and treatment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to terminate the contract and confiscate our performance bond and we will accept without any condition if the owner or the supervising engineer has accumulatively given us ten pieces of notice for environmental protection and treatment.</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="left">Party B:</p></td> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="left">(Full name, stamp)</p> <p style="MARGIN: 0px" align="left"><img src="solarmax_ex1030img7.jpg"> </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td></tr> <tr height="15"> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="left">Legal representative or authorized person:</p></td> <td valign="top" width="41%"> <p style="MARGIN: 0px" align="left">(Signature)</p> <p style="MARGIN: 0px" align="left"><img src="solarmax_ex1030img8.jpg"> </p></td></tr></table> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center">Date: August 13<sup>th</sup>, 2018</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak709f12de-33a8-49eb-b52a-58c6ff65ed3e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">71</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Appendix 2: Commitment to Quality</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project name: EPC General Contract Project of 50MWp Photovoltaic Power Station of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project site: in MCC Meili Cloud Paper Making Industry Park, Shapotou District, Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To: Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I hereby, on behalf of the contractor, make the commitment to quality as below:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. As quality always goes the first in the long term program, it is our liability to effectively control the quality and process in construction, avoid common faults, and provide a high quality construction product for this project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. We will follow the on-site quality management of the owner and the supervising engineering in construction with no condition.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. We will ensure all raw materials are managed and used in accordance with the requirement, protect the project quality in processes and procedures in construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. We will ensure quality acceptance, certification, contract and quality management are performed as per the standards in construction, and take the liability for any defect or time delay.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. We will fully accept the owner&#8217;s solutions as below with no condition:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 1% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us five pieces of notice or official letters for any quality problem.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 3% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us ten pieces of notice or official letters for any quality problem.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to terminate the contract and confiscate our performance bond and we will accept without any condition if the owner or the supervising engineer has accumulatively given us fifteen pieces of notice for environmental protection and treatment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">Party B (Full name and stamp): <img src="solarmax_ex1030img9.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">Legal representative or authorized person (Signature): <img src="solarmax_ex1030img10.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="right">Date: August 13<sup>th</sup>, 2018</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakcd77ad39-a3dd-4164-ac18-8b36bffba42c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">72</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Appendix 3: Commitment to Safety</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project name: EPC General Contract Project of 50MWp Photovoltaic Power Station of Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Project site: in MCC Meili Cloud Paper Making Industry Park, Shapotou District, Zhongwei City, Ningxia</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To: Ningxia MCC Meili Cloud New Energy Co., Ltd.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I hereby, on behalf of the contractor, make the commitment to safety as below:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. As safe production is the life line for an enterprise, and project construction safety is the most important in project management, we have fully realized your attachment of importance to project construction safety.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Project on-site safe construction and management will be performed as per national and industrial related laws, regulations and standards on safe production including <i>Basic Code for Enterprise Safe Production Standardization (AQ/T9006-2010)</i> and <i>Code for Power Engineering Construction Project Safe Production Standardization and Evaluation</i> released by the State Electricity Regulatory Commission.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. Before project construction, we will provide the project construction safety control scheme, and ensures the sufficient input in safety construction. To realize the owner&#8217;s monitor on the fund in safety, we will provide a warranty for safety and quality at 2% of the contract price, and out commitment to the safety liability with no condition is not limited in the warranty scope.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. In project construction, we will report the safety production and management progress to the owner in a written form monthly, and ensures the input in safe production education, safety, safety managers and safety rectification.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. We ensure the timely input of safety construction fund. If we fail in the input of safety management, or if the owner or supervisor thinks the safety needs to be improved, the owner will have right to dominate the warranty for safety and quality and use it in safe production of the contract project.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6. We will try all to keep safe construction, and if any accident arising from safety liability occurs, we will report timely as per the national and local laws, regulations and documents on safe production administration, and take all liabilities for safe production.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7. We will fully accept the owner&#8217;s solutions as below with no condition:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 1% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us eight pieces of notice or official letters for any safety problem excluding the liability warranty for safety.</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreak246aabaf-421c-45f1-8d7f-164a4cf98761" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">73</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to issue us a penalty at 3% of the contract price and we will accept without any condition if the owner or the supervising engineer has accumulatively given us fifteen pieces of notice or official letters for any safety problem excluding the liability warranty for safety.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The owner&#8217;s engineer has right to terminate the contract and confiscate our performance bond and we will accept without any condition if the owner or the supervising engineer has accumulatively given us twenty pieces of notice or official letters for any safety problem excluding the liability warranty for safety.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Party B (Full name and stamp): <img src="solarmax_ex1030img11.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Legal representative or authorized person (Signature): <img src="solarmax_ex1030img12.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date: August 13<sup>th</sup>, 2018</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak495a2133-5e6a-448d-92b3-8e15f103f761" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">74</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Appendix 4: Standard for the Collection and Deduction of Safe and Civilized Production Guarantee Fund from Engineering Service Contractor</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I. The amount of warranty for safe and civilized construction is the amount specified in this appendix, and it will be collected as per the following penalty standard for any serious, extremely serious and personal death accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">II. A corresponded amount of warranty for safe and civilized construction will be deducted for any personal death accident, serious personal injury or death accident, serious environmental pollution event, serious fire accident or serious traffic accident in project construction. If the contractor fails to input safety in project construction as stipulated in the contract, the owner may use the warranty in protecting safe and civilized construction.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">III. Definition of various accidents</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. Classification of injury and death accidents</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Death accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which 1~2 persons died.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Serious injury and death accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which at least 3 persons died or at least 10 persons were killed or seriously injured totally.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Extremely serious death accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which at least 10 persons were killed.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. Classification of mechanical device accidents</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Common accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident which has caused a direct economic loss of 50,000 Yuan above but 3,000,000 Yuan below (or it cannot be recovered within 30 days if the economic loss was below the standard).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Serious accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident which has caused a direct economic loss of 3,000,000 Yuan above but 10,000,000 Yuan below (or it cannot be recovered within 60 days or it cannot be recovered to the nameplate efficiency if the economic loss was below the standard).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Extremely serious accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident which has caused a direct economic loss of 10,000,000 Yuan or above.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. Fire accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Extremely serious fire</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an extremely serious fire in any of the following cases:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">At least 10 persons were killed; at least 20 persons were seriously injured; at least 20 persons were killed or seriously injured totally;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">At least 50 households have to suffer the disaster, and the direct economic loss is at least 1,000,000 Yuan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Serious fire</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is a serious fire in any of the following cases:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">At least 3 persons were killed; at least 10 persons were seriously injured; at least 10 persons were killed or seriously injured totally; at least 30 households have to suffer the disaster, and the direct economic loss is at least 300,000 Yuan.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakfd5bc3e8-f2e0-4aaa-91f1-cd7ed391219d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">75</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Common fire</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is a common fire beyond the above mentioned cases.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. Traffic accident (in the construction area)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(1) Small accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which 1 or 2 persons are lightly injured or the property loss is below 1,000 Yuan.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(2) Common accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which 1 or 2 persons are seriously injured, or at least 3 persons are lightly injured, or the property loss is 1,000 Yuan above but 30,000 Yuan below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(3) Serious accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which 1 or 2 persons are killed, or at least 3 but at most 10 persons are seriously injured, or the property loss is 30,000 Yuan above but 60,000 Yuan below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">(5) Extremely serious accident</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an accident in which at least 3 persons are killed, or at least 11 persons are seriously injured, or at least 1 person is killed and meanwhile at least 8 persons are seriously injured, or at least 2 persons are killed and meanwhile at least 5 persons are seriously injured, or the property loss is above 60,000 Yuan above.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. Serious environmental pollution event</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">It is an event for which an administrative penalty is made by the governmental executive department.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">IV. Penalty standard</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Any accident caused by the engineering service contractor in the photovoltaic construction will be treated in the principle of &#8220;Four controls&#8221;, and an amount of warranty for safe and civilized construction will be deducted as below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">1. At least 1,000,000 Yuan or the total of the warranty for safe and civilized construction will be deducted for an extremely serious accident (except traffic accident).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">2. 500,000~1,000,000 Yuan of warranty for safe and civilized construction will be deducted for an serious mechanical accident or serious fire accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">3. 500,000~1,000,000 Yuan of warranty for safe and civilized construction will be deducted for a personal death accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">4. All of the warranty for safe and civilized construction will be deducted for a serious personal injury and death accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">5. All of the warranty for safe and civilized construction will be deducted for an extremely serious personal death accident.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">6. At least 100,000 Yuan or the total of the warranty for safe and civilized construction will be deducted for a common, serious or extremely serious traffic accident in the same levels in the construction area.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">7. 200,000 Yuan of warranty for safe and civilized construction will be deducted for a serious environmental pollution event.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">76</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>37
<FILENAME>solarmax_ex211.htm
<DESCRIPTION>EX-21.1
<TEXT>
<html><head><title>solarmax_ex211.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 21.1</b></p> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td colspan="5"> <p style="MARGIN: 0px" align="center"><b>Subsidiaries</b></p></td></tr> <tr> <td colspan="5"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: black 1px solid" width="35%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Entity Name in English</b></p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: black 1px solid" width="20%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Jurisdiction of Incorporation</b></p></td> <td width="2%"></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px"><b>Parent</b></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nevada</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">N/A</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Renewable Energy Provider, Inc.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">California</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Financial, Inc.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">California</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">SMX Capital, Inc.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">New Jersey</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc. (93.75% owned)</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax LED, Inc.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">California</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology Holdings (Hong Kong) Limited</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Hong Kong</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology (Shanghai) Co.,Ltd - WOFE</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology Holdings (Hong Kong) Limited</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Chengdu Zhonghong Tianhao Technology Co., Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology (Shanghai) Co.,Ltd - WOFE</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology (Beijing) Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Chengdu Zhonghong Tianhao Technology Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Chengdu Zhonghong Tiancheng New Energy Technology co., Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Chengdu Zhonghong Tianhao Technology Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Chengdu Zhonghong Tianhao Technology Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Zhongzhao Yuanlong Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr></table></p> <p style="MARGIN: 0px"> <table id="pagebreaka0e5310f-ef29-4df1-82db-1825b58aecb5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="35%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Guangxi qingzhou Zhongzhao Green Energy Technology Co.,Ltd</p></td> <td width="2%"></td> <td width="20%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td width="2%"></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Zhongzhao Yuanlong Green Energy Technology Co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Zhongzhao Tianpei Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Hongwan Green Energy Technology (Shanghai) Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Dangxiong Zhongzhao Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Hongwan Green Energy Technology (Shanghai) Co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Baotou Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Qingzhou Green Energy Technology (Shanghai) Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Zhongzhao Changxiao Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Dingbian ZhongzhaoGreen Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Zhongzhao Changxiao Green Energy Technology Co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Cichang Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Fanyue Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Changmu Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shuangliao changmu Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Changmu Green Energy Technology Co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Duzhao Green Energy Technology Co.,Ltd.</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Zhongzhao Technology Development (Shanghai) Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Guangxi Fangchenggang Green Energy Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Shanghai Duzhao Green Energy Technology Co.,Ltd</p></td></tr></table></p> <table id="pagebreaka359be5b-f3a3-4632-a0ba-b1f8da767b06" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr> <tr></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td width="35%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Honghao Electricity Technology Co.,Ltd</p></td> <td width="2%"></td> <td width="20%"> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td width="2%"></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology (Shanghai) Co.,Ltd - WOFE</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Guizhou Honghao Electricity Technology Co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Honghao Electricity Technology Co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Accumulate Investment Co., Limited (BVI)</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">British Virgin Island</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Accumulate Investment Co., Limited (HK)</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Hong Kong</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Accumulate Investment Co., Limited (BVI)</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Zhonghong Photovoltaic Electric Co., Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Accumulate Investment Co., Limited (HK)</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nanjing zhaohewei new energy co., Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Zhonghong Photovoltaic Electric Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nanjing jinghong new energy co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Zhonghong Photovoltaic Electric Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Puanxian zhonghong new energy co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nanjing jinghong new energy co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nanjing qingchangyang new energy co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Jiangsu Zhonghong Photovoltaic Electric Co., Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">keerqinzuoyihouqi zhonghong new energy co.,Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Nanjing qingchangyang new energy co.,Ltd</p></td></tr> <tr bgcolor="#ffffff"> <td></td> <td></td> <td></td> <td></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Golden Solarmax Finance Co., Ltd</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">China</p></td> <td></td> <td> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; MARGIN-RIGHT: 0px">Solarmax Technology, Inc.</p></td></tr></table> &nbsp; <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">3</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>38
<FILENAME>solarmax_ex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<html><head><title>solarmax_ex231.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 23.1</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex231img7.jpg"></p> <p style="MARGIN: 0px"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM&#8217;S CONSENT</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">We consent to the inclusion in this Registration Statement of SolarMax Technology, Inc. and Subsidiaries on Form S-1 of our report dated March 21, 2018, except for the Restatements of the Consolidated Financial Statements in Note 2, as to which the date is November 13, 2018, with respect to our audits of the consolidated financial statements of SolarMax Technology, Inc. and Subsidiaries as of December 31, 2017 and December 31, 2016 and for the years ended December 31, 2017 and December 31, 2016, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading &#8220;Experts&#8221; in such Prospectus.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Our report on the consolidated financial statements refers to a restatement to correct a misstatement to such financial statements as further disclosed in Note 2.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><img src="solarmax_ex231img8.jpg">&nbsp;</p> <p style="MARGIN: 0px">Marcum LLP </p> <p style="MARGIN: 0px">Costa Mesa, CA </p> <p style="MARGIN: 0px">December 21, 2018</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><img src="solarmax_ex231img10.jpg"></p> <p style="MARGIN: 0px" align="left">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>39
<FILENAME>solarmax_ex1031.htm
<DESCRIPTION>EX-10.31
<TEXT>
<html><head><title>solarmax_ex1031.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>&nbsp; EXHIBIT 10.31</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><i>Liquidity Loans Contract</i> (2016 version)</p> <p style="MARGIN: 0px 0px 0px 0in" align="right">No.: 3672022018036</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="5">Liquidity Loans Contract </font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b><font size="3">China Everbright Bank</font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreaka023f405-a29f-4446-9b2f-0db774791cdf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Contents</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="30%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="15%"> <p style="MARGIN: 0px">Chapter 1 </p></td> <td valign="top"> <p style="MARGIN: 0px">General rules</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 2 </p></td> <td valign="top"> <p style="MARGIN: 0px">Intended use of the loan</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 3 </p></td> <td valign="top"> <p style="MARGIN: 0px">The loan currency, amount, term and remit money</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 4 </p></td> <td valign="top"> <p style="MARGIN: 0px">The loan interest rate and interest method</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 5 </p></td> <td valign="top"> <p style="MARGIN: 0px">The grand, payment and use of the loan fund</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 6 </p></td> <td valign="top"> <p style="MARGIN: 0px">Repayment method</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 8 </p></td> <td valign="top"> <p style="MARGIN: 0px">Undertaking and compensation of costs</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 9 </p></td> <td valign="top"> <p style="MARGIN: 0px">Statement, guarantee and commitment of the borrower</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 10 </p></td> <td valign="top"> <p style="MARGIN: 0px">Event of default</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 11 </p></td> <td valign="top"> <p style="MARGIN: 0px">Others</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 12 </p></td> <td valign="top"> <p style="MARGIN: 0px">Application of law and resolution of disputes</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 13 </p></td> <td valign="top"> <p style="MARGIN: 0px">Entry into force, change and dissolution of the contract</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 14 </p></td> <td valign="top"> <p style="MARGIN: 0px">Attachments</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"> <p style="MARGIN: 0px">Chapter 15 </p></td> <td valign="top"> <p style="MARGIN: 0px">Supplementary provisions</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4c82a0c6-4f00-4142-9a81-1163e65de030" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower : SOLARMAX TECHNOLOGY, INC.&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">address: Room, 901, No.1600 of West Zhongshan Road&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Postal code: 200235&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative: DAVID BINGWEN HSU&nbsp;&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Authorized agent: /&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Operator: Ming wen&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Tel: 64289658&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Fax: 64289652&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: Shanghai Putuo Subbranch of China Everbright Bank&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account number: ZMQ36721488000010453&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The loan bank: Shanghai Putuo Subbranch of China Everbright Bank&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">address: No.188, Lanxi Road&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Postal code: 200062&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative/person in charge: Yao zhan&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">authorized agent: /&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">operator: Wu Yue&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Tel: 63797565&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Fax: 63797588</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"> <table id="pagebreak65a94546-af90-49a4-b296-8c43a6b9736b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter I General rules</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower applies for loan to the loan bank for business needs. After examination, the loan bank agrees to offer loans to the borrower according to the terms and conditions of this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">In order to define the rights and obligations of both parties, according to the relevant laws and regulations of our country and provisions of supervision departments, and by mutual agreement, the following terms and conditions are reached voluntarily to be followed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter II Intended use of the loan</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 1 It is determined by mutual consultation that: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower can only use the loan under this contract for the turnover of circulating fund, the specific use being the payment for the purchase of raw materials. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower can not use the loan fund for investment of fixed assets, stock rights and so on, nor can it be used in the fields or for the purposes of production and business prohibited by the nation. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Without the written approval of the loan bank in advance, the borrower can not change the intended use of the loan determined in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter III The loan currency, amount, term and remit money</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 2 The currency and amount (capital form) of the loan under this contract are USD six million and one hundred thousand</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 3 The loan time limit under this contract starts from October 11<sup>th</sup>, 2018 to October 11<sup>th</sup> 2019. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 4 Under the condition that the prerequisites stipulated in Article 11 of this contract are fully met, the loan bank shall remit the loan amount into the account opened at the loan bank by the borrower according to the following method 1: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. One-time remit, the loan bank remit the full loan amount into the account opened at the loan bank by the borrower on October 11<sup>th</sup>, 2018; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Fractional remit, the detailed remit amount and date are as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The first remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The second remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The third remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) remit amount: (capital form)____________________________; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) remit date:______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Irregular fractional remit: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Remitting according to actual requirement, the number of times, amount of money and time limit recorded on the IOU / loan voucher at remit shall prevail. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Other agreements: _____________________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Once the principal amount of loan under this contract is remitted out of the loan bank, it is deemed that the loan has been loaned and the interest of the loan shall be calculated since the day it is remitted. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakb05f06d1-ac1d-40a9-b24c-0cbbba38499c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter IV The loan interest rate and interest method</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">Article 5 The borrower shall pay the loan interest of the loan under this contract remitted by the loan bank to the loan bank, and the fixed (fixed / floating) interest rate is adopted as the annual interest rate of the loan under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. If the fixed interest rate is adopted, the annual interest rate of the loan is 3.8%. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. If the floating rate is adopted, the annual interest rate is determined according to the following method /: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">A: To execute the benchmark interest rate of the People's Bank of China: /%</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">B: To increase/fall /% by ratio /based on the benchmark interest rate /%(fill in the benchmark interest rate at the corresponding period) of the People's Bank of China, actually executing the annual interest rate of %. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">C: To increase/% by value / based on the benchmark interest rate /%(fill in the benchmark interest rate at the corresponding period) of the People's Bank of China, actually executing the annual interest rate of %. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The adjustment period of the interest rate is/</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The specific adjustment date is/</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. (1)The loan currency of this contract is RMB: after the loan under this contract is given out, if the People's Bank of China implements the policy of marketization of RMB loan interest rate, then the borrower shall consult with the loan bank to determine the interest rate standard. If no agreement is reached within (5) banking days after the consultation begins, then the borrower shall pay off the full principal [capital] and interest within thirty(30) banking days upon the agreement is reached. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The loan currency of this contract is foreign currency: after the loan under this contract is given out, if at 11 o'clock am(London time) on the offering day of the relevant interest period, there is no bank offering the USD deposit rate to the main banks in the London inter-bank market, then the borrower shall consult with the loan bank to determine the alternative interest rate; If no agreement is reached within (5) banking days after the consultation begins, the borrower shall pay off the full principal [capital] and interest within thirty(30) banking days upon the date the agreement is not reached. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. Other agreements: _____________________________________________________________</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 6 The two parties agree that within the loan time limit of this contract, if the People's Bank of China adjust the benchmark lending rate or the interest accrual method, which applies to the loan under this contract, the loan bank has the right to determine the new lending interest rate of this contract according to the same increase/fall rate/value mentioned above based on the adjusted benchmark lending rate or interest accrual method. The loan bank has no need to ask for the borrower&#8217;s agreement before making the adjustment, and has the right to calculate and collect the interest according to the adjusted lending interest rate or interest accrual method since the adjustment date stipulated by the People's Bank of China. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 7 The interest of the loan under this contract will be settled quarterly, and the interest settlement date is the 20<sup>th</sup> of the last month of a quarter. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 8 The interest loan under this contract is calculated with 360days a year as the cardinal number, according to the loan amount actually remitted out from the loan bank account and the occupation days since the date the loan is remitted out from the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 9 If the borrower fails to pay back the loan according to the agreement of this contract, the loan bank has the right to calculate and collect the interest according to the default interest rate since the day the loan is overdue, until the borrower pay off the full principal and interest. The overdue default interest rate is 30%(30%-50%) plus on the level of the lending interest rate agreed in Article 5 in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the borrower fails to use the loan according to the agreement of this contract, the loan bank has the right to collect interest according to default interest rate for embezzlement since the day thee borrower fails to use the loan according to the purpose agreed in this contract, until the borrower pays off the full loan principal and interest. The default interest rate for embezzlement is 50%(50%&#8212;100%) plus based on the level of lending interest rate stipulated in Article 5 in this contract. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4e0e1ad8-b977-48ad-9b8d-bbee452400c4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 10 For the interest the borrower can not pay on time, the loan bank has the right to collect the compound interest according to the default interest rate.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter V The grand, payment and use of the loan fund</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 11 Unless the following prerequisites for money withdrawal are satisfied, the loan bank does not have the obligation to offer the loan under this contract to the borrower: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower has provided all the documents required by the loan bank to be provided (including but not limited to the capital payment plan, <i>Note of Entrusted Payment of Loan</i>, trade contract and other transaction background information relevant to loan payment that shall be provided by the borrower before the loan release), the conditions clearly stated have no change, and these documents are sustained effective, or the borrower has made the explanation on the changes happened that satisfy the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower has fill in the IOU / loan voucher relevant to this fund withdrawal. IOU / loan voucher is the constituent part of this contract, and has the same legal effect with this contract. If the amount of the loan under this contract, the loan time limit, lending interest rate, actual loan-making day, the expiration day and other detailed loan conditions do not conform to the records in the IOU / loan voucher, the records in the IOU / loan voucher shall prevail; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower must properly handle the government permission, approval, registration and other legal procedures relevant to this loan according to relevant laws and regulations; if required by the loan bank, the notarial acts of this contract shall be handled properly too; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. If the loan under this contract is guaranteed, the borrower shall properly handle the legal formalities of guaranty contract, notarization of guaranty, registration/guaranty insurance and so on according to the requirements of the loan bank, and the guarantee and insurance shall sustain effective; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. The borrower does not have any event of default listed in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Under the premise of meeting the above conditions for fund withdrawal, the loan bank can arrange remitting the loan to the account opened by the borrower at the loan bank according to the stipulation of Article 4 in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: China Everbright Bank, Shanghai Putuo Branch </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account: ZMQ36721488000010453</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Unless agreed by the loan bank, the online bank payment service of the account for loan release won&#8217;t be opened. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 12 Payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Mode of payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The mode of payment of the loan fund under this contract is divided into the loan bank&#8217;s entrusted payment or the borrower&#8217;s payment itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The loan bank&#8217;s entrusted payment means that the loan bank pays the loan to the borrower&#8217;s transaction object conforming to the use purpose agreed in the contract through the borrower account according to the application for fund withdrawal and payment entrust of the borrower; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower&#8217;s payment itself means that after the loan bank remits the loan fund to the borrower account according to the borrower&#8217;s application for fund withdrawal, the borrower pays the fund to the borrower&#8217;s transaction object conforming to the use purpose agreed in this contract by itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Payment terms for the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) The conditions and amount standard of the entrusted payment of the loan bank</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakbfe9b72d-b4ec-48b1-9f67-4d021cad86c9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower agrees that for the liquidity loan with one of the following circumstances, the loan bank has the right to adopt the mode of entrusted payment according to relevant national laws, regulations and rules of the supervision departments: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><font style="BACKGROUND-COLOR: white"><font style="FONT-FAMILY: Wingdings">&#168;</font>&nbsp;The credit service relationship is established with the borrower and the credit standing of the borrower is not so good; </font></p> <p style="MARGIN: 0px"><font style="BACKGROUND-COLOR: white">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in"><font style="BACKGROUND-COLOR: white"><font style="FONT-FAMILY: Wingdings">&#168;</font>&nbsp;The payment object is definite and the amount of the single payment is relatively large; </font></p> <p style="MARGIN: 0px"><font style="BACKGROUND-COLOR: white">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in"><font style="BACKGROUND-COLOR: white"><font style="FONT-FAMILY: Wingdings">&#168;</font></font> <font style="BACKGROUND-COLOR: white">Other circumstances affirmed by the loan bank. </font></p> <p style="MARGIN: 0px"><font style="BACKGROUND-COLOR: white">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in">The borrower agrees that, the entrusted payment amount standard of the loan fund under this contract is 10 million Yuan RMB, that is, for the payment of the loan fund with the single payment amount larger than 10 million Yuan RMB, the loan bank&#8217;s entrusted payment is adopted. Within the valid period of this contract, the loan bank has the right to lower the point of calculation of the single payment amount. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the single payment amount exceeds the above-mentioned starting point of amount, the loan bank&#8217;s entrusted payment must be adopted, for which the borrower shall use <i>Note of Entrusted Payment of Loan</i> conforming to the format required by the loan bank as the one and only voucher of fund payment, otherwise, if consequences like overdue payment, refused payment, refund, claim, compensation and so on are caused, the borrower will shoulder the responsibility itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) For circumstances other than the entrusted payment terms in item (1), the mode of borrower&#8217;s payment by itself will adopted. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the mode of the borrower&#8217;s payment by itself is adopted, the borrower shall submit the plan of payment of the loan fund according to the requirements of the loan bank, and after it is examined and approved by the loan bank, and the loan fund is remitted to the corresponding account according to the requirements of the payment plan, the borrower shall pay the loan fund according to the plan of payment of the loan fund submitted, and the borrower shall report the payment conditions of the loan fund on monthly/quarterly basis to the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 13 Change of mode of payment and conditions triggering the change</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">During the process of loan payment, if the borrower has the following circumstances, the loan bank has the right to consult with the borrower to supplement the loan grant and payment terms, or change the mode of payment of the loan fund: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The drop of the borrower&#8217;s credit standing; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The not-strong profitability of the main business; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The abnormal use of loan fund; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. Other circumstances the loan bank thinks suitable . </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 14 Restricted and prohibited actions for the payment of the loan fund</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">After the date this contract is signed, if the following conditions occur, the loan bank can restrict until stop the grant and payment of relevant loan fund: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Circumstances described in Article 13.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The loan bank finds that the borrower fails to pay or use the loan fund according to the loan purpose and has other acts violating the agreements of this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower violates this contract by evading the entrusted payment of the loan bank in the mode of breaking up the whole into parts; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. The borrower violates other agreements of this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. Other circumstances the loan bank thinks suitable. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 15 The record and data of the use of the loan fund the borrower shall be provided in time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The borrower promises to provide the record and data of the use of the loan fund in time according to the requirements of the loan bank, including but not limited to: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Transaction data(including but not limited to commodities, labor service, financial contract and / or invoice and other written or electronic document data that can prove the clear and definite use purposes of the loan fund; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Remit voucher, payment and settlement voucher; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Other data required by the loan bank. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf3e99b68-d269-4d6f-9967-52c2382c5dcb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter VI Repayment method</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 16 The borrower shall pay the interests according to this contract and pay back the principal amount of loan according to the following item 1 under this article. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. To pay back the principal at one time. The borrower shall pay back the full principal amount of loan on October 11<sup>th</sup>, 2019; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. To pay back the principal fractionally, and the detailed principal amount and date to be paid back are as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the first time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Principal amount to be paid back: (capital form)/;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The date of principal repayment is/year/month/day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the second time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Principal amount to be paid back: (capital form)/; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2) The date of principal repayment is______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Principal to be paid back at the third time: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1)Principal amount to be paid back: (capital form); </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2)The date of principal repayment is_______Year_______Month_______Day. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Other agreements: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The repayment account: ZMQ36721488000010453</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If the repayment day is not the working day of the loan bank, then the repayment day will be postponed to the next working day of the loan bank, and the non-working day of the loan bank will be calculated into the actual loan-occupation days. When the borrower pays back the last term of principal amount of loan, the interests shall be settled along with the principal. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 17 The borrower shall prepare substantial interests, principal or other fees payable at the corresponding term on the account opened at the loan bank before the expiry date for interest or date of repayment of principal agreed in this contract or recorded on the IOU / loan voucher, and take the following measures to pay back the loan: &#12304;1&#12305;1. Entrust the loan bank to collect the fund actively from the borrower account on the agreed expiry date for interest or date of repayment of principal; 2. Make repayment itself. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 18 The borrower shall pay back the loan under this contract to the loan bank in full amount on time. If the borrower fails to pay the principal and interest on time, the loan bank has the right to deduct the borrowers&#8217; payable fees, loan interests, compound interest and the amount of loan principal from the account opened by the borrower at the loan bank or any account opened at the branch within the system of the loan bank in proper sequence. For the principal amount of loan or the interests not collected back for 90 overdue days, the sequence of deduction of repayment shall be implemented according to the relevant stipulations of the Ministry of Finance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">If on some date of principal and interest payment, the sum of fund paid by the borrower is not sufficient for repaying the accounts payable at the current period, the sum of fund shall be used first to pay the fees payable for the borrower, and then used to pay the loan interest and compound interest, and finally used to repay the principal amount of loan. For the principal amount of loan or the interests not collected back for 90 overdue days, the sequence of deduction of repayment shall be implemented according to the relevant stipulations of the Ministry of Finance. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 19 If the borrower plans to return the loan ahead of schedule, it shall raise written application to the loan bank 30 working days( of the loan bank) in advance, and ask for the written approval of the loan bank. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak0f3d839d-930a-416b-ad32-e90b16c86ed6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">The standard of interest collection when repaying interests in advance is&#12304;1&#12305;: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The interest will be calculated to the repayment day according to the interest rate agreed in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Others: /</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 20 If the borrower can not repay the loan under the contract for lease on schedule, and needs to extend the repayment period, it shall submit the written application for loan period extension to the loan bank &#12304; &#12305;working days (of the loan bank) before the date of expiry of the loan. If it is examined and approved by the loan bank, the two parties sign the <i>Loan Extension Contract</i> separately as the supplement contract to this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter VII Guarantee</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 21 The guarantee method of the loan under this contract is: 3. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. /(the guarantor) provides joint liability warrandice; the contract number is guaranteed to be /. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. /(the mortgagor) provides the underlying security of /(the object given as a pledge); the number of mortgage contract is /. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Shanghai Zhongzhao Technology Development (Shanghai)., Ltd (pledgor) provides the pledge guarantee of the unit certificate of deposit (pledged property/pledge right); and the number of the contract of pledge is 3672022018036-1. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 22 The loan bank and the guarantor shall sign the corresponding contract of guaranty on specific security matters, and handle the notarization of the contract of guaranty, and/or the formalities of guaranty insurance, registration and so on. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 23 If the time period of the contracts for lease is extended, the borrower and the guarantor shall make sure to continue to undertake the responsibility of guarantee during the extended period, and the contract of guaranty remains effective during the extended period of lease. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter VIII Commitment and compensation of costs</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 24 If the borrower is the litigant, it shall undertake the expenses needed for signing and performing this contract and the corresponding contract of guaranty in the principle of &#8220;who entrusts, who pays&#8221;, including fees of notarization, registration, insurance and so on. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 25 Once required by the loan bank, the borrower shall pay in full amount and compensate the loan bank for the expenses and costs to the loan bank performs for performing its rights under this contract, including but not limited to litigation costs, attorney's fees, travel expenses, and other fees for realizing the creditor's rights. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter IX The borrower&#8217;s representations, warranties and commitments</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 26 The borrower is a legal entity /other organization established according to American Law and persisting effectively. It has independent capacity for civil conduct and enjoys full power, authorization and right to undertake civil liability and engage in business activities with all its assets. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 27 The borrower has full power, authorization and right to sign this contract and carry out the transaction under this contract, has taken or obtained the necessary corporate action actions and other actions, and agrees to sign and perform this contract through authorization. This contract is effectively signed by the borrower&#8217;s legal representative or its authorized agent, with the borrower&#8217;s official seal stamped. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 28 The borrower has obtained all the approvals of government departments and the consent of the third party needed for signing this contract, and the borrower&#8217;s signing and performing of this contract does not violate the borrower&#8217;s legal entity document/ document of approval(if any) or any other contract or agreement with the borrower as one party of it. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3848f32a-9737-431b-a9e4-f0f0f8d0e6c1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 29 All documents, materials and vouchers offered to the loan bank by the borrower for signing this contract and performing the transactions under this contract must be true, complete, accurate and effective. And the financial statements submitted by the borrower truly reflect the financial standing of the borrower when the statements are issued. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 30 This contract is lawful and effective, and constitutes the legally binding obligations to the borrower. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 31 The borrower shall open account at the loan bank according to the requirements of the loan bank, and the fund under this contract will be settled and used through that account. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 32 In order to ensure the validity, effectiveness or forcible execution of this contract, the borrower has completed or will complete all the formalities of registration, record or notarization needed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 33 The borrower has no litigation, arbitration or administrative procedure that has negative effect on its ability of performing its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 34 The statement, guarantee and commitment of the borrower shall always be correct before all the loan principal and interest under this contract are paid off, and the borrower will provide relevant documents at any time according to the requirements of the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 35 No event of default to the borrower has happened or existed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 36 The borrower has carefully read and completely understands and accepts the contents of this contract. The borrower&#8217;s signing and performance of this contract are voluntary and all its expressions under this contract are true. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 37 According to the requirements of the loan bank, the materials provided by the borrower shall be true, complete and effective. If the borrower belongs to the group customers determined by the loan bank according to Commercial Bank&#8217;s Risk Management Guidelines for Credit Extension to Group Customers, the borrower shall report to the loan bank the conditions of the connected transaction of above 10% of its net asset according to Article 17 of the<i> Guidelines</i>, including the incidence relations of all the transaction parties, transaction items, transaction nature, transaction amount or corresponding ratio, and pricing policy(including transactions without fund amount but only nominal amount). </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 38 The borrower promises to cooperate with the loan bank to carry out loan payment management, after-loan management and relevant checks. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 39 The borrower shall accept forwardly and cooperate actively in the loan bank&#8217;s investigation, understanding and supervision of its relevant production, business and financial status; the borrower has the obligation to provide the loan bank with the financial statements of <i>Balance Sheet, Account of Business </i>and other financial statements or other materials of the latest month reflecting the credit position of the borrower on a monthly basis. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 40 If matters of alteration of the borrower&#8217;s name, legal representative, legal address and so on happen within this contract&#8217;s term of validity, the borrower shall notify the loan bank thirty working days(of the loan bank) in advance in written form. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 41 Before paying off all its debts under this contract, if the borrower has significant events, such as external investment, substantial increase in debt financing, merging, separation, capital reduction, transfer of equities and assets, application for stopping doing business for internal rectification, application for dissolution, voluntary bankruptcy, and other actions substantial to affect the rights and interests of the loan bank or substantial to cause the change of the relations of the creditor's rights and debts under this contract, it shall notify the loan bank in written form thirty working days(of the loan bank) in advance, and at the same time, execute its obligation of paying off the debt or paying off the debt in advance, or it is not allowed to take the above-mentioned actions. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 42 The borrower guarantees that during this contract term of validity, without the written consent of the loan bank, the borrower can not make warrandice for or shoulder the debt of other business entity, organization or individual that is substantial to affect the borrower&#8217;s repayment ability under this contract, nor can it make mortgage or pledge with the borrower&#8217;s assets and interests that is substantial to affect the repayment ability of the borrower under this contract. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2f04ff4a-bfee-4b14-a456-aaac61eedbb4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 43 For any other significant adverse event that is dangerous to the borrower&#8217;s normal business, that has significant adverse effects for its performance of its obligation of repayment under this contract and affects it repayment ability, the borrower shall notify the loan bank in written form immediately. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 44 The borrower is aware of and agrees that: at any time, the loan under this contract is issued according to the discretionary decision of the loan bank; the loan accepts the regular or irregular inspections by the loan bank on dates of its discretionary decision, in order to decide whether to continue to grant the loan in any form to the borrower or not. The loan bank has the right to terminate or suspend all or part of the loans and cancel the borrower&#8217;s further use of the loan, without the need of notifying the borrower beforehand. As long as the loan is not released, the loan bank has the right to reject the borrower&#8217;s application of withdrawal at any time and cancel all or part of the loan under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 45 The loan bank has the right to require the borrower to open the following account at the loan bank as the special fund-withdrawal account, and the borrower shall open that account according to the requirements of the loan bank and sign the agreement on account management. The borrower shall provide the loan bank with the conditions of funds in and out of the account, and accept the loan bank&#8217;s management of the advanced funds. The loan bank has the right to call in the loan in advance according to the borrower&#8217;s conditions of fund withdrawal . The detailed account information is as following: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Bank of deposit: China Everbright Bank, Shanghai Putuo Branch </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Account: ZMQ36721488000010453</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Unless agreed by the loan bank, the online bank payment service of the fund withdrawal account won&#8217;t be opened. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter X Event of default</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 46 Any one of the following matters will constitute the event of default under this contract: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. The borrower fails to pay the interests or repay the principal according to the due course in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. The borrower fails to use the loan fund according to the purpose stipulated in this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. The borrower fails to pay the loan fund in the agreed mode; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. The borrower fails to abide by its commitments.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. The borrower breaks through the agreed financial index(the requirements of the approval of the loan bank credit extension shall prevail); </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">6. When significant cross events of default happen. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">7. The borrower provides the loan bank with the <i>Balance Sheet, Account of Business</i>, or other financial statements which are false or with material facts concealed, or refuses to accept the loan bank&#8217;s supervision and examination of its loan use, relevant production, business and financial activities; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">8. The representations, warranties and commitments the borrower or the guarantor makes under this contract, or representations, warranties and commitments made by the guarantor under relevant contract of guaranty are proved untrue or misleading; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">9. The borrower or the guarantor violates the contract with itself as one party; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">10. The borrower or the guarantor&#8217;s business and financial standing deteriorate severely; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">11. The object given as a pledge and pledged property/pledge right relevant to the loan under this contract have depreciation, damage or loss; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">12. When the borrower or the guarantor merges, separates or conduct share reform, it fails to make the repayment arrangement or debt restructuring plan that can satisfy the loan bank. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">13. The borrower or the guarantor goes bankrupt, dismissed, closed, canceled, or revoked. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak2e2e492f-0b82-40c6-b163-27332ce31ba9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">14. The borrower fails to inform the loan bank of the following conditions: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(1) Any material alteration to its articles of association and any substantial change to its business activities; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(2)Material alteration of its accounting principles; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(3)Any substantial change in finance, economy and other aspects of it, its subsidiary corporations or its parent companies; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">15. The borrower is involved in any litigation, arbitration or administrative procedure that can constitute severe negative effect to its financial standing or its performance of the obligations under this contract . </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">16. The borrower&#8217;s properties are seized, frozen, detained or controlled according to law, which may or already has affect the borrower&#8217;s performance of its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">17. The borrower, as the group customer determined by the loan bank according to <i>Commercial Bank&#8217;s Risk Management Guidelines for Giving Credit to Group Customers</i>, goes to the bank to make discount or pledge with creditor's rights of bill receivable and accounts receivable that have no real trade background by using the false contracts with the related parties, to cash the bank&#8217;s fund or gain credit extension; or evades from creditor's rights of the bank through connected transactions. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">18. The borrower violates any other clause of this contract, and fails to make remedy satisfying the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">19. Any other incident or condition happens that causes substantial negative effects on the rights of the loan bank under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 47 The loan bank judges whether the above-mentioned event of default happens or not and notifies the borrower. After any of the above-mentioned event of default happens, the loan bank has the right to take any one or several measures below: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">1. Stop the remit of the loan under this contract; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">2. Announce that all the remitted loan expires immediately and request the borrower to pay back all the remitted principal amount of loan, interest or other expenses realizing creditor's rights immediately; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">3. Request the borrower to add or change the guarantor, the object given as a pledge, and the pledged property/pledge right; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">4. Deduct any payment due but not paid by the borrower from the account opened by the borrower at the loan bank or any account opened at any branch within the system of the loan bank; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">5. Announce the implementation or realization of the rights under any guarantee of the relevant loan; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">6. Other methods the loan bank thinks suitable. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter XI Others</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 48 Within the term of validity of this contract, the loan bank has the right to check the condition of use of the loan, and the borrower shall provide condition representation and materials to the loan bank according to its requirements. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 49 Both parties to the contract shall keep secret the debt, finance, production, business data and conditions of the other party learned because of signing and performing this contract, except for the relevant conditions of the borrower inquired according to law. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 50 Without the consent of the loan bank beforehand, the borrower can not transfer or dispose in other modes all or part of its obligations under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 51 Without the need to ask for the borrower&#8217;s approval beforehand, the loan bank can transfer the creditor's rights under this contract to any third party, and only needs to notify the borrower in written form after the transfer. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 52 All the funds payable by the borrower under this contract shall be paid in full amount and can not be offset of any nature, deducted or withdrawn in advance, nor can the funds be offset with any debt the loan bank owes to the borrower. If any law requires the borrower to deduct or withdraw in advance any fund paid by the borrower to the loan bank, the borrower shall pay an extra amount of fund to the loan bank, to guarantee that the fund the loan bank receives equals to the fund receivable if there is no such deduction or withdrawal in advance. </p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakccc9a1e4-2ffe-4255-8a7e-0afecd241691" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 53 No moratorium, preference or extension the loan bank gives to the borrower will affect, damage or restrict any right enjoyed by the loan bank according to this contract, laws and regulations; and no moratorium, preference or extension the loan bank gives to the borrower shall be deemed as the loan bank&#8217;s abandoning of the rights and interests under this contract, nor will any of them affect any responsibility or obligation the borrower undertakes under this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 54 If at any time, any clause of this contract becomes illegitimate, invalid or non-performable, the legitimacy, validity or performability of other clauses of this contract will not be affected or weakened. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 55 Any alteration or supplement to this contract shall be made in written form and effectively signed by the two parties to this contracts. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 56 The subtitles of this contract are only made for the convenience of reading and can not be used for the explanation of this contract or other purposes. The handwritten contents chosen and filled in this contract have the same legal effect with the printed contents in this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 57 The notices and requirements relevant to this contract the two parties send to each other shall be made in written form and sent to the addresses or faxes listed on the front page of this contract. If any party change its address or fax, it shall inform the other party in written form in time. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 58 If the correspondence between the two parties are delivered by specially-assigned personnel, they are deemed delivered after they are handed over; if they are sent by certified mail, they are deemed delivered 3 days after they are sent off; if they are sent by fax, they are deemed delivered at the moment they are sent out. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter XII Application of law and resolution of disputes</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 59 This contract and all the matters it involves shall be subject to the Chinese law, and explained by Chinese law. The disputes happening during the performance of this contract between the two parties shall first be solved through negotiation by the two parties; if negotiation fails, the dispute can be submitted to the court where the loan bank is located in the form of action. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter XIII Entry into force, change and dissolution of the contract</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 60 This contract takes effect once it is stamped with official seals and signed or sealed by the legal representatives of the two parties or their authorized agents. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 61 After this contract takes effect, unless otherwise stipulated by laws and regulations or otherwise agreed in this contract, neither party can change or dissolve this contract without authorization. If alteration or dissolution of this contract is needed, the two parties shall reach consensus and form written agreement on it, and before the written agreement is reached, this contract clause remains effective. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter XIV attachment</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 62 For the matters uncovered in this contract, the two parties can reach another written agreement as the attachment to this contract. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="center"><b>Chapter XV Supplementary provisions</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 63 The this contract is made in quadruplicate, the borrower holds one copy and the loan bank holds three copies. The four copies have equal legal effect. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 64 This contract was signed in Shanghai on October 11<sup>th</sup> 2018. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Article 65 Both parties to this contract agrees to make notarization of this contract and promise to endow the compulsory execution effect to this contract. When the borrower refuse to perform or incompletely perform the debt or when the circumstances of the loan bank realizing the creditors&#8217; rights agreed by laws, regulations and this contract occur, the loan bank has the right to apply to the people's court with jurisdiction for forcible execution, and there won&#8217;t be objection against the application. (This article is optional and both parties can choose whether it is &#12304;1&#12305;. 1. Applicable; 2. Not applicable for this contract)</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4cb29a7c-2180-4be6-9ca5-c4bc27c548ca" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">-Page 12/16-</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(This page is the sign page for both parties to the contract with no straight matter.)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">the borrower (seal): </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">/s/ David Hsu</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative: <img src="solarmax_ex1031img1.jpg"> </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(or authorized agent)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">the loan bank(seal): seal for loan contract of China Everbright Bank, Shanghai Putuo Branch(specially used for company business)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Legal representative/the person in charge: Yu wenhuan</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">(or the authorized agent)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">Date of seal verification:2018-10-10 18:33:47; account 36728802406463259; account name: SOLARMAXTECHNOLOGY, INC; Type of voucher: contract; security code of voucher number: none; Seal verification operator: 717618 Cai hui ling; the 1<sup>st</sup> seal(1, 1 hand signature ): manual effective; </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">-Page 12/16-</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>40
<FILENAME>solarmax_ex1032.htm
<DESCRIPTION>EX-10.32
<TEXT>
<html><head><title>solarmax_ex1032.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.32</b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>PROMISSORY NOTE</b></p> <p style="MARGIN: 0px" align="center">(this &#8220;Note&#8221;)</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td valign="top" width="10%"> <p style="MARGIN: 0px">Borrower:</p></td> <td width="2%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">SolarMax Technology, Inc., </p> <p style="MARGIN: 0px">3080 12<sup>th</sup> Street, Riverside, California 92507 (the &#8220;Borrower&#8221;)</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Lender: </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Sunco Investments, LLC </p> <p style="MARGIN: 0px">3230 Fallow Field Dr., Diamond Bar, California 91765 (the &#8220;Lender&#8221;)</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td colspan="3"> <p style="MARGIN: 0px">Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000,000.00 USD</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top">FOR VALUE RECEIVED, the Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $1,000,000.00 USD (one million U.S. dollars and no cents), with interest payable on the unpaid principal at the rate of 6.00 percent (6.00%) per annum, calculated yearly not in advance, beginning on December 12, 2018.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top">This Note will be repaid in full on April 12, 2019.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">3.</td> <td valign="top">The Borrower may, in whole or in part, prepay the Note without penalty before the maturity date hereof and without prior written notice to the Lender. Each payment shall first be credited against interest accrued and due at the time of receipt of payment, with the remainder credited against unpaid principal. Interest shall cease to accrue on any principal so credited.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">4.</td> <td valign="top">In the event that the Borrower fails to pay the Note, in full, on the due date, unpaid principal shall accrue interest at the rate of 6.00 percent (6.00%) per annum or the maximum rate allowed by law, whichever is less, until the Borrower is no longer in default.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">5.</td> <td valign="top">This Note will inure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender. The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">6.</td> <td valign="top">In the event that any provision herein is determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other provision, all of which shall remain in full force and effect.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">7.</td> <td valign="top">This Note has been entered into and shall be construed in accordance with the laws of the State of California and any applicable federal statutes or regulations of the United States.</td></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5e028f80-9f47-452f-801f-3114688494fa" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">1</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">8.</td> <td valign="top">For the purpose of funding the loan, a wire transfer will be made to:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="25%"> <p style="MARGIN: 0px">Company Name:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">SolarMax Technology, Inc</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Address:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">3080 12th Street, Riverside, CA 92507</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Bank Name:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Wells Fargo Bank, N.A.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Type of Acct.:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Checking</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Bank Acct.#</p></td> <td valign="bottom"> <p style="MARGIN: 0px">XXXXXXXXXX</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Routing#</p></td> <td valign="bottom"> <p style="MARGIN: 0px">XXXXXXXXX</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">SWIFT:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">XXXXXXXX</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">Bank Address:</p></td> <td valign="bottom"> <p style="MARGIN: 0px">420 Montgomery, San Francisco, CA 94104</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IN WITNESS WHEREOF the parties have duly affixed their signatures on the 11<sup>th</sup> day of December, 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SUNCO INVESTMENTS, LLC</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">By:_______________________________</p> <p style="MARGIN: 0px">Ted Lin, Managing Director</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">SOLARMAX TECHNOLOGY, INC.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">By: :<u>/s/ Stephen P. Brown</u>_______________________________</p> <p style="MARGIN: 0px">Stephen P. Brown, Chief Financial Officer</p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>62
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<DOCUMENT>
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<SEQUENCE>64
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<DOCUMENT>
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<SEQUENCE>66
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<DOCUMENT>
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<FILENAME>solarmax_ex1030img11.jpg
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<SEQUENCE>77
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
