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Title: |
Master Joint Venture Agreement |
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Date: |
2006 |
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Preview shows 14KB of 142KB total |
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$66 |
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#1221889 |
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have been marked with an asterisk ("[****]") to denote where omissions have been
made. The confidential material has been filed separately with the Securities
and Exchange Commission.
MASTER JOINT VENTURE AGREEMENT
BY AND AMONG
EVERGREEN SOLAR, INC.
Q - CELLS AG
RENEWABLE ENERGY CORPORATION
AND
EVERQ GMBH
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
ARTICLE I. Relation to Existing Agreements; Interpretation, Relation
to Articles, Participation of EverQ........................ 4
1.1 Relation to Existing Agreements......................... 4
1.2 Definitions............................................. 4
1.3 Headings and Other Interpretation....................... 11
1.4 Relation to Articles of Association..................... 11
1.5 German Legal Terms...................................... 11
1.6 Participation of EverQ.................................. 11
ARTICLE II. Purpose of EverQ, Share Sale and Transfer.................. 12
2.1 Purpose of EverQ........................................ 12
2.2 Share Transfer in EverQ................................. 12
ARTICLE III. Management and Operation of EverQ.......................... 13
3.1 Management and Supervision of EverQ..................... 13
3.2 Accounting Matters; Basic Financial Inspection Rights... 13
3.3 Other Financial Matters................................. 14
3.4 Second REC Supply Agreement and REC Option.............. 14
3.5 Capacity Expansion and Additional Financing............. 15
3.6 Directors............................................... 19
3.7 Indemnification......................................... 19
ARTICLE IV. Restrictions on Transfer; Right of First Refusal for Sale
of Shares.................................................. 20
4.1 Restrictions on Transfer; Exceptions.................... 20
4.2 Right to Notice......................................... 20
4.3 Exercise of Right of First Refusal...................... 20
4.4 Right to Sell to Third Party............................ 21
4.5 Reinstatement of Right of First Refusal................. 21
4.6 Change of Control....................................... 21
4.7 Co-Selling Rights....................................... 21
4.8 Adherence by Third Party................................ 21
4.9 Relation to Articles of Association..................... 21
ARTICLE V. Term and Termination....................................... 22
5.1 Term.................................................... 22
5.2 Termination by mutual consent........................... 22
5.3 Expulsion for Breach.................................... 22
5.4 Termination after [****]................................ 26
5.5 Termination in Case of Sale and Transfer................ 26
5.6 Post-Termination Covenants.............................. 26
</TABLE>
-i-
<PAGE>
<TABLE>
<S> <C>
ARTICLE VI. Closing Conditions......................................... 27
6.1 Conditions to Obligations of REC........................ 27
6.2 Conditions to the Obligations of E and Q................ 27
ARTICLE VII. Warranties................................................. 27
7.1 Warranties of Q......................................... 27
7.2 Warranties of E......................................... 29
7.3 Warranties of REC....................................... 31
7.4 Additional Representations and Warranties by EVERQ...... 33
7.5 Additional Representations and Warranties by E and Q
pertaining to EverQ..................................... 35
ARTICLE VIII. Liability and Limitations of Liability..................... 36
8.1 Liability............................................... 36
8.2 Definitions............................................. 37
8.3 Determination of the Amount of Damage................... 37
8.4 Limitations of Liability for Breach of Warranties....... 37
8.5 GENERAL LIMITATION OF LIABILITY......................... 38
ARTICLE IX. Additional Agreements...................................... 38
9.1 Marketing............................................... 38
9.2 Q Manufacturing Right of First Refusal.................. 38
9.3 REC Manufacturing Right of First Refusal................ 39
9.4 Relation of Sections 9.2 and 9.3........................ 40
9.5 [****].................................................. 41
9.6 Cooperation to Pursue Tax Efficiencies.................. 42
9.7 Confidentiality......................................... 42
9.8 Reasonable Efforts...................................... 44
9.9 Standstill.............................................. 44
9.10 Employee Matters........................................ 45
9.11 Covenant Regarding REC Services Agreement............... 45
ARTICLE X. Miscellaneous.............................................. 45
10.1 Expenses................................................ 45
10.2 Further Assurances...................................... 46
10.3 Notices................................................. 46
10.4 Governing Law and Dispute Resolution.................... 47
10.5 Binding Effect.......................................... 47
10.6 Assignment.............................................. 48
10.7 No Third Party Beneficiaries............................ 48
10.8 Foreign Corrupt Practices Act........................... 48
10.9 Sarbanes-Oxley and Nasdaq Covenant...................... 48
10.10 Amendment, Waivers...................................... 49
10.11 Entire Agreement........................................ 49
10.12 No Joint Venture or Partnership......................... 49
10.13 Language for Joint Venture and this Agreement........... 49
</TABLE>
-ii-
<PAGE>
<TABLE>
<S> <C>
10.14 Voting and other rights................................. 49
10.15 Severability............................................ 50
</TABLE>
EXHIBITS
Exhibit A Articles of Association
Exhibit A-1 German Translation of Articles of Association
Exhibit 7.4 (a) EverQ Balance sheet as of September 30, 2005
Exhibit 7.4 (e) List of EverQ personnel and pensions
Exhibit 7.4 (f) Material Agreements
Exhibit 7.4 (h) EverQ Insurance
SCHEDULES
Schedule 3.4 Second REC Supply Agreement
-iii-
<PAGE>
MASTER JOINT VENTURE AGREEMENT
This Master Joint Venture Agreement (the "AGREEMENT") is made and entered
into as of the 4th day of November, 2005, by and between
Evergreen Solar, Inc., a Delaware corporation with its principal executive
offices located at 138 Bartlett Street, Marlboro, Massachusetts, USA
("EVERGREEN" or "E"),
Q-Cells AG, a stock corporation organized under the laws of Germany with
its principal executive offices located at Guardianstr. 16, 06766 Thalheim,
Germany (,,Q-CELLS" or "Q"),
Renewable Energy Corporation, a stock corporation organized under the laws
of Norway with its principal executive offices located at Veritasveien 14,
N-1323 Hovik, NORWAY ("REC")
and
EverQ GmbH, a limited liability company organized under the laws of Germany
with its principal offices located at Guardianstr. 16, 06766 Thalheim, Germany
(,,EVERQ").
Capitalized terms used herein shall have the meaning ascribed to them in
SECTION 1.2.
RECITALS
WHEREAS:
The Parties are each engaged in the manufacture and distribution of solar
products.
A. Evergreen Solar
Evergreen has unique and proprietary String Ribbon wafer manufacturing
technology which, when fully developed, may have a very low cost potential.
Evergreen has an active research program to continue to develop its
advanced string ribbon technology and, assuming the successful growth of
EverQ, intends to channel its main future growth through EverQ.
<PAGE>
B. EverQ
EverQ is a recently created joint venture between Q-Cells and Evergreen to
manufacture String Ribbon wafers, photovoltaic cells and modules
incorporating such wafers based on the combination of their respective
technologies and expertise. Construction of the first 30 MW factory has
started in Thalheim, Germany, which is expected to commence production in
March[****]. Assuming the factory achieves its objectives, Q-Cells and
Evergreen plan on expanding the EverQ joint venture in Thalheim to 120 MW
as soon as practicable, and to look to establish factories in other
locations worldwide.
C. REC
REC is, via its subsidiary Solar Grade Silicon Holding, Inc. with
production at Moses Lake, Washington, USA and Butte, Montana USA ("SGS"),
the world leader in the production of solar grade silicon. REC is currently
performing large scale technology tests with the objective of producing
commercial quantities of the granular form factor of silicon feedstock that
is needed by Evergreen for its wafer manufacturing process. REC is also the
world's largest suppliers of high quality silicon wafers for photovoltaic
applications. At present REC produces silicon wafers through its unique and
proprietary casting and slicing processes.
D. Q-Cells
Q-Cells is the largest independent manufacturer of crystalline silicon
solar cells in the world. Q-Cells is in the midst of a capacity expansion
that will provide them with 350 MW of solar cell manufacturing capacity.
Q-Cells has active programs to increase the efficiency and reduce the cost
to convert wafers into solar cells.
E. Benefits to Parties
The Parties believe that it is in their mutual best interest to have REC
become a shareholder of EverQ and provide additional support via the REC
Supply Agreements and the REC License Agreement, as well as establish a
close collaboration with Evergreen on technology sharing and potentially
String Ribbon wafer production. The Parties further believe that combining
their respective technologies and capabilities would have a number of
benefits including:
(1) REC
(a) Access to String Ribbon wafer technology through EverQ
[****]
(b) Technology transfer/sharing with Evergreen
(c) Equity participation in EverQ
-2-
<PAGE>
(d) Secure high value customer for scaling of granular silicon
(e) [****]
(2) Evergreen
(a) Technology transfer/sharing with REC
(b) Secure silicon supply at attractive market related pricing
(c) Accelerated development and proliferation of String Ribbon
technology
(d) Initial substantial majority ownership of EverQ
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