MUTUAL RELEASE
This
Mutual Release (the “Release”) is made and effective [DATE],
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BETWEEN:
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Wellington
Capital Management Inc., (the "First Party")
whose address is,
Xxxxxxxxxxx Xxxxx, 0xx Xxxxx, 0xx Xxxxxxx West, Nassau, Bahamas, a
Bahamas corporation,
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AND:
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Tiger
Renewable Energy Ltd., (the "Second
Party") whose
address is, Sino Favour
Centre, 1 On Yip Street, Suite 1302, Chai Wan, Hong
Kong, a Nevada
Corporation,
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RECITALS
NOW
THEREFORE, in consideration of the terms and covenants of this agreement, and
other valuable consideration, the parties agree as follows:
TERMS
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1.
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The
undersigned hereby finally and irrevocably mutually release each other
from all liability to each other, and settle all actions and causes of
action against each other, for damages, loss or injury sustained by either
of them, however arising, present and future, known and unknown at this
time, relating to the Working Interest Purchase and
Sale Agreement entered into by both parties on the 29th
day of January, 2009 concerning the GP project, which was
mutually terminated without penalty by both parties on 28th
day of April, 2009 and the Convertible Note Agreement
entered into both parties on the 2nd
day of February, 2009 concerning a 8% Convertible Promissory Note in the
amount of US$ 1,000,000, which was mutually terminated without penalty by
both parties.
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2.
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If
either party has instituted any legal proceedings against the other
settled by this release, that party covenants to have them dismissed at
that party's cost with express prejudice to bringing further proceedings
against the other arising out of the same
matter.
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3.
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It
is agreed that neither party to this mutual release will make any claim or
take any proceedings against any person who might claim over against or
claim contribution or indemnity from the other party in connection with
any matter for which this mutual release is
given.
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4.
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It
is understood and agreed that nothing in this mutual release is to be
construed as an admission of liability in connection with any matter for
which this mutual release is given.
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5.
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The provisions of this Agreement
must be read as a whole and are not severable and/or separately
enforceable by either party
hereto.
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Page
1 of 2
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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered as of the date first above written.
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FIRST
PARTY
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SECOND
PARTY
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Authorized
Signature
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Authorized
Signature
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Print
Name and Title
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Print
Name and Title
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Page 2
of 2
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