OPTION TO PURCHASE EQUIPMENT
OPTION TO PURCHASE EQUIPMENT
THIS OPTION AGREEMENT (the “Agreement”) entered into this 20th day of October, 2004, between:
| EnerDel, Inc. (“EnerDel”), a corporation incorporated under the laws of the State of Delaware; |
| Ener1, Inc.(“Ener1”), a corporation incorporated under the laws of the State of Florida; and |
| Ener1 Battery Company (“Ener1 Battery”) a corporation incorporated under the laws of the State of Florida. |
WHEREAS, EnerDel and Ener1, Inc., Ener1 Battery’s parent company, have entered into a Formation, Subscription and Stockholders’ Agreement dated October 20, 2004 (the “Subscription Agreement”) wherein Ener1 subscribed to purchase eighty million five hundred thousand (80,500,000) shares of EnerDel’s $0.01 common stock in exchange for fifteen million dollars ($15,000,000.00) and other capital contributions.
AND, WHEREAS, as part of Ener1‘s above-referenced capital contributions, Ener1 Battery grants this option to purchase the equipment to EnerDel upon certain conditions;
NOW, THEREFORE, in consideration of the mutual covenants and premises contained herein, the parties hereby mutually agree as follows:
1. Option to Purchase:
As part of the Ener1‘s subscription for Ener1 common stock, Ener1 Battery hereby grants an irrevocable option to EnerDel (the “Option”) to purchase the equipment currently owned by Ener1 Battery listed in Exhibit A. The exercise price of the Option for the Equipment identified on the attached schedule 10.1 will be one dollar ($1.00).
• Conditions Precedent to Exercise of Option:
| - | The equipment set forth on Attachment A is currently subject to a lien as collateral for $20,000,000 of 5% senior secured convertible debentures due in 2009 issued by Ener1 in January 2004 (the “Debentures”). Ener1 and Ener1 Battery agree that once the aforementioned lien is released in full, the option will be deemed automatically exercised with respect to such equipment. Ener1 Battery also agrees to maintain property insurance for full replacement value on the subject equipment until purchased by EnerDel or EnerDel notifies Ener1 Battery that it no longer intends to use the equipment. |
| - | Upon release of the above lien in full, Ener1 will notify EnerDel of such release and Ener1 Battery shall promptly provide EnerDel with a xxxx of sale and other appropriate transfer documents to transfer good and marketable title to such equipment free and clear of any liens, encumbrances or claims whatsoever. |
| - | Until the above-referenced lien is released, EnerDel is prohibited from exercising this option. |
2. Non-Assignment:
None of the parties hereto may assign any of its rights or delegate any of its duties under this Agreement, except to an affiliate which remains affiliated with EnerDel during the term of this Agreement, without first obtaining the written consent of the other party.
3. Governing Law:
This Agreement shall be governed and interpreted in accordance with the laws of the State of Florida
4. Amendments:
This Agreement constitutes the entire agreement among the parties in relation to the subject matter hereof and supersedes and integrates all prior negotiations between the parties. No modification, waiver, or discharge of this Agreement shall be binding unless in writing and signed by authorized representatives of all of the parties.
5. Bulk Sales and Retail Sales Tax:
EnerDel will not require Ener1 Battery to comply with the requirements of applicable bulk sales laws or any such other comparable legislation as may be applicable to the transaction contemplated herein. Notwithstanding the foregoing, Ener1 Battery agrees to indemnify EnerDel from and against any claims EnerDel may suffer or be exposed to by virtue of such non-compliance.
6. Disputes:
The parties agree that any disputes concerning this Agreement or the subject matter hereof, including the interpretation or application of this Agreement, that cannot be settled by negotiation among the parties shall be resolved by arbitration in Ft. Lauderdale, Florida in accordance with the rules of the American Arbitration Association.
7. Confidentiality:
The terms of this Agreement shall be kept confidential by the parties hereto.
8. Notices:
All notices among the parties shall be in writing and shall be directed and personally delivered, or sent by facsimile to the respective parties at the addresses hereinafter provided, or any new address of any party which may be indicated by written notice to the other parties in the future :
| If to EnerDel: With a copy to: If to Ener1: With a copy to: If to Ener1 Battery: With a copy to: |
EnerDel, Inc. 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: Xxxxx X. Xxxxxxxxxx Tel: 000-000-0000 Fax: 000-000-0000 EnerDel, Inc. 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: General Counsel Tel: 000-000-0000 Fax: 000-000-0000 Ener1, Inc. 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: Xxxxx X. Xxxxxxxxxx Tel: 000-000-0000 Fax: 000-000-0000 Ener1, Inc. 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: General Counsel Tel: 000-000-0000 Fax: 000-000-0000 Ener1 Battery Company 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: Xxxxx X. Xxxxxxxxxx Tel: 000-000-0000 Fax: 000-000-0000 Ener1 Battery Company 000 Xxxx Xxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Attn: General Counsel Tel: 000-000-0000 Fax: 000-000-0000 |
All such notices shall be deemed to have been given or received: (a) upon receipt if personally delivered, (b) twenty-four (24) hours following the transmission with confirmed answer back, if sent by facsimile.
9. Further Assurances:
The parties shall do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated hereby in compliance with all applicable laws and regulations. Each party shall provide such further documents or instruments required by the other parties as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions.
10. Counterparts:
This Agreement may be executed by the Parties in separate counterparts each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. This Agreement may be executed by facsimile signature.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
| EnerDel, Inc. BY: /s/ Xxxxx X. Xxxxxxxxxx —————————————— Xxxxx X. Xxxxxxxxxx Chief Executive Officer Ener1, Inc. BY: /s/ Xxxxxx X. Xxxxxxx —————————————— Xxxxxx X. Xxxxxxx Executive Vice President Ener1 Battery Company BY: /s/ Xxxxxx X. Xxxxxxx —————————————— Xxxxxx X. Xxxxxxx Chief Operating Officer |
EXHIBIT A
LISTING OF EQUIPMENT
ENER1-CONTRIBUTED EQUIPMENT USAGE RIGHTS
| Glove Box System for Lithium production Line - | ||||||||||||||||||||
| XXXXX | down payment for production line 1 | 1 | 10 | 2497 | 2497 | LINE 1 | ||||||||||||||
| MBRAUN | MB 150 B-G-il (1250/780) K | 1 | 14 | MB 150 B-G | 2208 | Lab Glove Box 1/2 | ||||||||||||||
| MBRAUN | MB 150 B-G-il (1250/780) K | UKRAINE | MB150 B-G | 2209 | Lab Glove Box 1/2 | |||||||||||||||
| MBRAUN | MB 150 B-G-il (1250/780) K | 1 | 14 | MB 150 B-G | 2208 | Lab Glove Box 1/2 | ||||||||||||||
| Satako | Test Machine of Battery Abuse - 1 UNIT | 43 | TYS-90DM02 | no serial numbers | ||||||||||||||||
| Satako | Test Machine of Battery Abuse - 1 UNIT | 44 | TYS-90DM02 | |||||||||||||||||
| Sartorious | Scale | LAB | 83 | BP301S-OCE | 12903680 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 84 | BP301S-OCE | 12903677 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 85 | BP301S-OCE | 12905244 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 86 | BP301S-OCE | 12903678 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 87 | BP301S-OCE | 12905247 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 88 | BP301S-OCE | 12903679 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 89 | BP301S-OCE | 12905245 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 90 | BP310P-OCE | 12905190 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 91 | BP310P-OCE | 12905192 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 92 | BP310P-OCE | 12905191 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 93 | BP310P-OCE | 12905193 | LAB | ||||||||||||||
| Sartorious | Scale | LAB | 94 | ME215S-OCE | 12903685 | LAB | ||||||||||||||
| Density Measurement, stainless pieces and devices | LAB | NA | YOK01 | no serial # | LAB | |||||||||||||||
| Sartorious | MA100C | 12803140 | LAB | |||||||||||||||||
| Sartorious | Temperature control MA50/100 | YTM03MA | 13002058 | LAB | ||||||||||||||||
| Sartorious | Glass Fiber Filters | 6906940 | no serial # | LAB | ||||||||||||||||
| Sartorious | Aluminium disks for measuring material weights | 6965542 | no serial # | LAB | ||||||||||||||||
| Sartorious | Industrial scale | LAB | 51 | FD150JGG-5000U | 12905251 | LAB | ||||||||||||||
| Seteram | LABSYS TGA/DTA/DSC | LAB | 57 | TG-DTA/DSC Labsys | 31/111074 07 048 | |||||||||||||||
| Seteram | Structure SETSYS 1600-1750 | LAB | 59 | Setsys 16/18 | 31/111067 15 106 | |||||||||||||||
| Seteram | Structure SETSYS 1600-1751 | LAB | 59 | |||||||||||||||||
| Seteram | Calvet DSC111 | LAB | 58 | Calvet DSC111 | S60/115028 08 038 | |||||||||||||||
| Micrometrics Micrometrics Micrometrics Micrometrics Plasma Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Arcotronics Itochu Imatex Imatex Imatex Imatex Imatex Imatex Imatex Imatex Imatex |
Gemini 2370 w/Vacuum Pump&FlowPrep 060, Saturn 5200, AutoChem 2910 Flow Prep 060 for Gemini Gemini 2370 w/Vacuum Pump&FlowPrep 060, Saturn 5200, AutoChem 2911 Gemini 2370 w/Vacuum Pump&FlowPrep 060, Saturn 5200, AutoChem 2912 Plasma TV Soft Cell Packing and Filling Unit Electrode Blanking Equipment Soft Pack Cell Packaging and Filling Machine Tab Current-Collector Folding and Trimming Unit Tab Final Folding Unit Tab to Current Collector Welding Unit Pallet Return Transport System Auxiliary Tools Soft-Pack Cell Degassing and Sealing Machine Machine for Lithium Anode Assembling and Inserting into Separator Bag Cell Filling Under Vacuum Machine Soft Cell Pack Assembly Machine Soft Cell Degassing and Sealing Machine Soft Pack Cell Packaging and Filling Machine Unit for Lithium Anode Assembling and Inserting into Separator Bag Cell Filling Under Vacuum Machine Tab Welding Machine Electrode Notching and Cutting Machine Hirano - Both Side Coating Machine Glove Boxes - Line # 2 Glove Boxes - Line # 1 Glove Boxes - Line # 2 Glove Boxes - Line # 2 Glove Boxes - Line # 3 Compressed Argon Supply Units for System III (2 Units) Solvent Removal System Solvent Removal System Machine for Lithium Anode Assembling and Inserting into Xxxxxxxxx Xxx |
XX XX XX XX 000 Xxxxxxx Xxx Xx. 1 1 1 1 1 1 1 na 3 2 3 1 2 1 1 2 2 COAT 2 2 2 2 3 3 3 3 3 |
56 53 55 56 29 9 7 3 5 4 2 LOT 28 15 26 8 18 1 6 16 20 45 30 30 21 21 36 38 / 37 31 32 24 |
AUTO CHEM 2910 FlowPrep 060 VACUUM PREP 061 FLOW PREP 060 SPF 300P EBE 292A SPF 446P XXX 000X XXX 000X XXX 294P PRT 473P SDS 299A ASB 469P CFV 472Q LAO 468A SDS 299A SPF 446Q ASB 469P CFV 472P TFW 486Q ENC 499B Mbraun Mbraun Ener1 Line 2 Ener1 Line 2 Ener1 Line 3 MV4751-Sera MB LMF II MB LMF II ASB469P |
304 1065 822 1065 300GBC2A 292MA69A 446GBC3A 470GBR0A 471GBR1A 294GA73A 473GBS0A 299MB76A 469G.BW3A 472GB78A 468MBS5A 299MB24A 446G.BW6A 469M.BS5A 472GBR2A 486Q.BW4A 499M.BW2A 2497 2497 3109C 3109C 3376C 1398 / 1400 no serial # no serial # 469G.B77A |
3 XXXXX 0 XXXXX - 0 XXXX Xxxx 0 - 0xx Unit Line 2 - 2nd Unit |
