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Jiangsu Shunda Semiconductor
Development Co., Ltd.
Solar Enertech
Corp.
Joint Venture
Agreement
Party
A: Jiangsu Shunda
Semiconductor Development Co., Ltd.
Party B:
Solar Enertech Corp.
Since the end
of 2008 the world PV industry has gone through great changes
and developments, and the U.S. market has shown
tremendous potential by the policies of the Obama administration.
Based on this marketplace situation and on the Strategic
Alliance Framework Agreement signed by both Parties on Feb 26,
2009, after further discussion and negotiation, an agreement has
been reached by both Parties to establish a Joint Venture company
in the United States to break into and develop the U.S.
market.
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1)
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Based on its
strategic needs, both Parties have decided to establish a Joint
Venture Company in the United States in the 2
nd quarter of 2009. The company is to be called
Shunda-SolarE Technologies, Inc. and the
internet domain name is www.Shunda-SolarE.com .
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2)
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The Joint
Venture Company’s goal is to open the U.S. market by
utilizing Party A’s leadership and strength in the PV
industry and Party’s resources in the US capital market as
well as the leadership at the technology front. The JV company is
to grasp significant market share in the US and for the largest
possible investment return, aims to get IPO in three
years.
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3)
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Party A will
own 55% of the JV Company, Party B will own 35%, and the management
team will own 10%.
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4)
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Mr. Ni,
President of Jiangsu Shunda will be the JV’s Chairman of the
Board, Mr. Leo Young, CEO of the Solar Enertech Corp., will be the
Board’s Vice Chair. The board will be consisted of five
seats: three seats from Party A, and two sears from Party B. A CEO
will be appointed by the Board. The JV company’s by-law will
be approved by the first board meeting.
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5)
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Party A will be
responsible for the JV Company’s Chinese domestic preparing
work . Party A will actively cooperate with Party B to facilitate
all necessary provincial and central governments’ procedures
of establishing an oversea company, and to ensure all the
procedures legitimate, communicate actively and effectively with
governm
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