Terms of Delivery and Payment

The following terms of delivery and payment apply to all supplies made by us and services rendered. Should buying conditions of purchasers conflict with our own terms, their conditions will not be applicable unless explicit written consent is given by us. Acceptance of goods supplied is to be construed as recognition of our terms.

1. Unless otherwise stipulated, prices charged are those valid on the date of delivery and are in Swiss Francs, ex supplier’s works, against immediate cash without discount. If purchaser shall fail to make payment within terms stipulated, all legal consequences for default will apply without any special reminder. In particular, we reserve the right to charge interest at the prevailing rate of our habitual bankers. Besides, the total balance will fall due immediately, irrespective of any terms of payment granted. In case special designs are required, we reserve the right to raise the prices appropriately, as well as to vary the agreed quantity to be supplied within certain limits; excess quantities will have to be accepted.

2. Place of fulfillment for delivery and for payment is Schaanwald. Buyer is responsible for goods as soon as these have been taken over by the carrier chosen by us.

3. Unless otherwise stipulated, we are not liable to re-accept packing material

4. Inspection for faults of our products is continually made with greatest care. However, should there be any complaints, they should be brought to our notice within a fortnight from receipt of goods. Prior to returning goods, our consent has to be obtained. In case of any defects of goods supplied, or any other damages – also those eventually caused by the goods – only invoice value of goods supplied is refunded. It is also at our discretion to repair the defect or make replacement. Any further claims against us are considered void.

5. Records submitted must neither be made available to third parties nor copied.

6. The goods will remain our property until all of our claims, including those arising in the future, have been completely settled. The buyer is entitled to process the goods and sell them as long as the following provisions will be adhered to: If the goods are processed or finished by the buyer, we are considered the manufacturers and acquire ownership of the semifinished or finished products. The processing party acts as depositary only. If the reserved goods are combined with or processed with other items, we shall acquire coownership of the new article in proportion of the value that is represented by the reserved goods to the other items. The goods shall only be sold via ordinary and proper business channels, and only on the condition that claims resulting from resales have not previously been transferred to third parties. Claims resulting from resale, and due to the buyer, are transferred to us when contract with us is made; i.e., also to the extent that our goods have been combined or processed with other items. In that case, claims transferred to us as a guaranty apply to the value of the reserved goods sold. We shall, as long as the buyer complies with his liabilities, not proceed to demand fulfillment of our claims. The buyer, however, has the obligation to indicate to us, if requested, garnishees, and also make known to the latter the transfer. The buyer is entitled to collect the outstandings himself, as long as he has no instructions from us not to do so. The sums collected by him have to be transferred to us immediately, as far as our claims are due. Pledges or security transfers of the reserved goods, and of the transferred claims respectively, are not permissible. The buyer has to inform us immediately of any seizures by third parties of the goods supplied under property reservation, or of the claims transferred. We engage ourselves to release, at our discretion, the claims transferred as long as they exceed by more than 25% our claims to be secured and originate from fully settled supplies.

7. Should, in the event of sales to foreign countries, property reservation, as agreed under No.6, not be admissible with the same effect as under Liechtenstein Law, the goods will remain our property until payment has been effected for all our claims resulting from the contractual relationship arisen from the sale of the goods. Should even this property reservation not be admissible with the same effect as under Liechtenstein Law, but the reservation of other rights to the goods be permitted, we are authorized to exert all these rights. The buyer has the obligation to co-operate with all measures required to be taken by us to protect the property right, or another right in its place, on the goods.

8. The most recent version of our terms of delivery and payment will be applicable.

9. To all legal questions resulting from the sales contract, the Liechtenstein Law will exclusively apply. Place of jurisdiction for both parties is Vaduz, Fürstentum Liechtenstein, matters involving bills of exchange included.

ULTRALIGHT AG

LI-9486 Schaanwald

January 2017