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Exhibit 10.2

MAJORITY WRITTEN CONSENT
IN LIEU OF SPECIAL MEETING
OF
THE SHAREHOLDERS
OF
NEW ENERGY TECHNOLOGIES, INC.

 
THE UNDERSIGNED, shareholders of New Energy Technologies, Inc., a Nevada
Corporation (the “Company”), acting by majority written consent in lieu of a
meeting pursuant to Section NRS 78.320 of the Nevada Corporate Code, hereby
consent to the adoption of the following resolutions for and on behalf of the
Company as of this 7th day of February, 2011:

RESOLVED, that, the proposal of the Company’s Board of Directors(the “BOD”) to
amend the Company’s Articles of Incorporation so as to increase its authorized
shares of common stock from 100,000,000 to 300,000,000 (the “Share Increase”)
be, and it hereby is, approved in all respects; and be it further

RESOLVED, that the BOD be, and it hereby is, authorized and empowered to cause
the Corporation’s officers (the “Authorized Officers”) to prepare and file, in
the name and on behalf of the Corporation a Certificate of Amendment to its
Articles of Incorporation (the “Certificate of Amendment-Share Increase”)
reflecting the Share Increase with the Secretary of the State of Nevada, in such
form and substance as the Authorized Officers may deem necessary in order to
comply with the then applicable laws of the State of Nevada, as soon as
practicable and permissible following the date hereof; and be it further

RESOLVED, that the BOD, in its sole discretion, be and it hereby is, authorized
and empowered, to cause the Authorized Officers to file a certificate of
Amendment to the Company’s Certificate of Incorporation to effect a
reclassification (“Certificate of Amendment-Reverse Split”) into a smaller
number of shares (the “Reverse Split”), without changing the number of
authorized shares,  the Company’s issued and outstanding shares such that each
[two][three][four]or [five] shares, as may be determined, of the Corporation’s
issued and outstanding Common Stock immediately prior to the effective date of
the filling of the Certificate of Amendment-Reverse Split (the “Effective
Time”), are reclassified into one validly issued, fully paid and non-assessable
share of Common Stock, without any further action by the Company or the holder
thereof, subject to the treatment of fractional share interests as described
below. Notwithstanding the immediately preceding sentence, no fractional shares
shall be issued and, in lieu thereof, upon surrender after the Effective Time of
a certificate which formerly represented shares of Common Stock that were issued
and outstanding immediately prior to the Effective Time, any person who would
otherwise be entitled to a fractional share of Common Stock as a result of the
reclassification, following the Effective Time (after taking into account all
fractional shares of Common Stock otherwise issuable to such holder), shall be
entitled to receive one full share; and be it further

RESOLVED, that anything in the foregoing resolutions to the contrary
notwithstanding, the Reverse Split shall be effected only if: (i) in the view of
the BOD such action is necessary in order for the Company to comply with the
initial listing criteria of the NYSE Amex or such other exchange on which the
Company is seeking to list its shares of common stock for trading; and (ii)
effected within six (6) months of the date of this resolution; and be it further

RESOLVED, that the Company’s 2006 Incentive Stock Option Plan, in the form of
Exhibit A hereto (the “Plan”), be, and hereby is, approved and ratified in all
respects; and be it further

RESOLVED, that the granting by the BOD of the options set forth below pursuant
to and in accordance with the Plan and the terms and conditions of each of the
Stock Option Agreements between each of the grantees listed below and the
Company be, and the same hereby are approved and ratified:

 
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Grantee
   
Date of Grant
   
Number of Shares
   
Exercise Price
                       
John A. Conklin
   
08/09/2010
      2,000,000     $ 0.55  
Andrew Farago
   
12/17/2010
      1,500,000     $ 2.07  
Javier Jimenez
   
01/19/2011
      50,000     $ 2.17  
Jatinder S. Bhogal
   
12/23/2010
      50,000     $ 1.98        
12/15/2009
      50,000     $ 0.44        
09/09/2008
      50,000     $ 0.85  
Alastair Levesey
   
12/23/2010
      50,000     $ 1.98        
12/15/2009
      50,000     $ 0.44        
03/10/2008
      50,000     $ 1.66  
Joseph Sierchio
   
12/23/2010
      50,000     $ 1.98        
12/15/2009
      50,000     $ 0.44        
09/09/2008
      50,000     $ 0.85  

 
FURTHER RESOLVED, that, without limiting the foregoing, the BOD be and it hereby
is authorized and empowered to authorize the Authorized Officers on behalf of
and in the name of the Corporation, to take or cause to be taken all such
further actions and to execute and deliver or cause to be executed and delivered
all such further agreements, amendments, proxy statements, information
statements, documents, certificates, reports, schedules, applications, notices,
letters and undertakings(including, but not limited to the Certificate of
Amendment-Share Increase and the Certificate of Amendment-Reverse Split) and to
incur and pay all such fees and expenses as in his judgment, with or without
advice of counsel, shall be necessary, proper or desirable to carry into effect
the purpose and intent of any and all of the foregoing resolutions and that all
actions heretofore taken by any officer or director of the Corporation in
connection with the transactions contemplated by the resolutions adopted hereby,
are hereby approved, ratified and confirmed in all respects; and be it further

RESOLVED, that this written consent may be executed in two or more identical
counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other party; provided that a facsimile signature shall be
considered due execution and shall be binding upon the signatory thereto with
the same force and effect as if the signature were an original, and not a
facsimile signature.

SIGNATURES APPEAR ON THE FOLLOWING PAGE

 
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IN WITNESS WHEREOF, the undersigned stockholders of the Corporation, have
executed this unanimous written consent in lieu of meeting as of the date first
above written.

Name  
Address
 
No. of Shares
Voted in Favor of the Foregoing Resolutions
% of Class (1)
1420525 Alberta Ltd.
 
216 – 1628 West 1st Avenue
Vancouver, BC V6J 1G1
 
25,099,600
40.6%
By:
           
Name:
           
Title:
           

(1) Based upon 61,887,052 shares issued and outstanding as of the date hereof.

SIGNATURE PAGES CONTINUE

 
 

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Name  
Address
 
No. of Shares
Voted in Favor of the Foregoing Resolutions
% of Class (1)
1420524 Alberta Ltd.
                   
2,800,000
4.5%
             
By:
           
Name:
           
Title:
           

(1) Based upon 61,887,052 shares issued and outstanding as of the date hereof.

SIGNATURE PAGES CONTINUE

 
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Name  
Address
 
No. of Shares
Voted in Favor of the Foregoing Resolutions
% of Class (1)
142068 Alberta Ltd.
                   
2,800,000
4.5%
             
By:
           
Name:
           
Title:
           

(1) Based upon 61,887,052 shares issued and outstanding as of the date hereof.

SIGNATURE PAGES CONTINUE

 
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Name  
Address
 
No. of Shares
Voted in Favor of the Foregoing Resolutions
% of Class (1)
1420527 Alberta Ltd.                    
2,800,000
4.5%
             
By:
           
Name:
           
Title:
           

(1) Based upon 61,887,052 shares issued and outstanding as of the date hereof.

SIGNATURE PAGES CONTINUE

 
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Name  
Address
 
No. of Shares
Voted in Favor of the Foregoing Resolutions
% of Class (1)
1422688 Alberta Ltd.                    
1,250,000
2.0%
             
By:
           
Name:
           
Title:
           

(1) Based upon 61,887,052 shares issued and outstanding as of the date hereof.

SIGNATURE PAGES CONTINUE
 
 
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