| **Exhibit 10.15**UQM TECHNOLOGIES, INC.**2002 EQUITY INCENTIVE    PLAN**INCENTIVE STOCK    OPTION AGREEMENT
THIS AGREEMENT    made as of this 2nd day of March, 2004, between UQM TECHNOLOGIES, INC., a Colorado    corporation (together with its Affiliated Corporations, except where the context requires    otherwise, the "Company"), and Ron Burton (the "Option Holder").
1.**Grant of    Option. Pursuant to the UQM Technologies, Inc. 2002 Equity Incentive Plan (the    "Plan") and 
subject to the    terms and conditions of this Agreement, the Company hereby grants to the Option Holder an    incentive stock option (the "Option") to purchase 41,450 shares of the common    stock of the Company (the "Stock") at an exercise price per share of $2.50 (the    "Option Price"). The Option grant shall be effective as of February 27, 2004    (the "Effective Date"). The Option is intended to qualify as an incentive stock    option under Section 422 of the Internal Revenue Code of 1986, as amended (the    "Code").
2.**Requirements for Exercise;    Vesting**.
(a)**In General**. Except    as provided otherwise in this Agreement, the Option shall not become exercisable
until the    Option Holder has completed one full year of continuous employment after the Effective    Date. Upon the completion of one full year of continuous employment after the Effective    Date, the Option shall become vested and exercisable in increments, if the Option Holder    is still in the employ of the Company on the dates indicated in the following schedule:
Percentage of    Option 
That Shall    Become Vested
And Exercisable    on Each Date33.3%on the first anniversary of the    date of the grant;An additional 33.3%on the second anniversary of the    date of the grant;An additional 33.4%on the third anniversary of the    date of the grant.
Except as set    forth in Section 5 of this Agreement, the Option shall not be exercisable as to any shares    of Stock as to which the vesting requirements of this Section 2 shall not be satisfied,    regardless of the circumstances under which the Option Holder’s employment by the    Company shall be terminated. The number of shares of Stock as to which the Option may be    exercised shall be cumulative, so that once the Option shall become vested and exercisable    as to any shares of Stock it shall continue to be vested and exercisable as to such    shares, until expiration or termination of the Option as provided in Section 6    hereof. If at any time the number of shares of Stock that are covered by the vested and    exercisable portion of the Option includes a fractional share, the number of shares of    Stock as to which the Option shall be actually vested and exercisable shall be rounded    down to the next whole share of Stock.
(b)**Accelerated Vesting in    Certain Circumstances**. The Option Holder shall become 100% vested with 
respect to the    entire Option, and the entire Option shall become exercisable, upon a reorganization or    change in control of the Company (as defined in Section 5(b) below).
3.**Method    for Exercising the Option. The Option may be exercised only by delivery of written    notice of 
exercise,    together with payment of the Option Price as provided below, in person or through    certified or registered mail, fax or overnight delivery to the Company at the following    address: UQM Technologies, Inc., Attention: Corporate Secretary, 7501 Miller Drive, PO Box    439, Frederick, Colorado 80530, or such other address as shall be furnished in writing to    the Option Holder by the Company. Such written notice shall specify that the Option is    being exercised, and the number of shares of Stock with respect to which the Option is    exercised, the Option Price shall be paid no later than 30 days after the notice of    exercise is delivered. The Option shall be exercised only when the Option Price is paid in    full.
The Company    intends to register the shares of Stock subject to this Option and this Option on a Form    S-8 Registration Statement (or any successor or replacement Form). Notwithstanding such    registration, the Company may require the Option Holder, as a condition of exercise of    this Option, to give written assurance in substance and form satisfactory to the Company    and its counsel to the effect that the Option Holder is acquiring the Stock for his own    account for investment and not with any present intention of selling or otherwise    distributing the same, and to such other effects as the Company deems necessary or    appropriate in order to comply with federal and state securities laws. Legends evidencing    such restrictions may be placed on the Stock certificates.The purchase of such Stock shall    take place at the address of the Company set forth above upon delivery of a notice of    exercise that specifies the number of shares with respect to which the Option is being    exercised and payment of the Option Price for the Stock in full, within 30 days of the    delivery of the notice of exercise, (i) by certified or cashier’s check payable to    the Company’s order, or (ii) by wire transfer to such account as may be specified by    the Company for this purpose, or (iii) by delivery to the Company of certificates    representing the number of shares of Stock then owned by the Option Holder, the Fair    Market Value of which equals the Option Price of the Stock to be purchased pursuant to the    Option, properly endorsed for transfer to the Company; provided, however, that no Option    may be exercised by delivery to the Company of certificates representing Stock, unless    such Stock has been held by the Option Holder for more than six (6) months, or (iv) by    delivery to the Company of a properly executed notice of exercise together with    irrevocable instructions to a broker to deliver to the Company promptly the amount of the    proceeds of the sale of all or a portion of the Stock or of a loan from the broker to the    Option Holder required to pay the Option Price; provided, however, that if the Option    Holder is subject to the Sarbanes-Oxley Act of 2002, the Option Price shall not be paid    with the proceeds of a loan. For purposes of this Option, the Fair Market Value of any    shares of Stock delivered in payment of the Option Price upon exercise of the Option shall    be the Fair Market Value as of the exercise date; the exercise date shall be the day of    delivery of the certificates for the Stock used as payment of the Option Price.Upon such notice to the Company    and payment of the Option Price, the exercise of the Option shall be deemed to be    effective, and a properly executed certificate or certificates representing the Stock so    purchased shall be issued by the Company and delivered to the Option Holder.
4.**Adjustment of the Option**.
(a)**Adjustment by Stock Split,    Stock Dividend, Etc**. If at any time the Company increases or decreases 
the number of    its outstanding shares of Stock, or changes in any way the rights and privileges of such    shares, by means of the payment of a stock dividend or the making of any other    distribution on such shares payable in Stock, or through a Stock split or subdivision of    shares, or a consolidation or combination of shares, or through a reclassification or    recapitalization involving the Stock, the numbers, rights and privileges of the shares of    Stock included in the Option shall be increased, decreased or changed in like manner as if    such shares had been issued and outstanding, fully paid and non- assessable at the time of    such occurrence.
(b)**Other    Distributions and Changes in the Stock. If the Company shall at any time    distribute with 
respect to the    Stock assets or securities of persons other than the Company (excluding cash or    distributions referred to in subsection (a)) or grant to the holders of its Stock rights    to subscribe *pro rata* for additional shares thereof or for any other securities of    the Company or there shall be any other change (except as described in subsection (a)) in    the number or kind of outstanding shares of Stock or of any stock or other securities into    which the Stock shall be changed or for which it shall have been exchanged, and if the    Committee shall in its discretion determine that the event equitably requires an    adjustment in the number or kind of shares subject to the Option, an adjustment to the    Option Price, or the taking of any other action by the Committee, including without    limitation, the setting aside of any property for delivery to the Option Holder upon the    exercise of the Option, then such adjustment shall be made, or other actions taken, by the    Committee and shall be effective for all purposes of this Agreement.
(c)**Apportionment of Option    Price**. Upon any occurrence described in the preceding subsections (a) 
and (b), the    aggregate Option Price for the shares of Stock then subject to the Option shall remain    unchanged and shall be apportioned ratably over the increased or decreased number or    changed kinds of securities or other properties subject to the Option. Any fractional    shares resulting from any of the foregoing adjustments shall be disregarded and eliminated    from this Option.
5.**Reorganization and Change in    Control.**
(a)**Full Vesting; Termination;    Assumption or Substitution.** Upon the occurrence of a Corporate
Transaction    (as defined in subsection 5(c)), the Option shall become fully exercisable regardless of    whether all conditions of exercise relating to length of service have been satisfied. The    Committee may also provide for the assumption or substitution of the Option by the    surviving entity as described in subsection 5(b) and make any other provision for the    Option as the Committee deems appropriate in its sole discretion. The Committee may    provide that any portion of the Option that outstanding at the time the Corporate    Transaction is closed shall expire at the time of the closing, as the Committee determines    in its sole discretion.
(b)**Assumption or Substitution.****The Company, or the successor or purchaser, as the case may be, may 
make adequate    provision for the assumption of the Option or the substitution of a new option for the    outstanding Option on terms comparable to the Option.
(c)**Corporate    Transaction.**A Corporate Transaction shall include the following:
(i)***Merger;    Reorganization:*** the merger or consolidation of the Company with or into another 
corporation    or other reorganization (other than a reorganization under the United States Bankruptcy    Code) of the Company (other than a consolidation, merger, or reorganization in which the    Company is the continuing corporation and which does not result in any reclassification or    change of outstanding Shares); or
(ii)***Sale:***    the sale or conveyance of the property of the Company as an entirety or substantially as 
(other    than a sale or conveyance in which the Company continues as a holding company of an entity    or entities that conduct the business or businesses formerly conducted by the Company) or    the sale of more than 50% of the outstanding voting stock of the Company; or
(iii)***Liquidation:***    the dissolution or liquidation of the Company; or
(iv)***Change in    Control:*** a "Change in Control" shall be deemed to have occurred if at    any time 
during    any period of two consecutive years (including any period prior to the Effective Date of    the Plan), individuals who at the beginning of such period constitute the Board (and any    new director whose election by the Board or whose nomination for election by the    Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the    directors then still in office who either were directors at the beginning of such period    or whose election or nomination for election was previously so approved) cease for any    reason to constitute a majority of all directors at any time during such period; or
(v)***Other    Transactions:*** any other transaction that the Board determines by resolution to be    a Corporate Transaction.
Notwithstanding    anything to the contrary in this Section 5 to the contrary, no Option or other Award will    become exercisable and/or vested by virtue of the occurrence of a Corporate Transaction if    the Participant or any group of which such Participant is a member of the person whose    acquisition constituted the Corporate Transaction.
6.**Expiration and    Termination of the Option**. The Option shall expire on the tenth (10th)    anniversary of the 
Effective    Date, (the period from the Effective Date to the expiration date is the "Option    Period") or prior to such time as follows:
(a)**Termination for    Cause.**If the Option Holder’s employment by the Company is terminated for "cause," as    determined by the Company, within the Option Period, the entire Option, whether or not    vested, shall become void, shall be forfeited and shall terminate immediately upon the    termination of employment of the Option Holder. For this purpose, "cause" shall    mean a gross violation, as determined by the Company, of the Company’s established    policies and procedures.
(b)**Termination on    Account of Disability**. If the Option Holder becomes Disabled, the Option may be
exercised    by the Option Holder within one year following the Option Holder’s termination of    services on account of Disability (provided that such exercise must occur within the    Option Period), but not thereafter. In any such case, the Option may be exercised only as    to the shares as to which the Option had become exercisable on or before the date of the    Option Holder’s termination of services.
(c)**Death. If the Option Holder dies during the Option Period while    still employed by or performing 
services    for the Company or within the one year period referred to in (b) above or the three (3)    month period referred to in (d) below, the Option may be exercised by those entitled to do    so under the Option Holder’s will or by the laws of descent and distribution within    one year following the Option Holder’s death (provided that such exercise must occur    within the Option Period), but not thereafter. In any such case, the Option may be    exercised only as to the shares as to which the Option had become exercisable on or before    the date of the Option Holder’s death.
(d)**Termination for    Other Reasons**. If the services of the Option Holder are terminated (which for this
purpose    means that the Option Holder is no longer employed by the Company or performing services    for the Company) within the Option Period for any reason other than cause, Disability, or    death, the Option may be exercised by the Option Holder within three (3) months following    the date of such termination (provided that such exercise must occur within the Option    Period), but not thereafter. In any such case, the Option may be exercised only as to the    shares as to which the Option had become exercisable on or before the date of termination    of services.
7.**Transferability**.    The Option may not be transferred except by will or pursuant to the laws of descent and 
distribution,    and it shall be exercisable during the Option Holder’s life only by him, or in the    event of Disability or incapacity, by his guardian or legal representative, and after his    death, only by those entitled to do so under his will or the applicable laws of descent    and distribution. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise    dispose of the Option or any right or privilege granted hereunder, or upon the levy of any    attachment or similar process upon the rights and privileges herein conferred, the Option    and the rights and privileges hereunder shall become immediately null and void.
8.**Limitation of    Rights.** The Option Holder or his successor shall have no rights as a stockholder    with respect
to    the shares of Stock covered by this Option until the Option Holder or his successors    become the holder of record of such shares.
9.**Stock Reserve. The Company shall at all times during the term of    this Agreement reserve and keep 
available    such number of shares of Stock as will be sufficient to satisfy the requirements of this    Agreement, and the Company shall pay all original issue taxes (if any) on the exercise of    the Option, and all other fees and expenses necessarily incurred by the Company in    connection therewith.
10.**Withholding**.    The issuance of Stock pursuant to the exercise of this Option shall be subject to the
requirement    that the Option Holder shall make appropriate arrangements with the Company to provide for    the amount of additional income and other tax withholding applicable to the exercise of    the Option.
11.**Miscellaneous.**
(a)**Notices**.    Any notice required or permitted to be given under this Agreement shall be in writing and
shall    be given by first class registered or certified mail, postage prepaid, or by personal    delivery to the appropriate party, addressed:
(i)If to the Company, to    UQM Technologies, Inc., Attention: Corporate Secretary, 7501 Miller 
Drive,    PO Box 439, Frederick, Colorado 80530, or at such other address as may have been furnished    to the Option Holder in writing by the Company; or
(ii)If to the Option    Holder, to the Option Holder at UQM Technologies, Inc., 7501 Miller Drive, 
PO    Box 439, Frederick, Colorado 80530, or at other address as may have been furnished to the    Company by the Option Holder.
Any    such notice shall be deemed to have been given as of the second day after deposit in the    United States mails, postage prepaid, properly addressed as set forth above, in the case    of mailed notice, or as of the date delivered in the case of personal delivery.
(b)**Amendment**.    Except as provided herein, this Agreement may not be amended or otherwise modified 
unless    evidenced in writing and signed by the Company and the Option Holder.
(c)**Defined Terms**.    Capitalized terms shall have the meaning set forth in the Plan or herein, as the case may be.
(d)**Compliance with    Securities Laws**. This Agreement shall be subject to the requirement that if at any
time    counsel to the Company shall determine that the listing, registration or qualification of    the shares of Stock subject to the Option upon any securities exchange or under any state    or federal law, or the consent or approval of any governmental or regulatory body, is    necessary as a condition of, or in connection with, the issuance or purchase of such    shares thereunder, the Option may not be exercised in whole or in part unless such    listing, registration, qualification, consent or approval shall have been effected or    obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to    require the Company to apply for or obtain such listing, registration or qualification.
(e)**Construction;    Severability**. The section headings contained herein are for reference purposes    only
and    shall not in any way affect the meaning or interpretation of this Agreement. The    invalidity or unenforceability of any provision of this Agreement shall not affect the    validity or enforceability of any other provision of this Agreement, and each other    provision of this Agreement shall be severable and enforceable to the extent permitted by    law.
(f)**Waiver. Any provision contained in this Agreement may be waived,    either generally or in any 
particular    instance, by the Committee appointed under the Plan, but only to the extent permitted    under the Plan.
(g)**Binding Effect**.    This Agreement shall be binding upon and inure to the benefit of the Company and 
the    Option Holder and their respective heirs, executors, administrators, legal    representatives, successors and assigns.
(h)**Rights to Employment. Nothing contained in this Agreement shall be    construed as giving the Option
Holder    any right to be retained in the employ of the Company and this Agreement is limited solely    to governing the rights and obligations of the Option Holder with respect to the Stock and    the Option.
(i)**Governing Law. This Agreement shall be governed by and construed    in accordance with the laws of the State of Colorado.
IN    WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first    above written.**UQM    TECHNOLOGIES, INC.
By:
/s/ Donald    A. French
Donald A.    French, Treasurer**OPTION    HOLDER
By:
/s/ Ron    Burton
Ron Burton**************************** |
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