Exhibit 4.15


 


WARRANT HOLDER:


 


NUMBER
OF WARRANT SHARES:


 


THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION, AND MAY NOT BE DISPOSED OF WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS,
OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS.


 


IN
ADDITION, THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED OR ENCUMBERED WITHOUT
THE PRIOR WRITTEN CONSENT OF THE COMPANY TO SUCH PROPOSED SALE, PLEDGE, TRANSFER OR ENCUMBRANCE AND TO THE PROPOSED ASSIGNEE,
PLEDGEE OR TRANSFEREE.


 


Warrant
No.


 


Issuance
Date:


 


NANOFLEX
POWER CORPORATION


 


Common
Stock Purchase Warrant


 


NanoFlex
Power Corporation (formerly, Universal Technology Systems Corp.), a Florida corporation, for value received, hereby grants to
the holder as indicated at the beginning of this Warrant, its successors and permitted assigns (collectively, the "Holder"),
this right (the "Warrant"), subject to the terms set forth below, to purchase at the purchase price per share as defined
in Section 2.1 below (the "Purchase Price"), up to that number of Shares (defined below), subject to adjustment as herein
provided (such total number of Shares that may be purchased hereunder being referred to herein as the "Warrant Shares").


 


1. Definitions. As
used herein, the following terms, unless the context otherwise requires, have the following respective meanings:


 


1.1.
"Company" shall include NanoFlex Power Corporation (formerly known as Universal Technology Systems Corp.), a Florida
corporation, and, unless otherwise noted to the contrary, any company which shall succeed to, by merger, consolidation or similar
arrangement of the Company's and assume the obligations of NanoFlex Power Corporation hereunder.


  




    	 	1	 



     


    

  


1.2.
"Other Securities" refers to any stock (other than the Shares) and other securities of the Company or any other person
(corporate or otherwise) that the Holder at any time shall be entitled to receive, or shall have received, on the exercise of
this Warrant, in lieu of or in addition to Shares, or which at any time shall be issuable or shall have been issued in exchange
for or in replacement of Shares.


 


1.3.
"Shares" means (a) the Company's Common Stock, as authorized on the date of this Warrant and (b) if the class of securities
described in (a) shall cease to be issued and outstanding, securities of the same class issued in exchange for or in respect of
the securities described in (a) pursuant to a plan of merger, consolidation, recapitalization or reorganization, the sale of substantially
all of the Company's assets or a similar transaction.


 


1.4.
"Registrable Common Stock" means the number of shares of common stock underlying the warrants issued hereunder. As to
any particular Registrable Common Stock, such securities will cease to be Registrable Common Stock when they (a) have been effectively
registered under the Securities Act of 1933, as amended (the "Act") and obtained or disposed of in accordance with the
registration statement covering them, (b) have been transferred pursuant to Rule 144 under the Act (or any similar provision then
in force), or (c) are no longer subject to restrictions under transfer pursuant to the provisions of Rule 144(k) under the Act.


 


1.5.
"Registration Expenses" means all expenses incident to the Company's performance of or compliance with this Agreement,
including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses,
messenger and delivery expenses, expenses and fees for listing the securities to be registered on exchanges on which similar securities
issued by the Company are then listed, and fees and disbursements of counsel for the Company (but not of counsel to the Shareholder)
and of all independent certified public accountants, underwriters (other than Underwriting Commissions) and other persons retained
by the Company.


 


1.6.
"Underwriting Commissions" means all underwriting discounts or commissions relating to the sale of securities of the
Company.


 


2. Exercise
of Warrant.


 


2.1.
Purchase Price. The Warrant may be exercised, subject to the terms specified herein, at the purchase price of $0.50 per
Share (the "Purchase Price").


 


2.2.
Exercise Period. The Warrant may be exercised (the "Exercise Period") at any time from the date of grant to and
including the fifth anniversary date of the Issuance Date.


 


2.3.
Shares. The number of shares subject to this warrant is                      ,
subject to the terms specified herein.


 




    	 	2	 



     


    

 





2.4. Exercise
in Full. Subject to the limitations stated above, this Warrant may be exercised in full at the option of the Holder by
surrender of this Warrant, with the form of subscription
at the end hereof duly executed by the Holder, to the Company at its principal office in the United States, accompanied by
payment, in cash or by certified or official bank check payable to the order of the Company, in the amount obtained by
multiplying the number of Shares for which this Warrant may be exercised by the Purchase Price.


 


2.5.       Partial
Exercise. This Warrant may be exercised in part by surrender of this Warrant in the manner and at the place
provided in subsection 2.4 along with payment in the amount determined by multiplying (a) the number of Shares designated by
the holder in the subscription at the end hereof by (b) the Purchase Price. On any such partial exercise, the Company at its
expense will forthwith issue and deliver to or upon the order of the Holder a new Warrant or Warrants of like tenor, in the
name of the Holder or as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, calling in the
aggregate on the face or faces thereof for the number of Shares for which such Warrant or Warrants may still be
exercised.


 


2.6.       Cashless
Exercise. If at any time this Warrant is exercised following the one year anniversary of the date of issuance of
this Warrant, but before the Expiration Date and on the Trading Day immediately preceding the Holder's delivery of an
Exercise Notice in respect of such exercise, a registration statement (as defined covering the Warrant Shares that are the
subject of the Exercise Notice (the "Unavailable Warrant Shares") is not available for the resale of such
Unavailable Warrant Shares, the Holder of this Warrant may also exercise this Warrant as to any or all of such Unavailable
Warrant Shares and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in
payment of the aggregate Exercise Price, elect instead to receive upon such exercise a reduced number of shares of Common
Stock (the "Net Number") determined according to the following formula (a "Cashless Exercise"):


  


	 	Net Number = 	(A x B) - (A x
    C)
	 	 	              B


 


For
purposes of the foregoing formula:


 


A=
the total number of shares with respect to which this Warrant is then being exercised in a Cashless Exercise.


 


B=
the Market Price on the Trading Day immediately preceding the date of the Exercise Notice.


 


C= the Exercise Price then in effect
for the applicable Warrant Shares at the time of such exercise.


 


There
cannot be a Cashless Exercise unless "B" exceeds "C."




 




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For
the purpose of this Warrant, the term "Trading Day" means (x) if the Common Stock is not listed on the NYSE Euronext
or NYSE AMEX but sale prices of the Common Stock are reported on Nasdaq Global Market, Nasdaq Global Select Market, Nasdaq Capital
Market or another automated quotation system, a day on which trading is reported on the principal automated quotation system on
which sales of the Common Stock are reported, (y) if the Common Stock is listed on the NYSE Euronext or NYSE AMEX, a day on which
there is trading on such stock exchange, or (z) if the foregoing provisions are inapplicable, a day on which quotations are reported
by National Quotation Bureau Incorporated.


 


3. Delivery of Share Certificates on Exercise. 


 


3.1. As
soon as practicable after the exercise of this Warrant in full or in part, the Company, at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name of and delivered to the Holder, or as the
Holder (upon payment by the Holder of any applicable transfer taxes) may direct, a certificate or certificates for the number
of fully paid and non-assessable Shares (or Other Securities) to which the Holder shall be entitled on such exercise, plus,
in lieu of any fractional share to which the Holder would otherwise be entitled, cash equal to such fraction multiplied by
the then current market value of one full share, together with any other stock or other securities and property (including
cash, where applicable) to which the Holder is entitled upon such exercise pursuant to Section 2 or otherwise.


 


4. Covenants as to Shares.


 


4.1 Issuance
of Shares upon Exercise. All Shares that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect
to the issue thereof. The Company will at all times have authorized and reserved, free from preemptive rights, a sufficient
number of its Shares to provide for the exercise of the rights represented by this Warrant.


 






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4.2 Restrictions
on Transfer. Holder represents to the company that it is acquiring the Warrants for its own investment account
and without a view to the subsequent public distribution of the Warrants or Shares otherwise than pursuant to an effective
registration statement under the Securities Act. Each Warrant and each certificate for Shares issued to the Holder and any
subsequent holder that have not been sold to the public pursuant to an effective registration statement under the Securities
Act or as to which the restrictions on transfer have not been removed as hereinafter provided, shall bear a restrictive
legend reciting that the same have not been registered pursuant to the Securities Act and may not be transferred in the
absence of an effective registration statement under the Securities Act, the holder thereof shall give written notice to the
Company of its intention to effect such transfer. Each such notice shall describe the manner of the proposed transfer and
shall be accompanied by an opinion of counsel experienced in federal securities laws matters and reasonably acceptable to the
company and its counsel to the effect that the proposed transfer may be effected without registration under the Securities
Act, whereupon, the holder of such Registrable Common Stock shall be entitled to transfer such securities in accordance with
the terms of its notice and such opinion. Restrictions imposed under this Section 4 upon the transferability of the Warrants
or of Shares shall cease when:


 


	 	(a)	a
    registration statement covering such Shares becomes effective under the Securities Act, or


 


	 	(b)	the
    Company receives from the holder thereof an opinion of counsel experienced in federal securities laws matters, which counsel
    shall be reasonably acceptable to the Company, that such restrictions are no longer required in order to insure compliance
    with the Securities Act.


 


5. Adjustment for Reorganization, Consolidation or Merger. 


 


5.1. Reorganization,
Consolidation or Merger. If at any time or from time to time, the Company shall (a) effect a plan of merger,
consolidation, recapitalization or reorganization or similar transaction with a corporation (the "Acquiror")
whereby the shareholders of the Company will exchange their shares of the Company for the shares of the parent corporation of
the Acquiror, or (b) transfer all or substantially all of its properties or assets to any other person, under any plan or
arrangement contemplating the dissolution of the Company (which along with any transactions set forth in (a) hereof shall be
an "Extraordinary Transaction"), then, in each such case, the holder of this Warrant, on the exercise hereof as
provided in Section 2 at any time after the completion of any Extraordinary Transaction shall receive, such Shares or Other
Securities and property (including cash) to which such holder would have been entitled in any Extraordinary Transaction as if
such holder had so exercised this Warrant, immediately prior thereto.


 


5.2.       Dissolution. If
the Company dissolves following the transfer of all or substantially all of its properties or assets, the
Company, prior to such dissolution, shall at its expense deliver or cause to be delivered to the Holder the stock and other
securities and property (including cash, where applicable) receivable by the Holder after the effective date of such
dissolution pursuant to this Section 5.


 


5.3.
Continuation of Terms. Upon any Extraordinary Transaction, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the securities, Shares and Other Securities and property receivable on the exercise of this
Warrant after the consummation of reorganization, consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, any Extraordinary Transaction and shall be binding upon the party or parties to the Extraordinary
Transaction and their successors, including, in the case of any such transfer, the person acquiring all or substantially all of
the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant as
provided in Section 7.


 






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6. Adjustments for Other Events. 


 


6.1.       Changes
in Capital Structure. If the Company shall (a) issue additional Shares as a dividend or other distribution on
outstanding Shares, (b) subdivide its outstanding Shares, or (c) combine its outstanding Shares into a smaller number of
Shares, then, in each such event, the Shares
immediately prior to such event shall, simultaneously with the happening of such event, be adjusted by multiplying the
Warrant Shares by a fraction, the numerator of which shall be the total number of Shares issued and outstanding immediately
after such event and the denominator of which shall be the total number of Shares issued and outstanding immediately prior to
such event, and the product so obtained shall thereafter be the Warrant Shares then in effect. The Shares, as so adjusted,
shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section
6. After any such event specified in this subsection 6.1, the original Purchase Price shall continue to apply to any exercise
of the Warrant, except that the Purchase Price shall be adjusted in any such event by multiplying the Purchase Price by a
fraction the numerator of which shall be the total number of Shares issued and outstanding immediately before such event and
the denominator of which shall be the total number of shares issued and outstanding immediately after such event, provided,
however, the Warrant Shares shall not be issued at a discount from the par value stated in the Company's Articles of
Incorporation.


 


7. Notices of Record Date, etc. In the event of:


 


7.1.
any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any
shares of stock of any class or any other securities or property, or to receive any other right, or


 


7.2.
any merger, consolidation or capital reorganization of the Company, any reclassification or recapitalization of the capital stock
of the Company any other person, or


 


7.3.
any voluntary or involuntary dissolution, liquidation or winding-up of the Company, then
and in each such event the Company will mail or cause to be mailed to the Holder a notice specifying (a) the date on which
any such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, and (b) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up is to take place, and the time, if
any is to be fixed, as of which the holders of record of Shares (or Other Securities) shall be entitled to exchange their
Shares (or Other Securities) for securities or other property deliverable on such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up. Such notice shall be mailed at
least 10 days prior to the date specified in such notice on which any such action is to be taken.


 


8. Transfers. 


 


8.1.
The Warrants are not transferable, in whole or in part, without compliance with the Securities Act of 1933, as amended (the "Securities
Act"), and any applicable state securities laws.


 






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8.2.
Subject to subsection 8.1, this Warrant, or any portion hereof, may be transferred by the Holder's execution and
delivery of the form of assignment attached hereto along with this Warrant. Any transferee shall be required, as a condition
to the assignment, to deliver all such documentation as the Company deems appropriate. However, until such assignment and
such other documentation are presented to the Company at its principal offices in the United States, the Company shall be
entitled to treat the registered holder hereof as the absolute owner hereof for all purposes.


 


8.3.
Upon a transfer of this Warrant in accordance with this Section 8, the Company, at its expense, will issue and deliver to or on
the order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as the Holder (on payment by the
Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the Shares called
for on the face or faces of the Warrant or Warrants so surrendered. If this Warrant is divided into more than one Warrant, or
if there is more than one Holder thereof, all references herein to "this Warrant" shall be deemed to apply to the several
Warrants, and all references to "the Holder" shall be deemed to apply to the several Holders, except in either case
to the extent that the context indicates otherwise.


 


8.4.
To the extent the Holder is a party to the Registration Rights Agreement, the Warrants issued hereunder shall be subject to the
transfer restrictions and other provisions set forth therein.


 


9. Replacement of Warrants. 


 


9.1.
On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant and,
in the case of any such loss, theft or destruction of any Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant,
the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.


 


10. Piggyback Registrations.


 


(a) Right
to Piggyback. Whenever the Company proposes to register under the Act any of its common stock for sale to the
public for cash in an underwritten offering, and the registration form to be used would permit inclusion thereto of the
Registrable Common Stock (a "Piggyback Registration"), the Company will give prompt written notice to Shareholder
and will include in such Piggyback Registration, subject to the allocation provisions below, all Registrable Common Stock
with respect to which the Company has received from the Shareholder a written request for inclusion within 30 days after the
Company's sending of such notice; provided however, that the Company shall not be required to effect any registration
of Registrable Common Stock if (i) the registration is the Company's underwritten offering, (ii) registration is effected by
the Company on behalf of a shareholder exercising registration rights that pursuant to the terms thereof prohibit the
shareholder's shares from being included in such registration (a "Limited Demand Registration"), (iii) the
Registrable Common Stock was previously included in a Registration Statement, whether an underwritten offering or otherwise,
or (iv) the registration statement is filed or effected on Form S-4 or Form S-8, each as promulgated under the 1933 Act, or
their then equivalents.


 






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(b) Piggyback Expenses. In a Piggyback Registration, the Company will pay the Registration Expenses related to the sale of
Registrable Common Stock by the Shareholder, but the Shareholder will pay the Underwriting Commissions related to the sale of
such Registrable Common Stock; provided, however, that the Shareholder will pay its pro rata share of Registration Expenses incurred
by the Company in connection with the registration if required to do so in connection with any Blue Sky law clearance sought by
the Company.


 


(c) Mandated Reduction of Registrable Shares. If, for any reason, the Commission requires that the number of Registrable Shares
to be registered for resale pursuant to the Registration Statement in connection with any Registration Statement, be reduced,
such reduction (the "Cut Back Shares") shall be allocated pro rata among the holders whose shares have been included
in such Registration Statement until the reduction required by the Commission is effected.


 


(d) Indemnification.


 


(i) In connection with any registration statement in which the Shareholder is participating, the Company will indemnify, to the extent
permitted by law, Shareholder, its officers and directors, and each person who controls such holder (within the meaning of the
Act), against all losses, claims, damages, liabilities and expenses arising out of or resulting from any untrue or alleged untrue
statement of material fact contained in such registration statement, prospectus or preliminary prospectus or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by or on behalf of
the Shareholder or such other indemnified party expressly for use therein or by the failure to deliver a copy of the registration
statement or prospectus or any amendments or supplements thereto after the Company has furnished the underwriters with a sufficient
number of copies of the same.


 


(ii) In connection with any registration statement in which the Shareholder is participating, the Shareholder will furnish to the Company
in writing such information as is reasonably requested by the Company for use in any such registration statement or prospectus
and will indemnify, to the extent permitted by law, the Company, its directors and officers and each person who controls the Company
(within the meaning of the Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged
untrue statement of material fact or any omission or alleged omission of a material fact required to be stated in the registration
statement or prospectus or any amendment thereof or supplement thereto or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in information so furnished in writing by the Shareholder
specifically for use in preparing the registration statement.


 






    	 	8	 



     


    

 


(iii) Any
person entitled to indemnification hereunder will (a) give prompt notice (and in all events within 30 days) to the
indemnifying party of any claim with respect to which it seeks indemnification and (b) unless a conflict of interest exists
with respect to such claim that prohibits the parties from using counsel selected by the indemnifying party, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If
such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made without its
consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled, or elects not, to
assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim.


 


(e) Participation in Underwritten Registrations. The Shareholder may not participate in any registration hereunder unless such
holder (i) agrees to sell such holder's securities on the basis provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements under Section 10(e), and (ii) completes and executes all questionnaires, powers
of attorney, custody agreements, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements.


 


(f) Subsequent Registration Rights.The Shareholder acknowledges that, from

and after the date of this Agreement, the Company may enter into agreements with any holder or prospective holder of any securities
of the Company that would allow such holders or prospective holders to include such securities in any registration, whether such
registration is pursuant to a demand registration or a piggyback registration.


 


11. Notices.


 


11.1.
All notices required hereunder shall be deemed to have been given and shall be effective only when personally delivered or sent
by Federal Express, DHL or other express delivery service or by certified or registered mail to the address of the Company's principal
office in the United States as follows:


 


NanoFlex
Power Corporation


17207 N. Perimeter Dr.


Suite
210


Scottsdale,
AZ 85255


 


in
the case of any notice to the Company, and until changed by notice to the Company, to the address of the Holder set forth above
in the case of any notice to the Holder.


 


12. Miscellaneous. 


 


12.1.
This Warrant and any term hereof may be changed, waived, discharged or terminated, other than on expiration, only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is
sought. This Warrant shall be construed and enforced in accordance with and governed by the laws of the State of Nevada. The
headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. This Warrant embodies the entire agreement and understanding between the Company and the other parties
hereto and supersedes all prior agreements and understandings relating to the subject matter hereof


 






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IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers thereunto duly authorized.


 





	 	NANOFLEX
    POWER CORPORATION
	 	 	 
	 	By:	 
	 	 	Dean
    L. Ledger,
	 	 	Chief Executive Officer


 




     


     


    

  


FORM
OF SUBSCRIPTION


 


(To
be signed only on exercise of Warrant)


 


TO
NANOFLEX POWER CORPORATION:


 


The
undersigned, the holder of the attached Warrant, hereby irrevocably elects to exercise such Warrant for, and to purchase
thereunder, _____________ Shares (as defined in the attached Warrant) and herewith makes payment of
$___________therefor, and requests that the certificates for such shares be issued in the name of, and delivered to
______________________ whose address is __________________________________


 


Please
issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as
is specified below:


 


____________________________________________ 


 


____________________________________________

  


	Dated: ___________________________	 
	 	 
	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	 
	 	 
	 	(Address)





 




     


     


    

 


FORM
OF ASSIGNMENT


 


(To
be signed only on transfer of Warrant)


 


For
value received, the undersigned hereby sells, assigns, and transfers unto 
______________________________________       whose       address
is  _____________________________________________the right represented by the attached Warrant to
purchase____________ Shares (as defined in the Warrant Agreement governing the attached Warrant) to which the within
Warrant relates, and appoints _____________________________________
Attorney to transfer such right on the books of ____________________________       with
full power of substitution in the premises.


 


	Dated: ____________________	 
	 	 
	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	 
	 	 
	 	(Address)


 


Signature Guaranteed: ____________________________


 


NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.