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Exhibit 4.45 FORM OF WARRANT  NEITHER THIS WARRANT NOR ANY SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED UNLESS (A) SUBSEQUENTLY
REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE
COMPANY A WRITTEN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE
COMPANY, TO THE EFFECT THAT THE SHARES TO BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED ARE
BEING OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO AN EXEMPTION FROM SUCH
REGISTRATION. ELECTRIC CITY CORP. Warrant To Purchase Common Stock Warrant No.: _____
Number of Shares:_________Original Date of Issuance: ____________ Electric City Corp., a Delaware corporation (the Company), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
_________________________, the registered holder hereof or its permitted assigns registered on the
books of the Company (the Holder), is entitled, subject to the terms and conditions set forth
below, to purchase from the Company upon surrender of this Warrant, at any time or times on or
after the date hereof, but not after 5:00 P.M. Eastern Standard Time on _______________(the
Expiration Date), ________________fully paid and nonassessable shares (the Warrant Shares) of
the Companys common stock, par value $0.0001 per share (the Common Stock), at the exercise price
per share equal to $______, subject to adjustment as hereinafter provided (the Warrant Exercise
Price) , all on the terms and subject to the conditions hereinafter set forth. Section 1. Definitions. In addition to the capitalized terms defined elsewhere
herein, the following terms as used in this Warrant shall have the following meanings: (a) Business Daymeans any day other than Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law to remain closed. Page 1 of 10




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(b) Personmeans an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization or a government or any department or agency
thereof. (c) Securities Actmeans the Securities Act of 1933, as amended. Section 2. Exercise of Warrant. (a) Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder,
in whole or in part, during normal business hours on any Business Day on or after the date hereof
and prior to 5:00 P.M. Eastern Standard Time on the Expiration Date by (i) delivery of a duly
executed written notice, in the form of the subscription notice attached as Exhibit A
hereto (the Exercise Notice), of such Holders election to exercise this Warrant, which notice
shall specify the number of Warrant Shares to be purchased, (ii) payment to the Company of an
amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares as to which
this Warrant is being exercised (the Aggregate Exercise Price) which shall be payable by any one
or any combination of the following: (i) wire transfer of immediately available funds, (ii)
certified or official bank check payable to the order of the Company or (iii) by the surrender
(which surrender shall be evidenced by cancellation of the relevant number of Warrants represented
by any Warrant certificate presented in connection with a Cashless Exercise (as defined below)) of
a Warrant or Warrants (represented by one or more relevant Warrant certificates), and without the
payment of the Exercise Price in cash, in return for the delivery to the surrendering Holder of
such number of shares of Common Stock equal to the number of shares of Common Stock for which such
Warrant is exercised as of the date of exercise (if the Exercise Price were being paid in cash)
reduced by that number of shares of Common Stock equal to the number of shares for which such
Warrant is exercised multiplied by a fraction, the numerator of which is (A) the Exercise Price and
the denominator of which is (B) the Market Price of one share of Common Stock on the Business Day
that immediately precedes the day of exercise of the Warrant. An exercise of a Warrant in
accordance with clause (iii) is herein referred to as a Cashless Exercise. In the event of any
exercise of the rights represented by this Warrant in compliance with this Section 2(a), the
Company shall, on or before the tenth (10th) Business Day following the date of its
receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an indemnity and
evidence with respect to this Warrant in the case of its loss, theft, mutilation or destruction as
provided in Section 11) (the Exercise Delivery Documents), deliver at the Companys expense to
the Holder, a certificate or certificates for the Warrant Shares so purchased, in such
denominations as may be requested by Holder and registered in the name of Holder. Upon the
Companys receipt of the Exercise Delivery Documents, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of certificates evidencing such
Warrant Shares. (b) Unless the rights represented by this Warrant shall have expired or shall have been fully
exercised, the Company shall, as soon as practicable and in no event later than ten (10) Business
Days after any exercise and at its own expense, issue a new Warrant identical in all respects to
this Warrant exercised, except it shall represent rights to purchase the number of Warrant Shares
purchasable immediately prior to such exercise under this Warrant exercised, less the number of
Warrant Shares with respect to which this Warrant is exercised. Page 2 of 10




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(c) No fractional shares of Common Stock are to be issued upon the exercise of this Warrant,
but rather the number of shares of Common Stock issued upon exercise of this Warrant shall be
rounded up or down to the nearest whole number. Section 3. Covenants. The Company hereby represents, covenants and agrees as follows: (a) This Warrant is, and any Warrants issued in substitution for or replacement of this
Warrant will upon issuance be, duly authorized and validly issued. (b) All Warrant Shares which may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance, be validly issued, fully paid and nonassessable and free from all
taxes, liens and charges with respect to the issue thereof. (c) Prior to exercise of this Warrant, the Company shall secure the listing of the Warrant
Shares upon each national securities exchange or market, if any, upon which shares of Common Stock
are then listed (subject to official notice of issuance upon exercise of this Warrant) and shall
maintain such listing of the Warrant Shares so long as any other shares of Common Stock shall be so
listed. (d) The Company has full power and authority to enter into this Warrant, and to issue and
deliver this Warrant and the Warrant Shares, and to incur and perform fully the obligations
provided herein, all of which have been duly authorized by all necessary corporate action. (e) This Warrant has been duly executed and delivered and is the valid and binding obligation
of the Company enforceable in accordance with its terms. Section 4. Taxes. The Company shall pay any and all taxes, except income taxes, which
may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this
Warrant. Section 5. Holder Not Deemed a Stockholder. Except as otherwise specifically provided
herein, this Warrant shall not entitle Holder to vote or receive dividends or any other rights of a
stockholder of the Company, including, without limitation, any right to vote, give or withhold
consent to any corporate action (whether a reorganization, issue of stock, reclassification of
stock, consolidation, merger, conveyance or otherwise), receive notice of meetings or receive
subscription rights. Section 6. Representations of Holder. The Holder, by the acceptance hereof,
represents and warrants that it (a) is acquiring this Warrant and the Warrant Shares solely for its
own account, for investment and not with a view towards the distribution or resale thereof in
violation of the Securities Act or any applicable state securities laws, (b) has received such
documents, materials and information as Holder deems necessary or appropriate for evaluation of the
acquisition of the Warrant and the Warrant Shares, (c) is an accredited investor as such term is
defined in Rule 501 of Regulation D promulgated under the Securities Act and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks
of an investment in the Warrant and the Warrant Shares, (d) understands that no Page 3 of 10




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U.S. federal, state or regulatory agency has recommended, approved or endorsed, or passed upon
the fairness or suitability of, an investment in the Warrant or Warrant Shares or passed up on the
accuracy or adequacy of the information provided to Holder, and (e) recognizes that an investment
in the Warrant Shares involves a high degree of financial risk, can bear the economic risk of
losing its entire investment in the Warrant Shares and has sought, or will seek, such accounting,
legal and tax advice as it has considered, or will consider, necessary to make an informed
investment decision with respect to its acquisition of this Warrant and Warrant Shares. If Holder
cannot make any of the foregoing representations at the time of exercising this Warrant because it
would be factually incorrect, Holder shall so notify the Company, and it shall be a condition to
Holders exercise of this Warrant that the Company receive such other assurances as the Company
considers reasonably necessary to assure the Company that the issuance of the Warrant Shares upon
exercise of this Warrant shall not violate the Securities Act or any state securities laws. Section 7. Restriction on Transfer. (a) This Warrant and the rights granted to Holder are transferable, in whole or in part, upon
surrender of this Warrant, together with a properly executed warrant power in the form of
Exhibit B attached hereto; provided, however, that any transfer or assignment shall be
subject to the approval of the Company, such approval not to be unreasonably withheld, and the
conditions set forth in Section 7(b) below. (b) Holder represents and warrants that it understands that the Company is under no obligation
to register this Warrant or the Warrant Shares under the Securities Act and that the Warrant and
Warrant Shares will be characterized as restricted securities under the Securities Act because
they are being acquired from the Company in a transaction not involving a public offering. Holder
also represents and warrants that it understands that neither the Warrant nor the Warrant Shares
may be offered for sale, sold, assigned or transferred unless (a) subsequently registered pursuant
to an effective registration statement under the Securities Act and applicable state securities
laws or (b) Holder shall have delivered to the Company a written opinion of counsel, in form,
substance and scope reasonably acceptable to the Company, to the effect that the securities to be
offered for sale, sold, assigned or transferred are being offered for sale, sold, assigned or
transferred pursuant to an exemption from such registration. (c) Unless upon their issuance such Warrant Shares are then registered under the Securities
Act pursuant to an effective registration statement, any certificates representing Warrant Shares
issued in accordance with this Warrant shall bear a legend substantially in the following form: Page 4 of 10




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THE SHARES OF COMMON STOCK OF ELECTRIC CITY CORP. (THE COMPANY) REPRESENTED BY
THIS CERTIFICATE (THE SHARES) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE SECURITIES ACT), AND MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED UNLESS (A) SUBSEQUENTLY REGISTERED PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS
OR (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE COMPANY A WRITTEN OPINION OF
COUNSEL, IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE COMPANY, TO THE
EFFECT THAT THE SHARES TO BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED ARE
BEING OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO AN EXEMPTION FROM
SUCH REGISTRATION. Section 8 
This Section has been left blank intentionally. Section 9. (a) Adjustment of Warrant Exercise Price and Number of Warrant Shares upon Subdivision or
Combination of Company Stock. If the Company at any time after the date of issuance of this
Warrant subdivides (by any stock split or stock dividend of its Common Stock) its outstanding
shares of Common Stock into a greater number of shares of Common Stock, the Warrant Exercise Price
in effect immediately prior to such subdivision will be proportionately reduced and the number of
Warrant Shares obtainable upon exercise of this Warrant will be proportionately increased. If the
Company at any time after the date of issuance of this Warrant combines (by reverse stock split or
otherwise) its outstanding shares of Common Stock into a smaller number of shares of Common Stock,
the Warrant Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares obtainable upon exercise of this Warrant will be
proportionately decreased. Any adjustment under this Section 9(a) shall become effective at the
close of business on the date the subdivision or combination becomes effective. Page 5 of 10




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(b) Notices. Upon any adjustment of the Warrant Exercise Price or number of issuable
Warrant Shares pursuant to Section 9(a), the Company will give written notice thereof to the
Holder, setting forth in reasonable detail the calculation of such adjustment. Section 10. Reorganization, Reclassification, Consolidation, Merger or Sale. If at
any time, as a result of: (a) a capital reorganization or reclassification (other than a subdivision or combination
provided for in Section 9), or (b) a merger or consolidation of the Company with another corporation (whether or not the
Company is the surviving corporation) or sale of substantially all of the Companys stock, the
Common Stock issuable upon exercise of this Warrant shall be changed into or exchanged for the same
or a different number of shares of any class or classes of capital stock of the Company or any
other Person, or other securities convertible into such shares, then, as a part of such
reorganization, reclassification, merger, consolidation or sale, appropriate adjustments shall be
made in the terms of this Warrant (or of any securities into which this Warrant is exercised or for
which this Warrant is exchanged), so that Holder shall thereafter be entitled to receive, upon
exercise of this Warrant or of such substitute securities, the kind and amount of shares of stock,
other securities, money and property which Holder would have received at the time of such capital
reorganization, reclassification, merger, consolidation or sale, if Holder had exercised this
Warrant immediately prior to such capital reorganization, reclassification, merger, consolidation
or sale. This Warrant, including, without limitation, the provisions of this Section 10 will be
binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or
substantially all of the Companys assets. The provisions of this Section 10 shall similarly apply
to (x) successive capital reorganizations, reclassifications, mergers, consolidations and sale and
(y) the securities of any other Person that are at the time receivable upon the exercise of this
Warrant. Section 11. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost,
stolen, mutilated or destroyed, the Company shall promptly, on receipt of evidence reasonably
satisfactory to the Company of the ownership of, and the loss, theft, mutilation or destruction of,
this Warrant, and an indemnity reasonably satisfactory to the Company (or in the case of a
mutilated Warrant, the Warrant), issue in lieu thereof a new Warrant of like denomination and tenor
as this Warrant so lost, stolen, mutilated or destroyed. Section 12. Notice. Any notices, consents, waivers or other communications required
or permitted to be given under the terms of this Warrant must be in writing and will be deemed to
have been made upon receipt when delivered personally, via pre-paid overnight courier or by
certified mail, postage pre-paid, return receipt requested. The addresses for such communications
shall be: Page 6 of 10




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If to the Company: Electric City Corp.
1280 Landmeier Road
Elk Grove Village, IL 60007
Attention: General Counsel If to the Holder: _______________________________________
_______________________________________
_______________________________________
_______________________________________ or such other address as the Company or Holder, as applicable, may specify in written notice given
to the other party in accordance with this Section 12. Section 13. Amendments. This Warrant and any term hereof may be changed, waived,
discharged, or terminated only by an instrument in writing signed by the party hereto against which
enforcement of such change, waiver, discharge or termination is sought. Section 14. Expiration. This Warrant, in all events, shall be wholly void and of no
effect after 5:00 P.M. Eastern Standard Time on the Expiration Date, except that notwithstanding
any other provisions hereof, the provisions of Section 7 shall continue in full force and effect
after such date as to any Warrant Shares or other securities issued upon the exercise of this
Warrant. Section 15. Successors and Assigns. The terms and provisions of this Warrant shall
inure to the benefit of, and be binding upon, the Company and the Holder and their respective
successors and permitted assigns. Section 16. Descriptive Headings; Governing Law; Arbitration. The descriptive
headings of the several sections and paragraphs of this Warrant are inserted for convenience only
and do not constitute a part of this Warrant. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be governed by the internal laws of the State
of Illinois, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of Illinois or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Illinois. In the event of any and all disagreements and controversies arising from this Warrant, such
disagreements and controversies shall be subject to binding arbitration as arbitrated in accordance
with the then current Commercial Arbitration Rules of the American Arbitration Association in
Chicago, Illinois before one neutral arbitrator. Either party may apply to the arbitrator seeking
injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved.
Without waiving any remedy under this Warrant, either party may also seek from any court having
jurisdiction any interim or provisional relief that is necessary to protect the rights or property
of that party, pending the establishment of the arbitral tribunal (or pending the arbitral
tribunals determination of the merits of the controversy). In the event of any such Page 7 of 10




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disagreement or controversy, neither party shall directly or indirectly reveal, report, publish or
disclose any information relating to such disagreement or controversy to any person, firm or
corporation not expressly authorized by the other party to receive such information or use such
information or assist any other person in doing so, except to comply with actual legal obligations
of such party, or unless such disclosure is directly related to an arbitration proceeding as
provided herein, including, but not limited to, the prosecution or defense of any claim in such
arbitration. The costs and expenses of the arbitration (excluding attorneys fees) shall be paid
by the non-prevailing party or as determined by the arbitrator. IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by a duly authorized
officer, as of the ___ day of _____, 200_. ELECTRIC CITY CORP.By:Name:Title:
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EXHIBIT A TO WARRANT SUBSCRIPTION FORM TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT ELECTRIC CITY CORP. The
undersigned Holder hereby exercises the right to purchase
____________ of the shares
of Common Stock (Warrant Shares) of Electric City Corp., a Delaware corporation (the Company),
evidenced by the attached Warrant (the Warrant). The Holder tenders herewith payment of the
Aggregate Exercise Price in full in the amount of
$____________ in the form of cash,
certified check or wire transfer of immediately available funds with
respect to  ____________
 Warrant Shares. Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant. Date: _______________ __, 200_ Name of Holder By:Name:Title:
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EXHIBIT B TO WARRANT FORM OF WARRANT POWER FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to ________________, a warrant
to purchase ____________ shares of the Common Stock of Electric City Corp., a Delaware corporation,
represented by warrant certificate no. _____, standing in the name of the undersigned on the books
of said corporation. The undersigned does hereby irrevocably
constitute and appoint __________________, to transfer the warrants of said corporation, with full power of
substitution in the premises. Dated: _________, 200_ By:Name:Its:
 Page 10 of 10