Document:

Exhibit
10.15

     

    AMERICAN
DG ENERGY INC.

    COMMON
STOCK PURCHASE AGREEMENT

    

    TO:         American
DG Energy Inc.

    45 First Avenue

    Waltham, Massachusetts
02451

    

    Ladies
and Gentlemen:

    

    The undersigned (the “Investor”)
desires to purchase from American DG Energy Inc., a Delaware corporation (the
“Company”), _______ shares of its Common Stock, par value $.001 per share (the
“Common Stock”). The purchase price for each share of Common Stock is
$0.70.

    

    1.         
  Subscription

    

    a.       
    Subject to the terms and conditions of this Agreement
(this “Agreement”), the Investor agrees to subscribe for and purchase from the
Company and tenders this subscription for _______ shares of Common Stock (the
“Shares”) together with payment of the subscription price for the Shares in the
amount of $________. The subscription price is referred to in this Agreement as
the “Funds”.

    

    b.       
    Tender of the Funds shall be made by delivery of a
personal or bank check payable to the Company or by wire transfer to the
Company’s designated bank account, together with executed copies of this
Agreement. The Investor should deliver the executed subscription documents and
payment for the Shares to the Company, at 45 First Avenue, Waltham,
MA  02451 Attention: Anthony S. Loumidis, Chief Financial Officer,
Phone (781) 622-1117.

    

    2.       
    Acceptance
of Agreement

    

    It is understood and agreed that this
Subscription is made subject to the following terms and conditions:

    

    The
Company shall have the right to accept or reject this Subscription, in whole or
in part, for any reason, the ineligibility of a subscriber under applicable
state or foreign securities laws, for any other reason or for no reason. If this
Subscription is rejected, the Funds previously delivered to the Company will be
returned to the Investor.

    

    b.       
    Two complete copies of this Agreement will be executed
by the Investor. If this Subscription is accepted, one copy of this Common Stock
Purchase Agreement as accepted by the Company shall be delivered to the
Investor.

    

    c.      
     If this Subscription is accepted in part and
rejected in part, the Investor will be so notified, at which time the excess
Funds previously delivered to the Company will be returned to the
Investor.

    

               3.          
  Representations
and Warranties of the Investor

    

    In order to induce the Company to
accept this Agreement, the Investor hereby represents and warrants to the
Company as follows:

    

    a.          
 THE INVESTOR HAS READ
CAREFULLY AND UNDERSTANDS THIS AGREEMENT AND HAS CONSULTED THE INVESTOR'S OWN
ATTORNEY, ACCOUNTANT OR INVESTMENT ADVISER WITH RESPECT TO THE INVESTMENT
CONTEMPLATED HEREBY AND ITS SUITABILITY FOR THE INVESTOR.  THE
INVESTOR HAS HAD AN OPPORTUNITY TO ASK QUESTIONS OF AND RECEIVED ANSWERS FROM
THE COMPANY, OR A PERSON OR PERSONS ACTING ON THE COMPANY'S BEHALF, CONCERNING
THE TERMS AND CONDITIONS OF THIS INVESTMENT AND THE BUSINESS OF THE COMPANY, AND
HAS RECEIVED AND REVIEWED ALL ADDITIONAL DOCUMENTATION REGARDING THE BUSINESS
AND OPERATIONS OF THE COMPANY THAT HE OR SHE HAS REASONABLY
REQUESTED.

    

    b.        
   The Investor (i) has no need for liquidity in the investment
in the Shares, (ii) is able to bear the substantial economic risks of an
investment in the Shares for an indefinite period, and (iii) at the present
time, could afford the complete loss of such investment in the
Shares.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    c. 
          The address set
forth at the end of this Agreement is the Investor's true and correct residence,
and the Investor has no present intention of changing such residence to any
other state or jurisdiction.

    

    d.  
         The Investor confirms that
all documents, records and books pertaining to the investment in the Company
reasonably requested by the Investor have been made available to the Investor.
The undersigned has relied only on such documents and that no written or oral
representation or information inconsistent with such information has been made
or furnished to the Investor in connection with the Shares and if so made, has
not been relied upon.

    

    e.    
       The Investor understands that the
Shares have not been registered under the Securities Act, nor pursuant to the
provisions of the securities laws or other laws of any other applicable
jurisdictions, in reliance on exemptions for private offerings contained in the
Securities Act and in the laws of such jurisdictions. The Investor represents to
the Company that he is an “accredited investor”, as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended. The
Investor is fully aware that the Shares to which he or she is subscribing are to
be sold in reliance upon such exemptions based upon his or her representations,
warranties and agreements set forth in this Agreement. The Investor is fully
aware that he or she must bear the economic risk of his or her investment in the
Company for an indefinite period of time because the Shares have not been
registered under the Securities Act, and, therefore, cannot be offered or sold
unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. The Investor further understands that the
Company has no intention and is under no obligation to register its Shares under
the Securities Act or to comply with the requirements for any exemption that
might otherwise be available, or to supply the Investor with any information
necessary to enable the Investor to make routine sales of the Shares under Rule
144 under the
Securities Act (which it understands is not now, and will not likely be,
available) or any rule of the Securities and Exchange Commission or any
successor thereto.

    

    f.       
     The Investor understands that the certificate(s)
representing the Shares will bear the following legend restricting its transfer
and that a notation restricting such transfer will be made on the stock transfer
books of the Company:

    

    “THE
SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE APPLICABLE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THESE SHARES HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO THEIR DISTRIBUTION OR
RESALE.  SUCH SHARES MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE ACT, OR AN
OPINION OF COUNSEL SATISFACTORY IN FORM AND SUBSTANCE TO THE COMPANY TO THE
EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.”

    

    g.       
    The Shares are being acquired solely for the Investor's
own account, for investment and are not being purchased with a view to or for
the resale or other distribution of the Shares; and the Investor has no present
plans to enter into any contract, undertaking, agreement or arrangement relating
to any resale or other distribution of the Shares.

    

    h.        
   The Investor understands that this Subscription may be
accepted or rejected in whole or in part in the sole and absolute discretion of
the Company, and this Agreement, unless properly revoked before the completion
of the sale of the Shares to the Investor, shall survive the Investor’s death,
disability or insolvency, except that the Investor shall have no obligations in
the event that this Subscription is rejected by the Company.

    

    i.           
The Investor understands that even if the Company becomes a "reporting company"
under the Securities Exchange Act of 1934, as amended, the provisions of Rule
144 promulgated under the Securities Act permitting resales of the Shares will
not be available for at least one (1) year, and there can be no assurance that
the conditions necessary to permit routine sales of the Shares under Rule 144
will ever be satisfied, and, if Rule 144 should become available, routine sales
made in reliance on its provisions could be made only in limited amounts and in
accordance with the terms and conditions of the Rule.  The Investor
further understands that in connection with sales of securities for which Rule
144 is not available, compliance with some other exemption from registration
will be required.  The Investor understands that the Company is under
no obligation to the undersigned to register the Shares or to comply with the
conditions of Rule 144 or take any other action necessary in order to make
available any exemption for the sale of the Shares without
registration.

    

    j.            The
Investor has been advised to consult with the Investor’s own attorney regarding
legal, tax, and other matters concerning an investment in the Company and has
done so, to the extent the undersigned considers necessary.

    

    k.           
The Investor acknowledges and is aware of the following:

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (i)           that
the Shares are a speculative investment and involve a high degree of risk of
loss by the Investor of the Investor's entire investment in the
Company;

    

    (ii)           that
there is no guarantee that the Investor will realize any gain from his or her
investment in the Company and that the Investor may lose his or her entire
investment;

    

    (iii)         that
the Company has no
current plan or intention to issue dividends with respect to the
Shares;

    

    (iv)         that
there has never been any representation, guarantee or warranty made to the
Investor by any broker, the Company, its agents or employees or any other
person, expressly or by implication, as to:

    

    (A)    
     the approximate or exact length of time that the
Investor will be required to remain as owner of the Shares; or

    

    (B)      
   the past performance or experience on the part of the officers
or directors of the Company, or of any other person, that will in any way
indicate the predictable results of the ownership of the Shares or any such
other securities, or of the overall business of the Company;

    

    v)           that
the Company may in the future issue additional shares of capital stock in the
Company, and that the Investor's interest in the Company may thereby become
diluted.

    

    The Investor acknowledges that he or
she understands the meaning and legal consequences of the representations,
warranties and acknowledgments contained in this Agreement. The Investor
confirms that such representations, warranties and acknowledgments are true and
accurate as of the date of this Agreement and shall be true and accurate as of
the date of delivery of the Funds to the Company and shall survive such
delivery. If in any respect such representations and warranties shall not be
true and accurate prior to acceptance of this Agreement pursuant to Section 2 of
this Agreement, the Investor shall give written notice of such fact to the
Company, specifying which representations and warranties are not true and
accurate and the reasons therefor.

    

    4.      
      Indemnification. The Investor acknowledges
that he or she understands the meaning and legal consequences of the
representations and warranties contained in Section 3 of this Agreement, and the
Investor agrees to
indemnify, defend and hold harmless the Company and each officer, director,
representative and agent of the Company and any person or entity controlling the
Company from and against any and all loss, cost, damage or liability (including
reasonable attorneys' fees) due to or arising out of a breach of any
representation or warranty of the Investor contained in this
Agreement.

    

    5.         
   No
Waiver.
Notwithstanding any of the representations, warranties, acknowledgments or
agreements made in this Agreement by the Investor, the
Investor does not thereby or in any other manner waive any rights granted to the
Investor under federal and state securities law.

    

    6.      
      Transferability. The Investor agrees not to
transfer or assign this Agreement, or any of the Investor's interest in this
Agreement, and further agrees that any assignment or transfer of the Shares
shall be made only in accordance with applicable securities laws and that an
appropriate legend with respect thereto may be placed by the Company on any
certificate evidencing such Shares.

    

    7.      
      Revocation. The Investor agrees that he
or she shall not cancel, terminate or revoke this Agreement.

    

    8.         
   Termination
of Agreement. If
any representation or warranty of the Investor contained in Section 3 of this
Agreement shall not be true prior to acceptance of this Agreement, and written
notice of such fact has been given by the Investor to the Company, then and in
any such event this Agreement shall be null and void and of no further force and
effect, and no party shall have any rights against any other party under this
Agreement or otherwise, and the Company shall promptly return to the Investor
the Funds together with all agreements executed by the Investor.

    

    9.      
      Dispute
Resolution

    

    a.       
    All disputes, claims, or controversies arising out of or
relating to this Agreement or any other agreement executed and delivered
pursuant to this Agreement or the negotiation, validity or performance hereof
and thereof or the transactions contemplated hereby and thereby that are not
resolved by mutual agreement shall be resolved solely and exclusively by binding
arbitration to be conducted before the American Arbitration Association
(“AAA”).  If AAA ceases operation, then the parties shall select a
comparable organization that provides qualified arbitration
services.  The arbitration shall be held in Boston, Massachusetts
before a single arbitrator and shall be conducted in accordance with the rules
and regulations promulgated by AAA unless specifically modified
herein.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    b.           The
parties covenant and agree that the arbitration hearing shall commence within
ninety (90) days of the date on which a written demand for arbitration is filed
by any party hereto.  In connection with the arbitration proceeding,
the arbitrator shall have the power to order the production of documents by each
party and any third-party witnesses.  In addition, each party may take
up to three depositions as of right, and the arbitrator may in his or her
discretion allow additional depositions upon good cause shown by the moving
party.  However, the arbitrator shall not have the power to order the
answering of interrogatories or the response to requests for
admission.  In connection with any arbitration, each party shall
provide to the other, no later than seven (7) business days before the date of
the arbitration hearing, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration hearing or considered or used by a party’s witness or expert. The
arbitrator’s decision and award shall be made and delivered within three (3)
months of the selection of the arbitrator. The arbitrator’s decision shall set
forth a reasoned basis for any finding of liability or award of
damages.  The arbitrator shall not have power to award damages in
excess of actual compensatory damages and shall not multiply actual damages or
award punitive damages or any other damages that are specifically excluded under
this Agreement, and each party hereby irrevocably waives any claim to such
damages.

    

    c.           The
parties covenant and agree that they will participate in the arbitration in good
faith and that they will share equally its costs, except as otherwise provided
herein.  The arbitrator may in his or her discretion assess costs and
expenses (including the reasonable legal fees and expenses of the prevailing
party whether claimant or respondent) against any party to a
proceeding.  Any party failing or refusing to comply with an order of
the arbitrators shall be liable for costs and expenses, including attorneys’
fees, incurred by the other party in enforcing the award. Nothing in this
Section 9 shall prohibit any party from proceeding in court without prior
arbitration for the limited purpose of seeking a temporary or permanent
injunction to avoid immediate and irreparable harm.  The provisions of
this Section 9 shall be enforceable in any court of competent
jurisdiction.

    

    d.        
    Unless otherwise ordered, the parties shall bear their
own attorneys’ fees, costs and expenses in connection with the
arbitration.  The parties will share equally in the fees and expenses
charged by AAA.

    

    e.        
    Each of the parties hereto irrevocably and
unconditionally consents to the exclusive use of AAA to resolve all disputes,
claims or controversies arising out of or relating to this Agreement or any
other agreement executed and delivered pursuant to this Agreement or the
negotiation, validity or performance hereof and thereof or the transactions
contemplated hereby and thereby and further consents to the jurisdiction of the
federal or state courts of the Commonwealth of Massachusetts for the purposes of
enforcing the arbitration provisions of Section 9a of this
Agreement.  Each party further irrevocably waives any objection to
proceeding before AAA based upon lack of personal jurisdiction or to the laying
of venue and further irrevocably and unconditionally waives and agrees not to
make a claim in any court that arbitration before AAA has been brought in an
inconvenient forum.  Each of the parties hereto hereby consents to
service of process by registered mail at the address to which notices are to be
given.  Each of the parties hereto agrees that its or his submission
to jurisdiction and its or his consent to service of process by mail is made for
the express benefit of the other parties hereto.

    

    10.           Miscellaneous

    

    a.          
  All notices or other communications given or made under this
Agreement shall be in writing and shall be delivered or mailed by (a) registered
or certified mail, return receipt requested, postage prepaid, or (b) overnight
air courier, fees prepaid, to the Investor at his or her address set forth below
and to the Company at its address set forth at the outset of this
Agreement.

    

    b.        
    Failure of the Company to exercise any right or remedy
under this Agreement or any other agreement between the Company and the
Investor, or delay by the Company in exercising the same, will not operate as a
waiver of such right or remedy.  No waiver by the Company will be
effective unless and until it is in writing and signed on behalf of the
Company.

    

    c.        
    Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, all the terms and provisions hereof shall
be construed in accordance with and governed by the laws of the Commonwealth of
Massachusetts, without giving effect to its conflict of law
principles.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    d.       
    This Agreement is binding upon and inures to the benefit
of the parties hereto and their respective heirs, successors and permitted
assigns.  This Agreement cannot be assigned, amended or modified by
the parties hereto, except by written agreement executed by the parties
hereto.

    

    e.     
      This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

    

    f.         
   If any provision of this Agreement shall for any reason be
held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof and this Agreement shall be construed as if
such invalid or unenforceable provision had never been contained
herein.

    

    g.    
       This Agreement constitutes the entire
agreement between the parties with respect to the subject matter of this
Agreement and may be amended only by a writing executed by
all parties.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned has executed this Agreement on this ___ day of
April, 2007.

    

    Manner in
which Title is to be held (Please Check One):

    

    
      	
               
      

            	
              1.

            	
               ̈

            	
              Individual

            

    

    

    
      	
               
      

            	
              2.

            	
               ̈

            	
              Joint
      Tenants With Right of Survivorship

            

    

    

    
      	
               
      

            	
              3.

            	
               ̈

            	
              Community
      Property

            

    

    

    
      	
               
      

            	
              4.

            	
               ̈

            	
              Tenants
      in Common

            

    

    

    
      	
               
      

            	
              5.

            	
               ̈

            	
              Married
      with Separate Property

            

    

    

    EXECUTION BY NATURAL
PERSONS

    

    ___________________________________________________________________________

    Exact
Name(s) in Which Title is to be Held

    (If Joint
Tenant or Tenants in Common, both persons must

    sign and
this page must contain all information for both persons).

    

    
      	
              ___________________________________

            	 
      	
              ___________________________________

            
	
              Signature

            	 
      	
              Signature

            
	 
      	 
      	 
      
	
              ___________________________________

            	 
      	
              __________________________________

            
	
              Name
      (Please Print)

            	 
      	
              Name
      (Please Print)

            
	 
      	 
      	 
      
	
              __________________________________

            	 
      	
              __________________________________

            
	
              Residence:
      Number and Street

            	 
      	
              Residence:
      Number and Street

            
	 
      	 
      	 
      
	
              ___________________________________

            	 
      	
              ___________________________________

            
	
              City,
      State, Zip Code

            	 
      	
              City,
      State, Zip Code

            
	 
      	 
      	 
      
	
              ___________________________________

            	 
      	
              ___________________________________

            
	
              Social
      Security Number

            	 
      	
              Social
      Security Number

            
	 
      	 
      	 
      
	
              ___________________________________

            	 
      	 
      
	
              Telephone
      Number

            	 
      	 
      

    

     

    Accepted
this ___ day of April 2007, on behalf of the Company.

    

    
      
        	
                AMERICAN
      DG ENERGY INC.

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                 

              	 
      
	 
      	 
      	 
      
	
                Name:

              	
                Anthony
      S. Loumidis

              	 
      
	
                Title:

              	
                Chief
      Financial Officer

              	 
      

      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    EXECUTION BY SUBSCRIBER THAT
IS AN ENTITY

    

    (Corporation,
Limited Liability Company, Partnership, Trust, Etc.)

    

    ________________________________________________________

    Name of
Entity (Please Print)

    

    
      	
              Date
      of Incorporation or Organization:

            	
              ____________________________________________________

            
	 
      	 
      
	
              State
      of Principal Offices:

            	
              ____________________________________________________

            
	 
      	 
      
	
              Federal
      Taxpayer Identification Number:

            	
              ____________________________________________________

            

    

    

    
      
        
          	 
      	 
      	
                  By:

                	
                  _______________________________

                
	 
      	 
      	 
      	 
      
	 
      	 
      	
                  Title:

                	
                  ________________________

                
	 
      	 
      	 
      	 
      
	
                  Attest:
      _________________________

                	 
      	
                  Address:

                	
                  ________________________

                
	
                  (If
      Entity is a Corporation)

                	 
      	 
      	 
      
	 
      	 
      	 
      	
                  _______________________________

                
	 	 	 	 
	 
      	 
      	 
      	
                  _______________________________

                
	 	 	 	 
	 
      	 
      	 
      	      
                  _______________________________

                
	
                   

                	 
      	 
      	
                  Taxpayer
      Identification Number

                

        

      

    

     

    Accepted
this ___ day of April 2007, on behalf of the Company.

    

    
      
        	
                AMERICAN
      DG ENERGY INC.

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                 

              	 
      
	 
      	 
      	 
      
	
                Name:

              	
                Anthony
      S. Loumidis

              	 
      
	
                Title:

              	
                Chief
      Financial Officer

              	 
      

      

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      ACCREDITED INVESTOR
QUESTIONNAIRE

    

     

    Please check the box below that best
characterizes the person or entity subscribing for the Shares under the terms of
the foregoing Subscription Agreement.

     

    
      	
               
      

            	
               ̈

            	
              Any
      natural person whose individual net worth, or joint net worth with that
      person’s spouse, at the time of his purchase exceeds US
      $1,000,000;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      natural person who had an individual income in excess of $200,000 in each
      of the two most recent years or joint income with that person’s spouse in
      excess of $300,000 in each of those years and has a reasonable expectation
      of reaching the same income level in the current
  year;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      organization described in Section 501(c)(3) of the Internal Revenue Code,
      a corporation, a Massachusetts or similar business trust or a partnership,
      in each case, not formed for the purpose of this investment, with total
      assets in excess of US $5,000,000;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      director, executive officer, or general partner of the issuer of the
      securities being offered or sold, or any director, executive officer, or
      general partner of a general partner of that
  issuer;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      trust with total assets in excess of US $5,000,000, not formed for the
      specific purpose of acquiring the securities offered, whose purchase is
      directed by a sophisticated person as described in Rule 506(b)(2)(ii) of
      the Securities Act of 1933;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      entity in which all of the equity owners are accredited
      investors;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      private business development company as defined in Section 202(a)(22) of
      the Investment Advisers Act of
1940;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      Small Business Investment Company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business
      Investment Act of 1958;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      investment company registered under the Investment Company Act of 1940 or
      a business development company as defined in Section 2(a)(48) of that
      Act;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      bank as defined in Section 3(a)(2) or a savings and loan association or
      other institution defined in Section 3(a)(5)(A) of the Securities Act of
      1933 acting in either an individual or fiduciary
  capacity;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      insurance company as defined in Section 2(13) of the Securities Act of
      1933;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974 whose investment decision is made
      by a fiduciary which is either a bank, savings and loan association,
      insurance company, or registered investment advisor, or whose total assets
      exceed US $5,000,000, or, if a self-directed plan, a plan whose investment
      decisions are made solely by persons who are accredited
      investors;

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      broker or dealer registered pursuant to Section 15 of the Securities
      Exchange Act of 1934; or

            

    

     

    
      	
               
      

            	
               ̈

            	
              Any
      plan established and maintained by a state, its political subdivisions, or
      any agency or instrumentality of a state or its political subdivisions for
      the benefit of its employees, if such plan has total assets in excess of
      $5,000,000.

            

    

     

    
      	
               
      

            	
               ̈

            	
              None
      of the above.

            

    

     

    
      	
              Name
      of Subscriber:

            	
              __________________________________

            	 
      
	 
      	 
      	 
      
	
              Social
      Security Number:

            	
              __________________________________

            	 
      
	 
      	 
      	 
      
	
              Signature:

            	      
              __________________________________

            	
               

            

    

     

    
      
         

      

      
        8Exhibit
10.19

     

    SUBSCRIPTION
AGREEMENT

    

    THIS
SUBSCRIPTION AGREEMENT (this “Agreement”), is by and between American DG Energy
Inc., a Delaware corporation (the “Company”), and the subscriber identified on
the signature page below (the “Subscriber”).

    

    The
Company and the Subscriber hereby agree as follows:

    

    1.           Purchase and Sale of
Shares.

    

    a)           Subject
to the terms and conditions of this Agreement, at the First Closing (as defined
herein), the Company shall sell and issue to the Subscriber, and the Subscriber
shall purchase from the Company that number of shares of the Company’s Common
Stock set forth on the signature page at the per share purchase price also
specified therein.

    

    b)           At
the Second Closing (as defined herein), at the option of the Subscriber, the
Company shall sell and issue to the Subscriber, and the Subscriber shall
purchase from the Company, that number of shares of the Company’s Common Stock
set forth on the signature page at the per share purchase price also specified
therein. The shares sold at the First Closing and, if issued, the shares sold at
the Second Closing are referred to herein as the “Shares”.

    

    2.           Closings.  The
Closings shall take place as follows:

    

    a)           The
first closing (the “First Closing”) of the sale and purchase of the Shares
pursuant to this Agreement is taking place contemporaneously with the execution
and delivery of this Agreement on the date hereof. At the First Closing, the
Subscriber is wiring to an account specified by the Company the purchase price
for the Shares being purchased at the First Closing. As soon as practical after
the First Closing, the Company will cause its transfer agent to deliver to the
Subscriber a certificate representing that number of Shares so purchased, which
shall be registered in the name of the Purchaser or its nominee. 

    

    b)           The Subscriber shall
indicate to the Company by written notice given no later than December
15th, 2009, whether or not it
elects that the second closing under this Agreement (the “Second Closing”) shall
occur. Such notice shall specify a closing date for the Second Closing no more
than 3 business days after the delivery of such notice, or December
18th, 2009. At the Second
Closing, the Subscriber will wire to an account specified by the Company the
purchase price for the Shares being purchased at the Second Closing. As soon as
practical after the Second Closing, the Company will cause its transfer agent to
deliver to the Subscriber a certificate representing that number of Shares so
purchased, which shall be registered in the name of the Purchaser or its
nominee. 

    

    c)           The
First Closing and the Second Closing, if any, shall be collectively referred to
as the “Closings,” each may individually be referred to as a “Closing” and the
date of each Closing shall be referred to as a “Closing Date.” All deliveries at
each Closing shall take place by the electronic delivery, by fax or email, of
all closing documents.

    

    (d)           In
the event that the Subscriber shall notify the Company that it elects that the
Second Closing shall occur, the obligation of the Subscriber to consummate the
Second Closing shall be subject to the satisfaction, prior to or at the Second
Closing, of the following conditions:  (i) the representations and
warranties of the Company contained in this Agreement shall be true and correct
in all material respects on and as of the Second Closing Date as though such
warranties and representations were made at and as of such date; (ii) the
Company shall have performed and complied in all material respects with all
agreements, covenants and conditions contained in this Agreement which are
required to be performed or complied with by the Company prior to or at the
Closing; and (iii) there shall be no effective injunction, writ, preliminary
restraining order or any order of any nature issued by a court of competent
jurisdiction directing that the transactions provided for herein or any of them
not be consummated as herein provided.

    

    (e)           In
the event that the Subscriber shall notify the Company that it elects that the
Second Closing shall occur, the obligation of the Company to consummate the
Second Closing shall be subject to the satisfaction, prior to or at the Second
Closing, of the following conditions:  (i)  the
representations and warranties of the Subscriber contained in this Agreement
shall be true on and as of the Second Closing Date in all material respects as
though such warranties and representations were made at and as of such date;
(ii) the Subscriber shall have performed and complied in all material respects
with all agreements, covenants and conditions contained in this Agreement which
are required to be performed or complied with by it prior to or at the Second
Closing; and (iii) there shall be no effective injunction, writ, preliminary
restraining order or any order of any nature issued by a court of competent
jurisdiction directing that the transactions provided for herein or any of them
not be consummated as herein provided.

    
      
         

      

      
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    3.           Subscriber’s Representations
and Warranties. The Subscriber hereby represents and warrants to and
agrees with the Company that:

    

    (a)         Information on
Company.  The Subscriber has been furnished with or has had
access at the EDGAR website of the U.S. Securities and Exchange Commission (the
“SEC”) to the Company’s Form 10-K for the year ended December 31, 2008, and all
filings subsequently made by the Company with the SEC (hereinafter referred to
collectively as the “Reports”). In addition, the Subscriber has received in
writing from the Company such other information concerning its operations,
financial condition and other matters as the Subscriber has requested in writing
and considered all factors the Subscriber deems material in deciding on the
advisability of investing in the Shares.

    

    (b)         Information on
Subscriber.  The Subscriber was at the time it was offered the
Shares, is on the date hereof and will be on the Closing Date an “accredited
investor”, as such term is defined in Reg. D promulgated by the SEC under the
Securities Act, is experienced in investments and business matters, has made
investments of a speculative or high risk nature and has purchased securities of
publicly-owned companies in private placements in the past and, together with
its representatives and/or trustee, as applicable, has such knowledge and
experience in financial, tax and other business matters as to enable the
Subscriber to utilize the information made available by the Company to evaluate
the merits and risks of and to make an informed investment decision with respect
to the proposed purchase. The Subscriber has the authority and is duly and
legally qualified to purchase and own the Shares. The Subscriber is able to bear
the risk of such investment for an indefinite period and to afford a complete
loss thereof. The information set forth on the signature page regarding the
Subscriber is accurate. The Subscriber does not currently hold or beneficially
own any shares of the Company’s Common Stock other than as set forth on the
signature page. The Subscriber was not formed for the specific purpose of
acquiring the Shares and is not a registered broker-dealer or an affiliate of a
registered broker-dealer.

    

    (c)         Purchase for
Investment.  On the Closing Date, the Subscriber will purchase
the Shares as principal for its own account for investment and not with a view
to any sale of other transfer thereof in contravention of the Securities
Act.

    

    (d)         Compliance with the
Securities Act.  The Subscriber understands and agrees that the
Shares have not been registered under the Securities Act of 1933 (the
“Securities Act”) or any applicable state securities laws by reason of their
issuance in a transaction that does not require registration under the
Securities Act (based in part on the accuracy of the representations and
warranties of Subscriber contained herein), and that such Shares must be held
indefinitely unless a subsequent disposition is registered under the Securities
Act or any applicable state securities laws or is exempt from such
registration.

    

    (e)         Restrictive Legend.
The Shares may bear a customary restrictive Securities Act legend in the form
specified by the Company.

    

     (f)         Communication of
Offer. The offer to sell the Shares was directly communicated to the
Subscriber by the Company. At no time was the Subscriber presented with or
solicited by any leaflet, newspaper or magazine article, radio or television
advertisement, or any other form of general advertising or solicited or invited
to attend a promotional meeting otherwise than in connection and concurrently
with such communicated offer.

    

    (g)         Organization; Authority;
Enforceability.  The Subscriber, if an entity, is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization (if such “good standing” concept is recognized
in such jurisdiction) with full right, corporate,  partnership or
trust power and authority to enter into and to consummate the transactions
contemplated by this Agreement. This Agreement and other agreements delivered
together with this Agreement or in connection herewith have been duly
authorized, executed and delivered by the Subscriber and are valid and binding
agreements enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights generally and
to general principles of equity; and Subscriber has full corporate, partnership,
trust or similar power and authority necessary to enter into this Agreement and
such other agreements and to perform its obligations hereunder and under all
other agreements entered into by the Subscriber relating hereto.

    

    (h)         Correctness of
Representations. The Subscriber represents that the foregoing
representations and warranties are true and correct as of the date hereof and,
unless the Subscriber otherwise notifies the Company prior to the Closing, shall
be true and correct as of the Closing Date.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (i)           Survival. The
foregoing representations and warranties shall survive the applicable Closing
Date for three years.

    

    (j)           Restriction on Short
Sales. The Subscriber agrees that, to the extent required by law, it will
not enter into or effect any short sale or other hedging transaction with
respect to the Company’s Common Stock.

    

    (k)          Disclosure. The
Subscriber acknowledges and agrees that the Company does not make nor has made
any representations or warranties with respect to the Shares or the transactions
contemplated hereby other than those specifically set forth in Section 4
hereof.

    

    4.           Company Representations and
Warranties.  The Company represents and warrants to and agrees
with the Subscriber that on the date hereof:

    

    (a)          Due Incorporation.
The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has the requisite corporate
power to own its properties and to carry on its business as now being
conducted.

    

    (b)          Outstanding Stock.
All issued and outstanding shares of capital stock of the Company have been duly
authorized and validly issued and are fully paid and
non-assessable.

    

    (c)           Authority;
Enforceability.  The Company has full corporate power and
authority necessary to enter into and deliver this Agreement and to perform its
obligations thereunder. This Agreement has been duly authorized, executed and
delivered by the Company and is a valid and binding agreement enforceable
against the Company in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights generally and
to general principles of equity.

    

    (d)          Consents.  No
consent, approval, authorization or order of any court or governmental agency or
body having jurisdiction over the Company is required for the execution by the
Company of this Agreement and compliance and performance by the Company of its
obligations hereunder, including, without limitation, the issuance and sale of
the Shares.

    

    (e)           No Violation or
Conflict.  Assuming the representations and warranties of the
Subscriber in Section 3 are true and correct, neither the issuance and sale of
the Shares nor the performance of the Company’s obligations under this Agreement
and all other agreements entered into by the Company relating thereto by the
Company will:

    

     (i)        violate,
conflict with, result in a breach of, or constitute a default (or an event which
with the giving of notice or the lapse of time or both would be reasonably
likely to constitute a default) under (A) the certificate of incorporation of
the Company, (B) to the Company’s knowledge, any decree, judgment, order, law,
treaty, rule, regulation or determination applicable to the Company of any court
or governmental agency or body having jurisdiction over the Company or over the
properties or assets of the Company, (C) the terms of any bond, debenture, note
or any other evidence of indebtedness, or any agreement, stock option or other
similar plan, indenture, lease, mortgage, deed of trust or other instrument to
which the Company is a party, by which the Company is bound, or to which any of
the properties of the Company is subject, or (D) the terms of any “lock-up” or
similar provision of any underwriting or similar agreement to which the Company
is a party except the violation, conflict, breach, or default of which would not
have a material adverse effect on the business, operations or financial
condition of the Company and its subsidiaries taken as a whole (a “Material
Adverse Effect”);

    

     (ii)       result
in the activation of any anti-dilution rights or a reset or re-pricing of any
debt or security instrument of any other creditor or equity holder of the
Company, nor result in the acceleration of the due date of any borrowing of the
Company; or

    

     (iii)      result
in the activation of any piggy-back registration rights of any person or entity
holding securities of the Company or having the right to receive securities of
the Company.

    

    (f)           The
Shares.  The Shares upon issuance in accordance with the terms
of this Agreement:

    

     (i)        are,
or will be, free and clear of any security interests, liens, claims or other
encumbrances, subject to restrictions upon transfer under the Securities Act and
any applicable state securities laws;

    
      
         

      

      
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     (ii)       will
be duly and validly authorized, and on the date of issuance of the Shares, the
Shares will be duly and validly issued, fully paid and nonassessable;
and

    

     (iii)      will
not have been issued or sold in violation of any preemptive or other similar
rights of the holders of any securities of the Company.

    

     (g)         Litigation.  There
is no pending or, to the best knowledge of the Company, threatened action, suit,
proceeding or investigation before any court, governmental agency or body, or
arbitrator having jurisdiction over the Company that would affect the execution
by the Company or the performance by the Company of its obligations under this
Agreement, and all other agreements entered into by the Company relating
hereto.  Except as disclosed in the Reports, there is no pending or,
to the best knowledge of the Company, basis for or threatened action, suit,
proceeding or investigation before any court or governmental agency or body,
which litigation if adversely determined could have a Material Adverse
Effect.

    

    (h)          Reporting
Company.  The Company is a publicly-held company subject to
reporting obligations pursuant to the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) and its shares of Common Stock are registered
pursuant to Section 12(g) of the Exchange Act. The Company has timely filed all
reports and other materials required to be filed under the Exchange Act during
the preceding twelve months.

    

    (i)           Information Concerning the
Company.  The Reports contain all material information relating
to the Company and its operations and financial condition as of their respective
dates that is required by the Exchange Act to be disclosed
therein.  Since the date of the financial statements included in the
Reports, there has been no Material Adverse Effect not disclosed in the Reports.
The Reports, at the time of filing, did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances when made.

    

     (j)          No Integrated
Offering.  Neither the Company, nor any of its affiliates, nor
any person acting on its or their behalf, has directly or indirectly made any
offers or sales of any security or solicited any offers to buy any security
under circumstances that would cause the offer of the Shares pursuant to this
Agreement to be integrated with prior offerings by the Company so as to
invalidate any exemptions under the Securities Act for the offer and sale of the
Shares.

    

    (k)          No General
Solicitation.  Neither the Company, nor any of its affiliates,
nor to its knowledge, any person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of
Reg. D under the Securities Act) in connection with the offer or sale of the
Shares.

    

    (l)           No Material Undisclosed
Events or Circumstances.  Since the date of the last Report
filed under the Exchange Act, no event or circumstance has occurred or exists
with respect to the Company or its business, operations or financial condition,
that, under applicable law, rule or regulation, requires the filing of a Report
prior to the date hereof that has not been so filed.

    

    (m)         Correctness of
Representations.  The Company represents that the foregoing
representations and warranties are true and correct as of the date hereof in all
material respects, and, unless the Company otherwise notifies the Subscriber
prior to the Closing, shall be true and correct in all material respects as of
the Closing Date.

    

    (n)          Survival.  The
foregoing representations and warranties shall survive the applicable Closing
Date for a period of three years.

    

    5.           Reg. D
Offering.  The offer and issuance of the Shares to the
Subscriber is being made pursuant to the exemption from the registration
provisions of the Securities Act afforded by Section 4(2) or Section 4(6) of the
Securities Act and/or Rule 506 of Reg. D promulgated thereunder.

    

    6.           Covenants of the
Company.  The Company covenants and agrees with the Subscriber
as follows:

    

    (a)          Exchange Act
Filings.  The Company shall file a Form 8-K with the SEC
disclosing the transactions contemplated by this Agreement within the time
period specified therefor by the rules and regulations under the Exchange Act.
The Company agrees to file a Form D with respect to the Shares as required under
Reg. D.

    
      
         

      

      
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    (b)          Reporting
Requirements.  Until all of the Shares have been resold or
transferred by the Subscriber, or, if earlier, two years after the applicable
Closing Date, the Company will use commercially reasonable best efforts (i) not
to take any action or file any document (whether or not permitted by the
Securities Act or the Exchange Act or the rules thereunder) to terminate or
suspend the registration of the shares of the Company’s Common Stock under the
Exchange Act and (ii) to continue the listing of the shares of the Company’s
Common stock on the Over-the-Counter Bulletin Board or other established trading
market.

    

    7.           Registration Rights.
The Company hereby grants the following registration rights to holders of the
Shares.

    

    (a)          Registration
Statement.   The Company shall file with the SEC as soon
as practical a “shelf” registration statement on an appropriate form, or shall
file with the SEC as soon as practical an amendment to its currently filed shelf
registration statement (either the “Registration Statement”) covering the resale
of the Shares and shall use its commercially reasonable best efforts to cause
the Registration Statement to be declared effective as soon as
practicable.

    

    (b)          Registration
Procedures. In connection with the Registration Statement, the Company
will:

    

    (i)           prepare
and file with the SEC such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be necessary to
keep such Registration Statement effective with respect to the Subscriber until
such time as all of the Shares owned by the Subscriber may be resold without
restriction under the Securities Act; and

    

    (ii)           immediately
notify the Subscriber when the prospectus included in the Registration Statement
is required to be delivered under the Securities Act, of the happening of any
event of which the Company has knowledge as a result of which the prospectus
contained in such Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing. If the Company notifies the Subscriber
to suspend the use of any prospectus until the requisite changes to such
prospectus have been made, then the Subscriber shall suspend use of such
prospectus.  In such event, the Company will use its commercially
reasonable efforts to update such prospectus as promptly as is
practicable.

    

    (c)          Provision of Documents
etc.  In connection with the Registration Statement, the
Subscriber will furnish to the Company in writing such information and
representation letters with respect to itself and the proposed distribution by
it as reasonably shall be necessary in order to assure compliance with federal
and applicable state securities laws. The Company may require the Subscriber,
upon five business days’ notice, to furnish to the Company a certified statement
as to, among other things, the number of  Shares and the number of
other shares of the Company’s Common Stock beneficially owned by the Subscriber
and the person that has voting and dispositive control over such shares. The
Subscriber covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act, if applicable, in connection with sales of
Shares pursuant to the Registration Statement.

    

    (d)          Expenses.  All
expenses incurred by the Company in complying with this section, including,
without limitation, all registration and filing fees, printing expenses, fees
and disbursements of counsel and independent public accountants for the Company,
fees of transfer agents and registrars are called “Registration Expenses.” All
underwriting discounts and selling commissions applicable to the sale of the
Shares, including any fees and disbursements of any counsel to the Subscriber,
are called “Selling Expenses.” The Company will pay all Registration Expenses in
connection with the Registration Statement. Selling Expenses in connection with
the Registration Statement shall be borne by the applicable
Subscriber.

    

    (e)          Indemnification and
Contribution.

    

    (i)           The
Company will, to the extent permitted by law, indemnify and hold harmless the
Subscriber, each officer of the Subscriber, each director of the Subscriber, and
each other person, if any, who controls the Subscriber within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which the Subscriber or such other person (a “controlling person”)
may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof)
(“Claims”) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement at the
time of its effectiveness, any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement thereof, or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances when made, and will, subject to the
limitations herein, reimburse the Subscriber and each such controlling person
for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such Claim; provided, however, that the Company
shall not be liable to the Subscriber to the extent that any Claim arises out of
or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in conformity with information furnished by the Subscriber
or any such controlling person in writing specifically for use in the
Registration Statement or related prospectus, as amended or
supplemented.

    
      
         

      

      
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    (ii)           The
Subscriber will, to the extent permitted by law, indemnify and hold harmless the
Company, and each person, if any, who controls the Company within the meaning of
the Securities Act, each underwriter, each officer of the Company who signs the
Registration Statement and each director of the Company against all Claims to
which the Company or such officer, director, underwriter or controlling person
may become subject under the Securities Act or otherwise, insofar as such Claims
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in the Registration Statement, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company and each such officer, director,
underwriter and controlling person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action, provided, however, that the Subscriber will
be liable hereunder in any such case if and only to the extent that any such
Claim arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in
conformity with information pertaining to the Subscriber, as such, furnished in
writing to the Company by the Subscriber specifically for use in the
Registration Statement or related prospectus, as amended or
supplemented.

    

    (iii)           Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability which it may have to such indemnified party other
than under this section and shall only relieve it from any liability which it
may have to such indemnified party under this section except and only if and to
the extent the indemnifying party is materially prejudiced by such omission. In
case any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel satisfactory to such
indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this section for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected; provided,
however, that, if the defendants in any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are
different from or additional to those available to the indemnifying party or if
the interests of the indemnified party reasonably may be deemed to conflict with
the interests of the indemnifying party, the indemnified parties, as a group,
shall have the right to select one separate counsel and to assume such legal
defenses and otherwise to participate in the defense of such action, with the
reasonable expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the indemnifying party as incurred.
The indemnifying party shall not be liable for any settlement of any such
proceeding affected without its written consent, which consent shall not be
unreasonably withheld.

    

    (iv)           In
order to provide for just and equitable contribution in the event of joint
liability under the Securities Act in any case in which either (i) the
Subscriber, or any controlling person of the Subscriber, makes a claim for
indemnification pursuant to this section but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that
such indemnification may not be enforced in such case notwithstanding the fact
that this section provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of the
Subscriber or controlling person of the Subscriber in circumstances for which
indemnification is not provided under this section, then, and in each such case,
the Company and the Subscriber will contribute to the aggregate losses, claims,
damages or liabilities to which they may be subject (after contribution from
others) in a manner that reflects, as near as practicable, the economic effect
of the foregoing provisions of this section. Notwithstanding the foregoing, no
person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 10(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent
misrepresentation.

    

    (f)          Delivery of Unlegended
Shares.

    

    (i)           Within
three business days (such business day, the “Unlegended Shares Delivery Date”)
after the business day on which the Company has received (i) a notice that
Shares have been sold either pursuant to, and in compliance with, the
Registration Statement or Rule 144 under the Securities Act and (ii) in the case
of sales under Rule 144, customary representation letters of the Subscriber and
Subscriber’s broker regarding compliance with the requirements of Rule 144, the
Company at its expense, (A) shall deliver the Shares so sold without any
restrictive legends relating to the Securities Act (the “Unlegended Shares”);
and (B) shall cause the transmission of the certificates representing the
Unlegended Shares together with a legended certificate representing the balance
of the unsold Shares, if any, to the Subscriber at the address specified in the
notice of sale, via express courier, by electronic transfer or otherwise on or
before the Unlegended Shares Delivery Date.  Transfer fees shall be
the responsibility of the Subscriber.

    
      
         

      

      
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    (ii)           In
lieu of delivering physical certificates representing the Unlegended Shares, if
the Company’s transfer agent is participating in the Depository Trust Company
(“DTC”) Fast Automated Securities Transfer program, upon request of the
Subscriber, so long as the certificates therefor do not bear a legend and the
Subscriber is not obligated to return such certificate for the placement of a
legend thereon, the Company shall use its best efforts to cause its transfer
agent to electronically transmit the Unlegended Shares by crediting the account
of Subscriber’s broker with DTC through its Deposit/Withdrawal at Custodian
system.  Such delivery must be made on or before the Unlegended Shares
Delivery Date but is subject to the cooperation of the Subscriber’s broker (the
so-called DTC participant).

    

    (iii)           The
Subscriber agrees that the removal of the restrictive legend from certificates
representing the Shares as set forth in this section is predicated upon the
Company’s reliance that the Subscriber will sell any Shares pursuant to either
the registration requirements of the Securities Act, including any applicable
prospectus delivery requirements, or an exemption therefrom.

    

    8.           Miscellaneous.

    

    (a)          Notices.  All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) delivered by reputable
overnight courier service with charges prepaid, or (iii) transmitted by fax,
addressed, if to the Company, to Chief Financial Officer, American DG Energy
Inc., 45 First Avenue, Waltham, MA 02451, fax: (781) 622-1027, and if to the
Subscriber, to the Subscriber at the address set forth on the signature pages
hereto or to such other address as such party shall have specified most recently
by written notice.

    

    (b)          Amendments;
Waivers.  No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by
the Company and the Subscriber.  No waiver of any default with respect
to any provision, condition or requirement of this Agreement shall be deemed to
be a continuing waiver in the future or a waiver of any subsequent default or a
waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

    

    (c)         
Legal
Fees.   Each party shall pay its own legal fees and
expenses in connection with the transactions contemplated by this
Agreement.

    

    (d)          Entire Agreement;
Assignment.  This Agreement and other documents delivered in
connection herewith represent the entire agreement between the parties hereto
with respect to the subject matter hereof.  Neither the Company nor
the Subscriber have relied on any representations not contained or referred to
in this Agreement and the documents delivered herewith.  No right or
obligation of either party shall be assigned by that party without prior notice
to and the written consent of the other party.

    

    (e)          Counterparts/Execution.  This
Agreement may be executed in any number of counterparts and by the different
signatories hereto on separate counterparts, each of which, when so executed,
shall be deemed an original, but all such counterparts shall constitute but one
and the same instrument.  Signatures to this Agreement may be
delivered by fax or by scan/email.

    

    (f)           Law Governing this
Agreement.  This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware without regard to
principles of conflicts of laws. Any action brought by either party against the
other concerning the transactions contemplated by this Agreement shall be
brought only in the state courts of Massachusetts or in the federal courts
located in Massachusetts.  The parties and the individuals executing
this Agreement and other agreements referred to herein or delivered in
connection herewith on behalf of the Company agree to submit to the jurisdiction
of such courts and waive trial by jury.

    

    (g)          Equitable
Adjustment.   The Shares and the purchase price Per Share
shall be equitably adjusted to offset the effect of stock splits, stock
dividends, and distributions of property or equity interests of the Company to
its shareholders prior to the Second Closing.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    Signature Page and
Questionnaire – First Closing October 2009

    

    The
Subscriber hereby executes this Subscription Agreement. By initialing the
appropriate space below, the Subscriber hereby represents that the Subscriber
is:

    

    
      	
              
                _____________

              

              (initials)

            	 
      	
              a
      corporation, a business trust, or a partnership, not formed for the
      specific purpose of acquiring the Shares, with total assets in excess of
      $5,000,000.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      natural person whose individual net worth, or joint net worth with his or
      her spouse, exceeds $1,000,000.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      natural person who had an individual income in excess of $200,000 in each
      of the two most recent years, or joint income with his or her spouse in
      excess of $300,000 in each of those years, and has a reasonable
      expectation of reaching the same income level in the current
      year.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      trust with total assets in excess of $5,000,000, not formed for the
      specific purpose of acquiring the Shares.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              an
      entity in which all of the equity owners fall within one of the categories
      set forth above.

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        U.S. $2.10

                                      	 
      	 
      
	
                                        Share
      purchase price at First Closing é

                                      	 
      	
                                        Subscriber’s
      name é

                                      
	 	 	 
	 
      	 
      	 
      
	
                                        Number of Shares purchased at First Closing
      é

                                      	 
      	
                                        Subscriber’s signature é

                                      
	 
      	 
      	 
      
	
                                        $

                                      	 
      	 
      
	
                                        Aggregate
      dollar amount being purchased at

                                        First
      Closing é

                                      	 
      	
                                         

                                        Address of the Subscriber ê

                                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 	 	 
	 	 	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 	 	 
	 
      	 
      	 
      
	
                                                    Agreed
      and Accepted - American DG Energy Inc.:

                                                  	 
      	
                                                    Phone number:

                                                  
	 
      	 
      	 
      
	
                                                    By:

                                                  	 
      	
                                                    Email address:

                                                  
	 
      	 
      	 
      
	
                                                    Date:

                                                  	 
      	
                                                    U.S. Tax ID # (if
  any):

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Signature Page and
Questionnaire – Second Closing December 2009

    

    The
Subscriber hereby executes this Subscription Agreement. By initialing the
appropriate space below, the Subscriber hereby represents that the Subscriber
is:

    

    
      	
              
                _____________

              

              (initials)

            	 
      	
              a
      corporation, a business trust, or a partnership, not formed for the
      specific purpose of acquiring the Shares, with total assets in excess of
      $5,000,000.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      natural person whose individual net worth, or joint net worth with his or
      her spouse, exceeds $1,000,000.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      natural person who had an individual income in excess of $200,000 in each
      of the two most recent years, or joint income with his or her spouse in
      excess of $300,000 in each of those years, and has a reasonable
      expectation of reaching the same income level in the current
      year.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              a
      trust with total assets in excess of $5,000,000, not formed for the
      specific purpose of acquiring the Shares.

            
	 
      	 
      	 
      
	
              
                _____________

              

              (initials)

            	 
      	
              an
      entity in which all of the equity owners fall within one of the categories
      set forth above.

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          U.S.
      $3.10

                                        	 
      	 
      
	
                                          Share
      purchase price at Second Closing é

                                        	 
      	
                                          Subscriber’s
      name é

                                        
	 	 	 
	 
      	 
      	 
      
	
                                          Number
      of Shares purchased, at the Subscriber’s option, at Second Closing é

                                        	 
      	
                                          Subscriber’s
      signature é

                                        
	 
      	 
      	 
      
	
                                          $

                                        	 
      	 
      
	
                                          Aggregate
      dollar amount being purchased, at the Subscriber’s option, at Second
      Closing é

                                        	 
      	
                                           

                                          Address
      of the Subscriber ê

                                        
	 	 	 
	 	 	 
	 	 	 
	 
      	 
      	 
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                    Agreed
      and Accepted - American DG Energy Inc.:

                                  	 
      	
                                    Phone
      number:

                                  
	 
      	 
      	 
      
	
                                    By:

                                  	 
      	
                                    Email
      address:

                                  
	 
      	 
      	 
      
	
                                    Date:

                                  	 
      	
                                    U.S.
      Tax ID # (if
any):

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
         

      

      
        9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]