Document:

Exhibit 4.1

 

NEITHER THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED
UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

NEW ENERGY TECHNOLOGIES, INC.

 

FORM OF SERIES G WARRANT

 

No. G-0001

 

April 17, 2012

 

New Energy Technologies, Inc., a Nevada corporation (the “Company”),
hereby certifies that 1420524 Alberta Ltd., its permissible transferees, designees, successors
and assigns (collectively, the “Holder”), for value received, is entitled to purchase from the Company at any
time and from time to time commencing on the date first appearing above (the “Issuance Date”), up to and through
12:01a.m. (EST) on the date three (3) years from the Issuance Date (the “Termination Date”) up to 625,000
shares (each, a “Share” and collectively the “Shares”) of the Company’s common stock,
par value $0.001 (the “Common Stock”), at an exercise price per Share as further defined below (the “Exercise
Price”). The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section
5 hereof.

 

This Warrant is being issued to Holder in
connection with the Bridge Loan Agreement (the “Agreement”) entered into as of even date as this Warrant by
and between the Company and Holder. Any capitalized but undefined terms used herein shall have the meaning set forth in the Agreement
unless the context otherwise requires.

 

1.      
Determination of Exercise Price.

 

The initial Exercise Price per Share shall
be equal to eighty-four (84%) percent of the average of the closing price for the Company’s common stock as reported on the
OTCQB for the five trading days immediately preceding the Closing Date (the “IFCP”), subject to adjustment as
provided herein (and, as adjusted, the “FCP”).

 

In addition to adjustments for stock splits,
consolidations, and other standard anti-dilution provisions, as provided in Section 5 hereof, if at any time the Loan is outstanding,
Company completes a debt or equity financing (inclusive of derivative securities) at a purchase price or conversion or exercise
price (the “Lower Offering Price”) which is less than the then applicable IFCP or the FCP, as the case may be,
then the IFCP or the FCP, as the case may be, will be reduced to such Lower Offering Price, provided that the FCP shall in no event
be lower than $1.00 per share.

 

2.      
Method of Exercise; Payment.

 

(a)Exercise. The purchase rights
represented by this Warrant may be exercised, either for cash or on a cashless basis, by the Holder, in whole or in part, at any
time, or from time to time, by the surrender of this Warrant (with the notice of exercise form (the “Notice of Exercise”)
attached hereto as Exhibit A duly executed) at the principal office of the Company, and by payment to the Company of an
amount equal to the Exercise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election
of the Holder, by wire transfer or certified check payable to the order of the Company. The person or persons in whose name(s)
any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s)
of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares
shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is
exercised.

 

    	 

    	 	

    
 

In the event Holder wishes to exercise this
Warrant by means of a “cashless exercise” in which Holder shall be entitled to receive a certificate for the
number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) equals the average of the closing
price of the Company’s Common Stock, as reported (in order of priority) on the Trading Market on which the Company’s
Common Stock is then listed or quoted for trading on the Trading Date preceding the date of the election to exercise; or, if the
Company’s Common Stock is not then listed or traded on a Trading Market, then the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Recipient and the Company, the fees and expenses
of which shall be paid by the Company for the three (3) Trading Days immediately preceding the date of such election;

 

(B) equals the Exercise Price of
the Warrant, as adjusted from time to time in accordance herewith; and

 

(X) equals
the number of Warrant Shares Holder wishes to exercise in accordance with the terms of this Warrant by means
of a cashless exercise.

 

(b)Stock Certificates. In the
event of any exercise of the rights represented by this Warrant, as promptly as practicable after this Warrant is surrendered and
delivered to the Company along with all other appropriate documentation on or after the date of exercise and in any event within
ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same
a certificate or certificates for the number of Shares issuable upon such exercise. In the event this Warrant is exercised in part,
the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Shares for which
this Warrant may then be exercised.

 

(c)Taxes. The issuance of the
Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments representing such Shares, shall
be made without charge to the Holder for any tax or other charge in respect of such issuance.

 

3.      
Warrant.

 

(a)Transfer and Replacement.
Subject to compliance with applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company
or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto as Exhibit
B duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly
be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having
a new Warrant issued. The Holder consents that the Company may, if it desires, permit the transfer of this Warrant out of the Holder’s
name only when the Holder’s request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company
that neither the sale nor the proposed transfer results in a violation of the Securities Act of 1933, as amended (the “Securities
Act”), or any applicable state “blue sky” laws. At any time prior to the exercise hereof, this Warrant may
be exchanged upon presentation and surrender to the Company, alone or with other warrants of like tenor of different denominations
registered in the name of the same Holder, for another warrant or warrants of like tenor in the name of such Holder exercisable
for the aggregate number of Shares as the warrant or warrants surrendered.

 

(b)Replacement of Warrant. Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and,
in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and
amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at
its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.

 

    	 

    	 	

    
 

(c)Cancellation. Payment of Expenses.
Upon the surrender of this Warrant in connection with any transfer, exchange or replacement as provided in this Section 3, this
Warrant shall be promptly canceled by the Company. The Holder shall pay all taxes and all other expenses (including legal expenses,
if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution and delivery of
Warrants pursuant to this Section 3.

 

(d)Warrant Register. The Company
shall maintain, at its principal executive offices (or at the offices of the transfer agent for the Warrant or such other office
or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant (the “Warrant
Register”), in which the Company shall record the name and address of the person in whose name this Warrant has been
issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

4.      
Rights and Obligations of Holders of this Warrant.

 

The Holder of this Warrant shall not, by
virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or in equity; provided, however, that in
the event any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise
of this Warrant, such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the
date on which this Warrant, together with a duly executed Notice of Exercise, was surrendered and payment of the aggregate Exercise
Price was made, irrespective of the date of delivery of such Common Stock certificate.

 

5.      
Adjustments.

 

During the Exercise Period, the Exercise
Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 5.

 

(a)Subdivision or Combination of
Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization,
reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the
date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise)
the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting such
combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased.

 

(b)Adjustment in Number of Shares. Upon each
adjustment of the Exercise Price pursuant to the provisions of this Section 5, the number of shares of Common Stock issuable upon
exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately prior to such
adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such adjustment
and dividing the product so obtained by the adjusted Exercise Price.

 

(c)Consolidation, Merger or Sale. In case of
any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or conveyance
of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company,
then as a condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby the holder of
this Warrant will have the right to acquire and receive upon exercise of this Warrant in lieu of the shares of Common Stock immediately
theretofore acquirable upon the exercise of this Warrant, such shares of stock, securities or assets as may be issued or payable
with respect to or in exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon
exercise of this Warrant had such consolidation, merger or sale or conveyance not taken place. In any such case, the Company will
make appropriate provision to insure that the provisions of this Section 5 hereof will thereafter be applicable as nearly as may
be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The Company will
not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof, the successor corporation
(if other than the Company) assumes by written instrument the obligations under this Section 5 and the obligations to deliver to
the holder of this Warrant such shares of stock, securities or assets as, in accordance with the foregoing provisions, the holder
may be entitled to acquire.

 

    	 

    	 	

    
 

(d)Distribution of Assets. In case the Company
shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend,
by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution,
but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase
of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable
to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders
entitled to such distribution.

 

(e)Notice of Adjustment. Upon the occurrence
of any event which requires any adjustment of the Exercise Price, then, and in each such case, the Company shall give notice thereof
to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease
in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based. Such calculation shall be certified by the Chief Financial Officer of the Company.

 

(f)Minimum Adjustment of Exercise Price. No adjustment
of the Exercise Price shall be made in an amount of less than 1% of the Exercise Price in effect at the time such adjustment is
otherwise required to be made, but any such lesser adjustment shall be carried forward and shall be made at the time and together
with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to not less than 1% of
such Exercise Price.

 

(g)No Fractional Shares. No fractional shares
of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall round up the number of shares to the
issued.

 

(h)Other Notices. In case at any time:

 

		(i)	the Company shall declare any dividend upon the Common
Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions payable in
cash out of retained earnings) to the holders of the Common Stock;

 

		(ii)	the Company shall offer for subscription pro rata
to the holders of the Common Stock any additional shares of stock of any class or other rights;

 

		(iii)	there shall be any capital reorganization of the Company,
or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all or substantially
all its assets to, another corporation or entity; or

 

		(iv)	there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

 

then, in each such case, the Company shall
give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken
for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for
determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof
by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall
be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other
securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation,
or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the
Company’s books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the
validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.

 

    	 

    	 	

    

 

(i)Certain Events. If any event occurs of the
type contemplated by the adjustment provisions of this Section 5 but not expressly provided for by such provisions, the Company
will give notice of such event as provided in Section 9 hereof, and the Company’s Board of Directors will make an appropriate
adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon exercise of this Warrant so that the
rights of the holder shall be neither enhanced nor diminished by such event.

 

6.      
Legends.

 

Prior to issuance of the shares of Common
Stock underlying this Warrant, all such certificates representing such shares shall bear a restrictive legend to the effect that
the Shares represented by such certificate have not been registered under the Securities Act, and that the Shares may not be sold
or transferred in the absence of such registration or an exemption therefrom, such legend to be substantially in the form of the
bold-face language appearing at the top of Page 1 of this Warrant.

 

7.      
Disposition of Warrants or Shares.

 

The Holder of this Warrant, each transferee
hereof and any holder and transferee of any Shares, by his or its acceptance thereof, agrees that no public distribution of Warrants
or Shares will be made in violation of the provisions of the Securities Act. Furthermore, it shall be a condition to the transfer
of this Warrant that any transferee thereof deliver to the Company his or its written agreement to accept and be bound by all of
the terms and conditions contained in this Warrant.

 

8.      
Merger or Consolidation.

 

The Company will not merge or consolidate
with or into any other corporation, or sell or otherwise transfer its property, assets and business substantially as an entirety
to another corporation, unless the corporation resulting from such merger or consolidation (if not the Company), or such transferee
corporation, as the case may be, shall expressly assume, by supplemental agreement reasonably satisfactory in form and substance
to the Holder, the due and punctual performance and observance of each and every covenant and condition of this Warrant to be performed
and observed by the Company.

 

9.      
Notices.

 

Except as otherwise specified herein to
the contrary, all notices, requests, demands and other communications required or desired to be given hereunder shall only be effective
if given in writing by certified or registered U.S. mail with return receipt requested and postage prepaid; by private overnight
delivery service (e.g. Federal Express); by facsimile transmission (if no original documents or instruments must accompany the
notice); or by personal delivery. Any such notice shall be deemed to have been given (a) on the business day immediately following
the mailing thereof, if mailed by certified or registered U.S. mail as specified above; (b) on the business day immediately following
deposit with a private overnight delivery service if sent by said service; (c) upon receipt of confirmation of transmission if
sent by facsimile transmission; or (d) upon personal delivery of the notice. All such notices shall be sent to the following addresses
(or to such other address or addresses as a party may have advised the other in the manner provided in this Section 9):

 

If to the Company:

 

New Energy Technologies,
Inc.

9192 Red Branch Rd.

Suite 110

Columbia, Maryland
21045

President and Chief
Executive Officer

 

If to the Holder:

 

    	 

    	 	

    

 

Notwithstanding the time of effectiveness
of notices set forth in this Section 10, a Notice of Exercise shall not be deemed effectively given until it has been duly completed
and submitted to the Company together with this original Warrant and payment of the Exercise Price in a manner set forth in this
Section 9.

 

10.   
Limitation on Exercise.

 

Notwithstanding anything to the contrary
contained herein, the number of shares of Common Stock that may be acquired by the Holder upon any exercise of this Warrant (or
otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance),
the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other persons whose
beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act, does not exceed 4.99% of the total number of issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. The holder may waive the restriction
in whole or in part upon and effective after 61 days prior written notice to the Company to change the beneficial ownership to
9.99%, but not in excess thereof. This provision shall not restrict the number of shares of Common Stock which a Holder may receive
or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event
of a merger or other business combination or reclassification involving the Company.

 

11.   
Governing Law.

 

This Agreement shall be governed by and
construed solely and exclusively in accordance with and pursuant to the internal laws of the State of New York without regard to
the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding
arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or state court located
in the City of New York. By its execution hereof, the parties hereby covenant and irrevocably submit to the in personam jurisdiction
of the federal and state courts located in the City of New York, New York and agree that any process in any such action may be
served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested,
with the same full force and effect as if personally served upon them in New York. The parties hereto expressly and irrevocably
waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of
in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall
be entitled to payment from the other party hereto of all of its reasonable counsel fees and disbursements.

 

12.   
Successors and Assigns.

 

This Warrant shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns.

 

13.   
Headings.

 

The headings of various sections of this
Warrant have been inserted for reference only and shall not affect the meaning or construction of any of the provisions hereof.

 

14.   
Severability.

 

If any provision of this Warrant is held
to be unenforceable under applicable law, such provision shall be excluded from this Warrant, and the balance hereof shall be interpreted
as if such provision were so excluded.

 

15.   
Modification and Waiver.

 

This Warrant and any provision hereof may
be amended, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.

 

    	 

    	 	

    
 

16.   
Specific Enforcement.

 

The Company and the Holder acknowledge and
agree that irreparable damage would occur in the event that any of the provisions of this Warrant were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction
or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions
hereof, this being in addition to any other remedy to which either of them may be entitled by law or equity.

 

17.   
Assignment.

 

This Warrant may be transferred or assigned,
in whole or in part, at any time and from time to time by the then Holder by submitting this Warrant to the Company together with
a duly executed Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant as
Exhibit B hereto, and, upon the Company’s receipt thereof, and in any event, within five (5) business days thereafter, the
Company shall issue a Warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred
or assigned.

 

[Signature Page Follows]

 

    	 

    	 	

    
 

 

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

 

Date: April 17, 2012

 

NEW ENERGY TECHNOLOGIES, INC.

 

 

 

 

By: ______________________

Name: John Conklin

Title: President & Chief Executive Officer

 

    	 

    	 	

    
 

EXHIBIT A

 

NOTICE OF EXERCISE

 

To Be Executed by the Holder in Order to
Exercise the Warrant

 

The undersigned Holder hereby elects to purchase _______ Shares
pursuant to the attached Warrant, and requests that certificates for securities be issued in the name of:

 

__________________________________________________________

 

__________________________________________________________

 

__________________________________________________________

(Please type or print name and address)

 

__________________________________________________________

 

(Social Security or Tax Identification Number)

 

and to be delivered to:______________________________________________________________

 

___________________________________________________________________.

 

(Please type or print name and address if different from above)

 

If such number of Shares being purchased
hereby shall not be all the Shares that may be purchased pursuant to the attached Warrant, a new Warrant for the balance of such
Shares shall be registered in the name of, and delivered to, the Holder at the address set forth below.

 

In full payment of the purchase price with
respect to the Shares purchased and transfer taxes, if any, the undersigned hereby tenders payment of $__________ by check, money
order or wire transfer payable in United States currency to the order of [________________].

 

HOLDER:

 

By:_____________________________________

Name:

Title:

Address:

 

Dated: _________________Exhibit 10.1

 

Bridge
Loan Agreement

 

THIS BRIDGE LOAN AGREEMENT
is dated as of April 17, 2012, by and between New Energy Technologies, Inc., a corporation organized under the laws of the State
of Nevada (“Borrower”), and 1420524 Alberta Ltd., a corporation organized under the laws of Alberta, Canada
(“Creditor”).

 

W I T N E S S E T H:

 

WHEREAS, Borrower
and Creditor have entered into a non-binding term sheet dated April 12, 2012, pursuant to which the parties hereto have laid out
certain of the terms and conditions pursuant to which Creditor has agreed to make a loan in the principal amount of ONE MILLION
DOLLARS (US$1,000,000) (the “Loan Amount”) to Borrower; and

 

WHEREAS, Creditor
is willing to make such loan to Borrower on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE,
the parties hereto, in consideration of their mutual covenants hereinafter set forth and intending to be legally bound hereby,
agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.01.Certain Definitions. In
addition to other words and terms defined elsewhere in this Agreement, as used herein the following words and terms shall have
the following meanings, respectively:

 

“Agreement” shall mean
this Bridge Loan Agreement as the same may be amended, modified or supplemented from time to time.

 

“Closing” shall mean
the execution and delivery of the Loan Documents by Borrower and Creditor and the delivery of the Loan Amount to the Company by
the Borrower.

 

“Closing Date” shall
mean the date of the Closing.

 

“Event of Default” shall
mean any of the events of default described in Section 6.01.

 

“Loan” shall mean the
$1,000,000 loan to be made by Creditor to Borrower pursuant to this Agreement.

 

“Loan Documents” shall
mean, collectively, this Agreement, the Promissory Note, and any and all other documents delivered by or on behalf of Borrower
in connection with the Loan, as the same may be amended, modified or supplemented from time to time.

 

“Note” or “Promissory
Note” shall mean Borrower’s $1,000,000 promissory note to Creditor dated the date hereof and attached hereto as
Exhibit A, as said Note may be extended, renewed, refinanced, refunded, amended, modified or supplemented from time
to time, and any replacement or successor note.

 

“Official Body” shall
mean any government or political subdivision or any agency, authority, bureau, department or instrumentality of either, or any
court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

 

“Potential Default”
shall mean any condition, event, act or omission which, with the giving of notice or passage of time or both, would constitute
an Event of Default as described in Article VI below.

 

1.02.Construction of Agreement.
Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular and vice versa.
References in this Agreement to “judgments” of Creditor include good faith estimates by Creditor (in the case
of quantitative judgments) and good faith beliefs by Creditor (in the case of qualitative judgments). The words “hereof,”
“herein,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole
and not to any particular provision of this Agreement. The section and other headings contained in this Agreement are for reference
purposes only and shall not control or affect the construction of this Agreement or the interpretation hereof in any respect. Section
and subsection references are to this Agreement unless otherwise specified.

 

    	 

    	 	

    
 

ARTICLE II

THE LOAN

 

2.01.Agreement to Lend; Use of Proceeds.
Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, Creditor agrees
to make a $1,000,000 loan to Borrower, such funds to be disbursed to Borrower on the Closing Date. The proceeds of the Loan will
be used for general and administrative, and technical purposes as Borrower sees fit.

 

2.02.Note. The obligation of
Borrower to repay the principal and interest of the Loan shall be evidenced by the Note.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants to Creditor that:

 

3.01.Authority and Authorization.
Borrower has the power and authority to execute and deliver this Agreement, to make the borrowing provided for herein, to execute
and deliver the Note in evidence of such borrowing, to execute and deliver the other Loan Documents to which Borrower is a party
and to perform its obligations hereunder and under the Note and the other Loan Documents, and all such action has been duly and
validly authorized.

 

3.02.Execution and Binding Effect.
This Agreement, the Note and the other Loan Documents to which Borrower is a party have been duly and validly executed and delivered
by Borrower and constitute legal, valid and binding obligations of Borrower, enforceable in accordance with the terms hereof and
thereof, subject to the effect of bankruptcy, insolvency, reorganization, arrangement, moratorium, or other similar laws relating
to or affecting the rights of creditors generally.

 

3.03.Authorizations and Filings.
No authorization, consent, approval, license, exemption or other action by, and no registration, qualification, designation, declaration
or filing with, any Official Body is or will be necessary or advisable in connection with the execution and delivery of this Agreement,
the Note or the other Loan Documents, consummation of the transactions herein or therein contemplated or performance of or compliance
with the terms and conditions hereof or thereof.

 

3.04.Absence of Conflicts. Neither
the execution and delivery of this Agreement, the Note or the other Loan Documents nor consummation of the transactions herein
or therein contemplated nor performance of or compliance with the terms and conditions hereof or thereof will (a) violate any law,
(b) conflict with or result in a breach of or a default under any agreement or instrument to which Borrower is a party or by which
either of them or any of their properties (now owned or hereafter acquired) may be subject or bound or (c) result in the creation
or imposition of any lien, charge, security interest or encumbrance upon any property (now owned or hereafter acquired) of Borrower.

 

3.05.Financial Condition. Borrower has not applied
for or consented to the appointment of a receiver, trustee or liquidator of itself or any of its property, admitted in writing
its inability to pay its debts as they mature, made a general assignment for the benefit of creditors, been adjudicated a bankrupt
or insolvent or filed a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with
creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation
law or statute, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such
law, and no action has been taken by Borrower for the purpose of effecting any of the foregoing. No order, judgment or decree has
been entered by any court of competent jurisdiction approving a petition seeking reorganization of Borrower or all or a substantial
part of the assets of Borrower, or appointing a receiver, sequestrator, trustee or liquidator of it or any of its property.

 

    	 

    	 	

    
 

3.06.Defaults. No Event of Default
and no Potential Default has occurred and is continuing or exists.

 

3.07.Litigation. There is no
pending or (to Borrower’s knowledge) threatened proceeding by or before any Official Body against or affecting Borrower which
if adversely decided would have a material adverse effect on the business, operations or condition, financial or otherwise, of
Borrower or on the ability of Borrower to perform its obligations under the Loan Documents.

 

3.08.Power to Carry On Business.
Borrower has all requisite power and authority to own and operate as a business entity and to carry on its business as now conducted
and as presently planned to be conducted.

 

ARTICLE IV

CONDITIONS OF LENDING

 

The obligation of Creditor
to consummate the Closing and to make the Loan is subject to the satisfaction of the following conditions:

 

4.01.Representations and Warranties.
The representations and warranties contained in Article III hereof and in the other Loan Documents shall be true on and
as of the Closing Date. No Event of Default and no Potential Default shall have occurred and be continuing or shall exist or shall
occur and exist after the consummation of the Closing.

 

4.02.Warrants.
On or before the Closing Date Borrower shall issue to Creditor such documentation as required to evidence warrants substantially
in the form of Exhibit B hereto (the “Warrants”), to purchase up to 625,000 shares of the Borrower’s
common stock at an initial exercise price per share equal to one hundred twenty (120%) percent of the IFCP (as such term is defined
in Section 5.03 below). The Warrants shall contain, at a minimum: (i) a term of three (3) years; (ii) a provision the for
cashless exercise; (iii) provisions relating to the adjustment of the exercise price consistent with those afforded to the IFCP
or FCP (as such term is defined in Section 5.03 below) of the Loan provided that the exercise price shall in no event be
lower than $1.00 per share; and (iv) such other anti-dilution provisions as are customary.

 

4.03.Miscellaneous. Borrower
shall have furnished to Creditor such other instruments, documents and opinions as Creditor shall reasonably require to evidence
and secure the Loan and to comply with this Agreement, the Promissory Note and the requirements of regulatory authorities to which
Borrower is subject.

 

4.04.Details, Proceedings and Documents.
All legal details and proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory to Creditor
and Creditor shall have received all such counterpart originals or certified or other copies of such documents and proceedings
in connection with such transactions, in form and substance satisfactory to Creditor, as Creditor may from time to time request.

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

Borrower covenants
to Creditor as follows:

 

5.01.Notices. Promptly upon
becoming aware thereof, Borrower shall give Creditor notice of:

 

(a) any Event of Default
or Potential Default, together with a written statement setting forth the details thereof, and the action being taken by Borrower
to remedy the same; or

 

(b) the commencement,
existence or threat of any proceeding by or before any Official Body against or affecting Borrower which, if adversely decided,
would have a material adverse effect on the business, operations or condition, financial or otherwise, of Borrower or on its ability
to perform its obligations under the Loan Documents.

 

    	 

    	 	

    
 

5.02.Books and Records. Borrower
shall maintain and keep proper records and books of account in which full, true and correct entries shall be made of all its dealings
and business affairs.

 

5.03.Conversion
to Shares of Borrower’s Common Stock. Creditor may elect, in its sole discretion, to convert all or any portion
of the outstanding principal amount of the Loan, and any or all accrued and unpaid interest thereon into shares of common stock
of Borrower at an initial fixed conversion price equal to seventy (70%) percent of the average of the closing price for Borrower’s
common stock as reported on the OTCQB for the five trading days immediately preceding the Closing Date (the “IFCP”),
subject to adjustment as provided herein (and, as adjusted, the “FCP”). An election to convert all or any portion
of the then outstanding principal amount of the Loan, and/or any accrued and unpaid interest thereon, shall be effected by delivery
by the Creditor of a notice of conversion substantially in the form of Exhibit C hereto.

 

In addition to adjustments for stock splits,
consolidations, and other standard anti-dilution provisions, if at any time the Loan is outstanding, Borrower completes a debt
or equity financing (inclusive of derivative securities) at a purchase price or conversion or exercise price (the “Lower
Offering Price”) which is less than the then applicable IFCP or the FCP, as the case may be, then the IFCP or the FCP,
as the case may be, will be reduced to such Lower Offering Price, provided that the FCP shall in no event be lower than $1.00 per
share.

 

5.04.Right
to Participate in Future Financings. Creditor shall have the right, but not the obligation, so long as any part of the
principal of the Loan (or any accrued and unpaid interest thereon) remains outstanding to participate, on the same terms and conditions
as other investors, in any equity or debt financings effected by Borrower; and, in any such financing in which the Creditor may
elect, in its sole discretion, to participate the Creditor may, at its option, apply the then outstanding principal balance of
the Loan (and accrued and unpaid interest thereon) towards the purchase price of the securities acquired by it in any such financing.

 

5.05.Registration
Statement. Borrower hereby agrees to file a registration statement with the United States Securities and Exchange Commission
covering the shares issuable upon exercise of the Warrants no later than 60 days following a written request for such registration
from Creditor.

 

5.06.Other Obligations. Borrower
shall maintain all obligations of Borrower in whatsoever manner incurred, including but not limited to obligations for borrowed
money or for services or goods purchased by Borrower, in a current status.

 

ARTICLE VI

DEFAULTS

 

6.01.Events of Default. An Event
of Default shall mean the occurrence or existence of one or more of the events or conditions (whatever the reason for such Event
of Default and whether voluntary, involuntary or effected by operation of law) described below which continues and persists for
thirty (30) days beyond the required date of notice of such Event of Default specified in Section 5.01:

 

Failure
to pay any required principal repayment on the Loan when due or failure to pay any cash interest (if applicable)
on the Loan within 30 days of the date upon which such interest is due;

 

	 	i.	Failure to pay, or any default in the payment of, any principal of or any interest on any debt for money borrowed (other than the Loan, which is covered by (i) above) of Borrower, which remains uncured for a period of 30 days.

 

	 	ii.	Any material breach of representations and warranties made by Borrower, which remains uncured for a period of 30 days after notice by Creditor;

 

	 	iii.	Bankruptcy or insolvency of Borrower; and

 

	 	iv.	And final judgment, writ or warrant of attachment in an amount greater than $100,000 filed against Borrower or its assets which remains unbonded, uninsured or unstayed for 120 days.

 

    	 

    	 	

    
 

 

	 	v.	Failure to deliver the shares of the Company’s common stock within five (5) days of the delivery of a Notice of Conversion.

 

6.02.Consequences of an Event of
Default. If an Event of Default specified in Section 6.01 shall occur and continue after the expiration of applicable
notice and grace periods, if any, set forth therein, Creditor may, by notice to Borrower, declare the unpaid principal amount of
the Note and all other amounts owing by Borrower hereunder or under the Note or the other Loan Documents to be immediately due
and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an
action therefor shall immediately accrue.

 

ARTICLE VII

MISCELLANEOUS

 

7.01.Further Assurances. From
time to time upon the request of Creditor, Borrower shall promptly and duly execute, acknowledge and deliver any and all such further
instruments and documents as Creditor may reasonably deem necessary or desirable to confirm this Agreement and the Note, to carry
out the purpose and intent hereof and thereof or to enable Creditor to enforce any of its rights hereunder or thereunder.

 

7.02.Amendments and Waivers.
Creditor and Borrower may from time to time enter into agreements amending, modifying or supplementing this Agreement or the Note
or any other Loan Document or changing the rights of Creditor or of Borrower hereunder or thereunder, and Creditor may from time
to time grant waivers or consents to a departure from the due performance of the obligations of Borrower hereunder or thereunder.
Any such agreement, waiver or consent must be in writing and shall be effective only to the extent specifically set forth in such
writing. In the case of any such waiver or consent relating to any provision hereof any Event of Default or Potential Default so
waived or consented to shall be deemed to be cured and not continuing, but no such waiver or consent shall extend to any other
or subsequent Event of Default or Potential Default or impair any right consequent thereto.

 

7.03.No Implied Waiver; Cumulative
Remedies. No course of dealing and no delay or failure of Creditor in exercising any right, power or privilege under any of
the Loan Documents shall affect any other exercise thereof or exercise of any other right, power or privilege. The rights and remedies
of Creditor under this Agreement are cumulative and not exclusive of any rights or remedies which Creditor would otherwise have
under the other Loan Documents, at law or in equity.

 

7.04.Notices. Any notice or
other communication required or permitted hereunder shall be in writing and, unless delivery instructions are otherwise expressly
set forth above herein, either delivered personally (effective upon delivery), by facsimile transmission (effective on the next
day after transmission), by recognized overnight delivery service (effective on the next day after delivery to the service), or
by registered or certified mail, postage prepaid and return receipt requested (effective on the third Business Day after the date
of mailing), at the following addresses or facsimile transmission numbers (or at such other address(es) or facsimile transmission
number(s) for a Party as shall be specified by like notice, effective day of transmission):

 

If to the Borrower,
at:

New Energy Technologies, Inc.

9192 Red Branch Road

Suite 110

Columbia, Maryland 21045

Attention: President & CEO

 

If to Creditor,
at:

 

or to such other persons or at such other
addresses as shall be furnished by any party by like notice to the others. No change in any of such addresses shall be effective
insofar as notices under this Section 7.04 are concerned unless such changed address shall
have been given to such other party hereto as provided in this Section 7.04. For purposes hereof,
the term “Business Day” means any day other than a Saturday, Sunday or any day on which banks in the State of
New York are authorized or required by federal law to be closed in New York, New York.

 

    	 

    	 	

    
 

7.05.No Third Party Rights.
Except as contemplated by Section 7.08 hereof, nothing in this Agreement, whether express or implied, shall be construed
to give to any person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement,
which is intended for the sole and exclusive benefit of the parties hereto.

 

7.06.Severability. The provisions
of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole
or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining
provisions hereof in any jurisdiction.

 

7.07.Number and Gender. For
purposes of this Agreement, the singular shall be deemed to include the plural and the neuter shall be deemed to include the masculine
and feminine, and vice versa, as the context may require.

 

7.08.Heirs, Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of Creditor, Borrower and their respective heirs, successors and
assigns, except that Borrower may not assign or transfer any of its rights hereunder without the prior written consent of Creditor.
Except to the extent otherwise required by the context of this Agreement, the term “Creditor” where used in
this Agreement shall mean and include any holder of the Note originally issued to Creditor hereunder, and the holder of such Note
shall be bound by and have the benefits of this Agreement the same as if such holder had been a signatory hereto.

 

7.09Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together
shall constitute one and the same instrument. The exchange of copies of this Agreement or amendments thereto and of signature pages
by facsimile transmission or by email transmission in portable digital format, or similar format, shall constitute effective execution
and delivery of such instrument(s) as to the parties and may be used in lieu of the original Agreement or amendment for all purposes.
Signatures of the parties transmitted by facsimile or by email transmission in portable digital format, or similar format, shall
be deemed to be their original signatures for all purposes.

 

7.10.Governing
Law. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of New
York without giving effect to the choice of law provisions thereof. The parties to this Agreement, acting for themselves and for
their respective successors and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably
elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent
and subject themselves to the jurisdiction of, the courts of the State of New York located in County of New York, and/or the United
States District Court for the Southern District of New York, in respect of any matter arising under this Agreement. Service of
process, notices and demands of such courts may be made upon any party to this Agreement by personal service at any place where
it may be found or giving notice to such party as provided in Section 7.04.

 

 

[Signature Page Follows]

 

    	 

    	 	

    
 

IN WITNESS WHEREOF, the parties hereto
have duly executed and delivered this Agreement as of the date first above written.

 

 

	
        New Energy
Technologies, Inc. 

 

 

 

 

 

	By: ______________________________

 

	Name: John Conklin

Title: President and Chief Executive
Officer

 

 

	
        1420524 Alberta Ltd.

        

 

 

 

 

 

	By: ______________________________

Name:

Title:

 

    	 

    	 	

    

 

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

 

	$1,000,000	April 17, 2012

 

FOR VALUE RECEIVED,
the undersigned New Energy Technologies, Inc., a Nevada corporation having its principal place of business at 9192 Red Branch
Road, Suite 110 Columbia, Maryland 21045 (“Maker”), hereby promises to pay to the
order of 1420524 Alberta Ltd. (“Payee”), in lawful money of the United States of America
, the principal sum of ONE MILLION DOLLARS (US$1,000,000), together with interest thereon, payable as set forth below.

 

The entire balance,
interest and principal, will be payable in full on the earlier of: (a) the closing of any debt or equity financing by Maker in
excess of ONE MILLION DOLLARS, or (b) April 16, 2013 (the “Maturity Date”). Interest on this Note shall compound
quarterly and shall accrue at the annual rate of seven percent (7%) as computed on the basis of a 365-day year. Interest will begin
to accrue as of the date hereof and is payable on the Maturity Date, accelerated or otherwise, when the principal and remaining
accrued but unpaid interest shall be due and payable. Following the occurrence and during the continuance of an Event of Default,
which, if susceptible to cure is not cured within the cure periods (if any) set forth in Section 6.01 of the Bridge Loan
Agreement, otherwise then from the first date of such occurrence until cured, the annual interest rate on this Note shall be fifteen
percent (15%), and be due on demand.

 

This Note may be prepaid
at any time, in whole or in part, without interest, penalty or premium of any kind.

 

If any payment of principal
or interest on this Note shall become due on a day which is a Saturday, Sunday or holiday, such payment shall be made on the next
succeeding business day.

 

Maker hereby waives
presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest.

 

No delay or omission
on the part of Payee or any holder hereof in exercising its rights under this Note, or course of conduct relating thereto, shall
operate as a waiver of such rights or any other right of Payee or any holder hereof, nor shall any waiver by Payee or any holder
hereof of any such right or rights on any one occasion be deemed a bar to, or waiver of, the same right or rights on any future
occasion.

 

Maker shall pay Payee
on demand any reasonable out-of-pocket expenses (including reasonable legal fees) arising out of or in connection with any action
or proceeding (including any action or proceeding arising in or related to any insolvency, bankruptcy or reorganization involving
or affecting Maker) taken to protect, enforce, collect, determine or assert any right or remedy under this Note.

 

This Note shall bind
Maker and the heirs and assigns of Maker, and the benefits hereof shall inure to the benefit of Payee and the heirs and assigns
of Payee. All references herein to “Maker” shall be deemed to apply to Maker and its heirs and assigns, and
all references herein to “Payee” shall be deemed to apply to Payee and its heirs and assigns.

 

In the event one person
or a group of related persons acquires more than 50% of the voting stock of Maker (other than the current principal shareholders
or Maker’s current senior management or trusts created for the benefit of the families of either the principal shareholders
or the current senior management), a Change of Control will have been deemed to have occurred. In the event of a Change of Control,
the Payee shall have the right, but not the obligation, to require Maker to repurchase all or any part of Maker’s Loan at
a price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest remaining.

 

Payee may elect, in
its sole discretion, to convert all or any portion of the outstanding principal amount of this Note, and any or all accrued and
unpaid interest thereon into shares of common stock of Maker at an initial fixed conversion price equal to seventy (70%) percent
of the average of the closing price for Maker’s common stock as reported on the OTCQB for the five trading days immediately
preceding the Closing Date (the “IFCP”), subject to adjustment as provided herein (and, as adjusted, the “FCP”).In
addition to adjustments for stock splits, consolidations, and other standard anti-dilution provisions, if at any time this Note
is outstanding, Maker completes a debt or equity financing (inclusive of derivative securities) at a purchase price or conversion
or exercise price (the “Lower Offering Price”) which is less than the then applicable IFCP or the FCP, as the
case may be, then the IFCP or the FCP, as the case may be, will be reduced to such Lower Offering Price, provided that the FCP
shall in no event be lower than $1.00 per share.

 

    	 

    	 	

    
 

This Note shall be
governed by and construed in accordance with the laws of the State of New York, including, but not limited to, New York
statutes of limitations. Any action brought by either party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the civil or state courts of New York or in the federal courts located in the State and county
of New York. Both parties and the individual signing this Agreement on behalf of the Maker agree to submit to the jurisdiction
of such courts. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.
In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with
such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity
or unenforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude the Payee
from bringing suit or taking other legal action against the Maker in any other jurisdiction to collect on the Maker’s obligations
to Payee, or to enforce a judgment or other decision in favor of the Payee.

 

 

[Signature
Page Follows]

 

 

    	 

    	 	

    

 

IN WITNESS
WHEREOF, Maker, intending to be legally bound, has executed this Note as of the date and year first above written with the
intention that this Note shall constitute a sealed instrument.

 

	
        New Energy
Technologies, Inc.

 

 

 

 

 

	By: ______________________________
	Name: John Conklin

Title: President and Chief Executive Officer

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