Document:

Exhibit 4.5

	 	     [ISO GRANT FORM]

Date:  ________________

ENER1, INC.

       Re:
Incentive Stock Option Agreement

Dear _______________: 

        The
Board of Directors of ENER1, INC. (the “Corporation”) is pleased to award you an
Option pursuant to the provisions of the ENER1, INC. (formerly ENERNOW, INC.) 2002 Stock
Participation Plan (the “Plan”). This Grant Form will describe the Option
granted to you. Attached to this letter is a copy of the Plan. The terms of the Plan also
set forth provisions governing the Option granted to you. Therefore, in addition to
reading this letter you should also read the Plan. Your signature on this letter is an
acknowledgement to us that you have read and understand the Plan and that you agree to
abide by its terms. All terms not defined in this letter shall have the same meaning as in
the Plan. 

         1.       
          Type of Option. You are granted an incentive stock option
          (“ISO”). 

         2.       
          Rights and Privileges. Subject to the conditions hereinafter set
          forth, we grant you the right to purchase __________ shares of Common Stock at
          $__________ per share, the current fair market value of a share of Stock (or, in
          the case of a 10% owner, 110% of the fair market value of a share of Stock). The
          right to purchase the shares of Stock accrues in __________ installments over
          the time periods described below: 

	 	The right to acquire __________ shares accrues on __________.

The right to acquire __________ shares accrues on __________.

The right to acquire __________ shares accrues on __________.

The right to acquire __________ shares accrues on __________.

         3.       
          Time of Exercise. The Option may be exercised at any time and from
          time to time beginning when the right to purchase the shares of Stock accrues
          and ending when they terminate as provided in Section 5 of this Grant Form or in
          the Plan. 

         4.       
          Method of Exercise. The Options shall be exercised by written
          notice to the Corporation’s Stock Option Administrator at the
          Corporation’s principal place of business. The notice shall set forth the
          number of shares of Stock to be acquired and shall contain payment by either:
          check payable to the Corporation in full payment for the Stock; or that number
          of already owned shares of Stock equal in value to the total Exercise Price of
          the Option. We shall make delivery of the shares of Stock subject to the
          conditions described in the Plan. 

         5.       
          Termination of Option. To the extent not exercised, the Option
          shall terminate upon the first to occur of the following dates: 

               	 	(a) 	
                    _______________, being ten (10) years (or five [5] years in the case of a 10%
                    owner) from the date of grant pursuant to the provisions of Section 3 of this
                    Grant Form; or 

                    

               	 	(b) 	
                    The expiration of thirty (30) days following the date your employment terminates
                    with the Corporation and any of its subsidiaries included in the Plan for any
                    reason, other than by reason of death, permanent disability or for cause; or 

                    

               	 	(c) 	
                    The expiration of twelve (12) months following the date your employment
                    terminates with the Corporation and any of its subsidiaries included in the
                    Plan, if such employment termination occurs by reason of your death; or 

                    

               	 	(d) 	
                    The expiration of six (6) months following the date your employment terminates
                    with the Corporation and any of its subsidiaries included in the Plan, if such
                    employment termination occurs by reason of your permanent disability as defined
                    in the Plan; or 

                    

               	 	(e) 	
                    Immediately upon the date your employment terminates for cause as defined in the
                    Plan. 

                    

     6.    
          Non-Transferability. The Option cannot be transferred other than
          by will or the laws of descent and distribution. 

7.    
Securities Laws.

        The
Option and the shares of Stock underlying the Option have not been registered under the
Securities Act of 1933, as amended (the “Act”). The Corporation has no
obligations to ever register the Option or the shares of Stock underlying the Option. All
shares of Stock acquired upon the exercise of the Option shall be “restricted
securities” as that term is defined in Rule 144 promulgated under the Act. The
certificate representing the shares shall bear an appropriate legend restricting their
transfer. Such shares cannot be sold, transferred, assigned or otherwise hypothecated
without registration under the Act or unless a valid exemption from registration is then
available under applicable federal and state securities laws and the Corporation has been
furnished with an opinion of counsel satisfactory in form and substance to the Corporation
that such registration is not required. 

         8.       
          Binding Effect. The rights and obligations described in this
          letter shall inure to the benefit of and be binding upon both of us, and our
          respective heirs, personal representatives, successors and assigns. 

         9.       
          Date of Grant. The Option shall be treated as having been granted
          to you on the date of this letter even though you may sign it at a later date. 

	 	Very truly yours,

ENER1, INC.

By:_______________________________

Name:  ___________________________

Its:  ______________________________

AGREED AND ACCEPTED:Exhibit 4.7

INVESTMENT LETTER 

ENER1, INC. 
550 WEST CYPRESS CREEK
ROAD
FORT LAUDERDALE, FLORIDA 33309 

Gentlemen: 

        In
connection with the acquisition by the undersigned of Fifty Thousand (50,000) shares of
Common Stock (the “Shares”) in ENER1, INC., a Florida corporation (the
“Company”), the undersigned hereby covenants, represents and warrants that: 

          	 	1. 	
               The undersigned has provided certain services to the Company, including but not
               limited to services related to its obligations as a director to the Company and
               negotiations with executive employees, and is acquiring the Shares as
               compensation for his services. 

               

          	 	2. 	
               The undersigned is acquiring the Shares in good faith for the purpose of
               investment in the Company and not for the purpose of distributing or publicly
               selling the Shares to others; reselling, assigning, pledging or hypothecating
               the Shares; or dividing its participation with others in the Shares or any
               portion thereof. 

               

          	 	3. 	
               The undersigned further understands and acknowledges that the Company has
               advised it that the Shares have not been registered under the Securities Act of
               1933, as amended (“the Act”), on the ground that the transaction is
               exempt under the Act and the Shares shall have the status of securities acquired
               under Section 4(2) of the Act as not involving any public offering and that the
               Shares contain a legend evidencing that the Shares have not been registered
               under the Act or any state securities laws and may only be sold or transferred
               pursuant to an effective registration statement or exemption from registration. 

               

          	 	4. 	
               The Shares are being acquired by the undersigned for its own account and there
               is no present arrangement or agreement for the sale, pledge or hypothecation of
               the Shares to any other person or firm. 

               

          	 	5. 	
               In the event that the undersigned at any time contemplates the disposition of
               the Shares, it will comply with all applicable requirements of State and
               Federal securities laws which, in the opinion of the Company’s legal
               counsel, must be satisfied prior to the making of such disposition. The
               undersigned will not sell, hypothecate, or otherwise transfer or dispose of any
               or all of the Shares unless (a) the Shares have been registered under the Act,
               or (b) the undersigned delivers to the Company, by an attorney satisfactory to
               the Company’s legal counsel, a written opinion to the effect that an
               exemption from registration under the Act is available with respect to such
               disposition, or (c) the sale shall be governed by the provisions of Rule 144 or
               any other rule promulgated by the SEC under the Act, in a manner satisfactory to
               the Company’s legal counsel. 

               

          	 	6. 	
               The Shares covered by the above covenants, warranties and representations shall
               also include any securities into which the above securities may become
               converted, subdivided, or split up, in connection with a merger,
               reclassification, recapitalization or reorganization of the Company. 

               

          	 	7. 	
               The undersigned represents that it is an Accredited Investor as that term is
               defined in Regulation D promulgated under the Securities Act of 1933, as amended
               (the “Act”). In general, an “Accredited Investor” is an (i)
               institution with assets in excess of $5,000,000; (ii) individual with net worth
               in excess of $1,000,000; (iii) individual with annual income exceeding $200,000
               or $300,000 jointly with their spouse in each of the two most recent years and
               has a reasonable expectation of reaching the same income level in this current
               fiscal year; or (iv) all of its equity owner satisfy (ii) or (iii). 

               

          	 	8. 	
               The undersigned represents that it (i) has adequate means of providing for its
               current financial needs and possible contingencies, and has no need for
               liquidity of investment in the Company; (ii) can afford (a) to hold unregistered
               securities for an indefinite period of time and (b) sustain a complete loss of
               the entire amount of the Shares; and (iii) has not made an overall commitment to
               investments which are not readily marketable which is disproportionate so as to
               cause such overall commitment to become excessive. 

               

          	 	9. 	
               The undersigned shall be granted piggyback registration rights for the Shares,
               on a registration statement filed by the Company on an appropriate form and
               subject to an underwriter’s out provision. 

               

          	 	10. 	
               Any and all certificates representing the Shares, and any and all securities
               issued in replacement thereof or in exchange therefore, shall bear the following
               or comparable legend, which the undersigned has read and understands: 

               

	 	
The
Shares represented by this Certificate have not been registered under the Securities Act
of  1933 (the “Act”). The Shares have been acquired for investment and
may not be sold or  transferred in the absence of an effective Registration
Statement for the Shares under the Act  unless in the opinion of counsel
satisfactory to the Company, registration is not required  under the Act. 

	Dated:  January 1, 2003

                       

                       
	

__________________

Karl Gruns

Acknowledged for Ener1,
Inc: 

__________________
Larry L. Light
President
and CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]