Document:

Form of Securities Purchase and Subscription Agreement

 Exhibit 10.1 
 SECURITIES PURCHASE AND SUBSCRIPTION AGREEMENT 
 This SECURITIES PURCHASE AND SUBSCRIPTION AGREEMENT
(the “Agreement”) is made as of September , 2005, by and among American MoldGuard, Inc., a California corporation (the “Company”), and the undersigned (the “Purchaser”). 
 WITNESSETH: 
 WHEREAS: 
 A. The Company and the Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by Rule 506 under Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”); and

 B. The Company desires to issue and sell, upon the terms and conditions set forth in this Agreement: 10% unsecured promissory notes
of the Company, in the form attached hereto as Exhibit “A”, in the aggregate principal amount of up to One Million Five Hundred Thousand Dollars ($1,500,000) (the “Notes”); and such number and type of equity
securities of the Company as shall be determined in accordance with the provisions of this Agreement (the “Additional Securities” and together with the Notes hereinafter called the “Securities”). 
 C. Purchaser wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Notes as is set forth
immediately below its name on the signature page hereto; 
 D. Contemporaneous with the Closing (as defined below), the parties hereto
will execute and deliver a Registration Rights Agreement, in the form attached hereto as Exhibit “B” (the “Registration Rights Agreement”), pursuant to which the Company has agreed to provide to Purchaser (and all
other purchasers that execute agreements substantially identical to this Agreement) (collectively, the “Purchasers”) certain registration rights under the 1933 Act and the rules and regulations promulgated thereunder, and applicable state
securities laws for the Additional Securities (the “Purchasers Registration Statement”); and 
 NOW THEREFORE, the Company
and the Purchaser hereby agree as follows: 
 ARTICLE ONE 
 PURCHASE AND SALE OF NOTES AND ADDITIONAL SECURITIES 
 1.1 Purchase of
Securities. On the Closing Date (as defined below), the Company shall sell to the Purchaser and the Purchaser agrees to purchase from the Company; 
 (i) such principal amount of Notes as is set forth immediately below such Purchaser’s name on the signature pages hereto (the “Purchased Note”); and 
 (ii) such Purchaser Additional Securities, as shall be determined in accordance with Section 1.2 hereof. 

 1.2 Additional Securities. The Company hereby agrees that (i) if at any time after the
date hereof and prior to December 31, 2006 the Company shall have sold any equity securities (whether common stock, preferred stock, warrants options or any combination thereof) in a transaction wherein the gross proceeds received by the
Company equal or exceed $5,000,000 (a “Qualified Sale”), then upon the closing of the first such Qualified Sale, the Company shall deliver to the Purchaser such number of shares of common stock, preferred stock, warrants, options,
etc., as the case may be as shall have a value equal to the principal amount of the Purchased Note (such value to be based upon the gross purchase price received by the Company in such Qualified Sale). Any such securities issued to Purchaser
shall have the same cusip numbers as the corresponding securities in the Qualified Sale. If a Qualified Sale shall not have occurred prior to December 31, 2006, then on January 1, 2007 the Company shall issue to the Purchaser that number
of shares of common stock of the Company as shall equal the principal amount of the Purchased Note divided by $1.25 (the “Alternate Shares”), such number of Alternate Shares to be adjusted, pro rata, on account of any stock splits, reverse
stock splits, stock dividends paid on common stock, etc. which occur after the date hereof and prior to the issuance of the Alternate Shares, (any such equity securities to be delivered to Purchaser pursuant to this Section 1.2 are
hereinafter called “Purchaser Additional Securities” and together with the Purchased Note are hereinafter called the “Purchased Securities”). 
 1.3 Form of Payment. At the Closing the Purchaser shall remit to the Company an amount equal to the principal amount of the Purchased Note (the “Purchase Price”) by either (i) wire
transfer of immediately available funds to the Company at Bank of America 67 Technology Drive Irvine CA 92618, ABA# 122000661, Account# 25191-40005 or (ii) a bank or certified check made payable to the Company. 
 1.4 Closing. The closing of the transactions to be effected hereunder (the “Closing”) shall be held at the offices of Morse,
Zelnick, Rose & Lander, LLP 405 Park Avenue, New York NY 10022 at 10:00 A.M. on the business day on which the satisfaction or waiver of the last of the conditions set forth in Article Five has occurred, or at such other place or at such
other time as the Company and the Purchaser may mutually agree (the “Closing Date”); provided that if the Closing has not occurred prior to 8:00 p.m. Pacific Time, September 20, 2005 this Agreement shall automatically terminate.

 1.5 Delivery of Purchased Securities. At the Closing the Company shall deliver to the Purchaser the Purchased Note, duly
executed on behalf of the Company. The Company shall deliver to the Purchaser the Purchaser Additional Securities within five days after the determination of the type and number thereof. 
 1.6 Allocation of Purchase Price. The amount of the Purchase Price to be allocated to the Purchased Note shall be equal to 76% of the
Purchase Price and the amount of the Purchase Price to be allocated to the Purchaser Additional Securities shall be equal to 24 % of the Purchase Price. 
 1.7 Commission Payment and Loan Repayment. The Purchaser is aware that the Company has retained the services of Paulson Investment Company, Inc. (“Paulson”) to act as a Placement Agent in
connection with the sale of the Securities and that Paulson shall be entitled to a selling commission equal to 10% of the gross proceeds received by the Company in connection with the sale of the Purchased Securities. In addition, Paulson has
previously loaned certain funds to the Company (“the Paulson Loans”). Two Hundred Thousand ($200,000) of the proceeds received by the Company from the sale of the $1,500,000 of Notes contemplated hereby will be used to repay a portion of
the Paulson Loans. 
  

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 ARTICLE TWO 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to
the Purchaser as follows: 
 2.1. No Violations. The making and performance by the Company of this Agreement does not violate
any provision of law or of the Articles of Incorporation or Bylaws of the Company, nor does it result in a breach of or constitute a default under any agreement, indenture or other instrument to which the Company is a party or by which the Company
may be bound, where such breach or default would have a material adverse effect on the Company. 
 2.2. Due authorization;
Validity. This Agreement has been duly authorized, executed and delivered and is a valid and binding Agreement of the Company and the Promissory Notes to be issued hereunder by the Company will be valid and binding obligations of the Company
in accordance with their terms. 
 2.3. Corporate Requirements. The Company (i) is a corporation duly created and existing
in good standing under the laws of the State of California; (ii) has the power and authority to own the properties and assets which it purports to own and to carry on its business as now conducted; (iii) has the power and authority to
execute and deliver all documents required hereunder; and (iv) to the best of its knowledge, has complied with all filing and other requirements of Federal, State and local laws, insofar as such laws relate to its doing business. 
 ARTICLE THREE 
 EVENTS OF DEFAULT

 The occurrence of any of the following events (a “Default”) shall at the option of the Purchaser make all sums
remaining unpaid pursuant to the Purchased Note become immediately due and payable, as follows: 
 3.1. Payment Default. Failure
to pay any amounts under the Note within five (5) business days after such amounts are due. 
 3.2. Breach of a Representation,
Warranty or Agreement. A material breach by the Company of any representation, warranty or agreement made by the Company in this Agreement, if such breach remains uncured following the expiration of a cure period of thirty (30) days
following the receipt of written notice from the Purchaser of such breach. 
 3.3. Voluntary Bankruptcy. The filing by the
Company of any petition or action under any bankruptcy, debtor’s relief, reorganization, insolvency or moratorium law or any assignment by the Company for the benefit of creditors, which does not become dismissed within sixty (60) days
thereafter. 
 3.4. Acceleration of Each Promissory Note. In the event of a Default under the Note, the Purchaser may declare
it to be immediately due and payable. 
  

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 ARTICLE FOUR 
 THE PURCHASER 
 4.1 Purchaser Representations and Warranties. The Purchaser
represents and warrants to the Company that: 
 (a) The Purchaser understands and acknowledges that the Securities are being sold by the
Company without registration under the Securities Act of 1933, as amended (the “1933 Act”), and state securities laws in reliance on the exemptions from registration set forth in sections 3(b) and 4(2) of the securities law exemptions.

 (b) The Securities are being acquired by the Purchaser for the Purchaser’s own account for long-term investment and not with a view
to the distribution thereof, and with no present intention of selling or otherwise disposing of the Securities or any part thereof. The Purchaser has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or
commitment providing for or which is likely to compel a disposition of the Securities in any manner. The Purchaser is not aware of any present circumstances that are likely to promote the Purchaser’s future disposition of the Securities.

 (c) The Purchaser is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the 1933
Act, as indicated by the Purchaser’s responses to the Confidential Purchaser Questionnaire, the Purchaser is able to bear the economic risk of an investment in the Securities and the Purchaser understands that because the Securities will be
sold without registration under the 1933 Act, the Purchaser must hold the Securities indefinitely and cannot sell, exchange, assign, transfer, gift, pledge, encumber, hypothecate or otherwise dispose of the Securities except pursuant to an exemption
from the registration provisions of the federal and state securities laws, the availability of which must be satisfied to the Company in its discretion. 
 (d) The Purchaser has such knowledge and experience in financial and business matters that the Purchaser is capable of evaluating the merits and risks of the prospective investment in the Company; the Purchaser has
received and reviewed all information requested of the Company and, based on such review, understands and has evaluated the merits and risks of the prospective investment in the Company, and has decided to purchase the Securities. 
 (e) The Purchaser has had the opportunity to ask questions and receive answers concerning the Company, as well as the terms and conditions of the
offering of the Securities, and to obtain additional information reasonably available to the Company and any persons acting on the Company’s behalf, necessary to verify the accuracy of any information provided to the Purchaser, and the
Purchaser has received all of the information the Purchaser has requested to the extent that such information is reasonably available to the Company. The Purchaser requires no additional information to evaluate fully the merits and risks of a
prospective investment in the Company. 
 (f) The Purchaser has received and has read carefully the Executive Summary, the Risk Factors and
the summary unaudited financial statements, without notes, of the Company for the years ended December 31, 2004 and December 31, 2003 and the six months ended June 30, 2005, copies of which are annexed hereto as Exhibits C, D and
E respectively. The Purchaser acknowledges that the Purchaser understands that the financial statements of the Company have been prepared by the Company but have not been reviewed by an independent accountant and may be subject to such
adjustments, modifications and changes as are required so as to comply with U.S. generally accepted accounting principles. The Purchaser further understands that any investment in the Securities may involve material 
  

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 risks in addition to those disclosed in the “Risk Factors,” which does not purport to be an exhaustive list of
all material risks involved with an investment in the Securities. 
 (g) The Purchaser understands that the Company is relying on the
accuracy of statements contained in the Subscription Agreement and the Confidential Purchaser Questionnaire in connection with the sale of the Securities, and the Securities would not be sold to the Purchaser if any part of the Subscription
Agreement or the Confidential Purchaser Questionnaire were untrue; and all other offerees or purchasers of the Securities may rely on the accuracy of the Subscription Agreement and the Confidential Purchaser Questionnaire in connection with any
matters relating to the offer or sale of the Securities. 
 (h) The Purchaser acknowledges that the Company has advised the Purchaser that in
accordance with the provisions of Section 1.6 hereof, 76% of the Purchase Price has been allocated to the Purchased Note, and that therefore the Purchaser will be required to report as interest income the difference between the amount allocated
to the Purchased Note (i. e. 76% of the principal amount of the Note) and 100% of the principal amount of the Note. The Purchaser further acknowledges that the Company has advised the Purchaser that such allocation is not binding on the
Internal Revenue Service which may take the position that the portion of the Purchase Price to be allocated to the Note should be less, thereby increasing the amount of interest income to be recognized by the Purchaser. The Purchaser represents to
the Company that Purchaser has relied on the Purchaser’s own tax counsel as to all tax matters with respect to the purchase of its Securities, including without limitation the application of Internal Revenue Code Sections 1271 et. seq.,
regarding “original issue discount” to the Note. 
 (i) The Purchaser shall immediately notify the Company if, for any reason, any
of the statements contained herein or in the Confidential Purchaser Questionnaire become inaccurate at any time from the date hereof until the Company’s acceptance of the Subscription Agreement, and the Purchaser understands that the continued
accuracy of the statements contained herein and in the Confidential Purchaser Questionnaire is of the essence to the sale of the Securities. 
 (j) The Purchaser shall indemnify the Company and all persons acting on their behalf and hold them harmless from any and all liability, damage, cost or expense, including but not limited to attorneys’ fees, incurred on account of or
arising directly or indirectly out of any inaccuracy in the subscriber’s representations in the Subscription Agreement or the Confidential Purchaser Questionnaire or any disposition of all or any portion of the Securities subscribed for
hereunder in violation of his representations in the Subscription Agreement and the Confidential Purchaser Questionnaire. 
 (k) The
Purchaser has relied on the Purchaser’s own legal counsel to the extent the Purchaser has deemed necessary as to all legal matters and questions presented with reference to the offering and sale of the Securities. 
 (l) The Purchaser has relied on the Purchaser’s own accountant or other financial advisor and/or his or her own financial experience as to all
financial matters and questions presented with reference to the purchase of the Securities. 
 (m) The Purchaser has relied on the
Purchaser’s own analysis and evaluation (or the analysis and evaluation of its professional advisors) of the Company, its products and services, the technology issues involved and the market in which the Company intends to operate. 

(n) The Purchaser fully understands the terms, conditions and consequences relating to the offering of the Securities and understands the Purchaser
may have to hold such Securities indefinitely. 
  

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 4.2. Purchaser Covenants. In the event the Company proposes to complete an underwritten public
offering subsequent to the Closing Date, the Purchaser will execute a “lock-up” agreement containing such terms, conditions and provisions as may be required by the managing underwriter of such offering, not to exceed one year;
provided, however, in no event shall the Purchaser be subject to a lock-up agreement that is more restrictive than that offered to the Company’s officers, directors, and the holders of 5% or more of the
Company’s common stock. 
 ARTICLE FIVE 
 CONDITIONS PRECEDENT TO THE CLOSING 
 The obligations of the parties pursuant to this
Agreement are subject to the satisfaction at the Closing of each of the following conditions; provided, however, that the parties may, in their sole discretion, waive any of such conditions and proceed with the transactions contemplated hereby:

 5.1. Sale of Securities. The Company shall have sold the Notes (including the Purchased Note) and the Additional Securities
(including the Purchaser Additional Securities) for a gross purchase price of $1,500,000. 
 5.2. Charter Amendment. The
Articles of Incorporation of the Company shall have been amended, in a manner reasonably satisfactory to Paulson, to provide substantially the following: (i) with respect to those classes of securities designated as “Series A Preferred
Stock” and “Series B Preferred Stock” the Automatic Conversion provisions applicable thereto shall apply to a minimum public offering price (prior to underwriters’ discounts and expenses) equal to or exceeding an amount per share
of Common Stock as is satisfactory to Paulson and the aggregate gross proceeds to the Corporation and/or to any selling shareholders of which shall equal or exceed an amount not more than $5,000,000, and (ii) with respect to the Series A
Preferred Stock, the provisions of Section 4 with respect to certain anti-dilution adjustments shall be amended in a manner satisfactory to Paulson so as not to apply to the sale by the Company of the Securities, with respect to any shares of
Series A Preferred Stock converted into shares of Common Stock prior to February 17, 2006. 
 5.3 Crestridge. Crestridge
Investments AMG Moldguard, LLC (“Crestridge”), and the Company shall have entered into an agreement, which agreement shall be reasonably satisfactory to Paulson, and which agreement shall in substance provide among other things that
Crestridge shall have agreed (i) not to convert any of the convertible promissory notes of the Company held by it prior to February 16, 2006 (ii) to surrender its right to receive those warrants to purchase shares of Common Stock
which it has as of the date hereof and (iii) to permit and/or require prepayment of the convertible promissory notes by the Company under certain circumstances. 
 5.4 Registration Rights Agreement. The Company shall have executed and delivered the Registration Rights Agreement to the Purchasers. 
  

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 ARTICLE SIX 
 MISCELLANEOUS 
 6.1. Gender. The neuter pronoun, when used herein, shall include
the masculine and feminine and also the plural. 
 6.2 Choice of Law. This Agreement has been delivered in the State of Georgia
and shall be construed in accordance with the laws of Georgia. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, such provision shall be ineffective to the
extent of such prohibition without invalidating the remainder of such provision or the remaining provisions of this Agreement. With respect to any claim or action arising under this Agreement, the Company hereby (i) irrevocably submits to the
jurisdiction of the courts of the state of Georgia and the United States District Court located in the city of Atlanta, State of Georgia, and (ii) irrevocably waives any objection which it may have at any time to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement brought in any such court, irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and further
irrevocably waives the right to object, with respect to such claim, suit, action or proceeding brought in any such court, that such court does not have jurisdiction over such party. Nothing in this Agreement will be deemed to preclude the Purchaser
from bringing an action or proceeding in respect hereof in any other jurisdiction. 
 6.3 Successor and Assigns. This Agreement
shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. The rights and privileges of Purchaser hereunder shall inure to the benefit of Purchaser’s heirs, legal representatives, successors and assigns.
Notwithstanding the foregoing, (i) the Company may not assign its obligations under this Agreement without the consent of the Purchaser and (ii) Purchaser may assign or transfer any of its rights hereunder subject to providing the Company
with evidence reasonably acceptable to the Company that such assignment or transfer will not violate or require registration under any applicable federal or state securities law or regulation. 
 6.4. Severability. If any provision of this Agreement or of any of the documents executed in connection herewith or the application thereof
to any party thereto or circumstances shall be invalid or unenforceable to any extent, the remainder of this Agreement and of such documents and the application of such provisions to any other parry therein or circumstance shall not be affected
thereby and shall be enforced to the greatest extent permitted by law. 
 6.5. Survival. All representations, warranties and
covenants made in this Agreement shall survive the execution and delivery of this Agreement. 
 6.6. Counterparts. This
Agreement may be executed in any number of counterparts each of which shall be deemed to be an original but all of which, when taken together, shall constitute one and the same instrument. 
 6.7. Accredited Investor Representation. Purchaser shall deliver to the Company, together with an executed copy of this Agreement, a
completed Accredited Investor Questionnaire in a form approved by the Company, and by executing this Agreement, Purchaser represents and warrants that it is an “accredited investor” as that term is defined under Regulation D of the
Securities Act of 1933, as amended. Purchaser further agrees that notwithstanding anything else contained in this Agreement, at the time of any investment decision by Purchaser, the Company may require, as a condition to such 

  

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investment decision or conversion, that Purchaser provide reasonable evidence and make reasonable representations and warranties regarding its status as an
“accredited investor” as of the time of the investment decision. 
 6.8. Amendment and Waiver. This Agreement may be
amended or modified upon the written consent of the Company and the Purchaser, and any provision may be waived only in writing, by the party waiving such provision. 
 6.9 Notices. All notices, requests, demands and other communications which are required to be or may be given under this Agreement to any party to any of the other parties shall be in writing and shall
be deemed to have been duly given when (a) delivered in person, or (b) the day following dispatch by an overnight courier service (such as Federal Express or UPS, etc.) to the party to whom the same is so given or made: 
  

	 If to the Company addressed to: 
	 American Moldguard Inc. 

 9272 Jeronimo Road 
 Suite 122 
 Irvine, California 92618 
 Attention: Chief Executive Officer 
  

	 If to Purchaser addressed to: 
	 The address set forth on the signature page hereto 

 6.10 Term Sheet. The Purchaser has previously been provided with a List of Principal Terms, a copy of which is annexed hereto as Exhibit F
(the “List of Principal Terms”). To the extent that any of the terms specifically set forth in the List of Principal Terms is inconsistent with the provisions of this Agreement specifically relating to such matters, the List of
Principal Terms shall govern with respect to such inconsistencies. 
 * * * * * 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered under
seal, the day and year first above written. 
 THE COMPANY: 
 AMERICAN MOLDGUARD, INC. 
 a California corporation 
  

			
	
	 
	 Name:
 Title:
	 	 Thomas Blakeley
 Chairman and CEO

  

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 PURCHASER 
 Print
Name of
Purchaser:                                      
                                        
                                        
      
 Print Title of Purchaser (if Purchaser is not an
individual):                                      
                       
 Tax I.D. # of
Purchaser:                                      
                                        
                                        
        
 Aggregate amount
invested:                                      
                                        
                                        

 

			
	Address:	 	  
		 	  
		 	  

  

 10ICP Solar Technologies Inc.: Exhibit 4.4 - Prepared by TNT Filings Inc.

  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OR AN OPINION OF COUNSEL IS OBTAINED STATING THAT SUCH DISPOSITION IS IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION AND THE OTHER RESTRICTIONS CONTAINED IN THIS WARRANT.

 

May 18, 2007

ICP SOLAR TECHNOLOGIES INC.

Warrant for the Right to Purchase 100,000 Shares of Common Stock

No. W-020

For value received, this Warrant is hereby issued by ICP Solar Technologies Inc., a Nevada corporation (the “Company”), to Philippe Peress (the “Holder”).  Subject to the provisions of this Warrant, the Company hereby grants to Holder the right to purchase from the Company 100,000 shares of Common Stock, at a price of $2.25 per share (the “Exercise Price”).

The term “Common Stock” means the Common Stock, par value $0.00001 per share, of the Company as constituted on the date set forth above (the “Base Date”).  The number of shares of Common Stock to be received upon the exercise of this Warrant may be adjusted from time to time as hereinafter set forth.  The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter referred to as “Warrant Stock.”  The term “Other Securities” means any other equity or debt securities that may be issued by the Company in addition thereto or in substitution for the Warrant Stock.

The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder shall be held, subject to all of the conditions, limitations and provisions set forth herein.

1.

Exercise of Warrant.  Subject to the terms and conditions set forth herein, this Warrant may be exercised in whole or in part, pursuant to the procedures provided below, at any time on or before 5:00 p.m., Eastern time, on October 3, 2007, (following appropriate adjustment in the event of any stock dividends, stock splits, combination or other similar recapitalization affecting such shares). This Warrant
will expire on May 18, 2012 at  5:00 p.m., Eastern time (the “Expiration Date”) or, if such day is a day on which banking institutions in New York are authorized by law to close, then on the next succeeding day that shall not be such a day.  To exercise this Warrant the Holder shall present and surrender this Warrant to the Company at its principal office, with the Warrant Exercise Form attached hereto duly executed by the Holder and accompanied by payment (either in cash or by check, payable to the order of the Company) of the aggregate Exercise Price for the total aggregate number of shares for which this Warrant is exercised.  Upon receipt by the Company of this Warrant, together with the executed Warrant Exercise Form and payment of the Exercise Price for the shares to be acquired, in proper form for exercise, and subject to the Holder’s compliance with all requirements of this Warrant for the exercise hereof, the Holder shall be deemed to be the holder of record of the shares of Common Stock (or Other Securities) issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such shares of Common Stock shall not then be actually delivered to the Holder; provided, however, that no exercise of this Warrant shall be effective, and the Company shall have no obligation to issue any Common Stock or Other Securities to the Holder upon any attempted exercise of this Warrant, unless the Holder shall have first delivered to the Company, in form and substance reasonably satisfactory to the Company, appropriate representations so as to provide the Company reasonable assurances that the securities issuable upon exercise may be issued without violation of the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") and applicable state securities laws, including without limitation representations that the exercising Holder is an “accredited investor” as defined in Regulation D under the Securities Act and that the Holder is familiar with the Company and its business and financial condition and has had an opportunity to ask questions and receive documents relating thereto to his reasonable satisfaction.

1

2.

Net Issue Exercise.  Notwithstanding any provisions herein to the contrary, if the Fair Market Value (as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being cancelled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Warrant Exercise Form and notice of such election, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula:

X = Y (A-B)

     A

Where

X = 

the number of shares of Common Stock to be issued to the Holder

Y = 

the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)

A =

the Fair Market Value (as defined below) of one share of the Company’s Common Stock (at the date of such calculation)

B =

Exercise Price (as adjusted to the date of such calculation)

3.

Reservation of Shares. The Company will at all times reserve for issuance and delivery upon exercise of this Warrant all shares of Common Stock or other shares of capital stock of the Company (and Other Securities) from time to time receivable upon exercise of this Warrant.  All such shares (and Other Securities) shall be duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable and free of all preemptive rights.

4.

Fractional Shares.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but the Company shall pay the Holder an amount equal to the Fair Market Value of such fractional share of Common Stock in lieu of each fraction of a share otherwise called for upon any exercise of this Warrant.

5.

Fair Market Value.  For purposes of this Warrant, the Fair Market Value of a share of Common Stock (or Other Security) shall be determined as of any date (the “Value Date”) by the Company’s Board of Directors in good faith; provided, however, that where there exists a public market for the Company’s Common Stock on the Value Date, the fair market value per share shall be either:

(a)

If the Common Stock is listed on a national securities exchange or listed for trading on the NASDAQ system, the Fair Market Value shall be the last reported sale price of the security on such exchange or system on the last business day prior to the Value Date or if no such sale is made on such day, the average of the closing bid and asked prices for such day on such exchange or system; or

2

(b)

If the Common Stock is not so listed but is traded in the over-the-counter market, the Fair Market Value shall be the mean of the last reported bid and asked prices reported by the over-the-counter market on the last business day prior to the Value Date.

6.

Assignment or Loss of Warrant.  Subject to the transfer restrictions herein (including Section 9), upon surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient to pay any transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled.  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and of reasonably satisfactory indemnification by the Holder, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall execute and deliver a replacement Warrant of like tenor and date. 

7.

Rights of the Holder.  The Holder shall not, by virtue hereof, be entitled to any rights of a stockholder in the Company, either at law or in equity, and the rights of the Holder are limited to those expressed in this Warrant.

8.

Adjustments.

8.1

Adjustment for Recapitalization.  If the Company shall at any time after the Base Date subdivide its outstanding shares of Common Stock (or Other Securities at the time receivable upon the exercise of the Warrant) by recapitalization, reclassification or split-up thereof, or if the Company shall declare a stock dividend or distribute shares of Common Stock to its stockholders, the number of shares of Common Stock (or Other Securities) subject to this Warrant immediately prior to such subdivision shall be proportionately increased, and if the Company shall at any time after the Base Date combine the outstanding shares of Common Stock by recapitalization, reclassification or combination thereof, the number of shares of Common Stock subject to this Warrant immediately prior to such combination shall be proportionately decreased.  Any such adjustment and adjustment to the Exercise Price pursuant to this Section 8.1 shall be effective at the close of business on the effective date of such subdivision or combination or if any adjustment is the result of a stock dividend or distribution then the effective date for such adjustment based thereon shall be the record date therefor.

Whenever the number of shares of Common Stock purchasable upon the exercise of this Warrant is adjusted, as provided in this Section 8.1, the Exercise Price shall be adjusted to the nearest cent by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

8.2

Adjustment for Reorganization, Consolidation, Merger, Etc.  In case of any reorganization of the Company (or any other corporation, the securities of which are at the time receivable on the exercise of this Warrant) after the Base Date or in case after such date the Company (or any such other corporation) shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation, then, and in each such case, the Holder of this Warrant upon the exercise thereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the securities and property receivable upon the exercise of this Warrant prior to such consummation, the securities or property to which such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately prior thereto; in each such case, the terms of this Warrant shall be applicable to the securities or property receivable upon the exercise of this Warrant after such consummation. 

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8.3

Certificate as to Adjustments.  The adjustments provided in this Section 8 shall be interpreted and applied by the Company in such a fashion so as to reasonably preserve the applicability and benefits of this Warrant (but not to increase or diminish the benefits hereunder).  In each case of an adjustment in the number of shares of Common Stock receivable on the exercise of the Warrant, the Company at its expense will compute such adjustment in accordance with the terms of the Warrant and prepare a certificate executed by an officer of the Company setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company will forthwith mail a copy of each such certificate to each Holder. 

8.4

Notices of Record Date, Etc.  In the event that:

(a)

the Company shall declare any dividend or other distribution to the holders of Common Stock, or authorizes the granting to all Common Stock holders of any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities; or

(b)

the Company authorizes any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation or entity; or

(c)

the Company authorizes any voluntary or involuntary dissolution, liquidation or winding up of the Company,

then, and in each such case, the Company shall mail or cause to be mailed to the holder of this Warrant at the time outstanding a notice specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding up is to take place, and the time, if any is to be fixed, as to which the holders of record of Common Stock (or such other securities at the time receivable upon the exercise of the Warrant) shall be entitled to exchange their shares of Common Stock (or such Other Securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding up.  Such notice shall be mailed at least 15 days prior to the date therein specified.

8.5

No Impairment.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 8 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment.

9.

Transfer to Comply with the Securities Act.  This Warrant and any Warrant Stock or Other Securities may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of except as follows:  (a) to a person who, in the opinion of counsel to the Company, is a person to whom this Warrant or the Warrant Stock or Other Securities may legally be transferred without registration and without the delivery of a current prospectus under the Securities Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this Section 9 with respect to any resale or other disposition of such securities; or (b) to any person upon delivery of a prospectus then meeting the requirements of the Securities Act relating to such securities and the offering thereof for such sale or disposition, and thereafter to all successive assignees.  

10.

Legend.  Unless the shares of Warrant Stock or Other Securities have been registered under the Securities Act, upon exercise of this Warrant and the issuance of any of the shares of Warrant Stock, all certificates representing shares shall bear on the face thereof substantially the following legend:

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The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be sold, offered for sale, assigned, transferred or otherwise disposed of, unless registered pursuant to the provisions of that Act or unless an opinion of counsel to the Corporation is obtained stating that such disposition is in compliance with an available exemption from such registration.

11.

Notices. All notices required hereunder shall be in writing and shall be deemed given when sent via facsimile or e-mail, with a confirmation of the delivery thereof, and then only if followed up with a duplicate copy sent via regular mail, delivered personally or within two days after mailing when mailed by certified or registered mail, return receipt requested, to the Company or the Holder, as the case may be, for whom such notice is intended, if to the Holder, at the address of such party shown on the books of the Company, or if to the Company, at the address set forth on the signature page hereof, Attn: Chief Financial Officer, or at such other address of which the Company or the Holder has been advised by notice hereunder.

12.       The Company agrees to register the Warrant Stock via an SB-2 registration statement  within 12 months from the Base Date. 

13.

Applicable Law.  The Warrant is issued under and shall for all purposes be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflict of laws provisions of such State.

IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf, in its corporate name, by its duly authorized officer, all as of the day and year first above written.

ICP SOLAR TECHNOLOGIES INC.

By:/s/:Sass Peress

Sass Peress, Chief Executive Officer

Address:

7075 Place Robert-Joncas, Unit 131

Montreal, Quebec, Canada 

H4M 2Z2

 

 

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WARRANT EXERCISE FORM

The undersigned hereby irrevocably elects to (please check box):

 

________ (i) exercise the within Warrant to purchase __________ shares of the Common Stock of ICP Solar Technologies Inc., a Nevada corporation, pursuant to the provisions of Section 1 of the attached Warrant, and hereby makes payment of $__________ in payment therefor, or 

________(ii) exercise the within Warrant to purchase that number of shares of Common Stock purchasable pursuant to the net issue exercise procedure set forth in Section 2 of the attached Warrant.  

The undersigned’s execution of this form constitutes the undersigned’s agreement to all the terms of the Warrant and to comply therewith.

  	 
	
      Signature
	Print Name:
	 
	 
	 
	
      Signature, if jointly held
	 
	
      Print Name:
	 
	 
	
      Date

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ASSIGNMENT FORM

FOR VALUE RECEIVED_____________________________ (“Assignor”) hereby sells, assigns and transfers unto _______________________________ (“Assignee”) all of Assignor’s right, title and interest in, to and under Warrant No. W-____ issued by ____________________________, dated ______________.

DATED: 

	 	ASSIGNOR:
	 	 
	 	 
	 	 
	 	 
	 	
    Signature
	 	Print Name:
	 	 
	 	 
	 	 
	 	
    Signature, if jointly held
	 	Print Name:
	 	 
	 
	The undersigned agrees to all of
    the terms of the Warrant and to comply therewith.
	 	 
	 	 
	 	 
	 	ASSIGNEE:
	 	 
	 	 
	 	 
	 	 
	 	
    Signature
	 	Print Name:
	 	 
	 	 
	 	 
	 	
    Signature, if jointly held
	 	Print Name:
	 	 

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