Document:

Unassociated Document

    EXHIBIT
      10.17

    

    SECURITIES
      PURCHASE AGREEMENT

    

    

    SECURITIES
      PURCHASE AGREEMENT
      (this
“Agreement”),
      dated
      as of __________, 2006, by and between Tekoil
      & Gas Corporation,
      a
      Delaware corporation, with its principal place of business at 5036 Dr. Phillips
      Blvd., Suite 232, Orlando, FL 32819 (the “Company”),
      and
      the legal person whose signature and principal residence or principal place
      of
      business are included on the signature page hereto (the “Buyer”).

    

    PRELIMINARY
      STATEMENTS

    

    A. The
      Company and Buyer 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”);

    

    B. Buyer
      wishes to purchase, in the amounts and upon the terms and conditions stated
      in
      this Agreement (i) shares of the Company’s Series A Convertible Preferred Stock,
      par value $.00000001 per share (the “Preferred
      Stock”);

    

    NOW
      THEREFORE,
      the
      Company and Buyer hereby agrees as follows:

    

    1. PURCHASE
      AND SALE OF PREFERRED STOCK

    

    a. Purchase
      of Preferred Stock.
      The
      Company shall issue and sell to Buyer and Buyer shall purchase a number of
      shares of Preferred Stock (the “Preferred
      Shares”)
      at a
      per share purchase price (the “Purchase
      Price”),
      each
      as indicated on the signature page attached hereto, which Purchase Price shall
      be payable in immediately available United States Dollars to the Company on
      the
      Closing Date. The Company shall promptly deliver stock certificates, duly
      executed on behalf of the Company, representing the Preferred Shares (the
“Stock
      Certificates”)
      to
      Buyer.

    

    b. Closing
      Date.
      The
      date of the closing of the sale of the Preferred Shares (as defined below)
      shall
      be a indicated on the signature page attached hereto (the “Closing
      Date”).

    

    2. BUYER’S
      REPRESENTATIONS AND WARRANTIES

    

    Buyer
      represents and warrants to the Company that:

     

    a. Investment
      Purpose.
      The
      Preferred Shares are being acquired by Buyer in good faith solely for its own
      personal account, for investment purposes only, and are not being purchased
      for
      resale, resyndication, distribution, subdivision or fractionalization thereof;
      Buyer has no contract or arrangement with any person to sell, transfer or pledge
      to any person the Preferred Shares or any part thereof, any interest therein
      or
      any rights thereto; Buyer has no present plans to enter into any such contract
      or arrangement; and Buyer understands that as a result it must bear the economic
      risk of the investment for an indefinite period of time because the Preferred
      Shares have not been registered under the 1933 Act, and, therefore, cannot
      be
      sold unless they are subsequently registered under the 1933 Act. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b. Accredited
      Investor Status.
      Buyer
      is an “accredited investor” as that term is defined in Rule 501(a)(3) of
      Regulation D, by reason of its qualification in the category thereof listed
      on
      the signature page hereof.

    

    c. Reliance
      on Exemptions.
      Buyer
      understands that the Preferred Shares are being offered and sold to it
under
      the
      exemption from the registration requirements of the United States federal and
      state securities laws and
      that
      the Company is relying upon the truth and accuracy of, and Buyer’s compliance
      with, the representations, warranties, agreements, acknowledgments and
      understandings of Buyer set forth herein in order to determine the availability
      of such exemptions and the eligibility of Buyer to acquire the Preferred
      Shares.

    

    d. Information.
      Buyer
understands
      and acknowledges that it is purchasing the Preferred Shares without being
      furnished any offering literature, prospectus or other materials, that this
      transaction has not been scrutinized by the SEC or by any administrative agency
      charged with the administration of the securities laws of any state, that all
      documents, records and books, pertaining to the Company, its business, finances
      and operations, and this investment have been made available to Buyer, and
      his
      advisors and representatives, including his attorney, its accountant and/or
      his
      purchaser representative, and that the books and records of the Company will
      be
      available upon reasonable notice for inspection by Buyer during reasonable
      business hours at the Company’s principal place of business. Buyer
      and
      his advisors and
      representatives, including his attorney, his accountant and/or his purchaser
      representative,
      if any,
      have been afforded the opportunity to ask questions of the Company and have
      received complete and satisfactory answers to any such inquiries. Buyer
      understands that his investment in the Preferred Shares is speculative and
      involves a high degree of risk
      high
      degree of risk of loss and that Buyer must be prepared to lose his entire
      investment in the Company.
      Buyer
      has sought such accounting, legal and tax advice, as it has considered necessary
      to an informed investment decision with respect to his acquisition of the
      Preferred Shares. Buyer, or Buyer together
      with his purchaser representative, if any, have such knowledge and experience
      in
      financial and business matters that it and such representative are capable
      of
      evaluating the merits and risks of an investment in the Preferred Shares and
      of
      making an informed investment decision.

    

    e. Governmental
      Review.
      Buyer
      understands that no United States federal or state agency or any other
      government or governmental agency has approved or disapproved or passed on
      or
      made any recommendation or endorsement of the Preferred Shares or the fairness
      or suitability of the investment in the Preferred Shares, nor have such
      authorities passed upon or endorsed the merits of the offering of the Preferred
      Shares or the accuracy or adequacy of any of the information provided by the
      Company to Buyer regarding the Company, the Preferred Shares or any other
      matter, and that
      the
      Company is relying on the truth and accuracy of the representations,
      declarations and warranties herein made by Buyer in offering the Preferred
      Shares for sale to it without having first registered the same under the 1933
      Act.

    

    f. Transfer
      or Resale.
      Buyer
      understands that (i) the Preferred Shares have not been and are not being
      registered under the 1933 Act or any state securities laws, and may not be
      transferred unless (a) subsequently registered thereunder, or (b) Buyer shall
      have provided the Company with a statement of the circumstances surrounding
      the
      proposed disposition and shall have delivered to the Company an opinion of
      counsel, reasonably satisfactory in form, scope and substance to the Company,
      to
      the effect (1) that the Preferred Shares to be sold or transferred may be sold
      or transferred pursuant to an exemption from such registration and (2) that
      appropriate action necessary for compliance with the 1933 Act has been taken;
      (ii) any sale of such Preferred Shares made in reliance on Rule 144 promulgated
      under the 1933 Act may be made only in accordance with the terms of said Rule
      and further, if said Rule is not applicable, any resale of such Preferred Shares
      under circumstances in which the seller (or the person through whom the sale
      is
      made) may be deemed to be an underwriter (as that term is defined in the 1933
      Act) may require compliance with some other exemption under the 1933 Act or
      the
      rules and regulations of the SEC thereunder; and (iii) neither the Company
      nor
      any other person is under any obligation to register such Preferred Shares
      under
      the 1933 Act or any state securities laws or to comply with the terms and
      conditions of any exemption thereunder. 

     

    
      
        
        

      

      
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    g. Legends.
      Buyer
      understands that the Stock Certificates shall bear a restrictive legend in
      substantially the following form (and a stop-transfer order shall be placed
      against transfer of such Stock Certificates):

    

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
      NOT BE REOFFERED, SOLD, TRANSFERRED, PLEDGED, OR ASSIGNED IN THE ABSENCE OF
      (A)
      AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT AND THE
      STATE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION THEREOF,
      OR (B) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY IN FORM, SCOPE AND
      SUBSTANCE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
      OR
      THE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION WITH RESPECT
      THERETO.

    

    h. Authorization;
      Enforcement.
      This
      Agreement has been duly and validly authorized, executed and delivered on behalf
      of Buyer and are valid and binding agreements of Buyer enforceable in accordance
      with their terms, subject as to enforceability to general principles of equity
      and to bankruptcy, insolvency, moratorium, and other similar laws affecting
      the
      enforcement of creditors’ rights generally.

    

    i. High
      Risk Investment.
      Buyer
      acknowledges that the Company is a development stage company with no revenues,
      limited resources and no audited financial statements. Buyer understands the
      high risk nature of its investment hereunder and is able to afford an entire
      loss thereof and is in no current need of liquidity with respect thereto. Buyer
      understands that the transfer of the Preferred Stock is restricted and that
      no
      meaningful current market exists with respect to the Preferred Stock of the
      Company and there can be no assurance that one will develop in the future.
      Buyer
      has been afforded the opportunity to ask questions of the officers of the
      Company and have access to the books and records thereof, to the extent deemed
      necessary by it to ensure that its investment hereunder is a fully-informed
      one.

    

    j. No
      Conflicts.
      The
      execution, delivery and performance of this Agreement by the Buyer and the
      consummation by the Buyer of the transactions contemplated hereby will not
      (i)
      result in an violation of the Certificate of Incorporation , as amended, as
      in
      effect on the date hereof (“Certificate
      of Incorporation”)
      and
      the Company’s Bylaws, as in effect on the date hereof (the “Bylaws”)
      or
      (ii) conflict with, or constitute a default (or an event which with notice
      or
      lapse of time or both would become a default) under, or give to others any
      rights of termination, amendment, acceleration or cancellation of, any
      agreement, indenture or instrument to which the Buyer or by which any property
      or asset of Buyer is bound or affected, or result in a violation of any law,
      rule, regulation, order, judgment or decree (including federal and state
      securities laws and regulations) applicable to the Buyer or by which any
      property or asset of the Buyer is bound or affected. The business of the Buyer
      is not being conducted, and shall not be conducted through the Closing Date,
      in
      violation of any law, ordinance, regulation of any governmental entity. Except
      as required under the 1933 Act and any applicable state securities laws, the
      Buyer is not required to obtain any consent, authorization or order of, or
      make
      any filing or registration with, any court or governmental agency in order
      for
      it to execute, deliver or perform any of its obligations under this Agreement
      in
      accordance with the terms hereof.

    

    
      
        
        

      

      
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    k. Indemnification.
      Buyer
      acknowledges that Buyer understands the meaning and legal consequences of the
      representations and warranties in this Section 2, and that the Company has
      relied upon such representations and warranties, and Buyer hereby agrees to
      indemnify and hold harmless the Company and its officers, directors,
      shareholders, agents and representatives from and against any and all claims,
      demands, losses, damages, expenses or liabilities (including attorneys’ fees)
      due to or arising out of, directly or indirectly, a breach of any such
      representations or warranties. Notwithstanding the foregoing, however, no
      representation, warranty, acknowledgment or agreement made herein by Buyer
      shall
      in any manner be deemed to constitute a waiver of any rights granted to such
      Buyer under federal or state securities laws.

    

    l. Short
      Position and Market Purchases.
      Buyer
      is not purchasing the Preferred Shares for the purpose of covering any short
      position in the Preferred Shares.

    

    m. Aggregate
      Offering Amount.
      Buyer
      acknowledges that it must make a minimum purchase of $5,000 in Preferred Stock
      hereunder and that the Company shall not be obligated to sell a minimum or
      maximum amount of Preferred Stock (other than the Preferred Stock purchased
      hereunder by Buyer) to others. Buyer further acknowledges that the Company
      may
      sell Preferred Stock to others at prices which are higher or lower than the
      prices set forth herein and on terms which are different (perhaps more
      favorable) than herein provided. 

    

    n. Residency. Buyer
      is
      a resident of the state indicated on the signature page hereof, is legally
      competent to execute this Agreement, and:

    

    (1) if
      Buyer
      is an individual, has his or her principal residence in such state;

    

    (2) if
      Buyer
      is a corporation, partnership, trust, limited liability company or other form
      of
      business organization, has its principal office in such state; or  

    

    (3) if
      Buyer
      is a corporation, partnership, trust, limited liability company or other form
      of
      business organization, Buyer has not been organized for the specific purpose
      of
      acquiring the Preferred Stock.

    

    o. No
      Solicitation. 
      Buyer
      has not been offered the Preferred Stock by any form of general solicitation
      or
      general advertising, including but not limited to any advertisement, article,
      notice or other communication published in any newspaper, magazine, or similar
      media or broadcast over television or radio, or any seminar or meeting whose
      attendees have been invited by any general solicitation or general advertising.
      

    

    
      
        
        

      

      
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    3. REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

    

    The
      Company represents and warrants to Buyer that:

    

    a. Organization
      and Qualification.
      The
      Company is a corporation duly organized and existing in good standing under
      the
      laws of the State of Delaware, and has the requisite corporate power to own
      their properties and to carry on their business as now being conducted. The
      Company is duly qualified as a foreign corporation to do business and is in
      good
      standing in every jurisdiction in which the nature of the business conducted
      by
      it makes such qualification necessary and where the failure so to qualify would
      have a material adverse effect on the operations, properties or financial
      condition of the Company taken as a whole (a “Material
      Adverse Effect”).

    

    b. Authorization;
      Enforcement.
      (i) The
      Company has the requisite corporate power and authority to enter into and
      perform this Agreement and to issue the Preferred Shares in accordance with
      the
      terms hereof and thereof, (ii) the execution and delivery of this Agreement
      by
      the Company and the consummation by it of the transaction contemplated hereby
      have been duly authorized by the Company’s Board of Directors and no further
      consent or authorization of the Company, its Board of Directors, or its
      stockholders is required, (iii) this Agreement has been duly executed and
      delivered by the Company, and (iv) this Agreement constitutes the valid and
      binding obligations of the Company enforceable against the Company in accordance
      with its terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
      laws
      relating to, or affecting generally, the enforcement of creditors’ rights and
      remedies or by other equitable principles of general application.

    

    c. Capitalization.
      As of
      ___________, the authorized capital stock of the Company consists of (i)
      __________ shares of Preferred Stock of which _________ shares were issued
      and
      outstanding, and (ii) ___________ shares of preferred stock, $.00000001 par
      value, of which ________ shares have been designated “Series A Preferred Stock,”
_________ of which were issued and outstanding. All of such outstanding shares
      have been validly issued and are fully paid and nonassessable.

     

    d. Issuance
      of Preferred Shares.
      The
      Preferred Shares are duly authorized and, upon issuance in accordance with
      the
      terms hereof and thereof, shall be validly issued, fully paid and
      non-assessable, and free from all taxes, liens and charges with respect to
      the
      issue thereof. 

    

    e. No
      Conflicts.
      The
      execution, delivery and performance of this Agreement by the Company and the
      consummation by the Company of the transactions contemplated hereby will not
      (i)
      result in a violation of the Certificate of Incorporation or Bylaws or (ii)
      conflict with, or constitute a default (or an event which with notice or lapse
      of time or both would become a default) under, or give to others any rights
      of
      termination, amendment, acceleration or cancellation of, any agreement,
      indenture or instrument to which the Company is a party, or result in a
      violation of any law, rule, regulation, order, judgment or decree (including
      federal and state securities laws and regulations) applicable to the Company
      or
      by which any property or asset of the Company is bound or affected (except
      for
      such conflicts, defaults, terminations, amendments, accelerations, cancellations
      and violations as would not, individually or in the aggregate, have a Material
      Adverse Effect). The business of the Company is not being conducted in violation
      of any law, ordinance, regulation of any governmental entity, except for
      possible violations which either singly or in the aggregate do not have a
      Material Adverse Effect. Except as required under the 1933 Act and any
      applicable state securities laws, the Company is not required to obtain any
      consent, authorization or order of, or make any filing or registration with,
      any
      court or governmental agency in order for it to execute, deliver or perform
      any
      of its obligations under this Agreement in accordance with the terms
      hereof.

    

    
      
        
        

      

      
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    f. Preferred
      Stock.
      The
      Company has not registered its Preferred Stock pursuant to Section 12(b) or
      (g)
      of the Securities Exchange Act of 1934, as amended (the “1934
      Act’)
      and is
      not obligated to comply with the reporting requirements of the 1934 Act.

    

    g. Absence
      of Litigation.
      There
      is no action, suit, proceeding, inquiry or investigation before or by any court,
      public board or body pending against the Company, wherein an unfavorable
      decision, ruling or finding would have a Material Adverse Effect or which would
      adversely affect the validity or enforceability of, or the authority or ability
      of the Company to perform its obligations under, this Agreement or any of the
      documents contemplated herein.

    

    4. COVENANTS

    

    a. Best
      Efforts.
      The
      parties shall use their best efforts timely to satisfy each of the conditions
      described in Section 6 and 7 of this Agreement.

    

    b. Form
      D.
      The
      Company agrees to file a Form D with respect to the Preferred Shares as required
      under Regulation D and to provide a copy thereof to Buyer promptly after such
      filing. 

    

    c. Reservation
      of Shares.
      The
      Company shall make reasonable efforts to have authorized, and reserved for
      the
      purpose of issuance, a sufficient number of shares of common stock of the
      Company to provide for the conversion of the Preferred Shares. Should this
      not
      be the case upon conversion by Buyer, the Company shall take all reasonable
      action to make available enough authorized share of common stock to accommodate
      such conversion.

    

    5. TRANSFER
      AGENT INSTRUCTIONS

    

    Buyer
      acknowledges that the Preferred Shares shall be “restricted” securities, that
      the Stock Certificates shall bear the restrictive legend specified in Section
      2(g) of this Agreement, and that stop-transfer instructions have been given
      by
      the Company to its transfer agent with respect to the Preferred Shares. If
      Buyer
      provides the Company with an opinion of counsel, reasonably satisfactory in
      form, scope and substance to the Company, that registration of a resale by
      Buyer
      of any of the Preferred Shares is not required under the 1933 Act or any
      applicable state securities or blue sky laws, the Company shall permit the
      transfer and promptly instruct its transfer agent to issue one or more
      certificates in such name and in such denominations as specified by
      Buyer.

    

    6. CONDITIONS
      TO THE COMPANY’S OBLIGATION TO SELL

    

    The
      obligation of the Company hereunder to sell the Preferred Shares is subject
      to
      the satisfaction, at or before the Closing Date, of each of the following
      conditions, provided that these conditions are for the Company’s sole benefit
      and may be waived by the Company at any time in its sole
      discretion:

    

    a. The
      parties shall have executed this Agreement, and delivered the same to each
      other.

    

    b. Buyer
      shall have delivered the Purchase Price to the Company immediately available
      funds pursuant to the wiring instructions provided by the Company.

    

    
      
        
        

      

      
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    c. The
      representations and warranties of Buyer shall be true and correct in all
      material respects as of the date when made and as of the Closing Date as though
      made at that time (except for representations and warranties that speak as
      of a
      specific date), and Buyer shall have performed, satisfied and complied in all
      material respects with the covenants, agreements and conditions required by
      this
      Agreement to be performed, satisfied or complied with by Buyer at or prior
      to
      the Closing Date. The Company shall have received a certificate, executed by
      an
      executive officer of the Buyer, dated as of the Closing Date, to the foregoing
      effect and as to such other matters reasonably requested by the
      Company

    

    7. CONDITIONS
      TO BUYER’S OBLIGATION TO PURCHASE

    

    The
      obligation of Buyer hereunder to purchase the Preferred Shares is subject to
      the
      satisfaction, at or before the Closing Date, of each of the following
      conditions, provided that these conditions are for Buyer’s sole benefit and may
      be waived by Buyer at any time in his sole discretion:

    

    a. The
      parties shall have executed this Agreement and delivered the same to each
      other.

    

    b. The
      representations and warranties of the Company shall be true and correct in
      all
      material respects as of the date when made and as of the Closing Date as though
      made at that time (except for representations and warranties that speak as
      of a
      specific date) and the Company shall have performed, satisfied and complied
      in
      all material respects with the covenants, agreements and conditions required
      by
      this Agreement to be performed, satisfied or complied with by the Company at
      or
      prior to the Closing Date. 

    

    c. The
      Company shall have delivered the Stock Certificates to the Buyer.

    

    8. GOVERNING
      LAW; MISCELLANEOUS 

    

    a. Governing
      Law.
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Florida without regard to the principles of conflict of
      laws.

    

    b. Counterparts.
      This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party.
      In
      the event any signature page is delivered by facsimile transmission, the party
      using such means of delivery shall cause three (3) additional original executed
      signature pages to be physically delivered to the other party within five (5)
      days of the execution and delivery hereof.

    

    c. Headings.
      The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement. 

    

    d. Severability.
      If any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement or the validity or
      enforceability of this Agreement in any other jurisdiction. 

    

    e. Entire
      Agreement; Amendments.
      This
      Agreement and the instruments referenced herein contain the entire understanding
      of the parties with respect to the matters covered herein and therein and,
      except as specifically set forth herein or therein, neither the Company nor
      any
      Buyer makes any representation, warranty, covenant or undertaking with respect
      to such matters. No provision of this Agreement may be waived or amended other
      than by an instrument in writing signed by the party to be charged with
      enforcement. 

    

    
      
        
        

      

      
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    f. Notices.
      Any
      notices required or permitted to be given under the terms of this Agreement
      shall be sent by mail or delivered personally or by courier and shall be
      effective five days after being placed in the mail, if mailed, certified or
      registered, return receipt requested, or upon receipt, if delivered personally
      or by courier, in each case addressed to a party. The addresses for such
      communications shall be:

    

    If
      to the
      Company:

    

    Tekoil
      & Gas Corporation

    5036
      Dr.
      Phillips Blvd.

    Suite
      232

    Orlando,
      FL 32819

    Telephone:
      (407) 996-8506

    Telecopy:
      (407) 996-8507 

    Attention:
      Mr. Mark Western

    

    If
      to
      Buyer:

    

    At
      the
      address set forth on the signature page hereto.

    

    Each
      party shall provide notice to the other party of any change in
      address.

    

    g. Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and assigns. Neither the Company nor Buyer shall assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the other (which consent may be withheld for any reason in the sole
      discretion of the party from whom consent is sought).

    

    h. Third
      Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other person.

    

    i. Survival.
      The
      representations and warranties of the Company and Buyer contained in Sections
      2
      and 3 and the agreements and covenants set forth in Sections 4, 8(g), 8(h),
      8(k)
      and 8(l), and this subsection shall survive the closing for a period of two
      (2)
      years thereafter.

    

    k. Publicity.
      The
      Company and Buyer shall have the right to approve before issuance any press
      releases or any other public statements with respect to the transactions
      contemplated hereby; provided,
      however,
      that
      the Company shall be entitled, without the prior approval of Buyer, to make
      any
      press release with respect to such transactions as the Company determines is
      required by applicable law and regulations.

    

    l. Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

    

    
      
        
        

      

      
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    [SIGNATURE
      PAGE TO FOLLOW]

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, Buyer and the Company have caused this Securities Purchase
      Agreement to be duly executed as of the date first written above.

    

    
      	 	 	“Company”
	 	 	 
	 	 	TEKOIL & GAS CORPORATION
	 	 	 
	 	 	 
	 	 	By:_____________________________
	 	 	Name: Mark Western
	 	 	Title: Chairman and CEO
	 	 	 
	 	 	 
	 	 	“Buyer”
	 	 	 
	 	 	 
	 	 	By:_____________________________
	 	 	Name: __________________________
	 	 	Title:
              ___________________________
	 	 	 
	 	 	Principal Business Address (if an entity)
              or
              Principal 
	 	 	Residence Address (if a natural
              person):
	 	 	 
	 	 	 
	 	 	 
	 	 	Buyer’s Address for Notice Purposes (if
              different than above):
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

    Preferred
      Stock Purchased (at $1.00 per share): _________ Shares 

    Aggregate
      Purchase Price: $________

    Closing
      Date: ________

    

    RESIDENTS
      OF FLORIDA:

    

    THE
      SECURITIES REFERRED TO IN THIS MEMORANDUM WILL BE SOLD TO, AND ACQUIRED BY,
      THE
      HOLDER IN A TRANSACTION EXEMPT UNDER SECTION 517.061 OF THE FLORIDA
      SECURITIES AND INVESTOR PROTECTION ACT. THE SECURITIES HAVE NOT BEEN REGISTERED
      UNDER SUCH ACT IN THE STATE OF FLORIDA AND THEY MAY NOT BE REOFFERED FOR SALE
      OR
      RESOLD UNLESS THEY ARE REGISTERED OR UNLESS AN EXEMPTION FROM REGISTRATION
      IS
      AVAILABLE. IN ADDITION, FLORIDA RESIDENTS SHALL HAVE THE PRIVILEGE OF VOIDING
      THE PURCHASE WITHIN THREE (3) DAYS OF MAKING SUCH PURCHASE. TO ACCOMPLISH THE
      FOREGOING, THE SUBSCRIBER NEED ONLY SEND A LETTER OR TELEGRAM TO US INDICATING
      THE SUBSCRIBER’S INTENTION TO WITHDRAW. THE LETTER OR TELEGRAM SHOULD BE SENT
      AND POSTMARKED PRIOR TO THE END OF THE AFOREMENTIONED THIRD DAY. IF THE
      SUBSCRIBER SENDS A LETTER, IT IS PRUDENT TO SEND IT BY CERTIFIED MAIL, RETURN
      RECEIPT REQUESTED TO ENSURE THAT IT IS RECEIVED AND ALSO TO EVIDENCE THE TIME
      WHEN IT WAS MAILED. IN THE EVENT A SUBSCRIBER CANCELS A SUBSCRIPTION WITHIN
      THE
      AFOREMENTIONED TIME PERIOD, SUBSCRIPTION PAYMENTS AND DOCUMENTS TENDERED BY
      SUCH
      PURCHASER SHALL BE PROMPTLY RETURNED WITHOUT INTEREST OR
      DEDUCTION.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Buyer
      represents that it qualifies as an Accredited Investor under the Regulation
      D
      categories initialed by it below:

    

    1.
      ________ A
      natural
      person that has (i) an individual net worth, or joint net worth with his or
      her
      spouse, of more than $1,000,000; or (ii) individual income in excess of
      $200,000, or joint income with his or her spouse in excess of $300,000, in
      each
      of the two most recent years and has a reasonable expectation of reaching the
      same income level in the current year. 

    

    2.
      ________  An
      organization described in section 501(c)(3) of the Internal Revenue Code of
      1986, as amended, a business trust, or a company, not formed for the specific
      purpose of acquiring Preferred Stock, with total assets in excess of
      $5,000,000.

    

    3.
      ________ A
      trust,
      with total assets in excess of $5,000,000, not formed for the specific purpose
      of acquiring Preferred Stock and whose purchase is directed by a person who
      has
      such knowledge and experience in financial and business matters that he or
      she
      is capable of evaluating the merits and risks of an investment in the Preferred
      Stock.

    

    4.
      ________ A
      broker-dealer registered pursuant to section 15 of the Securities Exchange
      Act
      of 1934, as amended.

    

    5.
      ________ An
      investment company registered under the Investment Company Act of 1940, as
      amended.

    

    6.
      ________ A
      business development company (as defined in section 2(a)(48) of the Investment
      Company Act).

    

    7.
      ________ A
      Small
      Business Investment Company licensed by the U.S. Small Business Administration
      under section 301(c) or (d) of the Small Business Investment Act of
      1958.

    

    8.
      ________ An
      employee benefit plan within the meaning of the Employee Retirement Income
      Security Act of 1974 ("ERISA"), if the investment decision is made by a plan
      fiduciary (as defined in Section 3(21) of ERISA) which is either a bank, savings
      and loan association, insurance company, or registered investment adviser,
      or if
      the employee benefit plan has total assets in excess of $5,000,000 or, if a
      self-directed plan, with investment decisions made solely by persons who are
      Accredited Investors.

    

    9.
      ________ A
      private
      business development company (as defined in section 202(a)(22) of the Investment
      Advisers Act of 1940, as amended); (ix) a bank as defined in section 3(a)(2)
      of
      the Securities Act, or any savings and loan association or other institution
      as
      defined in section 3(a)(5)(A) of the Securities Act, whether acting in its
      individual or a fiduciary capacity. 

    

    10.
      _______ An
      entity
      in which all of the equity owners are Accredited Investors.

    

    
      
        
        

      

      
        11<PAGE>

                                                                     Exhibit 4.2

                        SOLARFUN POWER HOLDINGS CO., LTD.
               (Incorporated under the laws of the Cayman Islands)

Name of Company:
SOLARFUN POWER HOLDINGS CO., LTD.

<TABLE>
<S>                     <C>
Number:                 Number                                                           Ordinary Shares

                                                                                         ---------------

Shares:                                         US$50,000 being the aggregate of
                         (i) 400,000,000 voting Ordinary Shares with a par value of US$0.0001 each; and
                            (ii) 100,000,000 voting convertible Preference Shares with a par value of
                              US$0.0001 each and 100,000,000 of which shall be designated as Series A
                                                       Preference Shares

Issued to:               THIS IS TO CERTIFY THAT ______________________________________________ is the
                         registered holder of _________________________________ Ordinary Shares in the
                         above-named Company subject to the amended and restated memorandum and articles
                         of association thereof.

Dated                    EXECUTED for and on behalf of the Company on _______________ 2006.

                                                                 DIRECTOR
                                                                          -------------------------------

Transferred from:        THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
                         UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. THIS SHARES EVIDENCED HEREBY
                         ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN THE AMENDED AND RESTATED
                         MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY AND A SHAREHOLDERS
                         AGREEMENT DATED AS OF JUNE, 2006, AS AMENDED FROM TIME TO TIME A COPY OF EACH OF
                         WHICH MAY BE OBTAINED UPON REQUEST FROM THE COMPANY. NO TRANSFER OF THE SHARES
                         EVIDENCED HEREBY ARISE SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND
                         CONDITIONS OF THE AFORESAID AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF
                         ASSOCIATION AND SHAREHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL.
</TABLE>

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