Document:

STRM 2013.04.30 EX 10.3

STREAMLINE HEALTH SOLUTIONS, INC.
2013 STOCK INCENTIVE PLAN

Restricted Stock Award Agreement
THIS AGREEMENT (together with Schedule A, attached hereto, the “Agreement”), is made effective as of the Grant Date (as defined below) between STREAMLINE HEALTH SOLUTIONS, INC. a Delaware corporation (the “Company”), and                                 , a Director of the Company or an Affiliate (the “Participant”).
R E C I T A L S :
In furtherance of the purposes of the Streamline Health Solutions, Inc. 2013 Stock Incentive Plan, as it may be hereafter amended (the “Plan”), and in consideration of the services of the Participant and such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Participant hereby agree as follows: 
1.Incorporation of Plan. The rights and duties of the Company and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference.  In the event of any conflict between the provisions in this Agreement and those of the Plan, the provisions of the Plan shall govern, unless the Administrator determines otherwise.  Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. 
2.    Terms of Award. The following terms used in this Agreement shall have the meanings set forth in this Section 2: 
(a)    The “Participant” is                                 . 
(b)    The “Grant Date” is                                 . 
(c)    The “Restriction Period” is the period beginning on the Grant Date and ending on such date or dates and satisfaction of such conditions as described in Schedule A, which is attached hereto and expressly made a part of this Agreement. 
(d)    The number of shares of Common Stock subject to the Restricted Stock Award granted under this Agreement shall be                  shares (the “Shares”). 
3.    Grant of Restricted Stock Award. Subject to the terms of this Agreement and the Plan, the Company hereby grants the Participant, a Restricted Stock Award (the “Award”) for that number of Shares of Common Stock as is set forth in Section 2.  The Participant expressly acknowledges that the terms of Schedule A shall be incorporated herein by reference and shall constitute part of this Agreement.  The Company and the Participant further acknowledge that the Company’s and the Participant’s signatures on the signature page hereto shall constitute their acceptance of all terms of this Agreement, including Schedule A.
4.    Vesting of Award.  Subject to the terms of the Plan, the Award shall be deemed vested and earned upon such date or dates, and subject to such conditions, as are described in this Agreement, including but not limited to the terms of Schedule A, attached hereto.  The Administrator shall have sole authority to determine whether and to what degree the Award has vested and been earned and is payable and to interpret the terms and conditions of this Agreement and the Plan.
5.    Effect of Change of Control.  In the event that (a) the service of the Participant is terminated within six months before (in which case vesting shall not occur until the effective date of the Change of Control) or one year (or such other period after a Change of Control as may be stated in the Participant's change in control agreement, employment agreement or similar agreement, if applicable) after the effective date of a Change of Control, and (b) such termination of service is (i) by the Company not for Cause or (ii) by the Participant for Good Reason, then the Award shall become fully vested and exercisable, whether or not then otherwise vested and exercisable.  For clarification, for the purposes of this Section 5, the “Company” shall include any successor to the Company. 
6.    Effect of Termination of Service. Except as may be otherwise provided in the Plan or this Agreement, in the event that the service of the Participant is terminated for any reason (whether by the Company or the Participant and whether voluntary or involuntary) and all or any part of the Award has not vested or been earned pursuant to the terms of the Plan and Section 3, Section 4, Section 5 and Schedule A herein, then the Award, to the extent not vested or earned, shall be forfeited immediately upon such termination, and the Participant shall have no further rights thereto.  The Participant expressly acknowledges and agrees that the termination of his or her service shall result in forfeiture of the Award and the Shares to the extent the Award has not been earned and vested as of his or her Termination Date.  The grant of the Award does not create any obligation to grant further awards.
7.    Settlement of Award. The Award shall be payable in whole shares of Common Stock. 
8.    No Right of Service; Forfeiture of Award. Nothing contained in this Agreement or the Plan shall confer upon the Participant any right to continue in the service of the Company or an Affiliate or to interfere in any way with the right of the Company or an Affiliate to terminate the Participant’s service at any time.  Except as otherwise expressly provided in the Plan and this Agreement, or as may be determined by the Administrator, all rights of the Participant with respect to the Award shall terminate upon the Participant’s Termination Date.  
9.    Nontransferability of Award and Shares. The Award shall not be transferable (including by sale, assignment, pledge or hypothecation) other than transfer by will or the laws of intestate succession.  The Participant shall not sell, transfer, assign, pledge or otherwise encumber the Shares subject to the Award (except as provided in Section 13 herein) until the Restriction Period has expired and all conditions to vesting and transfer have been met.  The designation of a beneficiary in accordance with the Plan does not constitute a transfer.
10.    Superseding Agreement; Successors and Assigns. This Agreement supersedes any statements, representations or agreements of the Company with respect to the grant of the Award, any other equity-based awards or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements.  Except as otherwise provided in the Plan, this Agreement does not supersede or amend any existing Change in Control Agreement, Confidentiality Agreement, Nonsolicitation Agreement, Noncompetition Agreement, Nondisparagement Agreement, Employment Agreement, Consulting Agreement or any other similar agreement between the Participant and the Company, including, but not limited to, any restrictive covenants contained in such agreements.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, next-of-kin, successors and assigns. 
11.    Governing Law. Except as otherwise provided in the Plan or herein, this Agreement shall be construed and enforced according to the laws of the State of Delaware, without regard to the conflict of laws provisions of any state, and in accordance with applicable federal laws of the United States. 
12.    Amendment; Waiver. Subject to the terms of the Plan and this Agreement, this Agreement may be modified or amended only by the written agreement of the parties.  Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with Applicable Law or changes to Applicable Law (including but not limited to federal securities laws and Code Section 409A.  The waiver by the Company of a breach of any provision of this Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. 
13.    Stockholder Rights. The Participant and his or her legal representative, legatee or distributee shall not be deemed to be the holder of any shares subject to the Award and shall not have any rights of a stockholder unless and until certificates for such shares have been issued and delivered to him or her or them (or, in the case of uncertificated shares, other written notice of ownership in accordance with Applicable Law shall have been provided).  A certificate or certificates representing the Shares subject to the Award shall be issued in the name of the Participant (or, in the case of uncertificated shares, other written evidence of ownership in accordance with Applicable Law shall be provided) after the Award has been granted.  Notwithstanding the foregoing, the Administrator may require that (a) the Participant deliver the certificate(s) (or other instruments) for the Shares to the Administrator or its designee to be held in escrow until the Award vests and is no longer subject to substantial risk of forfeiture (in which case the Shares will be promptly released to the Participant) or is forfeited (in which case the Shares shall be returned to the Company); and/or (b) the Participant deliver to the Company a stock power, endorsed in blank (or similar instrument), relating to the Shares subject to the Award which are subject to forfeiture.  Except as otherwise provided in the Plan or the Agreement, the Participant will have all voting, dividend and other rights of a stockholder with respect to the Shares following issuance of the certificate or certificates for the Shares; provided, however, that if any cash or non-cash dividends are declared and paid by the Company with respect to any such Shares, such dividends shall be subject to the same vesting schedule, forfeiture terms and other restrictions as are applicable to the Shares upon which such dividends are paid.  
14.    Withholding; Tax Consequences. 
(a)    The Participant acknowledges that the Company shall require the Participant to pay to the Company in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by the Company to such authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Award and delivery of the Shares or any other benefit, to satisfy such obligations.  
(b)    The Participant acknowledges that the Company has made no warranties or representations to the Participant with respect to the tax consequences (including, but not limited to, income tax consequences) related to the transactions contemplated by this Agreement, and the Participant is in no manner relying on the Company or its representatives for an assessment of such tax consequences.  The Participant acknowledges that there may be adverse tax consequences upon acquisition or disposition of the Shares subject to the Award and that he or she has been advised that he or she should consult with his own attorney, accountant and/or tax advisor regarding the decision to enter into this Agreement and the consequences thereof.  The Participant also acknowledges that the Company has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant. 
15.    Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan, including but not limited to the sole authority to determine whether and to what degree the Award has been earned and vested.  Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the Agreement is final and binding. 
16.    Notices. Except as may be otherwise provided by the Plan, any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailed but in no event later than the date of actual receipt.  Notice may also be provided by electronic submission, if and to the extent permitted by the Administrator.  Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal office, attention Chief Financial Officer, Streamline Health Solutions, Inc. 
17.    Severability. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
18.    Restrictions on Award and Shares. The Company may impose such restrictions on the Award and the Shares or other benefits underlying the Award as it may deem advisable, including without limitation restrictions under the federal securities laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable to such Award or Shares. Notwithstanding any other provision in the Plan or the Agreement to the contrary, the Company shall not be obligated to issue, deliver or transfer shares of Common Stock, to make any other distribution of benefits, or to take any other action, unless such delivery, distribution or action is in compliance with all Applicable Law (including but not limited to the requirements of the Securities Act).  The Company is under no obligation to the Participant to register Shares nor to comply for the Participant’s benefit with any exemption from registration so that the Participant may sell or otherwise transfer the Shares.  If Shares are issued to the Participant without having been registered, a restrictive legend (in the form prescribed by Applicable Law or as may be advised by legal counsel) will be placed on the certificate, stop-transfer instructions will be issued with respect to the Shares and the Participant will have to hold the Shares indefinitely unless they are subsequently registered or an exemption from registration is available. 
19.    Effect of Changes in Status. Unless the Administrator, in its sole discretion, determines otherwise (or unless required by Code Section 409A), the Award shall not be affected by any change in the terms, conditions or status of the Participant’s service, provided that the Participant continues to be in service to the Company or an Affiliate.  Without limiting the foregoing, the Administrator has sole discretion to determine, subject to Code Section 409A, at the time of grant of the Award or at any time thereafter, the effect, if any, on the Award if the Participant’s status as a Director changes, including but not limited to changes in the nature or scope of the Participant’s service occur. 
20.    Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, the Company may at any time reduce the amount of any payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to the Company that is or becomes due and payable, and the Participant shall be deemed to have consented to such reduction. 
21.    Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
22.    Compliance with Recoupment, Ownership and Other Policies or Agreements. As a condition to receiving this Award, the Participant agrees that he or she shall abide by all provisions of any equity retention policy, compensation recovery policy, stock ownership guidelines and/or other similar policies maintained by the Company, each as in effect from time to time and to the extent applicable to Participant from time to time.  In addition, the Participant shall be subject to such compensation recovery, recoupment, forfeiture, or other similar provisions as may apply at any time to the Participant under Applicable Law.  

IN WITNESS WHEREOF, this Agreement has been executed in behalf of the Company and by the Participant on the day and year first above written. 
STREAMLINE HEALTH SOLUTIONS, INC. 
		
	By:
	_______________________________________ 
Nicholas A. Meeks 
Senior Vice President and 
Chief Financial Officer

Attest: 
 
 
_______________________________________ 
Carolyn Zelnio, Chief Accounting Officer    
 
 
PARTICIPANT 
_____________________________________(SEAL)  
Printed Name:________________________________
 
STREAMLINE HEALTH SOLUTIONS, INC.
2013 STOCK INCENTIVE PLAN

Restricted Stock Award Agreement

SCHEDULE A
Grant Date:  ____________________
Number of Shares Subject to Award:  ___________ shares. 
Restriction Period:  The Shares subject to the Award shall vest and be earned, as provided below, subject to the terms and conditions as may be imposed by the Plan and the Agreement: 
 
	
		
	Date of Vesting
	Percentage of Shares Vested

[Insert Schedule]Exhibit 4.1

 

ORIGINAL ISSUE DISCOUNT SECURED PROMISSORY
NOTE

 

 

	Face
    Amount:   $97,500	June
    11, 2013
	Purchase
    Price: $75,000	 

 

               FOR
VALUE RECEIVED, Solar Wind Energy Tower, Inc., a Nevada corporation (the “Maker”), with its principal offices
located at 1997 Annapolis Exchange Blvd., Suite 300, Annapolis, MD, 21401, promises to pay to the order of Beaufort Ventures PLC,
or its registered assigns (the “Payee”), upon the terms set forth below, the principal amount of Ninety Seven
Thousand Five Hundred Dollars ($97,500) (this “Note”).

 

1.       Payments.

 

(a)        The
full amount of principal under this Note shall be due on October 3, 2013 or such later date as is agreed to in writing by the
Payee (the “Maturity Date”), unless due earlier in accordance with the terms of this Note.

 

(b)        All
overdue unpaid principal to be paid hereunder shall entail a late fee at the rate of 22% per annum (or such lower maximum amount
of interest permitted to be charged under applicable law) which will accrue daily, from the date such principal is due hereunder
through and including the date of payment.

 

(c)       Absent
the occurrence of an Event of Default (unless such Event of Default is waived in writing by the Payee), the Maker may prepay this
Note for 100% of the full principal amount of this Note at any time prior to the Maturity Date.

 

2.        Secured
Obligation. As security for the payment in full of principal and performance under this Note and of all other liabilities
and obligations of the Maker to the Payee in respect of this Note, a convertible debenture in the principal amount of $150,000
issued to Ronald W. Pickett by the Maker on December 30, 2012 (the “Pledged Collateral”) shall have been pledged
to the Payee as security for this Note by the Pledgors (as defined below) pursuant to a Pledge and Security Agreement acceptable
to the Payee by and among the pledgors referred to therein (the “Pledgors”) and the Company.

 

3.       Events
of Default.

 

(a)        “Event
of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it shall be
voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order,
rule or regulation of any administrative or governmental body):

    	-1-

    	 

    

 

 

(i)          any
default in the payment of the principal of this Note, as and when the same shall become due and payable;

 

(iii)       Maker
or any of its subsidiaries shall fail to observe or perform any of their respective obligations owed to Payee under this Note
or any other covenant, agreement, representation or warranty contained in, or otherwise commit any breach hereunder or in any
other agreement executed in connection herewith and such failure or breach shall not have been remedied within ten days after
the date on which notice of such failure or breach shall have been delivered;

 

(iv)        Maker
or any of its subsidiaries shall commence, or there shall be commenced against Maker or any subsidiary, a case under any applicable
bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or Maker or any subsidiary commences any
other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
or similar law of any jurisdiction whether now or hereafter in effect relating to Maker or any subsidiary, or there is commenced
against Maker or any subsidiary any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of
60 days; or Maker or any subsidiary is adjudicated insolvent or bankrupt; or any order of relief or other order approving any
such case or proceeding is entered; or Maker or any subsidiary suffers any appointment of any custodian or the like for it or
any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or Maker or any subsidiary
makes a general assignment for the benefit of creditors; or Maker or any subsidiary shall call a meeting of its creditors with
a view to arranging a composition, adjustment or restructuring of its debts; or Maker or any subsidiary shall by any act or failure
to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action
is taken by Maker or any subsidiary for the purpose of effecting any of the foregoing;

 

(v)        Maker
or any subsidiary shall default in any of its respective obligations under any other note or any mortgage, credit agreement or
other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there
may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement
of Maker or any subsidiary, whether such indebtedness now exists or shall hereafter be created and such default shall result in
such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;
or

    	-2-

    	 

    

 

 

(vi)        Maker
shall (a) be a party to any Change of Control Transaction (as defined below), (b) agree to sell or dispose all or in excess of
33% of its assets in one or more transactions (whether or not such sale would constitute a Change of Control Transaction), (c)
redeem or repurchase more than a de minimis number of shares of Common Stock or other equity securities of Maker
or (d) make any distribution or declare or pay any dividends (in cash or other property, other than common stock) on, or purchase,
acquire, redeem, or retire any of Maker's capital stock, of any class, whether now or hereafter outstanding. “Change
of Control Transaction” means the occurrence of any of: (i) an acquisition after the date hereof by an individual or
legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as
amended) of effective control (whether through legal or beneficial ownership of capital stock of Maker, by contract or otherwise)
of in excess of 33% of the voting securities of Maker, (ii) a replacement at one time or over time of more than one-half of the
members of Maker's board of directors which is not approved by a majority of those individuals who are members of the board of
directors on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination
to the board of directors was approved by a majority of the members of the board of directors who are members on the date hereof),
(iii) the merger of Maker with or into another entity that is not wholly-owned by Maker, consolidation or sale of 33% or more
of the assets of Maker in one or a series of related transactions, or (iv) the execution by Maker of an agreement to which Maker
is a party or by which it is bound, providing for any of the events set forth above in (i), (ii) or (iii).

 

(vii)       Maker
shall fail to file a registration statement on a Form S-1 registering an equity line of credit for the benefit of the Payee (“S-1”)
within 15 days of from the date of this Note.

 

(viii)       Maker
shall fail to obtain the effectiveness of the S-1 within 90 days from the date of this Note.

 

(b)       If
any Event of Default occurs (unless such Event of Default is waived in writing by the Payee), the full principal amount of this
Note shall become, at the Payee's election, immediately due and payable in cash. Commencing 5 days after the occurrence of any
Event of Default that results in the acceleration of this Note, the interest rate on this Note shall accrue at the rate of 22%
per annum, or such lower maximum amount of interest permitted to be charged under applicable law. The Payee need not provide and
Maker hereby waives any presentment, demand, protest or other notice of any kind, and the Payee may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such declaration may be rescinded and annulled by Payee at any time prior to payment hereunder. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon.

    	-3-

    	 

    

 

 

4.        Intentionally
Omitted.

 

5.        Negative
Covenants.        So long as any portion of this Note is outstanding, the Maker will not
and will not permit any of its Subsidiaries to directly or indirectly, unless consented to in writing by the Payee:

 

a)       other
than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money
of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter
acquired or any interest therein or any income or profits therefrom;

 

b)       other
than Permitted Liens, enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

c)       amend
its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Payee;

 

d)       repay,
repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of securities;

 

e)       pay
cash dividends or distributions on any equity securities of the Maker; or

 

f)       enter
into any agreement with respect to any of the foregoing.

 

“Permitted
Indebtedness” shall mean (a) the indebtedness of the Maker existing on the date of issuance of this Note (b) lease obligations
and purchase money indebtedness incurred in connection with the acquisition of capital assets and lease obligations with respect
to newly acquired or leased assets and (c) unsecured notes or other indebtedness,.

 

       “Permitted
Lien” shall mean the individual and collective reference to the following: (a) liens for taxes, assessments and other
governmental charges or levies not yet due or liens for taxes, assessments and other governmental charges or levies being contested
in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the
Maker) have been established in accordance with generally accepted accounting procedures; (b) liens imposed by law which were
incurred in the ordinary course of business, such as carriers’, warehousemen’s and mechanics’ liens, statutory
landlords’ liens, and other similar liens arising in the ordinary course of business, and which (x) do not individually
or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation
of the business of the Maker and its consolidated subsidiaries or (y) are being contested in good faith by appropriate proceedings,
which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such lien; and (c)
liens of the Maker existing on the date of issuance of this Note.

    	-4-

    	 

    

 

 

6.       No
Waiver of Payee’s Rights. All payments of principal and interest shall be made without setoff, deduction or counterclaim.
No delay or failure on the part of the Payee in exercising any of its options, powers or rights, nor any partial or single exercise
of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right, and no waiver on the
part of the Payee of any of its options, powers or rights shall constitute a waiver of any other option, power or right. Maker
hereby waives presentment of payment, protest, and all notices or demands in connection with the delivery, acceptance, performance,
default or endorsement of this Note. Acceptance by the Payee of less than the full amount due and payable hereunder shall in no
way limit the right of the Payee to require full payment of all sums due and payable hereunder in accordance with the terms hereof.

 

7.        Modifications.
No term or provision contained herein may be modified, amended or waived except by written agreement or consent signed by the
party to be bound thereby.

 

8.        Cumulative
Rights and Remedies; Usury. The rights and remedies of Payee expressed herein are cumulative and not exclusive of any rights
and remedies otherwise available under this Note, the Pledge and Security Agreement, or applicable law (including at equity).
The election of Payee to avail itself of any one or more remedies shall not be a bar to any other available remedies, which Maker
agrees Payee may take from time to time. If it shall be found that any interest due hereunder shall violate applicable laws governing
usury, the applicable rate of interest due hereunder shall be reduced to the maximum permitted rate of interest under such law.

 

9.        Use
of Proceeds. Maker shall use the proceeds from this Note hereunder for general working capital purposes.

 

10.        Collection
Expenses. If Payee shall commence an action or proceeding to enforce this Note, then Maker shall reimburse Payee for its costs
of collection and reasonable attorneys fees incurred with the investigation, preparation and prosecution of such action or proceeding.

 

11.        Severability.
If any provision of this Note is declared by a court of competent jurisdiction to be in any way invalid, illegal or unenforceable,
the balance of this Note shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall
nevertheless remain applicable to all other persons and circumstances. If it shall be found that any interest or other amount
deemed interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall
automatically be lowered to equal the maximum permitted rate of interest.

    	-5-

    	 

    

 

 

12.        Successors
and Assigns. This Note shall be binding upon Maker and its successors and shall inure to the benefit of the Payee and its
successors and assigns. The term "Payee" as used herein, shall also include any endorsee, assignee or other holder of
this Note.

 

13.        Lost
or Stolen Promissory Note. If this Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute and deliver
to the Payee a new promissory note containing the same terms, and in the same form, as this Note. In such event, Maker may require
the Payee to deliver to Maker an affidavit of lost instrument and customary indemnity in respect thereof as a condition to the
delivery of any such new promissory note.

 

14.        Due
Authorization. This Note has been duly authorized, executed and delivered by Maker and is the legal obligation of Maker, enforceable
against Maker in accordance with its terms except as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally. No
consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any governmental
authority, bureau or agency is required in connection with the execution, delivery or performance by the Maker, or the validity
or enforceability of this Note other than such as have been met or obtained. The execution, delivery and performance of this Note
and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto or
the securities issuable upon conversion of this Note will not violate any provision of any existing law or regulation or any order
or decree of any court, regulatory body or administrative agency or the certificate of incorporation or by-laws of the Maker or
any mortgage, indenture, contract or other agreement to which the Maker is a party or by which the Maker or any property or assets
of the Maker may be bound.

 

15.        Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each of Maker and Payee agree that all legal proceedings concerning the interpretations, enforcement
and defense of this Note shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan
(the “New York Courts”). Each of Maker and Payee hereby irrevocably submit to the exclusive jurisdiction of
the New York Courts for the adjudication of any dispute hereunder (including with respect to the enforcement of this Note), and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper. Each of Maker and Payee hereby irrevocably
waive personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to the other at the address in effect
for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
Each of Maker and Payee hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby.

    	-6-

    	 

    

 

 

16.       Notice.       
 Any and all notices or other communications or deliveries to be provided
by the Payee hereunder, including, without limitation, any conversion notice, shall be in writing and delivered personally, by
facsimile, sent by a nationally recognized overnight courier service or sent by certified or registered mail, postage prepaid,
addressed to the Maker, or such other address or facsimile number as the Maker may specify for such purposes by notice to the
Payee delivered in accordance with this paragraph. Any and all notices or other communications or deliveries to be provided by
the Maker hereunder shall be in writing and delivered personally, by facsimile, sent by a nationally recognized overnight courier
service or sent by certified or registered mail, postage prepaid, addressed to the Payee at the address of the Payee appearing
on the books of the Maker, or if no such address appears, at the principal place of business of the Payee. Any notice or other
communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission if delivered
by hand or by telecopy that has been confirmed as received by 5:00 p.m. on a business day, (ii) one business day after being sent
by nationally recognized overnight courier or received by telecopy after 5:00 p.m. on any day, or (iii) five business days after
being sent by certified or registered mail, postage and charges prepaid, return receipt requested.

 

17.       Public
Disclosure. The Maker shall, within four (4) business days following the date hereof, issue a Current Report on Form 8-K,
reasonably acceptable to the Payee, disclosing the material terms of the transactions contemplated hereby, and shall attach this
Note thereto and other agreements entered into in connection herewith. The Maker shall consult with the Payee in issuing any other
press releases with respect to the transactions contemplated hereby.

 

 

 

 

 

 

 

 

    	-7-

    	 

    

 

The undersigned signs
this Note as a maker and not as a surety or guarantor or in any other capacity.

 

	 	Solar
    Wind Energy Tower, Inc.
	 	 
	 	By:  _____________________
	 	Name:
	 	Title:

 

 

 

 

Agreed and Acknowledged:

 

 

 

 

By:_____________________

Ronald W. Pickett

 

 

 

 

 

 

 

 

 

    	-8-

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