Document:

fs1a4ex10xii_ussolartech.htm

     

    Exhibit
4.12

    

    No.
2009 - ___

    

    THIS
NOTE AND THE SHARES ISSUABLE ON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER
THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY
STATE SECURITIES LAW. THE NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NEITHER THIS
NOTE NOR ANY SHARES ISSUABLE ON CONVERSION HEREOF MAY BE TRANSFERRED, SOLD OR
OFFERED FOR SALE, IN WHOLE OR IN PART, UNLESS (1) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SECURITY UNDER THE SECURITIES ACT AND
QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAW, (2) SUCH TRANSFER IS
MADE IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT AND PURSUANT TO
QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAW OR EXEMPTION THEREFROM,
OR (3) THERE IS AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION AND QUALIFICATION ARE NOT REQUIRED AS TO SAID TRANSFER, SALE OR
OFFER.

    

    US
SOLAR TECH, INC.

    

    Convertible
Subordinated Note, Due September 30, 2011

    

    September
30, 2009         

    

    FOR VALUE
RECEIVED, US SolarTech, Inc., a Delaware corporation (the “Company”) with its principal
place of business at 199 Main Street Suite 706 White Plains, New York 10601,
hereby promises to pay to _____________, dated March 1, 1991, with
its  primary location at _________________(“Holder”) the amount of
_____________(the “Principal
Sum”), together with interest as hereinafter provided and payable at the
times and in the manner hereinafter provided.

    

    
      	
              1.  

            	
              Notes.  This
      Note is one of a series of notes (the “Notes”) of like tenor in
      the aggregate principal amount of up to Two Million Dollars
      ($2,000,000.00), all of which are ranked pari passu with one
      another, and ranked as set forth in Section 10
      hereof.

            

    

     

    
      	
              2.  

            	
              Interest.  Interest
      will accrue on the unpaid balance of the Principal Sum until paid at the
      rate of 7.5% per annum from the date hereof through September 30, 2011,
      provided,
      however, that if as of September 30, 2010, this Note shall remain
      unconverted pursuant to the terms hereof, then the interest payable hereon
      shall be retroactively adjusted as of September 30, 2009 to a rate of 15%
      per annum.   All interest shall be calculated on the basis
      of a 365-day year for the actual number of days the Principal Sum or any
      part thereof remains unpaid.  Notwithstanding any provision
      herein, in the event this Note is converted in whole or in part in
      accordance with Section 5
      hereof, for purposes of calculating the number of shares of the Company’s
      common stock, par value $.0001 per share (“Common Stock”) to which
      the Holder is entitled upon conversion, the portion of this Principal Sum
      being converted shall be deemed to have accrued interest a rate of 25% per
      annum.

            

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              3.  

            	
              Payment Amount and Due
      Date.  The Principal Sum and accrued and unpaid interest
      shall be payable in full on September 30, 2011, unless the Principal Sum
      and unpaid interest has been earlier converted pursuant to Section 5
      below.  Payment shall be made at the address designated by
      Holder in writing to Company, and shall be in lawful money of the United
      States of America.

            

    

     

    
      	
              4.  

            	
              Redemption by the
      Company.  Notwithstanding any provision herein, the
      Company may, at its sole discretion, upon at least ten (10) days prior
      written notice setting forth an effective date for redemption, redeem all
      or part of this Note by payment of the then outstanding Principal Sum and
      any accrued interest thereon, provided that
      the Holder shall remain entitled to convert this Note pursuant to Section 5 below
      at any time prior to the effective date set forth in such
      notice.

            

    

     

    
      	
              5.  

            	
              Conversion.

            

    

     

    
      	
              5.1  

            	
              Notwithstanding
      any provision herein, the Holder shall be entitled to convert this Note at
      such time when the Common Stock has been Publicly Traded for
      one   full calendar month (the “Initial Conversion
      Date”) until September 30, 2010 (the “Conversion Period”).
      “Publicly Traded”
      shall mean that the Common Stock of the Company has been validly
      registered under the Securities Exchange Act of 1934 and is validly
      trading on the Pink Sheets, OTC Bulletin Board, NASDAQ Capital Market,
      NASDAQ National Market, New York Stock Exchange, NYSE Amex Equities or
      another recognized U.S. national
market.

            

    

     

    
      	
              5.2  

            	
              During
      the Conversion Period, Holder shall, acting in its sole discretion, be
      entitled to convert any portion or all of the Principal Sum and unpaid
      interest accrued under this Note into shares of the Company’s Common
      Stock  at a price per share of equal to the weighted average
      trading price of the Common Stock on the exchange or quotation system on
      which it is Publicly Traded with respect to the preceding 20 trading days
      (such price over such period being the “Calculated Price”),
      provided
      that notwithstanding any provision in this Note, such price shall not be
      less than $1.50 per share (the “Conversion Price”),
      provided
      further that any partial conversion of this Note shall convert no less
      than $50,000 of the then outstanding Principal Amount, unless waived in
      writing by the Company.  In the event of any partial conversion
      of this Note, upon Holder’s surrender of this Note or any subsequent note
      issued hereunder, the Company shall issue a replacement note with
      identical terms, reflecting the remaining outstanding balance on this
      Note.  Holder shall effect conversion by providing the Company
      with an irrevocable written notice setting forth the Principal Amount to
      be converted, the Conversion Price, the amount of Accrued Interest earned,
      and the effective date of the conversion, which date shall be no earlier
      than the date of the notice and no later than five calendar days following
      the notice.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              5.3  

            	
              If
      at any time on or after the Initial Conversion Date the Calculated Price
      equals or exceeds $2.00 per share (the “Trigger Price”) for 20
      consecutive trading days (the “Conversion Event”), then
      the Company shall provide Holder with a written notice stating that the
      requirements for automatic conversion under this Section 5.3
      have been met, whereupon on the 5th
      business day following Holder’s receipt of such notice, the Company shall
      have the right, at its sole discretion, to convert all of the Principal
      Sum and unpaid interest accrued under this Note (accruing through but not
      after the occurrence of the Conversion Event) into shares of Common Stock
      of the Company at the Trigger
Price.

            

    

     

    
      	
              6.  

            	
              Default.

            

    

     

    
      	
              6.1  

            	
              The
      Principal Sum plus all accrued and unpaid interest shall immediately
      become due and payable at the option of Holder without demand for payment,
      notice of nonpayment, notice of dishonor, protest, notice of protest, or
      any other notice or demand, all of which the Company hereby expressly
      waives, if any of the following occur (each a “Default”):

            

    

     

    
      	
              6.1.1  

            	
              The
      Company fails to pay to Holder the Principal Sum and accrued and unpaid
      interest when due as provided in this Note and such failure continues for
      a period of 30 days;

            

    

     

    
      	
              6.1.2  

            	
              Any
      default by the Company with respect to another indebtedness other than
      ordinary course trade debt if the effect of such default is to cause or
      permit the acceleration of such indebtedness and such indebtedness is in
      excess of $200,000;

            

    

     

    
      	
              6.1.3  

            	
              The
      Company voluntarily makes an assignment for the benefit of creditors, or a
      trustee or receiver of the Company is
appointed;

            

    

     

    
      	
              6.1.4  

            	
              (i)
      Any proceeding involving the Company is voluntarily commenced by the
      Company under any bankruptcy, reorganization, insolvency, readjustment of
      debt, marshalling of assets and liabilities, dissolution, or liquidation
      law or statute of the United States or of any state, whereupon such
      Default shall be deemed to exist immediately upon commencement without any
      cure period or (ii) a proceeding of such nature is involuntarily
      instituted against the Company, and in each of (i) and (ii) the Company by
      any action indicates its approval of, or consent to or acquiescence in,
      the proceeding, or the proceeding remains undismissed for 60
      days;

            

    

     

    
      	
              6.1.5  

            	
              The
      Company fails to issue Common Stock issuable to Holder upon Holder’s valid
      conversion of this Note with 15   business
      days;

            

    

     

    
      	
              6.2  

            	
              Upon
      the occurrence and during the continuance of a Default, the Holder shall
      then, or at any time thereafter, have all of the rights and remedies
      afforded under all other applicable law.  All such rights and
      remedies are cumulative and none is exclusive.  The Company
      hereby agrees not to take any action to obstruct, impede, or infringe upon
      the Holder’s enforcement of its rights, benefits, and remedies under this
      Note and to cooperate fully with any and all actions taken by the Holder
      pursuant to this Note or in the exercise of any rights granted to the
      Holder thereunder or under applicable
law.

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

     

    
      	
              6.3  

            	
              The
      failure of Holder to assert any right contained in this Note or any delay
      in asserting any such right shall not be deemed a waiver of such
      right.

            

    

     

    
      	
              6.4  

            	
              The
      Company shall provide written notice to Holder promptly upon the Company’s
      becoming aware of the occurrence of a Default, regardless of whether such
      default continues.

            

    

     

    
      	
              6.5  

            	
              Upon
      the occurrence and continuation of a Default or after judgment has been
      rendered on this Note, the unpaid Principal Sum of this Note shall bear
      interest at a rate which is three percentage points higher than the rate
      of interest which would otherwise be actually payable in cash hereunder
      (the “Default
      Rate”),

            

    

     

    
      	
              7.  

            	
              Securities
      Matters.

            

    

     

    
      	
              7.1  

            	
              By
      accepting this Note, Holder acknowledges that Holder has been advised by
      the Company that neither this Note nor any Common Stock which may be
      issued pursuant hereto have been registered under the Securities Act, that
      the Note is being issued and the Common Stock may be issued on the basis
      of the statutory exemption provided by Section 4(2) of the Securities Act
      or Regulation D promulgated thereunder, or both, relating to transactions
      by an issuer not involving any public offering, and that the Company’s
      reliance thereon is based in part upon representations made by
      Holder.  Holder acknowledges that Holder has been informed by
      the Company of, or is otherwise familiar with, the nature of the
      limitations imposed by the Securities Act and the rules and regulations
      thereunder on the transfer of
securities.

            

    

     

    
      	
              7.2  

            	
              Unless
      registered pursuant to the provisions of the Securities Act, the
      certificate(s) evidencing any Common Stock issued upon any conversion
      under Section 6 of this Note shall bear the following
    legend:

            

    

     

    “THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE, AND ARE BEING OFFERED AND SOLD PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
SUCH OTHER LAWS.”

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              8.  

            	
              Company
      Representations and
Covenants.

            

    

     

    
      	
              8.1  

            	
              The
      Company represents and warrants to Holder
that:

            

    

     

    
      	
              8.1.1  

            	
              The
      Company is a corporation incorporated and validly existing under the laws
      of the State of Delaware;

            

    

     

    
      	
              8.1.2  

            	
              The
      Company shall, at all times that the Notes remain outstanding, ensure that
      at least 1,333,333 shares of Common Stock are authorized for issuance upon
      conversion of the Notes, plus a sufficient number of additional shares of
      Common Stock to allow for conversion of all accrued interest on the Notes
      in accordance with their terms, in each case subject to pro rata reduction upon
      conversion of Notes and in each case adjustable for the events
      contemplated by Section
      9;

            

    

     

    
      	
              8.1.3  

            	
              This
      Note has been duly authorized by the Company;
  and

            

    

     

    
      	
              8.1.4  

            	
              This
      Note constitutes the valid and binding obligations of the Company
      enforceable against the Company in accordance with its terms, subject only
      to bankruptcy, insolvency, liquidation, reorganization, moratorium, and
      similar laws generally affecting enforcement of creditors'
      rights.

            

    

     

    
      	
              8.1.5  

            	
              This
      Note and the performance of the Company’s obligations hereunder does not
      conflict with any agreement, applicable law, order of any governmental
      authority, judgment, or other contract to which the Company is a party or
      by which the Company or its assets are
bound.

            

    

     

    
      	
              9.  

            	
              Adjustments to
      Conversion Price and Trigger Price.  The Conversion Price
      and the Trigger Price are subject to adjustment from time to time upon the
      occurrence of the events specified in this Section
  9.

            

    

     

    
      	
              9.1  

            	
              Adjustments for Stock
      Splits and Combinations.  If, while any portion this Note
      is outstanding, the Company effects a subdivision of the outstanding
      Common Stock (or other securities issuable on conversion hereof), the
      Conversion Price and Trigger Price then in effect shall be proportionately
      decreased in proportion to such increase of outstanding Common Stock, and
      conversely, if, while this Note is outstanding, the Company combines the
      outstanding Common Stock, the Conversion Price and Trigger Price then in
      effect shall be proportionately increased in proportion to such decrease
      in outstanding Common Stock.  Any adjustment under this Section 9.1
      shall become effective as of the record date for such event and if such
      subdivision or combination is not consummated the Conversion Price and the
      Trigger Price shall be readjusted accordingly.  For purposes of
      this Section
      9.1, a stock dividend shall be considered a stock
      split.

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              9.2  

            	
              Adjustment for
      Reclassification, Exchange and Substitution. If the shares of
      Common Stock of the Company issuable upon conversion of this Note are
      changed into the same or a different number of shares of the same or any
      other class or classes of stock, whether by reclassification or otherwise
      (other than a subdivision or combination of shares provided for in Section 9.1 or
      a capital reorganization, merger or consolidation provided for in Section 9.3),
      or if all or any portion of the class of securities then purchasable by
      conversion of this Note are redeemed or cease to exist, then and in any
      such event Holder shall have the right thereafter, upon conversion of this
      Note, to receive in lieu of shares of Common Stock of the Company the kind
      and amount of stock and other securities or property receivable upon such
      reclassification or other change, in an amount equal to the amount that
      Holder would have been entitled to had this Note been converted to such
      extent prior to such event, and the Conversion Price shall be
      proportionally adjusted, all subject to further adjustment as set forth
      herein.

            

    

     

    
      	
              9.3  

            	
              Adjustment for Capital
      Reorganization, Merger or Consolidation.  In case of any
      capital reorganization of the capital stock of the Company (other than a
      combination, reclassification, exchange or subdivision of shares otherwise
      provided for herein), or any merger or consolidation of the Company with
      or into another person or entity, or the sale of all or substantially all
      the assets of the Company then, and in each such case, as a part of such
      reorganization, merger, consolidation, sale or transfer, lawful provision
      will be made so that Holder will thereafter be entitled to receive upon
      conversion of this Note, during the period specified herein and at the
      Conversion Price then in effect, the number of shares of stock or other
      securities or property of the successor person or entity resulting from
      such reorganization, merger, consolidation, sale or transfer that a holder
      of the shares deliverable upon conversion of this Note would have been
      entitled to receive in such reorganization, consolidation, merger, sale or
      transfer if this Note had been converted immediately before such
      reorganization, merger, consolidation, sale or transfer, all subject to
      further adjustment as provided in this Section
      9.  The foregoing provisions of this Section 9.3
      will similarly apply to successive reorganizations, consolidations,
      mergers, sales and transfers and to the stock or securities of any other
      person or entity that are at the time receivable upon the conversion of
      this Note.  If the per-share consideration payable to a holder
      for shares in connection with any such transaction is in a form other than
      cash or marketable securities, then the value of such consideration will
      be determined reasonably and in good faith by the audit committee of the
      Company’s Board of Directors.  In all events, appropriate
      adjustment (as determined reasonably and in good faith by the audit
      committee of the Company’s Board of Directors) will be made in the
      application of the provisions of this Note with respect to the rights and
      interests of Holder after the transaction, to the end that the provisions
      of this Note will be applicable after that event, as near as reasonably
      may be, in relation to any shares or other property deliverable after that
      event upon conversion of this Note.

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    
      	
              9.4  

            	
              Adjustment for
      Dividends or Distributions of Stock or Other Securities or
      Property.  In case the Company will make or issue, or
      will fix a record date for the determination of eligible holders entitled
      to receive, a dividend or other distribution with respect to the Common
      Stock (or any shares of stock or other securities at the time issuable
      upon conversion of this Note) payable in: (i) securities of the Company
      (other than a stock dividend for which adjustment is made pursuant to
      Section
      9.1) or (ii) assets (excluding cash dividends paid or payable
      solely out of retained earnings), then, in each such case, Holder on
      conversion hereof at any time after the consummation, effective date or
      record date of such dividend or other distribution, will receive, in
      addition to the shares of Common Stock (or such other stock or securities)
      issuable on such conversion prior to such date, and without the payment of
      additional consideration therefor, the securities or such other assets of
      the Company to which such Holder would have been entitled upon such date
      if such Holder had converted this Note on the date hereof and had
      thereafter, during the period from the date hereof to and including the
      date of such conversion, retained such shares and/or all other additional
      stock available by it as aforesaid during such period giving effect to all
      adjustments called for by Section
9.

            

    

     

    
      	
              9.5  

            	
              Adjustments for the
      Issuance of other Debt.  In the event that the Company
      issues convertible debt securities at any time prior to the maturity of
      this Note (“Other
      Securities”) and the conversion provisions of such Other Securities
      are more favorable to the holders of the Other Securities than those set
      forth in this Note, then the conversion provisions in this Note shall be
      adjusted so that they provide the Holder with conversion rights as
      favorable as those in the Other Securities, provided
      however, that such adjustment shall only be made on a pro rata weighted
      average basis.

            

    

     

    
      	
              9.6  

            	
              Determination of
      Adjustment.  Any determination as to whether an
      adjustment is required to be made under Section 9 to
      (i) the Conversion Price or Trigger Price in effect hereunder or (ii) as
      to the amount of any such adjustment described in clause (i) of this Section 9.6,
      shall be binding upon Holder and the Company if made reasonably and in
      good faith by the audit committee of the Company’s Board of
      Directors.

            

    

     

    
      	
              10.  

            	
              Subordination.  The
      Company’s obligations to the Holder shall be subordinated in accordance
      with the following terms and
conditions:

            

    

     

    
      	
              10.1  

            	
              Agreement to
      Subordinate. The Company agrees, and the Holder, by accepting this
      Note agrees, that the Indebtedness evidenced by this Note is subordinated
      in right of payment, to the extent and in the manner provided in this
      Section
      10, to the prior payment and/or cancellation in full of all Senior
      Indebtedness of the Company and that such subordination is for the benefit
      of, and enforceable by, the Senior Creditors.  For the avoidance
      of doubt, the Indebtedness evidenced by this note shall rank pari passu with respect
      to future Indebtedness of the Company but shall be junior to future
      indebtedness of the Company (i) which by its terms is senior to the
      Indebtedness evidenced by this Note and (ii) any secured Indebtedness of
      the Company.

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    
      	
              10.2  

            	
              Liquidation,
      Dissolution, Bankruptcy. Upon any payment
      or  distribution of the assets of the Company to creditors upon
      a total or  partial liquidation or a total or partial
      dissolution of the Company or in a bankruptcy, reorganization, insolvency,
      receivership or similar proceeding relating to the Company or its
      property:

            

    

     

    
      	
              10.2.1  

            	
               holders
      of Senior Indebtedness of the Company shall be entitled to receive payment
      in full of such Senior Indebtedness before the Holder shall be entitled to
      receive any payment of principal of or interest on this
    Note;

            

    

     

    
      	
              10.2.2  

            	
              until
      the Senior Indebtedness of the Company is paid in full, any payment or
      distribution to which the Holder would be entitled but for this Section 10
      shall be made by the liquidating trustee or agent or other person making
      such payment or distribution (whether a trustee in bankruptcy, a receiver
      or liquidating trustee or otherwise) directly to holders of such Senior
      Indebtedness as their interests may appear to the extent necessary to pay
      in full all Senior Indebtedness remaining unpaid after giving effect to
      any prior or concurrent payment or distribution, or provision therefor, to
      holders of such Senior Indebtedness;
and

            

    

     

    
      	
              10.2.3  

            	
              in
      the event that, notwithstanding the foregoing, any payment or distribution
      of assets of the Company of any kind or character, whether in cash,
      property or securities (other than securities issued to the Holder upon
      conversion under or redemption of this Note, shares of common stock of the
      Company as reorganized or readjusted, or securities of the Company or any
      other corporation provided for by a plan of
      reorganization or readjustment, the payment of which is
      subordinated to the payment of all Senior Indebtedness which may at the
      time be outstanding on terms not less favorable than those of this Section 10)
      shall be received by the Holder before all Senior Indebtedness is paid in
      full, such payment or distribution shall be paid over to the Senior
      Creditors, for application to the payment of all Senior Indebtedness
      remaining unpaid until all such Senior Indebtedness shall have been paid
      in full, or provision made for its payment, after giving effect to any
      prior or concurrent payment or distribution on the Senior
      Indebtedness.

            

    

     

    
      	
              10.3  

            	
              Default on Senior
      Indebtedness. The Company may not pay the  principal of,
      premium (if any) or interest on this Note in cash and may not repurchase,
      redeem or otherwise retire this Note (other than securities issued to the
      Holder upon conversion under or redemption of, this Note ) if (i) any
      Senior Indebtedness of the Company is not paid when due or (ii) any other
      default on such Senior Indebtedness occurs and the maturity of such Senior
      Indebtedness is accelerated in accordance with its terms unless, in either
      case, (x) the default has been cured or waived and any such acceleration
      has been rescinded or (y) such Senior Indebtedness has been paid in
      full.

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              10.4  

            	
              When Distribution Must
      Be Paid Over. If a distribution prohibited by this Section 10 is
      made to Holders, the Holders who receive such distribution shall hold such
      distribution in trust for holders of Senior Indebtedness of the Company
      and pay such distribution over to them as their interests may
      appear.

            

    

     

    
      	
              10.5  

            	
              Waiver of Certain
      Rights. The Holder hereby waives any and all rights to (a) require
      Senior Creditor to marshal any property or assets of the Company or to
      resort to any of the property or assets of the Company in any particular
      order or manner, (b) require Senior Creditor to enforce any guaranty or
      any security interest or lien given by any person or entity other than the
      Company to secure the payment of any or all of the Senior Indebtedness
      held by the Senior Creditor as a condition precedent or concurrent to
      taking any action against or with respect to any collateral securing such
      Senior Indebtedness and/or (c) bring any action to contest the validity,
      legality, enforceability, perfection,  priority or avoidability
      of any of the Senior Indebtedness held by the Senior Creditor, any of the
      documents evidencing the Senior Indebtedness held by the Senior Creditor
      or any of the security interests and/or liens of Senior Creditor in or on
      any of the collateral securing its Senior
  Indebtedness.

            

    

     

    
      	
              10.6  

            	
              Bankruptcy. The
      provisions of this Section 10 shall continue in full force and effect
      after the filing of any petition for relief by or against the Company
      under the United States Bankruptcy Code (the "Code") and all converted
      or succeeding cases in respect thereof (all references herein to the
      Company being deemed to apply to the Company as a debtor-in-possession and
      to a trustee for the Company), and shall apply with full force and effect
      with respect to all collateral held by the Senior Creditor, and to all
      Senior Indebtedness incurred by the Company from the
      Senior Creditor, subsequent to such
filing.

            

    

     

    
      	
              10.7  

            	
              Relative
      Rights.  This Section 10
      defines the relative rights of Holders and holders of Senior Indebtedness
      of the Company.  Nothing in this Note
  shall:

            

    

     

    
      	
              10.7.1  

            	
              impair,
      as between the Company and Holders, the obligation of the Company, which
      is absolute and unconditional, to pay principal of and interest on and
      liquidated damages in respect of, the Notes in accordance with their
      terms; or

            

    

     

    
      	
              10.7.2  

            	
              prevent
      any Holder from exercising its available remedies upon an Event of
      Default, subject to the rights of holders of Senior Indebtedness of the
      Company to receive distributions otherwise payable to
    Holders.

            

    

     

    
      	
              10.8  

            	
              Payment in
      Stock. Notwithstanding any provision in this Section 10, the
      Company may at any time pay or redeem this Note in shares of Common Stock
      pursuant to the terms and conditions set forth herein and the Holder may
      receive such shares of Common Stock free and clear of any claims of the
      holders of Senior Indebtedness. Nothing herein shall restrict delay or
      otherwise affect the Holder's right to receive securities upon any
      conversion or issuance under this
Note.

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              10.9  

            	
              Reliance by Holders of
      Senior Indebtedness on Subordination Provisions. The Holder by
      accepting a Note acknowledges and agrees that the foregoing subordination
      provisions are, and are intended to be, an inducement and a consideration
      to each holder of any Senior Indebtedness of the Company, whether such
      Senior Indebtedness was created or acquired before or after the issuance
      of the Notes, to acquire and continue to hold, or to continue to hold,
      such Senior Indebtedness and such holder of such Senior Indebtedness shall
      be deemed conclusively to have relied on such subordination provisions in
      acquiring and continuing to hold, or in continuing to hold, such Senior
      Indebtedness.

            

    

     

    
      	
              10.10  

            	
              Definitions.

            

    

     

    
      	
              10.11  

            	
              “Indebtedness” means at a
      particular time with respect to the Company, without duplication, (a) any
      indebtedness for borrowed money or issued in substitution for or exchange
      of indebtedness for borrowed money, (b) any indebtedness evidenced by any
      note, bond, debenture or other debt security, (c) any indebtedness for the
      deferred purchase price of property or services with respect to which the
      Company is liable, contingently or otherwise, as obligor or otherwise, (d)
      trade payables and other current liabilities incurred in the ordinary
      course of business, (e) any commitment by which the Company assures a
      creditor against loss (including, without limitation, contingent
      reimbursement obligations with respect to letters of credit), (f) any
      indebtedness guaranteed in any manner by the Company (including, without
      limitation, guarantees in the form of an agreement to repurchase or
      reimburse), (g) any obligations under capitalized leases with respect to
      which a Person is liable, contingently or otherwise, as obligor, guarantor
      or otherwise, or with respect to which obligations the Company assures a
      creditor against loss, and (h) any indebtedness secured by a lien on the
      Company’s assets.

            

    

     

    
      	
              10.11.1  

            	
              “Senior Indebtedness” of
      the Company means the principal of, premium (if any) and accrued and
      unpaid interest, if any, (including interest accruing on or after the
      filing of any petition in bankruptcy or for reorganization of the Company,
      regardless of whether or not a claim for post-filing interest is allowed
      in such proceedings) on Indebtedness including and fees and other amounts
      owing in respect of any Indebtedness of the Company existing as of
      September 30, 2009 as included on the Company’s financial statements for
      the quarterly period ended September 30, 2009; provided,
      however, that Senior Indebtedness shall not include: (i) any liability for
      federal, state, local or other taxes owed or owing by the Company; or
      (iii) any obligations with respect to the Common Stock or the Company’s
      Series A Preferred Stock.

            

    

     

    
      	
              10.11.2  

            	
              “Senior Creditor” means
      any person or entity to whom Senior Indebtedness is
  owed.

            

    

     

    
      	
              11.  

            	
              Governing Law.
      This Note shall be governed by and construed in accordance with the laws
      of the State of New York, excluding any conflicts or choice of law rules
      or principles that might refer to the governance or construction of this
      Note by the law of another jurisdiction.  If any provisions of
      this Note shall be unenforceable or invalid, the same shall not affect the
      remaining provisions of this Note and, to this end, the provisions of this
      Note are intended to be and shall be
severable.

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              11.  

            	
              Jurisdiction and
      Venue.  ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS
      NOTE SHALL BE BROUGHT IN A COURT OF RECORD OF THE STATE OF NEW YORK IN THE
      COUNTY OF NEW YORK.  THE PARTIES TO THIS NOTE HEREBY CONSENT TO
      THE EXCLUSIVE JURISDICTION OF SUCH COURTS OF THE STATE OF NEW YORK, AND
      SERVICE OF PROCESS MAY BE MADE UPON THE PARTIES TO THIS NOTE BY MAILING A
      COPY OF THE SUMMONS AND ANY COMPLAINT TO SUCH PERSON, BY REGISTERED OR
      CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AT THE ADDRESS SET FORTH IN THE
      PREAMBLE HERETO.  BY ACCEPTANCE HEREOF, THE PARTIES HERETO EACH
      HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION, INCLUDING,
      WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
      GROUNDS OF FORUM
      NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING
      OR MAINTAINING OF ANY SUCH ACTION OR PROCEEDING IN SUCH
      JURISDICTION.

            

    

    

    
      	
              12.  

            	
              Successors and
      Assigns.  This Note shall be binding upon and insure to
      the benefit of the parties hereto and their successors and
      assigns.  This Note may not be assigned by the Company without
      the prior written approval of
Holder.

            

    

    

    
      	
              13.  

            	
              Limitation Due to
      Usury Laws. All agreements between the Company and the Holder are
      hereby expressly limited so that in no contingency or event whatsoever,
      whether by reason of acceleration of maturity of the indebtedness
      evidenced hereby or otherwise, shall the amount paid or agreed to be paid
      to the Holder for the use, forbearance, or detention of the indebtedness
      evidenced hereby exceed the maximum permissible amount under applicable
      law.  If, from any circumstance whatsoever, fulfillment of any
      provision hereof at the time performance of such provision shall be due
      shall involve transcending the limit of validity prescribed by law, then
      the obligation to be fulfilled shall automatically be reduced to the limit
      of such validity, and if from any circumstances the Holder should ever
      receive as interest an amount which would exceed the highest lawful rate,
      such amount which would be excessive interest shall be applied to the
      reduction of the principal balance evidenced hereby and not to the payment
      of interest, and, if the principal amount of this Note has been paid in
      full, shall be refunded to the
Company.

            

    

     

    

    [REMAINDER
INTENTIONALLY BLANK]

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
 

    

    IN WITNESS WHEREOF, the
undersigned has caused this Note to be executed on the day and year first above
written.

     

    US
SOLARTECH, INC.

    

    

    By:                                        
                  

    Name: Steven
Phillips

    Title:  Chief
Financial Officer

     

    ________

    

     

     

    [HOLDER]

    

    

    By:                                                  
        

    Name:                                                   
 

    Title:                                                   
   

    
 

     

    12fs1a4ex10xiii_ussolartech.htm

    

     

    Exhibit
4.13

     

    

     

    WARRANT

     

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
OTHER SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A
TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.

     

    September
30, 2009

     

    

    Warrant
to Purchase up to _______Shares of Common Stock of US SolarTech,
Inc.

    (hereinafter,
the “Warrant”).

     

    US
SolarTech, Inc., a corporation organized and existing under the laws of the
State of Delaware (the “Company”), hereby
agrees that _________________, dated March 1, 1991 (“Warrant Holder”) is
entitled, on the terms and conditions set forth below, to purchase from the
Company at any time during the Exercise Period (hereinafter defined) up to
125,000 fully paid and non-assessable shares of Common Stock, par value $0.0001
per share, of the Company (the “Common Stock”), as
the same may be adjusted from time to time pursuant to Section 5 hereof, at the
Exercise Price (hereinafter defined), as the same may be adjusted pursuant to
Section 5 hereof.

     

     Section
1   Definitions

     

    “Aggregate Exercise
Price” shall mean, with respect to any exercise (in whole or in part) of
this Warrant the Exercise Price multiplied by the total number of shares of
Common Stock for which this Warrant is being exercised.

     

    “Capital Shares” shall
mean the Common Stock, and any shares of any other class of common stock whether
now or hereafter authorized, having the right to participate in the distribution
of dividends (as and when declared) and assets (upon liquidation of the
Company).

     

    “Exercise Date” shall
mean, with respect to any exercise (in whole or in part) of this Warrant either
(i) the date this Warrant, the Exercise Notice and the Aggregate Exercise Price
are received by the Company or (ii) the date a copy of the Exercise Notice is
sent by facsimile to the Company, provided that this Warrant, the original
Exercise Notice, and the Aggregate Exercise Price are received by the Company
within five Trading Days thereafter and provided further that if this Warrant,
the original Exercise Notice and the Aggregate Exercise Price are not received
within five Trading Days in accordance with clause (ii) above, the Exercise Date
for this clause (ii) shall be the date this Warrant, the original Exercise
Notice and the Aggregate Exercise Price are received by the
Company.

     

    “Exercise Notice”
shall mean, with respect to any exercise (in whole or in part) of this Warrant
the exercise form attached hereto as Exhibit A, duly executed by the Warrant
Holder.

     

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

       

    

     

    “Exercise Period”
shall mean the period beginning on September 30, 2009 and continuing until
September 30, 2011, inclusive, provided that during the Exercise Period, the
Company Share’s shall be publicly trading for one (1) month.

     

    “Exercise Price” as of
the date hereof shall mean $1.50 per share of Common Stock, subject to the
adjustments provided for in Section 5 of this Warrant.

     

    “Outstanding” when
used with reference to Common Stock or Capital Shares (collectively, the “Shares”), shall mean,
at any date as of which the number of such Shares is to be determined, all
issued and outstanding Shares, and shall include all such Shares issuable in
respect of outstanding scrip or any certificates representing fractional
interests in such Shares; provided, however, that
“Outstanding” shall not refer to any such Shares then directly or indirectly
owned or held by or for the account of the Company.

     

      “Principal Market”
shall mean the Nasdaq National Market, the American Stock Exchange, the Over the
Counter Bulletin Board, the Pink Sheets or the New York Stock Exchange,
whichever is at the time the principal trading exchange or market for the Common
Stock.

     

    “Trading Day” shall
mean any day during which the Principal Market shall be open for
business.

     

     “Warrant Shares” means
shares of Common Stock issuable upon exercise of this Warrant.

     

    Section 2 Exercise

     

    (a)   Method of
Exercise.  This Warrant may be exercised in whole or in part,
provided such part is to purchase not less than 50,000 Warrant Shares and not as
to a fractional share of Common Stock), at any time and from time to time during
the Exercise Period, by the Warrant Holder by (i) the surrender of this Warrant,
the Exercise Notice and the Aggregate Exercise Price to the Company at the
address set forth in Section 10 hereof or (ii) the delivery by facsimile of an
executed and completed Exercise Notice to the Company and delivery to the
Company within five Trading Days thereafter of this Warrant, the original
Exercise Notice and the Aggregate Exercise Price.

     

    (b)   Payment of Aggregate
Exercise Price.  Payment of the Aggregate Exercise Price shall
be made by check or bank draft payable to the order of the Company or by wire
transfer to an account designated by the Company.  If the amount of
the payment received by the Company is less than the Aggregate Exercise Price,
the Warrant Holder will be notified of the deficiency and shall make payment in
that amount within five Trading Days of such notice.  In the event the
payment exceeds the Aggregate Exercise Price, the Company will refund the excess
to the Warrant Holder within three Trading Days of both the receipt of such
payment and the knowledge of such excess.

     

     (c)   Replacement
Warrant.  In the event that the Warrant is not exercised in
full, the number of Warrant Shares shall be reduced by the number of such
Warrant Shares for which this Warrant is exercised, and the Company, at its
expense, shall forthwith issue and deliver to the Warrant Holder a new Warrant
of like tenor in the name of the Warrant Holder or as the Warrant Holder may
request, reflecting such adjusted number of Warrant Shares.

     

    Section
3 Delivery of Stock
Certificates

     

    (a)   Subject
to the terms and conditions of this Warrant, as soon as practicable after the
exercise of this Warrant in full or in part, and in any event within 30 Trading
Days thereafter, the Company at its expense (including, without limitation, the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the Warrant Holder, or as the Warrant Holder may lawfully
direct, a certificate or certificates for the number of validly issued, fully
paid and non-assessable Warrant Shares to which the Warrant Holder shall be
entitled on such exercise, together with any other stock or other securities or
property (including cash, where applicable) to which the Warrant Holder is
entitled upon such exercise in accordance with the provisions hereof; provided, however, that any
such delivery to a location outside of the United States shall be made within
thirty Trading Days after the exercise of this Warrant in full or in
part.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

     

    (b)      This
Warrant may not be exercised as to fractional shares of Common
Stock.  In the event that the exercise of this Warrant, in full or in
part, would result in the right to acquire any fractional share of Common Stock,
then in such event such fractional share shall be considered a whole share of
Common Stock and shall be added to the number of Warrant Shares issuable to the
Warrant Holder upon exercise of this Warrant.

     

    Section
4  Representations, Warranties
and Covenants of the Company

     

    (a)      The
Company shall take all necessary action and proceedings as may be required and
permitted by applicable law, rule and regulation for the legal and valid
issuance of this Warrant and the Warrant Shares to the Warrant
Holder.

     

     (b)     The
Warrant Shares, when issued in accordance with the terms hereof, will be duly
authorized and, when paid for or issued in accordance with the terms hereof,
shall be validly issued, fully paid and non-assessable.

     

    (c)      The
Company has authorized and reserved for issuance to the Warrant Holder the
requisite number of shares of Common Stock to be issued pursuant to this
Warrant.

     

    Section
5 Adjustment of the
Exercise Price

     

    The
Exercise Price and, accordingly, the number of Warrant Shares issuable upon
exercise of the Warrant, shall be subject to adjustment from time to time upon
the happening of certain events as follows:

     

    (a)      Reclassification,
Consolidation, Merger; Mandatory Share Exchange; Sale Transfer or Lease of
Assets.  If the Company, at any time while this Warrant is
unexpired and not exercised in full, (i) reclassifies or changes its Outstanding
Capital Shares (other than a change in par value, or from par value to no par
value per share, or from no par value per share to par value or as a result of a
subdivision or combination of outstanding securities issuable upon exercise of
the Warrant) or (ii) consolidates, merges or effects a mandatory share exchange
with another corporation (other than a merger or mandatory share exchange with
another corporation in which the Company is a continuing corporation and that
does not result in any reclassification or change, other than a change in par
value, or from par value to no par value per share, or from no par value per
share to par value, or (iii) sells, transfers or leases all or substantially all
of its assets, then in any such event the Company, or such successor or
purchasing corporation, as the case may be, shall, without payment by the
Warrant Holder of any additional consideration therefor, amend this Warrant or
issue a new Warrant providing that the Warrant Holder shall have rights not less
favorable to the Warrant Holder than those then applicable to this Warrant and
to receive upon exercise under such amendment of this Warrant or new Warrant, in
lieu of each share of Common Stock theretofore issuable upon exercise of the
Warrant hereunder, the kind and amount of shares of stock, other securities,
money or property receivable upon such reclassification, change, consolidation,
merger, mandatory share exchange, lease, sale or transfer by the holder of one
share of Common Stock issuable upon exercise of the Warrant had the Warrant been
exercised immediately prior to such reclassification, change, consolidation,
merger, mandatory share exchange or sale or transfer, and an appropriate
provision for the foregoing shall be made by the Company as part of any such
event.  Such amended Warrant or new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 5.  The provisions of this
Section 5(a) shall similarly apply to successive reclassifications, changes,
consolidations, mergers, mandatory share exchanges, sales, transfers and
leases.

     

    (b)      Subdivision or Combination
of Shares; Stock Dividends.  If the Company, at any time while
this Warrant is unexpired and not exercised in full, shall (x) subdivide its
Common Stock, (y) combine its Common Stock or (z) pay a dividend or other
distribution in its Capital Shares, then the Exercise Price shall be adjusted,
as of the date the Company shall take a record of the holders of its Capital
Shares for the purpose of effecting such subdivision, combination or dividend or
other distribution (or if no such record is taken, as of the effective date of
such subdivision, combination, dividend or other distribution), to that price
determined by multiplying the Exercise Price in effect immediately prior to such
subdivision, combination, dividend or other distribution by a
fraction:

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

       

    

     

    (i)      the
numerator of which shall be the total number of Outstanding Capital Shares
immediately prior to such subdivision, combination, dividend or other
distribution, and

     

    (ii)      the
denominator of which shall be the total number of Outstanding Capital Shares
immediately after such subdivision, combination, dividend or other
distribution.  The provisions of this Section 5(b) shall not apply
under any of the circumstances for which an adjustment is made pursuant to
Section 5(a).

     

    (c)      Liquidating Dividends,
etc.  If the Company, at any time while this Warrant is
unexpired and not exercised in full, makes a distribution of its assets or
evidences of indebtedness to the holders of its Capital Shares as a dividend in
liquidation or by way of return of capital or other than as a dividend payable
out of earnings or surplus legally available for dividends under applicable law
or any distribution to such holders made in respect of the sale of all or
substantially all of the Company’s assets (other than under the circumstances
provided for in the foregoing subsections (a) and (b) while an exercise is
pending, then the Warrant Holder shall be entitled to receive upon such exercise
of the Warrant in addition to the Warrant Shares receivable in connection
therewith, and without payment of any consideration other than the Exercise
Price, an amount in cash equal to the value of such distribution per Capital
Share multiplied by the number of Warrant Shares that, on the record date for
such distribution, are issuable upon such exercise of the Warrant, and an
appropriate provision therefor shall be made by the Company as part of any such
distribution.  No further adjustment shall be made following any event
that causes a subsequent adjustment in the number of Warrant Shares
issuable.  The value of a distribution that is paid in other than cash
shall be determined in good faith by the Board of Directors of the
Company.

     

    (d)      Adjustment of Number of
Shares.  Upon each adjustment of the Exercise Price pursuant to
any provisions of this Section 5, the number of Warrant Shares issuable
hereunder at the option of the Warrant Holder shall be calculated, to the
nearest one hundredth of a whole share, multiplying the number of Warrant Shares
issuable prior to an adjustment by a fraction:

     

    (i)      the
numerator of which shall be the Exercise Price before any adjustment pursuant to
this Section 5; and

     

    (ii)      the
denominator of which shall be the Exercise Price after such
adjustment.

     

    (e)      Notice of Certain Actions;
Notice of Adjustments.

     

    (i)      In
the event the Company shall, at a time while the Warrant is unexpired and
outstanding, take any action pursuant to subsections (a) through (d) of this
Section 5 that may result in an adjustment of the Exercise Price, the Company
shall notify the Warrant Holder of such action 5 days in advance of its
effective date in order to afford to the Warrant Holder an opportunity to
exercise the Warrant prior to such action becoming effective.

     

    (ii)      Notice of
Adjustments.  Whenever the Exercise Price or number of Warrant
Shares shall be adjusted pursuant to Section 5 hereof, the Company shall
promptly deliver by facsimile, with the original delivered by express courier
service in accordance with Section 10 hereof, a certificate, which shall be
signed by the Company’s President or a Vice President and by its Treasurer or
Assistant Treasurer or its Secretary or Assistant Secretary, setting forth in
reasonable detail the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated (including a
description of the basis on which the Company’s Board of Directors made any
determination hereunder), and the Exercise Price and number of Warrant Shares
purchasable at that Exercise Price after giving effect to such
adjustment.

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

     

    Section
6     No
Impairment

     

     The
Company will not, by amendment of its Articles of Incorporation or By-Laws or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the Warrant Holder hereunder.  Without
limiting the generality of the foregoing, the Company (a) will not increase the
par value of any Warrant Shares above the amount payable therefor on such
exercise, and (b) will take all such action as may be reasonably necessary or
appropriate in order that the Company may validly and legally issue fully paid
and non-assessable Warrant Shares on the exercise of this Warrant.

     

    Section
7    Rights as
Stockholder

     

     
Prior to exercise of this Warrant and except as provided in Section 5 hereof,
the Warrant Holder shall not be entitled to any rights as a stockholder of the
Company with respect to the Warrant Shares, including (without limitation) the
right to vote such shares, receive dividends or other distributions thereon or
be notified of stockholder meetings.  However, in the event of any
taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive any
dividend (other than a cash dividend) or other distribution, any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other right, the Company
shall mail to each Warrant Holder, at least ten days prior to the date specified
therein, a notice specifying the date on which any such record is to be taken
for the purpose of such dividend, distribution or right, and the amount and
character of such dividend, distribution or right.

     

    Section
8   Replacement of
Warrant

     

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

     

    Section
9   Restricted
Securities

     

    (a)      Registration or Exemption
Required. This Warrant has been issued in a transaction exempt from the
registration requirements of the Securities Act in reliance upon the provisions
of Section 4(2) promulgated by the SEC under the Securities Act.  This
Warrant and the Warrant Shares issuable upon exercise of this Warrant may not be
resold except pursuant to an effective registration statement or an exemption to
the registration requirements of the Securities Act and applicable state
laws.

     

    (b)      Legend.  Any
replacement Warrants issued pursuant to Section 2 hereof and any Warrant Shares
issued upon exercise hereof, shall bear the legend set forth at the head of this
Warrant.

     

    Such
legend shall only be removed in the event that the security which would
otherwise bear such legend is registered pursuant to the Securities Act and the
party seeking to remove such legend provides the Company with an opinion of
counsel, which opinion shall be satisfactory to the Company, stating the removal
of such legend is appropriate.

     

    (c)      No Other Legend or Stock
Transfer Restrictions.  No legend other than the one specified
in Section 9(b) has been or shall be placed on the share certificates
representing the Warrant Shares and no instructions or “stop transfer
orders,” so called, “stock transfer
restrictions” or other restrictions have been or shall be given to the
Company’s transfer agent with respect thereto other than as expressly set forth
in this Section 9.

     

    (d)      Assignment.  The
Warrant Holder may not sell, transfer, assign, pledge or otherwise dispose of
this Warrant, in whole or in part.

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (e)      Warrant Holder’s
Compliance. Nothing in this Section 9 shall affect in any way The Warrant
Holder’s obligations under any agreement to comply with all applicable
securities laws upon resale of the Common Stock.

     

    Section
10   Notices

     

     All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and shall be deemed duly
given (i) upon delivery if hand delivered at the address designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received), (ii) on the fifth business day after deposit into the mail, if
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, addressed to the address designated below, (iii) upon delivery
if delivered by reputable express courier service to the address designated
below, or (iv) upon confirmation of transmission if transmitted by facsimile to
the facsimile number designated below (if delivered on a business day during
normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day
during normal business hours where such notice is to be
received).  The addresses and facsimile numbers for such
communications shall be:

     

    
      	
               
      

            	
              if
      to the Company:

            

    

     

    
      	
               
      

            	
              US
      SolarTech, Inc.

            

    

    
      	
               
      

            	
              199
      Main Street Suite 709

            

    

    
      	
               
      

            	
              White
      Plains, NY 10601

            

    

    
      	
               
      

            	
              Attention:

            	
              Chief
      Financial Officer

            

    

    
      	
               
      

            	
              Telephone:

            	
              (914)
      287-2423

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (914)
      686-4192

            

    

     

    
      	
               
      

            	
              if
      to the Warrant Holder:

            

    

     

    
      	
               
      

            	
              _________________________

            

    

     

    _________________________

     

     

    Telephone:                                    
         

     

    Facsimile:                                           
      

     

    Either
party hereto may from time to time change its address or facsimile number for
notices under this Section 10 by giving at least 10 days’ prior written notice
of such changed address or facsimile number to the other party
hereto.

     

    Section
11    Miscellaneous

     

    This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.  The
headings in this Warrant are for purposes of reference only, and shall not limit
or otherwise affect any of the terms hereof.  The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision.

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, this Warrant was duly executed by the undersigned, thereunto
duly authorized, as of the date first set forth above.

     

    
      	
               
      

            	
              US
      SolarTech, Inc.

            

    

     

    
      	
               
      

            	
              By:  
      

            	                                                                    
             

    

    
      	
               
      

            	
              Name:  Steven
      Phillips

            

    

    
      	
               
      

            	
              Title:     Chief
      Financial Officer/Treasurer

            

    

     

    
      	
               
      

            	 

    

    

     

     

     

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
A TO THE WARRANT

     

    EXERCISE
FORM

     

    US
SOLARTECH, INC.

     

    The
undersigned (the “Registered Holder”)
hereby irrevocably exercises the right to purchase __________________ shares of
Common Stock of US SolarTech, Inc., an entity organized and existing under the
laws of the State of Delaware (the “Company”), evidenced
by the attached Warrant, and herewith makes payment of the Exercise Price with
respect to such shares in full in the form of (check the appropriate box) • (i) by cash or
certified check in the amount of $________; or
• (ii) by
wire transfer to the Company’s account at __________________, _________,
_________ (Account No.: _________)

     

    By
delivering this notice, the undersigned agrees to be subject to the terms and
conditions of the attached Warrant.

     

    The
undersigned requests that stock certificates for such Warrant Shares be issued,
and any Warrant representing any unexercised portion hereof be issued, pursuant
to this Warrant in the name of the Registered Holder and delivered to the
undersigned at the address set forth below.

     

    Dated:
____________

     

    

                                                                                       
           

    Signature
of Registered Holder

     

    

                                                                                           
     

    Name of
Registered Holder (Print)

     

    

                                                                                         
       

    Address

     

    

     

    NOTICE

     

    The
signature to the foregoing Exercise Form must correspond to the name as written
upon the face of the attached Warrant in every particular, without alteration or
enlargement or any change whatsoever.

     

    

     

    
 

     -8-

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