Document:

As
      of
      ___________, 2008

     

    Renewable
      Energy Acquisition Corp.

    7078
      East
      Fish Lake Road, Suite 800

    Minneapolis,
      MN 55311

    

    Crusader
      Securities, Inc.

    230
      Park
      Avenue, Suite 1000

    New
      York,
      NY 10169

    

    
      	
            	Re:	
              Renewable
                Energy Acquisition Corp.

            

      	 	 	
              Initial
                Public Offering 

            

    

     

    Ladies
      and Gentlemen: 

    

    The
      undersigned director of Renewable Energy Acquisition Corp. (the “Company”), in
      consideration of Crusader Securities, Inc. (the “Underwriter”) underwriting the
      initial public offering of the securities of the Company (“IPO”), hereby agrees
      as follows (certain capitalized terms used herein are defined in paragraph
      11
      hereof): 

    

    1. If
      the
      Company solicits approval by its stockholders of a Business Combination, the
      undersigned will vote (i) all Insider Shares owned by him in accordance with
      the
      majority of the votes cast by the holders of the IPO Shares, and (ii) all other
      shares of common stock of the Company then owned by him, whether purchased
      in or
      after the IPO, in accordance with the majority of the votes cast by the holders
      of the IPO Shares. The undersigned acknowledges and agrees that he will not
      be
      entitled to exercise the conversion rights offered to the Company’s public
      stockholders as to any other shares of common stock owned by him. 

    

    2. In
      the
      event that the Company fails to consummate a Business Combination within 18
      months from the closing date (“Closing Date”) of the Company’s IPO described in
      the registration statement on Form SB-2, File No. 333-__________ (the
“Registration Statement”) (or 24 months under the circumstances described in the
      Registration Statement), the undersigned (i) will take all reasonable actions
      within his power to cause the Company to liquidate as soon as reasonably
      practicable, (ii) waives any and all right, title, interest or claim of any
      kind
      in or to any liquidating distributions by the Company, including, without
      limitation, any distribution of the assets from the trust account established
      under the Investment Management Trust Agreement dated as of __________________,
      2007, between the Company and _____________________ (the “Trust Account”) as a
      result of such liquidation with respect to his Insider Shares (“Claim”), (iii)
      waives any Claim the undersigned may have in the future as a result of, or
      arising out of, any contracts or agreements with the Company except as and
      to
      the extent an agreement is otherwise disclosed in the Company’s registration
      statement relating to the IPO and described in paragraph 5 below, and (iv)
      will
      not seek recourse against the Trust Account for any reason whatsoever.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees that in the event he becomes aware of,
      or
      involved with, (i) any business combination opportunities in the renewable
      energy industry or the environmental industry with
      a
      fair market value of $4.0 million or more or (ii) transactions such as joint
      ventures, partnerships or technology acquisition opportunities in the
renewable
      energy industry or the environmental industry with
      a
      fair market value of $4.0 million or more, the undersigned will first offer
      such
      business opportunities to the Company and further agrees that neither he nor
      any
      affiliate of the undersigned will pursue such opportunities unless and until
      the
      Company’s board of directors determines that it will not pursue such
      opportunities (the “Company’s Right of First Refusal”). The Company’s Right of
      First Refusal will terminate on the earlier of (x) the consummation by the
      Company of a Business Combination and (y) the liquidation of the Company.

    

    4. The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination that involves a company which is affiliated with any of
      the
      Insiders, the Underwriter or any selling group member. 

    

    5. None
      of
      the undersigned, any member of the family of the undersigned, nor any affiliate
      of the undersigned will be entitled to receive and will not accept any
      compensation for services rendered to the Company prior to the consummation
      of
      the Business Combination; provided that the undersigned shall be entitled to
      reimbursement from the Company for his out-of-pocket expenses incurred in
      connection with seeking and consummating a Business Combination and receive
      repayment of the promissory note or notes issued by the Company to the
      undersigned, and may, if the undersigned is a non-officer director, be engaged
      as a
      consultant in connection with a specific proposed business combination and
      be
      compensated for such services.

    

    6. Except
      as
      specifically proved for herein, none of the undersigned, any member of the
      family of the undersigned, or any affiliate of the undersigned will be entitled
      to receive or accept a finder’s fee or any other compensation in the event the
      undersigned, any member of the family of the undersigned or any affiliate of
      the
      undersigned originates a Business Combination. 

    

    7. The
      undersigned will escrow one-hundred percent (100%) of his Insider Shares until
      the earlier of the date that is three years following the Closing Date, the
      date
      the Company has completed a Business Combination, or the date of the Company’s
      liquidation. 

    

    8. The
      undersigned agrees to be a director of the Company until the earlier of the
      consummation by the Company of a Business Combination or the liquidation of
      the
      Company. The undersigned’s biographical information furnished to the Company and
      the Underwriter and included in the Registration Statement is true and accurate
      in all respects, does not omit any material information with respect to the
      undersigned’s background and contains all of the information required to be
      disclosed pursuant to Section 401 of Regulation S-B, promulgated under the
      Securities Act of 1933, as amended. The undersigned’s Questionnaire previously
      furnished to the Company and the Underwriter is true and accurate in all
      respects. The undersigned represents and warrants that: 

    

    (a) he
      is not
      subject to or a respondent in any legal action for, any injunction,
      cease-and-desist order or order or stipulation to desist or refrain from any
      act
      or practice relating to the offering of securities in any jurisdiction;

     

    
      
         

      

      
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    (b) he
      has
      never been convicted of or pleaded guilty to any crime (i) involving any fraud
      or (ii) relating to any financial transaction or handling of funds of another
      person, or (iii) pertaining to any dealings in any securities and he is not
      currently a defendant in any such criminal proceeding; and 

    

    (c) he
      has
      never been suspended or expelled from membership in any securities or
      commodities exchange or association or had a securities or commodities license
      or registration denied, suspended or revoked. 

    

    9. The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as a director
      of
      the Company. 

    

    10. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to the Underwriter and their legal representatives
      or agents (including any investigative search firm retained by the Underwriter)
      any information they may have about the undersigned’s background and finances
      (“Information”). Neither the Underwriter nor its agents shall be violating the
      undersigned’s right of privacy in any manner in requesting and obtaining the
      Information and the undersigned hereby releases them from liability for any
      damage whatsoever in that connection. 

    

    11. As
      used
      herein, (i) a “Business Combination” shall mean an acquisition, through merger,
      stock exchange, asset acquisition or similar business combination with one
      or
      more operating businesses in the renewable
      energy industry or environmental industries
      that
      has, or collectively have, a fair market value equal to at least 80% of the
      balance in the Trust Account; (ii) “Insiders” shall mean all officers, directors
      and stockholders of the Company immediately prior to the IPO; (iii) “Insider
      Shares” shall mean all of the shares of Common Stock of the Company owned by
      Insiders prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common
      Stock sold as part of the units in the Company’s IPO; and (vi) “Public
      Stockholders” shall mean the public holders of the Company’s common stock issued
      in the IPO. 

     

    
      
         

      

      
        3

        
          

        

      

       

    

    12. The
      undersigned hereby consents to the jurisdiction and venue of any state or
      federal court located in the State Nevada for purposes of resolving any disputes
      hereunder. The undersigned irrevocably submits to such jurisdiction, which
      jurisdiction shall be exclusive. The undersigned hereby waives any objection
      to
      such exclusive jurisdiction and that such courts represent an inconvenient
      forum. 

    

    Yours
      very truly,

    
      	 	 	 	 
	
            	 	 	
            
	
              

              Jeffrey
                C. Paulson

            	 	 	
            
	
              7301
                Ohms Lane, Suite 325
                
                Edina,
                  MN 55439

              

            	 	 	
            

    

     

    
      
         

      

      
        4This
      security has not been registered under the Securities Act of 1933 (hereinafter
      the “1933 Act”) or under applicable state securities law (hereinafter the “State
      Acts”) and may not be sold, assigned, pledged, transferred or hypothecated,
      whether or not for consideration, by the holder except upon issuance to the
      Company of a favorable written opinion of counsel for the holder or upon
      submission to the Company of such other evidence as may be satisfactory to
      counsel to the Company to the effect that any such sale, assignment, pledge,
      transfer or hypothecation will not be in violation of the 1933 Act or the State
      Acts. 

    

    PROMISSORY
      NOTE

     

    
      	$18,750.00	
              June
                29,
                2007

            

    

     

    FOR
      VALUE
      RECEIVED, Renewable Energy Acquisition Corp., a Nevada corporation (the
“Company”) promises to pay to the order of Craig Laughlin at 10935 57th Avenue
      North, Plymouth, MN 55442 (the “Payee”), at such address, or such other place as
      the Payee may designate from time to time by notice in writing to the Company,
      the sum of EIGHTEEN THOUSAND SEVEN HUNDRED FIFTY AND 00/100 DOLLARS ($18,750.00)
      (the “Principal Sum”) in lawful money of the United States of America in
      accordance with the terms and conditions hereinafter set forth: 

    

    A. Payment
      Terms.
      The
      Principal Sum shall be due and payable in one lump sum at the earlier of (i)
      August 31, 2008, or (ii) the consummation of the Company’s initial public
      offering (“IPO”), such date being hereinafter referred to as the “Maturity
      Date”. The Principal Sum shall not bear interest. 

    

    B. Prepayments.
      All or
      any portion of the Principal Sum may be prepaid in whole or in part at any
      time.

    

    C. Late
      Payment.
      In the
      event that any payment due hereunder is not paid within ten (10) days after
      the
      date it is due, Payee shall have the right, in addition to any other rights
      it
      may have hereunder, to collect a late charge with respect to such late payment.
      Such late charge shall be in an amount equal to five percent (5%) of the amount
      of such late payment, and shall be due and payable upon demand. 

    

    D. Security.
      This
      Note, and the Principal Sum, is unsecured. 

    

    E. Events
      of Default.
      If any
      one or more of the following events (hereinafter “Events of Default”) shall
      occur: 

    

    (a) failure
      of the Company to make any required payment under this Note within ten (10)
      days
      after the due date thereof; 

    

    (b) if
      the
      Company (i) commences any proceeding or other action in bankruptcy or seeking
      reorganization or liquidation under the Bankruptcy Code of the Untied States
      or
      of any other jurisdiction, (ii) applies for a receiver, trustee, custodian,
      liquidator or similar official for all or a substantial part of its assets
      or
      makes an assignment for the benefit of creditors, or (iii) admits in writing
      its
      inability to pay its debts as they mature; or 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c) if
      (i) a
      proceeding or action is commenced against the Company in bankruptcy or seeking
      reorganization or liquidation under the Bankruptcy Code of the United States
      or
      of any other jurisdiction, (ii) a receiver, trustee, custodian, liquidator
      or
      similar official is appointed for all or a substantial part of its assets,
      or
      (iii) a warrant of attachment, execution or similar process against
      substantially all the assets of the Company is issued, and any of such events
      set forth in this subsection (c) continues undismissed, unbonded or undischarged
      for sixty (60) days after written notice of default from Payee; 

    

    then
      the
      Payee of this Note may, by written notice to the Company, declare the unpaid
      Principal Sum to be due and payable and, upon such declaration, the same shall
      become due and payable forthwith, without further demand or notice and such
      amount shall bear a default interest at the rate per annum of eighteen percent
      (18%) (“Default Rate”). 

    

    F. Miscellaneous.
      

    

    (a) If
      the
      Payee is required to institute any action or arbitration to enforce collection
      and payment of this Note, there shall become due and payable from the Company,
      in addition to the unpaid Principal Sum, any late charge, and interest at the
      Default Rate, all costs and expenses of such action or arbitration including
      all
      costs of levy or execution or appellate proceedings or review, or both, and
      including reasonable counsel and litigation fees, and the Payee shall be
      entitled to recover all such additional amounts from the Company. 

    

    (b) No
      delay
      or failure on the part of the Payee of this Note to exercise any power or right
      hereunder, shall operate as a waiver thereof, and no right or remedy of the
      Payee of this Note shall be deemed abridged or modified by any course of
      conduct. 

    

    (c) This
      Note
      shall be governed by and construed in accordance with the laws of the state
      of
      Nevada applicable to agreements made and to be performed in that state without
      giving effect to applicable conflicts of law principles. 

    

    (d) This
      Note
      cannot be changed or terminated orally, but only by a writing signed by the
      Company and the Payee. 

    

    (e) By
      executing this Note the individual signing below represents and warrants that
      he
      has the power and authority to act for and bind the Company and that the Company
      has duly authorized the execution and delivery of this Note, and such individual
      agrees that the Payee is entitled to rely upon such representation and warranty.
      

    

    (f) The
      Payee, without prejudice to any other rights, is authorized to proceed against
      the Company to enforce its rights under this Note. The powers and remedies
      of
      the Payee under this Note shall not be exclusive of any other powers, rights
      or
      remedies available to the Payee. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (g) Any
      and
      all notices or other communications required or permitted under this Note shall
      be in writing and shall be deemed given upon (i) personal delivery, (ii) upon
      the next business day if sent by overnight courier service, or (iii) upon the
      third business day next following the mailing of such notice by certified or
      registered mail, return receipt requested, to the respective addresses of the
      Company and the Payee or to such other address as the Company or the Payee
      may
      specify by written notice given as aforesaid. 

     

    
      	 	 	 
	 	Renewable
              Energy Acquisition Corp.
	 
 	 
 	 
 
	
            	By:  	/s/ 
	 	
              

              Craig
                Laughlin, President

            

    

     

    
      
         

      

      
        3

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