Document:

10.2 Restricted Stock Agreement Under Carriage Services, Inc. Second Amended and Restated 2006 Long-term Incentive Plan

 RESTRICTED STOCK AGREEMENT 
UNDER 
CARRIAGE SERVICES, INC. 
SECOND AMENDED AND RESTATED 
2006 LONG-TERM INCENTIVE PLAN 

THIS RESTRICTED STOCK AGREEMENT (this "Agreement"), between the Participant whose name and address appears on the signature page hereto (the "Participant"), and CARRIAGE SERVICES, INC., a Delaware corporation (the "Company"), pursuant to the Carriage Services, Inc. Second Amended and Restated 2006 Long-Term Incentive Plan (the "Plan"). Capitalized terms used but not otherwise defined in this Agreement have the meanings assigned to them in the Plan. 

W I T N E S S E T H: 

WHEREAS, the Compensation Committee (the "Committee") of the Board of Directors of the Company has authorized and directed the Company to grant an award of Restricted Stock to the Participant, an employee of the Company, under the Plan effective as of the ___ day of ________, 20____ (the "Grant Date") for the purposes expressed in the Plan. 

NOW THEREFORE, in consideration of the foregoing and the mutual undertakings herein contained, the parties hereby agree as follows: 

1.     Grant of Stock. In accordance with Article IX of the Plan and the other terms and conditions thereof, and subject to the further terms, conditions and restrictions contained in the Plan and this Agreement, the Company hereby grants to the Participant the number of shares (the "Shares") of the Company's common stock, $.01 par value per share ("Common Stock"), as indicated on the signature page hereto. As long as the Shares are subject to the Restrictions set forth in Section 4 of this Agreement, such Shares shall be deemed to be, and are referred to in this Agreement as, the "Restricted Shares." 

2.     Certificates for Shares. The Company may issue certificates evidencing the Restricted Shares or evidence the Restricted Shares by using a restricted book entry account with the Company's transfer agent. If the Company issues certificates evidencing the Restricted Shares, such certificates shall be deposited with the Company to be held in escrow until such Shares are released to the Participant or forfeited in accordance with this Agreement. At the Company's request, the Participant shall, simultaneously with the delivery of this Agreement, deliver to the Company a stock power relating to the Restricted Shares, endorsed in blank by the Participant. Such certificates may bear a legend referring to the Restrictions set forth in this Agreement. 

If any Restricted Shares are forfeited, the Company shall direct the transfer agent of the Common Stock to make the appropriate entries in its records showing the cancellation of the certificate or certificates for such Restricted Shares and to return the Shares represented thereby to the Company's treasury. 

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3.     Adjustments in Restricted Shares. In the event of any change in the outstanding Common Stock by reason of a stock dividend or distribution, recapitalization, merger, consolidation, split-up, combination, exchange of shares or the like, in accordance with Section 4.2 of the Plan, the Committee shall make equitable adjustments in the Restricted Shares corresponding to adjustments made by the Committee in the number and class of shares of Common Stock which may be issued under the Plan. Any new, additional or different securities to which the Participant shall be entitled in respect of the Restricted Shares by reason of such adjustment shall be deemed to be Restricted Shares and shall be subject to the same terms, conditions, and restrictions as the Restricted Shares so adjusted. 

4.     Restrictions. During applicable periods of restriction determined in accordance with Section 6 of this Agreement, the Restricted Shares and all rights with respect to such Shares may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered or disposed of and shall be subject to the risk of forfeiture contained in Section 5 of this Agreement (such limitations on transferability and risk of forfeiture being herein referred to as "Restrictions"), but the Participant shall have all other rights of a stockholder, including, but not limited to, the right to vote and receive dividends on the Restricted Shares. The Restrictions shall be binding upon and enforceable against any transferee of the Restricted Shares. 

5.     Forfeiture of Restricted Shares. In the event that the Participant's employment with the Company and its subsidiaries terminates for any reason other than the Participant's death, retirement or Inability to Perform, such event shall constitute an "Event of Forfeiture" and all Shares which at that time are Restricted Shares shall thereupon be forfeited by the Participant to the Company without payment of any consideration by the Company, and neither the Participant nor any successor, heir, assign or personal representative of the Participant shall have any right, title or interest in or to such Restricted Shares or the certificates, if any, evidencing them. 

6.     Lapse of Restrictions. (a) Except as provided in paragraphs (b) and (c) below, the Restrictions on the Restricted Shares granted under this Agreement shall lapse on each of the first through third anniversaries of the Grant Date in accordance with the following schedule so long as the Participant remains continuously employed by the Company or one of its subsidiaries from the Grant Date through each such anniversary date: 
	
		
	

	Percentage of Shares on 

	Date
	Which Restrictions Lapse

	 
	 

	 
	 

	First Anniversary of Grant Date
	33%

	Second Anniversary of Grant Date
	33%

	Third Anniversary of Grant Date
	33%

No fractional shares shall be issued as a result of the lapse of the Restrictions hereunder. If, as a result of the lapse of Restrictions a fractional share would be issued, the number of Shares as to which the Restrictions shall lapse shall be rounded to the nearest whole share, and an appropriate adjustment shall be made to the number of remaining Restricted Shares, so that the total number of Shares shall remain unchanged. 

RESTRICTED STOCK AGREEMENT 
[INSERT PARTICIPANT'S NAME] 

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     (b)     Notwithstanding the vesting schedule set forth in Section 6(a), in the event that the Participant's employment with the Company and its subsidiaries terminates as a result of the Participant's death, retirement or Inability to Perform, the Restrictions shall lapse on all of the Restricted Shares (if not already lapsed pursuant to paragraph (a) above) on the later of (i) the date of such event, or (ii) the first anniversary of the Grant Date. The occurrence of the Participant's retirement or Inability to Perform shall be determined by the Committee in accordance with the Plan. 

(c)     Notwithstanding any other provision of this Agreement, upon a Corporate Change, all of the Restrictions shall immediately lapse on all of the Restricted Shares (if not already lapsed pursuant to paragraph (a) or (b) above) effective upon such Corporate Change. 

(d)     Upon lapse of the Restrictions in accordance with this Section 6 prior to an Event of Forfeiture, the Company shall, as soon as practicable thereafter, deliver to the Participant an unrestricted certificate for the Shares with respect to which such Restrictions have lapsed or, as may be the case, issue appropriate instructions to the transfer agent if the electronic, book-entry method is utilized. 

7.     Withholding Requirements. (a) To the extent that the receipt of the Restricted Shares or the lapse of the Restrictions with respect to Restricted Shares results in compensation income or wages to the Participant, at the time of such receipt or lapse, as the case may be, the Participant will pay to the Company, or make arrangements satisfactory to the Company with respect to the payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to such receipt or lapse. In the event that Shares are surrendered to the Company to satisfy such withholding obligations, the number of Shares surrendered shall be limited to the number of Shares that have a Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum applicable statutory withholding rates for federal, state, local and foreign tax purposes. 

(b)     The Participant may make an election under Section 83(b) of the Internal Revenue Code  (an 83(b) Election), within 30 days after the Grant Date, to recognize income for federal income tax purposes equal to the Fair Market Value of the Restricted Shares as of the Grant Date. In such event, the Participant shall make arrangements satisfactory to the Company to pay in the calendar year that includes the Grant Date all federal, state, local and foreign taxes required to be withheld with respect to the Restricted Shares, when such taxes are due. If the Participant makes an 83(b) Election, he or she shall provide notice to the Company by providing the Secretary of the Company a copy of the Section 83(b) Election filed with the Internal Revenue Service concurrently with the filing of same. The Participant acknowledges that it is the Participant's sole responsibility, and not the responsibility of the Company, to timely file an 83(b) Election if the Participant desires to do so even if the Participant requests the Company or any of its Affiliates or any of their respective managers, directors, officers, employees and authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders or financial representatives) to assist in making such filing. 

(c)     Any provision of this Agreement to the contrary notwithstanding, if the Participant does not satisfy his or her obligation under paragraph (a), (b) or (c) of this Section 7, the Company shall, to the extent permitted by law, have the right to deduct or withhold, or cause 

RESTRICTED STOCK AGREEMENT 
[INSERT PARTICIPANT'S NAME

Page 3

to be deducted or withheld, from any cash or stock remuneration of any kind otherwise due from the Company or its subsidiaries to or with respect to the Participant (including withholding any of the Restricted Shares or Shares distributable to the Participant under this Agreement), whether or not pursuant to this Agreement or otherwise and regardless of the form of payment, any federal, state or local taxes of any kind required by law to be withheld with respect to the Shares, and to take such other action as may be necessary in the opinion of the Company to satisfy such withholding obligation. 

(d)     The Participant acknowledges and agrees that none of the Board, the Committee, the Company or any of its Affiliates have made any representation or warranty as to the tax consequences to the Participant as a result of the receipt of the Restricted Shares, the lapse of any Restrictions or the forfeiture of any of the Restricted Shares pursuant to the Restrictions. The Participant represents that he is in no manner relying on the Board, the Committee, the Company or any of its Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. The Participant represents that he has consulted with any tax consultants that the Participant deems advisable in connection with the Restricted Shares. 

8.     Effect on Employment. Nothing contained in the Plan or this Agreement shall confer upon the Participant the right to continue in the employment of the Company or any of its subsidiaries or affect any right which the Company or any of its subsidiaries may have to terminate the employment of the Participant at any time. 

9.     Amendment. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of the Participant shall be effective only if it is set forth in a written instrument duly executed by the Participant and an authorized officer of the Company. 

10.     The Plan. This Agreement and the award granted hereunder are subject to, and the Company and the Participant agree to be bound by, all of the terms and conditions of the Plan as the same may be amended from time to time in accordance with the terms thereof. Pursuant to the Plan, the Board of Directors or the Committee is authorized to adopt rules and regulations not inconsistent with the Plan and this Agreement and to take such action in the administration of the Plan as it may deem proper. The Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions arising under the Plan or this Agreement. In the event of any conflict between the terms and provisions of this Agreement and the Plan, the Plan shall govern. The Participant acknowledges receipt of a copy of the Plan, represents that he or she is familiar with the terms and provisions thereof and accepts the award of Shares hereunder subject to all of the terms and conditions thereof and of this Agreement. 

11.     Entire Agreement. This Agreement, together with the Plan, sets forth the entire agreement between the parties with respect to the subject matter hereof, and there are no agreements, understandings, warranties, or representations, written, oral, expressed, or implied, between them with respect to the grant hereunder other than as set forth herein and in the Plan. 

RESTRICTED STOCK AGREEMENT 
[INSERT PARTICIPANT'S NAME

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     12.     Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their heirs, personal representatives, successors and assigns. 

13.     Counterparts. This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. 

14.     Severability. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. 

15.     Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof. 

[Signature Page Follows] 

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IN WITNESS WHEREOF, the Company and the Participant have each executed and delivered this Agreement as of the Grant Date. 

Address:                         THE COMPANY: 
3040 Post Oak Blvd, Suite 300                 CARRIAGE SERVICES, INC. 
Houston, Texas 77056 

By:_____________________________________ 
Melvin C. Payne, President and CEO 

Address:                         THE PARTICIPANT: 
[INSERT ADDRESS] 
                            
________________________________________ 
[INSERT PARTICIPANT'S NAME] 

Number of Shares: [INSERT # OF SHARES] 

RESTRICTED STOCK AGREEMENT 
[INSERT PARTICIPANT'S NAME

Page 6Exhibit 4.9

 

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): 

 

(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;

 

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(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 

 

(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.

 

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(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. 

 

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. 

 

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.

 

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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. 

 

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. 

 

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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.

 

 

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: /s/ Ronald Pickett 
	 	Name: Ronald Pickett
	 	Title:Chief Executive Officer

 

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