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promissory_note.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit 10.2

     

    Promissory
Note

     

    
      	FACE
      AMOUNT 	 	$1,500,000 
	NOTE
      NUMBER 	 	ELY001 
	ISSUANCE
      DATE 	 	April 4,
      2008 
	MATURITY
      DATE 	 	January 3,
      2010 

    

     

    

    FOR VALUE
RECEIVED, US Biodefense, Inc., a Utah corporation (the ”Company”),
(OTCBB: USBF) hereby promises to pay FTS Group, Inc., a Nevada corporation (the
“Holder”) (OTCBB: FLIP) by January 3, 2010, (the ”Maturity Date”), or earlier,
the amount of one million five hundred thousand US dollars ($1,500,000) U.S., at
such times and on such terms and conditions as are specified
herein.

    

    Article
1                      Method of
Payment

    

    This Note must be surrendered to the
Company in order for the Holder to receive payment of the principal amount
hereof. The Company may draw a check or wire transfer the funds for payment to
the order of the Holder of this Note and mail it to the Holder’s address as
follows:

    

    FTS Group, Inc.

    300 State
Street East, Suite 226

    Oldsmar,
Florida 34677

    

    Article
2                      Payments

    

    The Company shall make minimum monthly
payments of $125,000 beginning 30 days after the Company has closed a financing
of at least $250,000 dollars. If no financing has been closed by the Maturity
Date, this Note will be convertible into common shares as described in Article
3.

    

    Article
3                      Conversion
Rights

    

    If the Company has been declared in
default of any monthly payments and has not cured the default within seven
business days, the Holder will have the right to convert the defaulted payment
on the Note from time to time into shares of the Company’s common stock at a
conversion rate of 70% of the closing price of the Company’s common stock as
reported on the OTCBB market for the five trading days prior to a written
conversion notice being issued to the Company (the “Default Conversion Rate”).
The Holder retains the right to convert up to 15% of the outstanding balance
under the Note into shares of the Company’s common stock at any time after 90
days from the issuance date of this Note at a rate of 85% of the average closing
price of the Company’s common stock as reported to the OTCBB market for the five
trading days prior to the conversion request.

    

    Article
4                      Event
of Default

    

    The Company may be declared in default
by the Holder if a scheduled monthly payment is not received within seven
business days of the due date. The Holder shall notify the Company in writing
notifying it of the event of default. The Company will have seven business days
to cure the default. In the event that the event of default has not been cured,
a default simple interest rate of 15% per annum will be applied to any amounts
under the Note for which payment has not been made after such cure period has
passed (the “Default amount”) until full payment is made in cash or stock.
Further, after the cure period, the Holder retains the option to convert the
Default Amount into shares of the Company’s common stock at the Default
Conversion Rate.

    

    Article
5                      Assignment

    

    This Note is assignable by the Holder
under the same terms and conditions described in this Note.

    

    Article
6                      Governing Law

    

    The validity, terms, performance and
enforcement of this note shall be governed and construed by the provisions
hereof and in accordance with the laws of the State of Florida applicable to
agreements that are negotiated, executed, delivered and performed solely in the
State of Florida.

    

    Article
7                      Litigation

    

    The parties to this agreement will
submit all disputes arising under this agreement to arbitration in Pinellas
County, Florida. Before a single arbitrator of the American Arbitration
Association (“AAA”). The arbitrator shall be selected by application of the
rules of the AAA, or by mutual agreement of the parties, except that such
arbitrator shall be an attorney admitted to practice law in the State of
Florida. No party to this agreement will challenge the jurisdiction or venue
provisions as provided in this Article.

    

    IN
WITNESS WHEREOF, the Company has duly executed this Note as of the date first
written above.

    

    

    The
Company

    US
Biodefense, Inc.

    

     

    By:     
/s/ Scott
Gallagher                            

    Name:
Scott Gallagher

    Title:   Chairman
and Chief Executive OfficerFiled by Automated Filing Services Inc. (604) 609-0244 - Americas Wind Energy Corp. - Exhibit 10.1

CONVERTIBLE LOAN AGREEMENT

THIS CONVERTIBLE LOAN AGREEMENT made as of the 6th day of
March, 2008 (the “Effective Date”).

BETWEEN:

AMERICAS WIND ENERGY
CORPORATION, with an address at 
24 Palace Arch Drive, Toronto,
Ontario, Canada.

(hereinafter referred to as the
“Company”)

AND:

SMART GOAL INVESTMENT
LIMITED, with an address at 
6/F, Kwan Chart Tower, 6 Tonnochay Road,
Wanchai, Hong Kong

(hereinafter referred to as the
“Lender”)

WHEREAS:

	A. 	
      Lender desires to loan funds to the Company pursuant to
      the terms of this Agreement in the principal amount of Three Hundred and
      Fifty Thousand Dollars ($350,000) (the “Loan”);

	 	 
	B. 	
      The Loan is unsecured and convertible (the “Conversion”)
      into securities of the Company consisting of common shares of the Company
      with a par value of $0.0001 (the “Shares”);

	 	 
	C. 	
      The Lender understands and acknowledges to the Company
      that this Agreement is being made pursuant to an exemption (the
      “Exemption”) from registration provided by Section 4(2) of the
      United States Securities Act of 1933, as amended (the “Securities
      Act”) and Rule 903 of Regulation S of the Securities Act for the
      private offering of securities; and

	 	 
	D. 	
      The Company desires to borrow funds from Lender on the
      terms and conditions set forth in this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the mutual covenants and agreements herein contained, the receipt of which is
hereby acknowledged by each of the parties hereto, the parties hereto covenant
and agree each with the other (the “Agreement”) as follows:

	1. 	
      Representations and Warranties of the
      Lender

	 	 	 
	1.1 	
      The Lender represents and warrants to, and covenants and
      agrees with the Company that:

	 	 	 
		(a) 	
      the Lender makes the Loan to the Company and acquires the
      Conversion Right (as defined herein) in reliance upon the Exemption from
      registration provided by Section 4(2) of the Securities Act and Rule 903
      of Regulation S of the Securities Act for the private offering of
      securities;

	 	 	 
		(b) 	
      the Lender is eligible to make the Loan to the Company
      and acquire the Conversion Right in the Company under Regulation S, and
      all statements set forth in the Declaration

- 2 -

			 of Regulation S Eligibility, attached hereto
        as Schedule A, are true and correct and may be relied upon by the Company;
        further, all information, representations and warranties contained in
        this Agreement, or that have been otherwise given to the Company, are
        correct and complete as of the date hereof, and may be relied upon by
        the Company;

	 	 	 	 
	 	(c) 	 the Lender is aware of the significant economic
        and other risks involved in making the Loan to the Company and in acquiring
        and/or exercising the Conversion Right;

	 	 	 	 
	 	(d) 	 the Lender has consulted with its own securities
        advisor as to its eligibility to acquire and/or exercise the Conversion
        Right under the laws of its home jurisdiction and acknowledges that the
        Company has made no effort and takes no responsibility for the consequences
        to the Lender as a non-U.S. investor acquiring this Conversion right and,
        in particular, in purchasing U.S.-based securities upon exercise, if any,
        of the Conversion Right;

	 	 	 	 
	 	(e) 	 no federal or state agency has passed upon,
        or make any finding or determination as to the fairness of this investment,
        and that there have been no federal or state agency recommendations or
        endorsements of the investment made hereunder;

	 	 	 	 
	 	(f) 	 the Lender acknowledges that:

	 	 	 	 
			(i) 	 there are substantial restrictions on the sale or transferability
        of any Shares acquired upon exercise of the Conversion Right and understands
        that, although the Company is a reporting company, the Lender is, upon
        exercising the Conversion Rights, purchasing unregistered securities;

	 	 	 	 
			(ii) 	 the Lender may not be able to liquidate this investment
        in the event of any financial emergency and will be required to bear the
        economic risk of this investment for a lengthy or even indefinite period
        of time;

	 	 	 	 
			(iii) 	 the Company is not contractually obligated to register
        under the Securities Act any Shares acquired upon an exercise of the Conversion
        Right; and

	 	 	 	 
			(iv) 	 any Shares acquired by the Lender upon exercise of the
        Conversion Right may never be sold or otherwise transferred without registration
        under the Securities Act, unless an exemption from registration is available.

	 	 	 	 
	 	(g) 	 the Lender, alone or with its advisor, has
        enough knowledge and experience in financial and business matters to make
        it capable of evaluating the merits and risks of investing in the Company;

	 	 	 	 
	 	(h) 	 the Lender makes the Loan to the Company and
        acquires the Conversion Right as principal for its own account and not
        for the benefit of any other person;

	 	 	 	 
	 	(i) 	 the Lender understands that any certificates
        representing Shares acquired by the Lender upon exercise of the Conversion
        Right will have a resale legend on them that will read substantially as
        follows:

  
    
      THE SECURITIES COVERED HEREBY HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”). THE SECURITIES
        REPRESENTED BY THIS 

    

  

- 3 -

  
    
      CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT, AND NOT
        WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISPOSITION THEREOF,
        AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE
        ACCOUNT OR THE BENEFIT OF U.S. PERSONS (I) AS PART OF THEIR DISTRIBUTION
        AT ANY TIME OR (ii) OTHERWISE UNTIL ONE YEAR AFTER THE LATER OF THE COMMENCEMENT
        OF THE OFFERING OF SUCH SECURITIES OR THE CLOSING DATE OF THE SALE AND
        TRANSFER THEREOF, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATION
        S (OR RULE 144A, IF AVAILABLE) UNDER THE ACT. TERMS USED ABOVE HAVE THE
        MEANING GIVEN TO THEM BY REGULATION S.

    

  

	 	(j) 	
      the Lender has good and sufficient right and authority to
      enter into this Agreement and to carry out the transactions contemplated
      by this Agreement on the terms and conditions contained
  herein.

	1.2 	
      The representations, warranties, covenants and agreements
      of and by the Lender contained in, or delivered pursuant to, this
      Agreement shall be true at and as of the Effective Date and shall remain
      in full force and effect throughout the term of this Agreement.

	 	 
	2. 	
      The Loan

	 	 
	2.1 	
      Subject to the terms of this Agreement, the Lender hereby
      agrees to loan to the Company, and the Company hereby agrees to borrow
      from the Lender, the sum of US$350,000.

	 	 
	2.2 	
      Immediately following the execution of this Agreement,
      the Lender shall deliver to the Company the Loan amount by certified
      cheque or money order made payable to the Company, or by wire transfer to
      the Company’s bank account or to the Company’s solicitors (the
      “Advancement Date”).

	 	 
	2.3 	
      The Loan shall bear interest at a rate equal to 2% above
      the Bank of Canada’s (the “Bank”) prime rate per annum, as
      determined and recorded as such by the Bank from time to time, payable
      quarterly, (the “Interest”) calculated on the capital amount of the
      Loan.

	 	 
	2.4 	
      The Loan shall be payable in full by 5:00 p.m. local time
      in Toronto, Ontario, one year from the Advancement Date (the “Due
      Date”). If such day falls on a Sunday or statutory holiday, then by
      5:00 p.m. local time in Toronto, Ontario, on the first business day
      thereafter the Due Date.

	 	 
	2.5 	
      The Company shall be entitled to prepay any sum up to the
      full amount of the Loan then outstanding at any time without penalty or
      bonus.

	 	 
	2.6 	
      At any time after the Due Date, if the Company has not
      paid the Loan in full, the Lender may by written notice (the
      “Notice”) and the Declaration attached hereto as Schedule A to the
      Company, exercise its rights of Conversion in respect of either a portion
      of or the total outstanding amount of the Loan plus accrued Interest as of
      that date into Shares of the Company (the “Conversion Right”), at
      $0.32 per Share.

	 	 
	2.7 	
      Within seven (7) days of Notice by the Lender exercising
      its rights of Conversion hereunder, the Company shall deliver a Share
      Certificate to the Lender representing the number of Shares acquired by
      the Lender pursuant to the calculation set out in subparagraph 2.5 of this
      Agreement.

- 4 -

	2.8 	
      Notwithstanding any of the foregoing, Interest shall be
      calculated and included in any Conversion of the Loan.

	 	 
	2.9 	
      In consideration for the advancement of the Loan by the
      Lender, the Borrower hereby issue a warrant (the “Warrant”) to the
      Lender or any other persons as may be designated by the Lender for the
      right to acquire 546,875 Shares of the Company at a price of $0.35 per
      Share. The Warrant may be exercised by the Lender by a notice in writing
      and the Declaration attached hereto as Schedule A delivered to the
      Borrower at any time during a period of two years commencing from the
      Advancement Date. Within seven (7) days of notice by the Lender exercising
      the Warrant, the Company shall deliver a Share Certificate to the Lender
      representing the number of Shares acquired by the Lender pursuant to this
      paragraph 2.8. The form of warrant certificate is attached hereto as
      Schedule B.

	 	 
	3. 	
      Covenants and Agreements of the
    Lender

	 	 
	3.1 	
      The Lender covenants and agrees with the Company that the
      Lender shall not make demand for payment of the Loan prior to the Due Date
      unless the Loan has become due and payable in accordance with the
      provisions of this Agreement.

	 	 
	4. 	
      Default

	 	 
	4.1 	
      If one or more of the following events shall occur,
      namely:

	 	(a) 	
      the Company fails to pay any Interest when due and fails
      to repay the Loan on the Due Date;

	 	 	 
	 	(b) 	
      the Company makes an assignment for the benefit of its
      creditors or files a petition in bankruptcy or is adjudicated insolvent or
      bankrupt or petitions or applies to any tribunal for any receiver,
      receiver manager, trustee, liquidator or sequestrator of or for the
      Company or any of the Company’s assets or undertaking, or the Company
      makes a proposal or compromise with its creditors or if an application or
      a petition similar to any of the foregoing is made by a third party
      creditor and such application or petition remains unstayed or undismissed
      for a period of thirty (30) days;

	 	 	 
	 	(c) 	
      an order of execution against any of the Company’s assets
      remains unsatisfied for a period of ten (10) days;

	 	 	 
	 	(d) 	
      the Company fails to observe and comply with any material
      term, condition or provision of this Agreement or any other agreement or
      document delivered hereunder, and such failure continues unremedied for a
      period of thirty (30) days;

	 	 	 
	 	(e) 	
      any representations, warranties, covenants or agreements
      contained in this Agreement or any document delivered to the Lender
      hereunder are found to be untrue or incorrect as at the date thereof;
      or

	 	 	 
	 	(f) 	
      the holder (including the Lender) of any mortgage, charge
      or encumbrance on any of the Company’s assets and undertaking does
      anything to enforce or realize on such mortgage, charge or
    encumbrance;

- 5 -

		
      then the Loan and all accrued Interest to the date of
      such default shall, at the option of the Lender, immediately become due
      and payable without presentment, protest or notice of any kind, all of
      which are waived by the Company.

	 	 
	5. 	
      General

	 	 
	5.1 	
      For the purposes of this Agreement, time is of the
      essence.

	 	 
	5.2 	
      The parties hereto shall execute and deliver all such
      further documents and instruments and do all such acts and things as may
      either before or after the execution of this Agreement be reasonably
      required to carry out the full intent and meaning of this
  Agreement.

	 	 
	5.3 	
      This Agreement shall be construed in accordance with the
      laws of the Province of British Columbia.

	 	 
	5.4 	
      This Agreement may be assigned by the Lender subject to
      any assignee making requisite representations to meet applicable
      securities law exemptions; this Agreement may not be assigned by the
      Company.

	 	 
	5.5 	
      This Agreement may be signed by the parties in as many
      counterparts as may be deemed necessary, each of which so signed shall be
      deemed to be an original, and all such counterparts together shall
      constitute one and the same instrument.

	 	 
	5.6 	
      All notices, requests, demands or other communications
      hereunder shall be in writing and shall be “deemed delivered” to a party
      on the date it is hand delivered to such party’s address first above
      written, or to such other address as may be given in writing by the
      parties hereto.

IN WITNESS WHEREOF the parties have hereunto set their
hands effective as of the date first above written.

	AMERICAS WIND ENERGY CORPORATION 
	 
	Per: 	/s/ Harold Dickout
    	 
	  	Authorized Signatory 	 
	 	 	 
	 	 	 
	SMART GOAL INVESTMENT LIMITED 
	 
	Per: 	/s/ signed 	 
	  	Authorized Signatory 	 

SCHEDULE A

DECLARATION OF REGULATION S ELIGIBILITY

Regulation S of the Securities Act is available for the use of
non-U.S. Persons only. This Declaration must be answered fully and returned to
AMERICAS WIND ENERGY CORPORATION with your subscription agreement to
ensure the Company is in compliance with the Securities Act. All information
will be held in the strictest confidence and used only to determine investor
status. No information will be disclosed other than as required by law or
regulation, other demand by proper legal process or in litigation involving the
company or its affiliates, controlling persons, officers, directors, partners,
employees, shareholders, attorneys or agents.

I, SMART GOAL INVESTMENT LIMITED, HEREBY AFFIRM AND DECLARE
THAT:

	1. 	
      I am not a resident of the United States of
    America.

	 	
       

	2. 	
      I am not purchasing securities for the benefit of a
      resident of the United States of America.

	 	
       

	3. 	
      I am not purchasing securities in the name of a company
      incorporated in the United States of America or for the benefit of a
      company incorporated in the United States of America.

	 	
       

	4. 	
      I am not purchasing securities in my capacity as Trustee
      for a U.S.-based Trust.

	 	
       

	5. 	
      I am not purchasing securities in my capacity as the
      Executor or Administrator of the Estate of a U. S. resident.

	 	
       

	6. 	
      I am not a U.S. resident purchasing securities through a
      brokerage account located outside of the United States of America, nor am
      I using a non-U.S. brokerage account to purchase securities for the
      benefit of individuals or corporate entities resident within the United
      States of America.

	 	
       

	7. 	
      I am not purchasing the securities in an attempt to
      create or manipulate a U.S. market.

	 	
       

	8. 	
      I am purchasing the securities as an investment and not
      with a view towards resale.

	 	
       

	9. 	
      I will only resell the securities to other non-U.S.
      residents in accordance with Rule 905 of Regulation S, or to U.S.
      residents in accordance with the provisions of Rule 144 following the
      expiration of one year from the date of acquiring the
securities.

	 	
       

	10. 	
      I am permitted to purchase the securities under the laws
      of my home jurisdiction.

	 	
       

	11. 	
      I have attached a photocopy of my passport or other
      identification evidencing my status as a non-U.S. resident.

	 	
       

	12. 	
      I understand that if I knowingly and willingly make false
      statements as to my eligibility to purchase or resell securities under
      Regulation S, I may become subject to civil and criminal proceedings being
      taken against me by the United States Securities and Exchange
      Commission.

	DATED: _______________________, 200__ 	 
	  	Signature 
	  	  
		 
		Print Name 

SCHEDULE B

Form of Warrant Certificate

W <>

“THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO
PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN)
OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
ACCORDANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.”

COMMON STOCK PURCHASE WARRANT

AMERICAS WIND ENERGY CORPORATION

	Warrant Shares: 546,875 	Initial Exercise Date: <> <>, 2008
    

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, SMART GOAL INVESTMENTS INC. (the
“Holder”) is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after the
date hereof (the “Initial Exercise Date”) and on or prior to the close of
business on the day that is twenty four (24) months after the Initial Exercise
Date (the “Termination Date”) but not thereafter, to subscribe for and
purchase from Americas Wind Energy Corporation, a Nevada corporation (the
“Company”), up to 546,875 shares (the “Warrant Shares”) of
common stock, par value $0.0001 per share (the “Common Stock”), of the
Company. The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2.9.

	1. 	
      Definitions

	 	 
		
      Capitalized terms used and not otherwise defined herein
      shall have the meanings set forth in the Convertible Loan Agreement, dated
      March 6, 2008 (the “Convertible Loan Agreement”), among the Company
      and the purchasers signatory thereto.

- 3 -

	2. 	
      Exercise

	 	 
	2.1 	
      Exercise of Warrant

	 	 
		
      Exercise of the purchase rights represented by this
      Warrant may be made, in whole or in part, at any time or times on or after
      the Initial Exercise Date and on or before the Termination Date by
      delivery to the Company of a duly executed facsimile copy of the Notice of
      Exercise Form annexed hereto (or such other office or agency of the
      Company as it may designate by notice in writing to the registered Holder
      at the address of such Holder appearing on the books of the Company); and,
      within 5 Trading Days of the date said Notice of Exercise is delivered to
      the Company, the Company shall have received payment of the aggregate
      Exercise Price of the shares thereby purchased by wire transfer or
      cashier’s check drawn on a United States bank. Notwithstanding anything
      herein to the contrary, the Holder shall not be required to physically
      surrender this Warrant to the Company until the Holder has purchased all
      of the Warrant Shares available hereunder and the Warrant has been
      exercised in full, in which case, the Holder shall surrender this Warrant
      to the Company for cancellation within 5 Trading Days of the date the
      final Notice of Exercise is delivered to the Company. Partial exercises of
      this Warrant resulting in purchases of a portion of the total number of
      Warrant Shares available hereunder shall have the effect of lowering the
      outstanding number of Warrant Shares purchasable hereunder in an amount
      equal to the applicable number of Warrant Shares purchased. The Holder and
      the Company shall maintain records showing the number of Warrant Shares
      purchased and the date of such purchases. The Company shall deliver any
      objection to any Notice of Exercise Form within 1 Business Day of receipt
      of such notice. The Holder and any assignee, by acceptance of this
      Warrant, acknowledge and agree that, by reason of the provisions of this
      paragraph, following the purchase of a portion of the Warrant Shares
      hereunder, the number of Warrant Shares available for purchase hereunder
      at any given time may be less than the amount stated on the face
      hereof.

	 	 
	2.2 	
      Exercise Price

	 	 
		
      The exercise price per share of the Common Stock under
      this Warrant shall be US$0.35, subject to adjustment hereunder (the
      “Exercise Price”).

	 	 
	2.3 	
      Mechanics of Exercise

	 	(a) 	
      Authorization of Warrant Shares. The Company
      covenants that all Warrant Shares which may be issued upon the exercise of
      the purchase rights represented by this Warrant will, upon exercise of the
      purchase rights represented by this Warrant, be duly authorized, validly
      issued, fully paid and non-assessable and free from all taxes, liens and
      charges created by the Company in respect of the issue thereof (other than
      taxes in respect of any transfer occurring contemporaneously with such
      issue).

	 	 	 
	 	(b) 	
      Delivery of Certificates Upon Exercise.
      Certificates for shares purchased hereunder shall be transmitted by the
      transfer agent of the Company to the Holder by physical delivery to the
      address specified by the Holder in the Notice of Exercise within 5 Trading
      Days from the delivery to the Company of the Notice of Exercise Form,
      surrender of this Warrant (if required) and payment of the aggregate
      Exercise Price as set forth above (“Warrant Share Delivery Date”).
      This Warrant shall be deemed to have been exercised on the date the
      Exercise Price is received by the Company. The Warrant Shares shall be
      deemed to have been issued, and Holder or any other person
  so

- 4 -

designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as
of the date the Warrant has been exercised by payment to the Company of the
Exercise Price and all taxes required to be paid by the Holder, if any, prior to
the issuance of such shares, have been paid.

	 	(c) 	
      Delivery of New Warrants Upon Exercise. If this
      Warrant shall have been exercised in part, the Company shall, at the
      request of a Holder and upon surrender of this Warrant certificate, at the
      time of delivery of the certificate or certificates representing Warrant
      Shares, deliver to Holder a new Warrant evidencing the rights of Holder to
      purchase the unpurchased Warrant Shares called for by this Warrant, which
      new Warrant shall in all other respects be identical with this
    Warrant.

	 	 	 	 
	 	(d) 	
      No Fractional Shares or Scrip. No fractional
      shares or scrip representing fractional shares shall be issued upon the
      exercise of this Warrant. As to any fraction of a share which Holder would
      otherwise be entitled to purchase upon such exercise, the Company shall at
      its election, either pay a cash adjustment in respect of such final
      fraction in an amount equal to such fraction multiplied by the Exercise
      Price or round up to the next whole share.

	 	 	 	 
	 	(e) 	
      Charges, Taxes and Expenses. Issuance of
      certificates for Warrant Shares shall be made without charge to the Holder
      for any issue or transfer tax or other incidental expense in respect of
      the issuance of such certificate, all of which taxes and expenses shall be
      paid by the Company, and such certificates shall be issued in the name of
      the Holder.

	 	 	 	 
	 	(f) 	
      Closing of Books. The Company will not close its
      stockholder books or records in any manner which prevents the timely
      exercise of this Warrant, pursuant to the terms hereof.

	 	 	 	 
	 	(g) 	
      Legend Requirement. The Holder agrees and
      acknowledges that the Company is required to imprint on the certificates
      for shares purchased hereunder a legend in the following form:

	 	 	 	 
	 		
      “THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE
      SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.
      “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
      1933 ACT.”

	 	 	 	 
	 	(h) 	
      Mandatory Exercise. If, at any time while this
      Warrant is outstanding:

	 	 	 	 
	 		(i) 	
      the Company effects any merger or consolidation of the
      Company with or into another Person;

- 5 -

	 	(ii) 	
      the Company effects any sale of all or substantially all
      of its assets in one or a series of related transactions;

	 	 	 
	 	(iii) 	
      any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of
      Common Stock are permitted to tender or exchange their shares for other
      securities, cash or property; or

	 	 	 
	 	(iv) 	
      the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock
      is effectively converted into or exchanged for other securities, cash or
      property (each “Fundamental Transaction”), then, upon written
      notice from the Company to the Holder, the Holder will have ten (10)
      trading days from the provision of such notice to exercise the Warrant and
      if unexercised the Warrant shall expire at 5:00 p.m. Eastern Standard Time
      on the tenth trading day.

	3. 	
      Certain Adjustments.

	 	 	 
	3.1 	
      Stock Dividends and Splits

	 	 	 
		
      If the Company, at any time while this Warrant is
      outstanding:

	 	 	 
		(a) 	
      pays a stock dividend or otherwise make a distribution or
      distributions on shares of its Common Stock or any other equity or equity
      equivalent securities payable in shares of Common Stock (which, for
      avoidance of doubt, shall not include any shares of Common Stock issued by
      the Company upon exercise of this Warrant);

	 	 	 
		(b) 	
      subdivides outstanding shares of Common Stock into a
      larger number of shares;

	 	 	 
		(c) 	
      combines (including by way of reverse stock split)
      outstanding shares of Common Stock into a smaller number of shares;
    or

	 	 	 
		(d) 	
      issues by reclassification of shares of the Common Stock
      any shares of capital stock of the Company, then in each case the Exercise
      Price shall be multiplied by a fraction of which the numerator shall be
      the number of shares of Common Stock (excluding treasury shares, if any)
      outstanding immediately before such event and of which the denominator
      shall be the number of shares of Common Stock outstanding immediately
      after such event and the number of shares issuable upon exercise of this
      Warrant shall be proportionately adjusted.

Any adjustment made pursuant to this
Section 3.1 shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision, combination or re classification.

	3.2 	
      Calculations

	 	 
		
      All calculations under this Section 3 shall be made to
      the nearest cent or the nearest 1/100th of a share, as the case may be.
      For purposes of this Section 3, the number of shares of Common Stock
      deemed to be issued and outstanding as of a given date shall be the sum of
      the number of shares of Common Stock (excluding treasury shares, if any)
      issued and outstanding.

- 6 -

	3.3 	
      Voluntary Adjustment By Company

	 	 
		
      The Company may at any time during the term of this
      Warrant reduce the then current Exercise Price to any amount and for any
      period of time deemed appropriate by the Board of Directors of the
      Company.

	 	 
	3.4 	
      Notice to Holder

	 	(a) 	
      Adjustment to Exercise Price. Whenever the
      Exercise Price is adjusted pursuant to any provision of this Section 3,
      the Company shall promptly mail to the Holder a notice setting forth the
      Exercise Price after such adjustment and setting forth a brief statement
      of the facts requiring such adjustment.

	 	 	 	 
	 	(b) 	
      Notice to Allow Exercise by Holder. If:

	 	 	 	 
	 		(i) 	
      the Company shall declare a dividend (or any other
      distribution in whatever form) on the Common Stock;

	 	 	 	 
	 		(ii) 	
      the Company shall declare a special nonrecurring cash
      dividend on or a redemption of the Common Stock;

	 	 	 	 
	 		(iii) 	
      the Company shall authorize the granting to all holders
      of the Common Stock rights or warrants to subscribe for or purchase any
      shares of capital stock of any class or of any rights;

	 	 	 	 
	 		(iv) 	
      the approval of any stockholders of the Company shall be
      required in connection with any reclassification of the Common Stock, any
      consolidation or merger to which the Company is a party, any sale or
      transfer of all or substantially all of the assets of the Company, of any
      compulsory share exchange whereby the Common Stock is converted into other
      securities, cash or property;

	 	 	 	 
	 		(v) 	
      the Company shall authorize the voluntary or involuntary
      dissolution, liquidation or winding up of the affairs of the Company;
      then, in each case, the Company shall cause to be mailed to the Holder at
      its last address as it shall appear upon the Warrant Register of the
      Company, at least 20 calendar days prior to the applicable record or
      effective date hereinafter specified, a notice stating (x) the date on
      which a record is to be taken for the purpose of such dividend,
      distribution, redemption, rights or warrants, or if a record is not to be
      taken, the date as of which the holders of the Common Stock of record to
      be entitled to such dividend, distributions, redemption, rights or
      warrants are to be determined or (y) the date on which such
      reclassification, consolidation, merger, sale, transfer or share exchange
      is expected to become effective or close, and the date as of which it is
      expected that holders of the Common Stock of record shall be entitled to
      exchange their shares of the Common Stock for securities, cash or other
      property deliverable upon such reclassification, consolidation, merger,
      sale, transfer or share exchange; provided that the failure to mail such
      notice or any defect therein or in the mailing thereof shall not affect
      the validity of the corporate action required to be specified in such
      notice.

- 7 -

The Holder is entitled to exercise
this Warrant during the 20-day period commencing on the date of such notice to
the effective date of the event triggering such notice.

	4. 	 Transfer of Warrant

	 	 	 
	4.1 	 Not Transferable

	 	 	 
		 Subject to compliance with any applicable
        securities laws and the conditions set forth in Section 4 hereof and to
        the provisions of the Subscription Agreement, this Warrant and all rights
        hereunder (including, without limitation, any registration rights) are
        not transferable.

	 	 	 
	4.2 	 Warrant Register

	 	 	 
		 The Company shall register this Warrant, upon
        records to be maintained by the Company for that purpose (the “Warrant
        Register”), in the name of the record Holder hereof from time
        to time. The Company may deem and treat the registered Holder of this
        Warrant as the absolute owner hereof for the purpose of any exercise hereof
        or any distribution to the Holder, and for all other purposes, absent
        actual notice to the contrary.

	 	 	 
	5. 	 Miscellaneous

	 	 	 
	5.1 	 No Rights as Shareholder Until Exercise

	 	 	 
		 This Warrant does not entitle the Holder to
        any voting rights or other rights as a shareholder of the Company prior
        to the exercise hereof.

	 	 	 
	5.2 	 Loss, Theft, Destruction or Mutilation
        of Warrant

	 	 	 
		 The Company covenants that upon receipt by
        the Company of evidence reasonably satisfactory to it of the loss, theft,
        destruction or mutilation of this Warrant or any stock certificate relating
        to the Warrant Shares, and in case of loss, theft or destruction, of indemnity
        or security reasonably satisfactory to it (which, in the case of the Warrant,
        shall not include the posting of any bond), and upon surrender and cancellation
        of such Warrant or stock certificate, if mutilated, the Company will make
        and deliver a new Warrant or stock certificate of like tenor and dated
        as of such cancellation, in lieu of such Warrant or stock certificate.

	 	 	 
	5.3 	 Saturdays, Sundays, Holidays, etc.

	 	 	 
		 If the last or appointed day for the taking
        of any action or the expiration of any right required or granted herein
        shall not be a Business Day, then such action may be taken or such right
        may be exercised on the next succeeding Business Day.

	 	 	 
	5.4 	 Authorized Shares

	 	 	 
		(a)	 The Company covenants that during the period the Warrant
        is outstanding, it will reserve from its authorized and unissued Common
        Stock a sufficient number of shares to provide for the issuance of the
        Warrant Shares upon the exercise of any purchase rights under this Warrant.
        The Company further covenants that its issuance of this Warrant shall
        constitute full authority to its officers who are charged with the duty
        of executing stock certificates to execute and issue the necessary certificates
        for the Warrant Shares upon the exercise of the purchase rights under
        this Warrant. The Company will take all such

- 8 -

reasonable action as may be necessary
to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the
Trading Market upon which the Common Stock may be listed.

	 	(b) 	
      Except and to the extent as waived or consented to by the
      Holder, the Company shall not by any action, including, without
      limitation, amending its certificate of incorporation 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 actions as may be necessary
      or appropriate to protect the rights of Holder as set forth in this
      Warrant against impairment. Without limiting the generality of the
      foregoing, the Company will:

	 	 	 	 
	 		(i) 	
      not increase the par value of any Warrant Shares above
      the amount payable therefor upon such exercise immediately prior to such
      increase in par value;

	 	 	 	 
	 		(ii) 	
      take all such action as may be necessary or appropriate
      in order that the Company may validly and legally issue fully paid and
      non-assessable Warrant Shares upon the exercise of this Warrant;
  and

	 	 	 	 
	 		(iii) 	
      use commercially reasonable efforts to obtain all such
      authorizations, exemptions or consents from any public regulatory body
      having jurisdiction thereof as may be necessary to enable the Company to
      perform its obligations under this Warrant.

	 	 	 	 
	 	(c) 	
      Before taking any action which would result in an
      adjustment in the number of Warrant Shares for which this Warrant is
      exercisable or in the Exercise Price, the Company shall obtain all such
      authorizations or exemptions thereof, or consents thereto, as may be
      necessary from any public regulatory body or bodies having jurisdiction
      thereof.

	5.5 	
      Jurisdiction

	 	 
		
      All questions concerning the construction, validity,
      enforcement and interpretation of this Warrant shall be determined in
      accordance with the provisions of the Subscription Agreement.

	 	 
	5.6 	
      Restrictions

	 	 
		
      The Holder acknowledges that the Warrant Shares acquired
      upon the exercise of this Warrant, if not registered, will have
      restrictions upon resale imposed by state and federal securities laws and
      applicable Canadian Securities Laws.

	 	 
	5.7 	
      Non-waiver and Expenses

	 	 
		
      No course of dealing or any delay or failure to exercise
      any right hereunder on the part of Holder shall operate as a waiver of
      such right or otherwise prejudice Holder’s rights, powers or remedies,
      notwithstanding the fact that all rights hereunder terminate on the
      Termination Date. If the Company wilfully and knowingly fails to comply
      with any provision of this Warrant, which results in any material damages
      to the Holder, the Company shall pay to Holder such amounts as shall be
      sufficient to cover any costs and expenses including, but not limited to,
      reasonable attorneys’ fees, including those of appellate proceedings,
      incurred by Holder in collecting any

- 9 -

amounts due pursuant hereto or in
otherwise enforcing any of its rights, powers or remedies hereunder.

	5.8 	
      Notices

	 	 
		
      Any notice, request or other document required or
      permitted to be given or delivered to the Holder by the Company shall be
      delivered in accordance with the notice provisions of the Loan
      Agreement.

	 	 
	5.9 	
      Limitation of Liability

	 	 
		
      No provision hereof, in the absence of any affirmative
      action by Holder to exercise this Warrant to purchase Warrant Shares, and
      no enumeration herein of the rights or privileges of Holder, shall give
      rise to any liability of Holder for the purchase price of any Common Stock
      or as a stockholder of the Company, whether such liability is asserted by
      the Company or by creditors of the Company.

	 	 
	5.10 	
      Remedies

	 	 
		
      Holder, in addition to being entitled to exercise all
      rights granted by law, including recovery of damages, will be entitled to
      specific performance of its rights under this Warrant. The Company agrees
      that monetary damages would not be adequate compensation for any loss
      incurred by reason of a breach by it of the provisions of this Warrant and
      hereby agrees to waive and not to assert the defense in any action for
      specific performance that a remedy at law would be adequate.

	 	 
	5.11 	
      Successors and Assigns

	 	 
		
      Subject to applicable securities laws, this Warrant and
      the rights and obligations evidenced hereby shall inure to the benefit of
      and be binding upon the successors of the Company and the successors and
      permitted assigns of Holder. The provisions of this Warrant are intended
      to be for the benefit of all Holders from time to time of this Warrant and
      shall be enforceable by any such Holder or holder of Warrant
  Shares.

	 	 
	5.12 	
      Amendment

	 	 
		
      This Warrant may be modified or amended or the provisions
      hereof waived with the written consent of the Company and the
    Holder.

	 	 
	5.13 	
      Severability

	 	 
		
      Wherever possible, each provision of this Warrant shall
      be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Warrant shall be prohibited
      by or invalid under applicable law, such provision shall be ineffective to
      the extent of such prohibition or invalidity, without invalidating the
      remainder of such provisions or the remaining provisions of this
      Warrant.

- 10 -

	5.14 	
      Headings

	 	 
		
      The headings used in this Warrant are for the convenience
      of reference only and shall not, for any purpose, be deemed a part of this
      Warrant.

IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of the date first
above indicated.

	AMERICAS WIND ENERGY
      CORPORATION 	 
	 	  	 
	 	  	 
	Per: 		 
	 	Name: 	 
	 	Title:

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