Document:

exhibit4-5welwind.htm

     

    
      

      

    

    
      WELWIND
        ENERGY INTERNATIONAL CORPORATION

      2008
        EQUITY INCENTIVE PLAN

      STOCK
        OPTION
        AGREEMENT

      

      Unless
        otherwise defined herein, capitalized terms shall have the meaning set forth
        in
        the Welwind Energy International Corporation 2008 Equity Incentive Plan (the
        "Plan").

      

      1.    NOTICE
        OF STOCK OPTION GRANT

      

      You
        have
        been granted an option to purchase Common Stock, subject to the terms and
        conditions of the Plan and this Option Agreement, as
        follows: 

      
        	Name
                of Optionee:	 
	Total
                Number of Shares Granted:	 
	
                Type
                  of Option:

              	
                o Nonstatutory
                  Stock Option

              
	 	o
                Incentive Stock
                Option
	
                Exercise
                  Price per Share:

              	
                $ 

              
	Grant
                Date:	 
	Vesting
                Commencement Date:	 
	
                Vesting
                  Schedule:

              	
                This
                  option may be exercised, in whole or in part, in accordance with
                  the
                  following schedule:

                [___]%
                  of the Shares subject
                  to the option shall vest [__] months
                  after the
                  Vesting Commencement Date, and [__]%
                  of the Shares subject
                  to the option shall vest each [year/quarter/month]
                  thereafter, subject to
                  the optionee continuing to be a Service Provider on such
                  dates.

              
	
                Termination
                  Period:

              	
                This
                  option may be exercised for three months after the optionee's Termination
                  Date, except that if the Optionee's Termination of Service is for
                  Cause,
                  this option shall terminate on the Termination Date. Upon the death
                  or
                  Disability of the optionee, this option may be exercised for
                  12 months after the optionee's Termination Date. Special termination
                  periods are set forth in Sections 2.3(B), 2.9, and 2.10 below.
                  In no event
                  may this option be exercised later than the Term of Award/Expiration
                  Date
                  provided below.

              
	Term
                of Award/Expiration Date:	 

      

      
2.    AGREEMENT

      

      2.1    Grant
        of Option. The
        Administrator hereby grants to the optionee named in the Notice of Stock
        Option
        Grant attached as Part I of this Option Agreement (the "Optionee") an option
        (the "Option") to purchase the number of Shares, as set forth in the Notice
        of
        Stock Option Grant, at the exercise price per Share set forth in the Notice
        of
        Stock Option Grant (the "Exercise Price"), subject to the terms and conditions
        of this Option Agreement and the Plan. This Option is intended to be a
        Nonstatutory Stock Option ("NSO") or an Incentive Stock Option ("ISO"), as
        provided in the Notice of Stock Option Grant.

      

      2.2    Exercise
        of
        Option.

      

      (A)    Vesting/Right
        to
        Exercise. This Option is exercisable during its term in accordance with
        the Vesting Schedule set forth in Section 1 and the applicable provisions
        of this Option Agreement and the Plan. In no event will this Option become
        exercisable for additional Shares after a Termination of Service for any
        reason.
        Notwithstanding the foregoing, this Option becomes exercisable in full if
        the
        Company is subject to a Change in Control before the Optionee's Termination
        of
        Service, and within 12 months after the Change in Control the Optionee is
        subject to a Termination of Service resulting from: (i) the Optionee's
        involuntary discharge by the Company (or the Affiliate employing him or her)
        for
        reasons other than Cause (defined below), death or Disability; or (ii) the
        Optionee's resignation for Good Reason (defined below). This Option may also
        become exercisable in accordance with Section 2.11 below.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      The
        term
        "Cause" shall mean (1) the Optionee's theft, dishonesty, or falsification
        of any
        documents or records of the Company or any Affiliate; (2) the Optionee's
        improper use or disclosure of confidential or proprietary information of
        the
        Company or any Affiliate that results or will result in material harm to
        the
        Company or any Affiliate; (3) any action by the Optionee which has a detrimental
        effect on the reputation or business of the Company or any Affiliate; (4)
        the
        Optionee's failure or inability to perform any reasonable assigned duties
        after
        written notice from the Company or an Affiliate, and a reasonable opportunity
        to
        cure, such failure or inability; (5) any material breach by the Optionee
        of any
        employment or service agreement between the Optionee and the Company or an
        Affiliate, which breach is not cured pursuant to the terms of such agreement;
        (6) the Optionee's conviction (including any plea of guilty or nolo contendere)
        of any criminal act which impairs the Optionee's ability to perform his or
        her
        duties with the Company or an Affiliate; or (7) violation of a material Company
        policy. The term "Good Reason" shall mean, as determined by the Administrator,
        (A) a material adverse change in the Optionee's title, stature, authority,
        or
        responsibilities with the Company (or the Affiliate employing him or her);
        (B) a
        material reduction in the Optionee's base salary or annual bonus opportunity;
        or
        (C) receipt of notice that the Optionee's principal workplace will be relocated
        by more than 50 miles.

      

      (B)    Method
        of Exercise.
        This Option is exercisable by delivering to the Administrator a fully executed
        "Exercise Notice" or by any other method approved by the Administrator. The
        Exercise Notice shall provide that the Optionee is electing to exercise the
        Option, the number of Shares in respect of which the Option is being exercised
        (the "Exercised Shares"), and such other representations and agreements as
        may
        be required by the Administrator. Payment of the full aggregate Exercise
        Price
        as to all Exercised Shares must accompany the Exercise Notice. This Option
        shall
        be deemed exercised upon receipt by the Administrator of such fully executed
        Exercise Notice accompanied by such aggregate Exercise Price. The Optionee
        is
        responsible for filing any reports of remittance or other foreign exchange
        filings required in order to pay the Exercise Price.

      

      2.3    Limitation
        on
        Exercise.

      

      (A)    The
        grant of this Option and the issuance of Shares upon exercise of this Option
        are
        subject to compliance with all Applicable Laws. This Option may not be exercised
        if the issuance of Shares upon exercise would constitute a violation of any
        Applicable Laws. In addition, this Option may not be exercised unless (i)
        a
        registration statement under the Securities Act of 1933, as amended (the
        "Securities Act") is in effect at the time of exercise of this Option with
        respect to the Shares; or (ii) in the opinion of legal counsel to the Company,
        the Shares issuable upon exercise of this Option may be issued in accordance
        with the terms of an applicable exemption from the registration requirements
        of
        the Securities Act. The
        Optionee is cautioned that unless the foregoing conditions are satisfied,
        the
        Optionee may not be able to exercise the Option when desired even though
        the
        Option is vested. As a further condition to the exercise of this Option,
        the Company may require the Optionee to satisfy any qualifications that may
        be
        necessary or appropriate, to evidence compliance with any applicable law
        or
        regulation and to make any representation or warranty with respect thereto
        as
        may be requested by the Company. Any Shares that are issued will be "restricted
        securities" as that term is defined in Rule 144 under the Securities Act,
        and
        will bear an appropriate restrictive legend, unless they are registered under
        the Securities Act. The Company is under no obligation to register the Shares
        issuable upon exercise of this Option.

      

      (B)    Special
        Termination
        Period. If exercise of the Option on the last day of the termination
        period set forth in Section 1 is prevented by operation of paragraph (A) of
        this Section 2.3, then this Option shall remain exercisable until 14 days
        after
        the first date that paragraph (A) no longer operates to prevent exercise
        of the
        Option.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      2.4    Method
        of Payment.
        Payment of the aggregate Exercise Price shall be by any of the following
        methods; provided, however, the payment shall be in strict compliance with
        all
        procedures established by the Administrator:

      

      (A)    cash;

      

      (B)    check
        or wire transfer;

      

      (C)    subject
        to any conditions or limitations established by the Administrator, other
        Shares
        that have a Fair Market Value on the date of surrender or attestation equal
        to
        the aggregate Exercise Price;

      

      (D)    consideration
        received by the Company under a broker-assisted sale and remittance program
        acceptable to the Administrator (Officers and Directors shall not be permitted
        to use this procedure if this procedure would violate Section 402 of the
        Sarbanes-Oxley Act of 2002, as amended);

      

      (E)    subject
        to any conditions or limitations established by the Administrator, retention
        by
        the Company of so many of the Shares that would otherwise have been delivered
        upon exercise of the Option as have a Fair Market Value on the exercise date
        equal to the aggregate exercise price of all Shares as to which the Option
        is
        being exercised, provided that the Option is surrendered and cancelled as
        to
        such Shares; or

      

      (F)    any
        combination of the foregoing methods of payment.

      

      2.5    Leave
        of Absence. The
        Optionee shall not incur a Termination of Service when the Optionee goes
        on a
        bona fide leave of absence, if the leave was approved by the Company (or
        Affiliate employing him or her) in writing and if continued crediting of
        service
        is required by the terms of the leave or by applicable law. The Optionee
        shall
        incur a Termination of Service when the approved leave ends, however, unless
        the
        Optionee immediately returns to active work.

      

      For
        purposes of ISOs, no leave of absence may exceed three months, unless the
        right
        to reemployment upon expiration of such leave is provided by statute or
        contract. If the right to reemployment is not so provided by statute or
        contract, the Optionee will be deemed to have incurred a Termination of Service
        on the first day immediately following such three-month period of leave for
        ISO
        purposes and this Option shall cease to be treated as an ISO and shall terminate
        upon the expiration of the three-month period that begins the date the
        employment relationship is deemed terminated.

      

      2.6    Non-Transferability
        of
        Option. This Option may not be transferred in any manner other than by
        will or by the laws of descent and distribution, and may be exercised during
        the
        lifetime of the Optionee only by the Optionee. The terms of this Option
        Agreement and the Plan shall be binding upon the executors, administrators,
        heirs, successors, and assigns of the Optionee. This Option may not be assigned,
        pledged, or hypothecated by the Optionee whether by operation of law or
        otherwise, and is not subject to execution, attachment, or similar process.
        Notwithstanding the foregoing, if this Option is designated as a Nonstatutory
        Stock Option, the Administrator may, in its sole discretion, allow the Optionee
        to transfer this Option as a gift to one or more family members. For purposes
        of
        this Option Agreement, "family member" means a child, stepchild, grandchild,
        parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
        mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
        or
        sister-in-law (including adoptive relationships), any individual sharing
        the
        Optionee's household (other than a tenant or employee), a trust in which
        one or
        more of these individuals have more than 50% of the beneficial interest,
        a
        foundation in which the Optionee or one or more of these persons control
        the
        management of assets, and any entity in which the Optionee or one or more
        of
        these persons own more than 50% of the voting interest. Notwithstanding the
        foregoing, during any California Qualification Period, this Option may not
        be
        transferred in any manner other than by will, by the laws of descent and
        distribution, or, if it is designated as a Nonstatutory Stock Option, as
        permitted by Rule 701 of the Securities Act of 1933, as amended, as the
        Administrator may determine in its sole discretion.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      2.7    Term
        of Option. This
        Option may be exercised only within the term set out in the Notice of Stock
        Option Grant, and may be exercised during such term only in accordance with
        this
        Option Agreement and the Plan.

      

      2.8    Tax
        Obligations.

      

      (A)    Withholding
        Taxes.
        The Optionee shall make appropriate arrangements with the Administrator for
        the
        satisfaction of all applicable Federal, state, local, and foreign income
        taxes,
        employment tax, and any other taxes that are due as a result of the Option
        exercise. With the Administrator's consent, these arrangements may include
        withholding Shares that otherwise would be issued to the Optionee pursuant
        to
        the exercise of this Option. The Company may refuse to honor the exercise
        and
        refuse to deliver Shares if such withholding amounts are not delivered at
        the
        time of exercise.

      

      (B)    Notice
        of Disqualifying
        Disposition of ISO Shares. If the Option is an ISO, and if the Optionee
        sells or otherwise disposes of any of the Shares acquired pursuant to the
        exercise of the ISO on or before the later of (i) the date two years after
        the Grant Date, or (ii) the date one year after the date of exercise, the
        Optionee shall immediately notify the Administrator in writing of such
        disposition. The Optionee may be subject to income tax withholding by the
        Company on the compensation income recognized by the Optionee.

      

      2.9    Special
        Termination Period
        if the Optionee Subject to Section 16(b). If a sale within the applicable
        termination period set forth in Section 1 of Shares acquired upon the
        exercise of this Option would subject the Optionee to suit under Section
        16(b)
        of the Exchange Act, this Option shall remain exercisable until the earliest
        to
        occur of (i) the tenth day following the date on which a sale of such shares
        by
        the Optionee would no longer be subject to such suit, (ii) the 190th day
        after
        the Optionee's Termination of Service, or (iii) the Expiration
        Date.

      

      2.10    Special
        Termination Period
        if the Optionee Subject to Blackout Period. The Company has established
        an Insider Trading Policy (as such policy may be amended from time to time,
        the
        "Policy") relative to trading while in possession of material, undisclosed
        information. The Policy prohibits officers, directors, employees, and
        consultants of the Company and its subsidiaries from trading in securities
        of
        the Company during certain "Blackout Periods" as described in the Policy.
        If the
        last day of the termination period set forth in Section 1 is during such a
        Blackout Period, then this Option shall remain exercisable until 14 days
        after
        the first date that there is no longer in effect a Blackout Period applicable
        to
        the Optionee.

      

      2.11    Change
        in Control.
        Upon a Change in Control before the Optionee's Termination of Service, the
        Option will be assumed or an equivalent option or right substituted by the
        successor corporation or a parent or subsidiary of the successor corporation.
        If
        the successor corporation refuses to assume or substitute for the Option,
        then
        immediately before and contingent on the consummation of the Change in Control,
        the Optionee will fully vest in and have the right to exercise the Option.
        In
        addition, if the Option becomes fully vested and exercisable in lieu of
        assumption or substitution in the event of a Change in Control, the
        Administrator will notify the Optionee in writing or electronically that
        the
        Option will be fully vested and exercisable for a period determined by the
        Administrator in its sole discretion, and the Option will terminate upon
        the
        expiration of such period.

      

      2.12    Restrictions
        on
        Resale. The Optionee shall not sell any Shares at a time when Applicable
        Law, Company policies or an agreement between the Company and its underwriters
        prohibit a sale. This restriction shall apply as long as the Optionee is
        a
        Service Provider and for such period after the Optionee's Termination of
        Service
        as the Administrator may specify.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      2.13    Lock-Up
        Agreement. In
        connection with any underwritten public offering of Shares made by the Company
        pursuant to a registration statement filed under the Securities Act, the
        Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant
        any
        option to purchase or make any short sale of, or otherwise dispose of any
        Shares
        (including but not limited to Shares subject to this Option) or any rights
        to
        acquire Shares of the Company for such period beginning on the date of filing
        of
        such registration statement with the Securities and Exchange Commission and
        ending at the time as may be established by the underwriters for such public
        offering; provided, however, that such period shall end not later than 180
        days
        from the effective date of such registration statement. The foregoing limitation
        shall not apply to shares registered for sale in such public
        offering.

      

      2.14    Entire
        Agreement; Governing
        Law. This Option Agreement and the Plan constitute the entire agreement
        of the parties with respect to the subject matter hereof and supersede in
        their
        entirety all prior undertakings and agreements of the Company and Optionee
        with
        respect to the subject matter hereof, and may not be modified adversely to
        the
        Optionee's interest except by means of a writing signed by the Company and
        Optionee. This Option Agreement is governed by the internal substantive laws,
        but not the choice of law rules, of Delaware.

      

      2.15    No
        Guarantee of Continued
        Service. The vesting of the Option pursuant to the Vesting Schedule
        hereof is earned only by continuing as a Service Provider at the will of
        the
        Company (and not through the act of being hired, being granted an Option,
        or
        purchasing Shares hereunder). This Option Agreement, the transactions
        contemplated hereunder, and the Vesting Schedule set forth herein constitute
        neither an express nor an implied promise of continued engagement as a Service
        Provider for the vesting period, for any period, or at all, and shall not
        interfere with Optionee's right or the Company's right to terminate Optionee's
        relationship as a Service Provider at any time, with or without
        Cause.

      

      By
        the
        Optionee's signature and the signature of the Company's representative below,
        the Optionee and the Company agree that this Option is granted under and
        governed by the terms and conditions of this Option Agreement and the Plan.
        The
        Optionee has reviewed this Option Agreement and the Plan in their entirety,
        has
        had an opportunity to obtain the advice of counsel before executing this
        Option
        Agreement and fully understands all provisions of this Option Agreement and
        the
        Plan. The Optionee hereby agrees to accept as binding, conclusive, and final
        all
        decisions or interpretations of the Administrator upon any questions relating
        to
        this Option Agreement and the Plan.

      

      The
        Optionee further agrees that the Company may deliver all documents relating
        to
        the Plan or this Option (including prospectuses required by the Securities
        and
        Exchange Commission), and all other documents that the Company is required
        to
        deliver to its security holders or the Optionee (including annual reports,
        proxy
        statements and financial statements), either by e-mail or by e-mail notice
        of a
        Web site location where those documents have been posted. The Optionee may
        at
        any time (i) revoke this consent to e-mail delivery of those documents;
        (ii) update the e-mail address for delivery of those documents;
        (iii) obtain at no charge a paper copy of those documents, in each case by
        writing the Company at 514 Via De La Valle, Suite 200, Solana Beach, CA 92075.
        The Optionee may request an electronic copy of any of those documents by
        requesting a copy from oecinfo@openenergycorp.com. The Optionee understands
        that
        an e-mail account and appropriate hardware and software, including a computer
        or
        compatible cell phone and an Internet connection, will be required to access
        documents delivered by e-mail.

      
        
          
          

        

        
          5

          
            

          

        

         

      

      
        	 OPTIONEE:	 	 WELWIND
                ENERGY
                INTERNATIONAL CORP.
	 
	 	 
	 Signature	 	 
	 
	 	 
	 Print
                Name	 	 
	 
	 	 
	 Residence
                Address	 	 

      

       

      

        
          
            
            

          

          
            6exhibit4-6welwind.htm

     

    
      

      
WELWIND
      ENERGY INTERNATIONAL CORPORATION

    2008
      EQUITY INCENTIVE PLAN

    STOCK
      AWARD AGREEMENT FOR
      RESTRICTED STOCK

    

    

    Unless
      otherwise defined herein, capitalized terms shall have the defined meaning
      set
      forth in the Welwind Energy International Corporation 2008 Equity Incentive
      Plan.

    1.    NOTICE
      OF RESTRICTED STOCK GRANT

    

    You
      have
      been granted restricted shares of Common Stock, subject to the terms and
      conditions of the Plan and this Stock Award Agreement, as
      follows:

    
      	
              Name
                of Awardee:

            	 
	Total Number of Shares Granted:	 
	
              Purchase
                Price per Share:

            	
              $ 

            
	
              Fair
                Market Value per Share:

            	
              $ 

            
	Grant
              Date:	 
	Vesting Commencement Date:	 
	
              Vesting
                Schedule:

            	
              [Subject
                to Section 2.8
                below, the first [__]%
                of the Shares subject
                to this Stock Award Agreement shall vest on the Vesting Commencement
                Date,
                and [__]%
                of the Shares subject
                to this Stock Award Agreement shall vest each [month/quarter/year]
                thereafter, subject to
                the Awardee continuing to be a Service Provider on such dates. Vesting
                shall accelerate as provided in Section 2.3 below.]

            

    

    

    2.    AGREEMENT

    

    2.1    Grant
      of Restricted
      Stock. Pursuant to the terms and conditions set forth in this Stock Award
      Agreement (including Section 1 above) and the Plan, the Administrator
      hereby grants to the Awardee named in Section 1, on the Grant Date set
      forth in Section 1, the number of Shares set forth in Section 1. The
      granted Shares may be subject to a purchase price, as set forth in
      Section 1.

    

    2.2    Purchase
      of Restricted
      Stock. If the granted Shares are subject to a purchase price, as set
      forth in Section 1 above, the Awardee shall have the right to purchase such
      Shares at the specified purchase price in accordance with such procedures as
      may
      be established by the Administrator from time to time. During any California
      Qualification Period, the Awardee may not transfer the right to purchase Shares
      under this Award other than by will, by the laws of descent and distribution,
      or
      as permitted by Rule 701 of the Securities Act of 1933, as amended, as the
      Administrator may determine.

    2.3    Vesting.
      The Awardee
      shall vest in the granted Shares in accordance with the vesting schedule
      provided for in Section 1 above; provided, however, that the Awardee shall
      cease vesting in the granted Shares upon the Awardee's Termination of Service.
      [Notwithstanding the
      foregoing, the Awardee shall vest in all granted Shares if the Company is
      subject to a Change in Control before the Awardee's Termination of Service,
      and
      the Awardee is subject to a Termination of Service resulting from: (i) the
      Awardee's involuntary discharge by the Company (or the Affiliate employing
      him
      or her) for reasons other than Cause (defined below), death or Disability;
      or
      (ii) the Awardee's resignation for Good Reason (defined below) in anticipation
      of or within 24 months after the Change in Control.]

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    [The
      term "Cause" shall mean
      (1) the Awardee's theft, dishonesty, or falsification of any documents or
      records of the Company or any Affiliate; (2) the Awardee's improper use or
      disclosure of confidential or proprietary information of the Company or any
      Affiliate that results or will result in material harm to the Company or any
      Affiliate; (3) any action by the Awardee which has a detrimental effect on
      the
      reputation or business of the Company or any Affiliate; (4) the Awardee's
      failure or inability to perform any reasonable assigned duties after written
      notice from the Company or an Affiliate, and a reasonable opportunity to cure,
      such failure or inability; (5) any material breach by the Awardee of any
      employment or service agreement between the Awardee and the Company or an
      Affiliate, which breach is not cured pursuant to the terms of such agreement;
      (6) the Awardee's conviction (including any plea of guilty or nolo contendere)
      of any criminal act which impairs the Awardee's ability to perform his or her
      duties with the Company or an Affiliate; or (7) violation of a material Company
      policy. The term "Good Reason" shall mean, as determined by the Administrator,
      (A) a material adverse change in the Awardee's title, stature, authority, or
      responsibilities with the Company (or the Affiliate employing him or her);
      (B) a
      material reduction in the Awardee's base salary or annual bonus opportunity;
      or
      (C) receipt of notice that the Awardee's principal workplace will be relocated
      by more than 50 miles.]

    

    2.4    Risk
      of
      Forfeiture.

    

    (A)    General
      Rule. The
      granted Shares shall initially be subject to a risk of forfeiture. The Shares
      subject to a risk of forfeiture shall be referred to herein as "Restricted
      Shares." The Awardee may not transfer, assign, encumber, or otherwise dispose
      of
      any Restricted Shares other than in accordance with this Stock Award Agreement
      and the Plan. If the Awardee transfers any Restricted Shares in accordance
      with
      this Stock Award Agreement and the Plan, then this Section shall apply to the
      transferee to the same extent as to the transferor.

    

    (B)    Lapse
      of Risk of
      Forfeiture. The risk of forfeiture shall lapse as the Awardee vests in
      the granted Shares in accordance with the vesting schedule set forth in
      Section 1 above.

    

    (C)    Forfeiture
      of Granted
      Shares. The Restricted Shares shall automatically be forfeited and
      immediately returned to the Company upon the Awardee's Termination of Service;
      provided that if any Restricted Shares were purchased by the Awardee, then
      upon
      the Awardee's Termination of Service, the Company shall have the right to
      repurchase such Restricted Shares at the original price paid by the Awardee
      at
      any time during the 90-day period following the date of the Awardee's
      Termination of Service, provided that during any California Qualification
      Period, the Company must exercise such right to repurchase for either cash
      or
      cancellation of purchase money indebtedness for such unvested Shares. The
      certificates evidencing the Restricted Shares shall have stamped on them a
      special legend referring to the Company's right of
      repurchase.

    (D)    Additional
      Shares or
      Substituted Securities. In the event of a stock split, reverse stock
      split, stock dividend, recapitalization, combination, or reclassification of
      the
      Common Stock or any other increase or decrease in the number of issued and
      outstanding Shares effected without receipt of consideration by the Company,
      any
      new, substituted, or additional securities or other property (including money
      paid other than as an ordinary cash dividend) which are by reason of such
      transaction distributed with respect to any Restricted Shares or into which
      such
      Restricted Shares thereby become convertible shall immediately be subject to
      a
      risk of forfeiture as provided herein.

    

    (E)    Escrow.
      At the
      discretion of the Administrator, the certificates representing the granted
      Shares may, upon issuance, be deposited in escrow with the Company to be held
      in
      accordance with the provisions of this Stock Award Agreement. If the granted
      Shares are held in escrow, as provided in this subsection, any new, substituted
      or additional securities or other property described in Section 2.4(D) above
      shall immediately be delivered to the Company to be held in escrow, but only
      to
      the extent the granted Shares are at the time Restricted Shares. All regular
      cash dividends on Restricted Shares (or other securities) at the time held
      in
      escrow shall be paid directly to the Awardee and shall not be held in escrow.
      Restricted Shares, together with any other assets or securities held in escrow
      hereunder, shall be (i) surrendered to the Company for cancellation upon
      forfeiture thereof; or (ii) released to the Awardee upon request, but only
      to the extent that the granted Shares are no longer Restricted
      Shares.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.5    Leave
      of Absence. The
      Awardee shall not incur a Termination of Service when the Awardee goes on any
      bona fide leave of absence, if the leave was approved by the Company (or
      Affiliate employing him or her) in writing and if continued crediting of service
      is required by the terms of the leave or by applicable law. The Awardee shall
      incur a Termination of Service when the approved leave ends, however, unless
      the
      Awardee immediately returns to active work.

    

    2.6    Rights
      as a
      Stockholder. The Awardee shall have the rights of a stockholder of the
      Company, including the right to vote the granted Shares.

    

    2.7    Regulatory
      Compliance. The issuance of Common Stock pursuant to this Stock Award
      Agreement shall be subject to full compliance with all applicable requirements
      of law and the requirements of any stock exchange or interdealer quotation
      system upon which the Common Stock may be listed or traded.

    

    2.8    Vesting
      if Sale Prohibited
      by Insider Trading Policy. The Company has established an Insider Trading
      Policy (as such policy may be amended from time to time, the "Policy") relative
      to trading while in possession of material, undisclosed information. The Policy
      prohibits officers, directors, employees, and consultants of the Company and
      its
      subsidiaries from trading in securities of the Company during certain "Blackout
      Periods" as described in the Policy. If a scheduled vesting date for Shares
      falls on a day during such a Blackout Period, then the Shares that would
      otherwise have vested on such date shall not vest on such date, but shall
      instead vest, provided the Awardee remains a Service Provider, on the second
      business day after the last day of the Blackout Period applicable to the
      Shares.

    

    2.9    Withholding
      Tax. The
      Company's obligation to deliver the granted Shares or to remove any restrictive
      legends upon vesting of such Shares under the Plan shall be subject to the
      satisfaction of all applicable federal, state, local, and foreign income and
      employment tax withholding requirements. The Awardee shall pay to the Company
      an
      amount equal to the withholding amount (or the Company may withhold such amount
      from the Awardee's salary) in cash. At the Administrator's discretion, the
      Awardee may pay the withholding amount with Shares; provided, however, that
      payment in Shares shall be limited to the withholding amount calculated using
      the minimum statutory withholding rates.

    

    2.10    Certain
      Federal Income Tax
      Issues.

    

    (A)    Subject
      to provisions discussed in subsection (B) below, under Section 83 of the Code,
      the Awardee will recognize ordinary income upon transfer of the Shares to the
      Awardee, measured as the difference between the fair market value of the granted
      Shares on the date of transfer and the amount paid for the granted Shares,
      if
      any. The capital gain holding period will begin on the date of
      transfer.

    

    (B)    To
      the extent that the granted Shares are subject to a "substantial risk of
      forfeiture" (within the meaning of Section 83 of the Code) on the Grant Date,
      the Awardee will not recognize ordinary income until the granted Shares are
      no
      longer subject to a substantial risk of forfeiture (i.e., as the Shares vest).
      The Awardee's ordinary income is measured as the difference between the amount
      paid for the granted Shares, if any, and the fair market value of the granted
      Shares when such Shares are no longer subject to a substantial risk of
      forfeiture. The capital gain holding period for Shares subject to a substantial
      risk of forfeiture begins on the date when such Shares are no longer subject
      to
      a substantial risk of forfeiture.

    

    (C)    If
      the Shares are subject to a substantial risk of forfeiture, the Awardee may
      nonetheless accelerate his or her recognition of ordinary income, if any, and
      begin his or her capital gains holding period by timely filing an election
      pursuant to Section 83(b) of the Code (the "83(b) Election"). If the Awardee
      makes an 83(b) Election, the excess of (i) the fair market value of the
      granted Shares on the Grant Date over (ii) the purchase price, if any, paid
      for the granted Shares will be included in the Awardee's ordinary income. If
      the
      granted Shares are later forfeited, however, the Awardee will not be entitled
      to
      a tax deduction or a refund of the tax already paid. If the Awardee makes the
      83(b) Election, the Awardee will not recognize any additional income when the
      granted Shares vest and any appreciation in the value of the granted Shares
      after the election is not taxed as compensation but instead is taxed as capital
      gain when the granted Shares are sold.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (D)    The
      83(b) Election must be filed with the Internal Revenue Service within
      30 days after the Shares are transferred. If the Awardee is an employee or
      former employee, any ordinary income resulting from the election will be subject
      to applicable tax withholding requirements. The election is generally
      irrevocable and cannot be made after the 30-day period has expired. In the
      event
      that the Awardee makes an 83(b) Election, the Awardee (i) shall promptly
      provide the Company with a copy of the 83(b) Election, as filed with the
      Internal Revenue Service; and (ii) the Company may withhold from any payments
      due to the Awardee any applicable federal, state, or local taxes and such other
      deductions as are prescribed by law, or the Awardee will pay to the Company
      all
      such tax withholding amounts promptly upon request.

    

    (E)    The
      foregoing is only a summary of
      the effect of U.S. federal income taxation upon the Awardee with respect to
      the
      grant of restricted shares under the Plan. It does not purport to be a complete
      discussion of the U.S. federal income tax consequences. It does not discuss
      the
      income tax laws of any state, municipality, or foreign country in which the
      Awardee's income or gain may be taxable. In any event, the Awardee is hereby
      advised to consult its own tax advisor as to the consequences of making an
      83(b)
      Election. If the Awardee desires to make an 83(b) Election, then it is the
      Awardee's responsibility to timely make a valid election.

    

    2.11    Plan.
      This Stock
      Award Agreement is subject to all provisions of the Plan, receipt of a copy
      of
      which is hereby acknowledged by the Awardee. The Awardee shall accept as
      binding, conclusive, and final all decisions and interpretations of the
      Administrator upon any questions arising under the Plan and this Stock Award
      Agreement.

    

    2.12    Successors.
      This
      Stock Award Agreement shall inure to the benefit of and be binding upon the
      parties hereto and their legal representatives, heirs, and permitted successors
      and assigns.

    

    2.13    Restrictions
      on
      Resale. The Awardee agrees not to sell any Shares at a time when
      Applicable Laws, Company policies, or an agreement between the Company and
      its
      underwriters prohibit a sale. This restriction shall apply as long as the
      Awardee is a Service Provider and for such period after the Awardee's
      Termination of Service as the Administrator may specify.

    

    2.14    Lock-Up
      Agreement. In
      connection with any underwritten public offering of Shares made by the Company
      pursuant to a registration statement filed under the Securities Act, the Awardee
      shall not offer, sell, contract to sell, pledge, hypothecate, grant any option
      to purchase or make any short sale of, or otherwise dispose of any Shares or
      any
      rights to acquire Shares of the Company for such period beginning on the date
      of
      filing of such registration statement with the Securities and Exchange
      Commission and ending at the time as may be established by the underwriters
      for
      such public offering; provided, however, that such period shall end not later
      than 180 days from the effective date of such registration statement. The
      foregoing limitation shall not apply to shares registered for sale in such
      public offering.

    

    2.15    Entire
      Agreement; Governing
      Law. This Stock Award Agreement and the Plan constitute the entire
      agreement of the parties with respect to the subject matter hereof and supersede
      in their entirety all prior undertakings and agreements of the Company and
      the
      Awardee with respect to the subject matter hereof, and may not be modified
      adversely to the Awardee's interest except by means of a writing signed by
      the
      Company and the Awardee. This Stock Award Agreement is governed by the internal
      substantive laws, but not the choice of law rules, of Delaware.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    2.16    No
      Guarantee of Continued
      Service. The vesting of the Shares pursuant to the vesting schedule
      hereof is earned only by continuing as a Service Provider at the will of the
      Company (and not through the act of being hired, being granted shares, or
      purchasing Shares hereunder). This Stock Award Agreement, the transactions
      contemplated hereunder, and the vesting schedule set forth herein constitute
      neither an express nor implied promise of continued engagement as a Service
      Provider for the vesting period, for any period, or at all, and shall not
      interfere with Awardee's right or the Company's right to terminate Awardee's
      relationship as a Service Provider at any time, with or without
      Cause.

    

    By
      the
      Awardee's signature and the signature of the Company's representative below,
      the
      Awardee and the Company agree that this Award is granted under and governed
      by
      the terms and conditions of this Stock Award Agreement and the Plan. The Awardee
      has reviewed this Stock Award Agreement and the Plan in their entirety, has
      had
      an opportunity to obtain the advice of counsel before executing this Stock
      Award
      Agreement and fully understands all provisions of this Stock Award Agreement
      and
      the Plan. The Awardee hereby agrees to accept as binding, conclusive, and final
      all decisions or interpretations of the Administrator upon any questions
      relating to this Stock Award Agreement and the Plan.

    

    The
      Awardee further agrees that the Company may deliver by email all documents
      relating to the Plan or this Award (including prospectuses required by the
      Securities and Exchange Commission) and all other documents that the Company
      is
      required to deliver to its security holders (including annual reports and proxy
      statements). The Awardee also agrees that the Company may deliver these
      documents by posting them on a web site maintained by the Company or by a third
      party under contract with the Company.

     

    
      	AWARDEE:	 	 	WELWIND
              ENERGY INTERNATIONAL
              CORP.
	 	 	
               By:

            	 
	Signature	 	 	 
	 	 	
               Its:

            	 
	Printed
              Name	 	 	 
	 	 	 	 
	
              Residence
                Address

            	 	 	 

    

    

      
        
          
          

        

        
          5

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