Document:

tci_ex103-80219.htm

    Exhibit 10.3

    

    PROMISSORY
NOTE

    

    

    DATE: 
February 7, 2008

    

    1.  BORROWER’S
PROMISE TO PAY

    

    In return for a loan that I have
received, I promise to pay Three thousand and 00/100 (U.S. 3,000.00) (this amount will be
called “principal”), plus interest, to the order of the Lender.  The
Lender is Tedom Capital,
Inc.  I understand that the Lender may transfer this
Note.  The Lender or anyone who takes this Note and who is entitled to
receive payments under this Note will be called the “Note Holder”.

    

    2.  INTEREST

    

    I will pay interest at an annual rate
of 10.0 %.

    

     Interest will be charged on
unpaid principal beginning on March 1, 2008, and will continue until the full
amount of principal has been paid.  Interest shall continue to accrue
at this rate after the maturity or default of this loan.

    

    3.  PAYMENTS

    

    I will pay principal and interest by
making payments each month in the sum of U.S. $ 49.80 (“monthly
payments”).

    

    I will make my monthly payments on the
FIRST day of each month beginning on March 1, 2008.

    

    I will make monthly payments every
month until I have paid all of the principal and interest and any other fees or
charges, described below, that I may owe under this Note.  If, on
March 1, 2015, any sum
still remains unpaid, I will pay what I owe in full on that date.  All
monthly payments received by Note Holder shall be applied first to accrued
interest and the remainder, if any, to the principal.

    

    If I owe the Note Holder any late
charges, or other fees or charges (“other charges”), they will be payable upon
demand of the Note holder.  Unless prohibited by law, the application
of payments may be affected by the imposition of other
charges.  Therefore, payments of other charges, whether paid to the
Note Holder in addition to the monthly payment or separately, will be applied in
a manner at the absolute discretion for the Note Holder, subject to applicable
law.

    

    I will make my monthly payments at
15332 Antioch St., Suite 448,
Pacific Palisades, CA 90272

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.  BORROWER’S
FAILURE TO PAY AS REQUIRED

    

    (A)  Late Charge for Overdue
Payments

    

    If the Note Holder has not received the
full amount of any of my monthly payments by the end of 10 calendar days after
the date it is due, I will promptly pay a late charge to the Note
Holder.  The amount of the charge will be 15 % of my full monthly
payment, which is $7.47.  I will pay
this late charge only once on any late monthly payment.

    

    (B)  Notice from Note
Holder

    

    If I do not pay the full amount of each
monthly payment on time, the Note Holder may send me a written notice telling me
that if I do not pay the overdue amount by a certain date I will be in
default.  That date must be at least 10 days after the date on which
the notice is mailed to me or, if it is not mailed, 10 days after the date on
which it is delivered to me.

    

    (C)
Default

    

    If I do not pay the overdue amount by
the date stated in the notice described in (B) above, I will be in
default.  If I am in default, the Note Holder may require me to pay
immediately the full amount of principal, which has not been paid, and all the
interest that I owe on the amount.

    

    Even if,
at a time when I am in default, the Note Holder does not require me to pay
immediately in full as described above, the Note Holder will still have the
right to do so if I am in default at a later time.

    

    (D)  Payment of Note Holder’s
Cost and Expenses

    

    If the Note Holder has required me to
pay immediately in full as described above, the Note Holder will have the right
to be paid back for all of its costs and expenses to the extent not prohibited
by applicable law.  Those expenses include, for example, reasonable
attorneys’ fees, foreclosure fees and court costs.

    

    (E)  Check Collection
Charges

    

    If I present the Note Holder with a
check, negotiable order of withdrawal, share draft or other instrument in
payment is returned or dishonored for any reason; I will pay a check collection
charge to the Note Holder.  The amount of the charge will not be
greater than U.S. $ 15.00.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.  BORROWER’S
PAYMENT BEFORE THEY ARE DUE

    

    Subject to the application of payments
described in Section 3, I have the right to make payments of principal at any
time before they are due.  A prepayment of all of the unpaid principal
is known as a “full prepayment.”  A prepayment of only part of the
unpaid principal is know as a “partial prepayment.”

    

    I may make a full prepayment or a
partial prepayment without paying any penalty.  If I make a partial
prepayment equal to one or more of my monthly payments, my due date may be
advance no more than one month.  If I make any other partial
prepayment, I must still make each later payment as it becomes due and in the
same amount.  I may make a full prepayment at any time.

    

    6.  BORROWER’S
WAIVERS

    

    I waive my right to require the Note
Holder to do certain things.  Those things are: (A) to demand payment
of amounts due (known as “presentment”); (B) to give notice that amounts due
have not been paid (known as “notice of dishonor”); (C) to obtain an official
certification of nonpayment (known as “protest”).  Anyone else who
agrees to keep the promises made in this Note, or who agrees to make payments to
the Note Holder if I fail to keep my promises under this Note, or who signs this
Note to transfer it to someone else, also waives these rights.  These
persons are known as “guarantors”, “sureties” and “endorsers.”

    

    No failure, delay or course of
dealing on the part of the Note Holder in exercising any right, power or
privilege under this Note shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, power or privilege hereunder
preclude the simultaneous or later exercise of any other right, power or
privilege hereunder.

    

             The
rights and remedies herein expressly provided are cumulative and not
exclusive of any rights or remedies which the Note Holder may otherwise
have.

    

    

    7.  GIVING
OF NOTICES

    

    Unless applicable law requires a
different method, any notice that must be given to me under this Note will by
given by delivering it or by mailing it by first class mail.  A notice
will be delivered or mailed to me at a different address if I give the Note
Holder a notice of my different address.

    

    Any notice that must be given to the
Note Holder under this Note will be given by mailing it by first class mail to
the Note Holder at the address stated in Section 3.  A notice will be
mailed to the Note Holder at a different address if I am given a notice of that
different address.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.  RESPONSIBILITY
OF PERSONS UNDER THIS NOTE

    

    If more than one person signs this
Note, each of us is fully and personally obligated to pay the full amount owed
and to keep all of the promises made in this Note.  Any guarantor,
surety, or endorser of this Note (as described in Section 7 above) is also
obligated to do these things.  The Note Holder may enforce its rights
under this note against each of us individually or against all of us
together.  This means that any one of us may be required to pay all of
the amounts owed under this Note.  Any person who takes over my rights
or obligations under this Note will have all of my rights and must keep all of
my promises made in this Note.  This Note is intended by Lender and me
as a complete and exclusive statement of its terms, there being no conditions to
the enforceability of this Note.  This Note May not be supplemented or
modified except in a writing signed by the Note Holder and me.  This
Note benefits Lender, its successors and assigns, and binds me and my heirs,
personal representatives and assigns.

    

    

    NOTICE
TO BORROWER

    Do
not sign this Note if it contains blank spaces.

    All
Spaces should be completed before you sign.

    

    

    

    _______________________________                 

    

    

    

    

    

    State of
California

    

    County of
_______________

    

    Signed or
attested before me on (date) by (name[s] of person[s]).

    

    ____________________________

    (Signature
of notarial official)

    

    ____________________________

    

    Title
(and Rank)

    

    My commission expires:
___________________ICP Solar Technologies Inc.: Exhibit 4.1 - Prepared by TNT Filings Inc.

  

Exhibit 4.1

            
          
        
      
    
  

ICP SOLAR TECHNOLOGIES INC. 

7075 Place Robert-Joncas 

Montreal, Quebec 

H4M 2Z2, Canada 

(514)270-5770 

NOTICE REPRICING OPTIONS ISSUED 

PURSUANT TO THE COMPANY’S 2006 STOCK INCENTIVE PLAN 

To the holders of options to purchase common stocks:

On February 14, 2008, the board of directors of ICP Solar
Technologies Inc., authorized the repricing of the exercise price of the options
issued pursuant to the Company’s 2006 Stock Incentive Plan ("Plan") below to
$0.50. This repricing of the options to purchase common stock of the Company
will apply to all of the options issued between May 15, 2007 and February 13,
2008. 

February 20, 2008 

By ORDER OF THE BOARD OF DIRECTORS, 

ICP SOLAR TECHNOLOGIES INC. 

By: /s/ Sass Peress                                                 
 

       Sass Peress 

       President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]