Document:

Unassociated Document

    Exhibit
10.2

     

    
      
        THIRD AMENDMENT (the “Amendment”) dated as of April
1, 2009 (the “Amendment Effective Date”) by
and between ADVANCED PHOTONIX,
INC., a Delaware corporation (the “Company”) and STEVEN WILLIAMSON, an
individual (“Holder”) to
that certain SECURED PROMISSORY
NOTE (the “Note”)
dated as of May 2, 2005, as amended by the Amendment dated May 1, 2008 and as
further amended by the Second Amendment dated November 26, 2008.

         

        The
Company and Holder have agreed to amend and modify the Note in accordance with
the terms and conditions hereinafter set forth.  Unless otherwise
defined herein, capitalized terms shall have the respective meanings assigned to
them in the Note.

        

        NOW,
THEREFORE, in consideration of the foregoing, the parties, intending to be
legally bound, hereby agree to replace in its entirety Section 1 of the Note as
follows:

        

        (1)           PAYMENT OF
PRINCIPAL.  The Principal shall be payable in annual
installments of THREE HUNDRED THIRTY THREE THOUSAND THREE HUNDRED THIRTY THREE
DOLLARS ($333,333) on the first anniversary of the Issuance Date, THREE HUNDRED
SIXTY SIX THOUSAND SIX HUNDRED SIXTY SEVEN DOLLARS ($366,667) on the second
anniversary of the Issuance Date, THREE HUNDRED THOUSAND DOLLARS ($300,000) on December 1, 2008,
THREE HUNDRED THOUSAND DOLLARS ($300,000) on December 1, 2009, and
a final installment of SIX HUNDRED THIRTY THREE THOUSAND SIX HUNDRED SIXTY SEVEN
DOLLARS ($633,667) on March 1, 2010 (the “Maturity Date”).

        

        Except to
the extent amended hereby, the Note remains in full force and effect in
accordance with its terms and the Interest Rate (as defined in the Note) will
continue to be paid at the rate prescribed in Section 2 of the
Note.  The terms and conditions of this Amendment shall be construed
together with the terms of the Note as a single agreement, provided that, to the
extent any terms and conditions of the Amendment are inconsistent with the terms
and conditions of the Note, the terms and conditions of this Amendment shall
govern.

        

        IN
WITNESS WHEREOF, this Amendment has been executed by the Parties as of the
Amendment Effective Date.

      

      
        
          	 	 	 
	 	 	 
	 	ADVANCED
      PHOTONIX, INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Richard
      Kurtz	 
	 	 	
                  Richard
      Kurtz, 

                  Chief
      Executive Officer

                	 
	 	 	 	 
	 	 	 	 
	 	 	/s/
      Steven
      Williamson	 
	 	 	      
                  Steven
      WilliamsonUnassociated Document

    Exhibit
No. 4.2

    

    Warrant
Certificate No. ___

    

    NEITHER
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON
THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND
NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED
OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT
THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH
COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
APPLICABLE STATE SECURITIES LAWS.

    
       

      
        	Effective
      Date:  ______________ 	 	
                 Void
      After:  _____________ 

              

      

    

    

    CROWNBUTTE
WIND POWER, INC.

    

    WARRANT
TO PURCHASE

    SHARES
OF COMMON STOCK

    

    Crownbutte
Wind Power, Inc., a corporation organized under the laws of the State of Nevada
(the “Company”), for
value received, hereby issues to ______________ (the “Holder”) this warrant (the
“Warrant”) to purchase
_______ shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at the
Exercise Price (as defined below), as adjusted from time to time as provided
herein, on or before _____________ (the “Expiration Date”), all subject
to the following terms and conditions.  The Warrant Shares (as defined
below) issued upon exercise of this Warrant shall be subject to the provisions
of the Company’s Amended and Restated Articles of Incorporation, a copy of which
will be furnished to the holder hereof upon written request and without
charge.

    

    Unless
otherwise defined in this Warrant, terms appearing in initial capitalized form
shall have the meaning ascribed to them in that certain Subscription Agreement
between the Company and the purchaser signatory thereto pursuant to which this
Warrant was issued (the “Subscription
Agreement”).

    

    As used
in this Warrant, (i) “Business
Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the City of New York, New York, are authorized or required
by law or executive order to close; (ii) “Exercise Price” means $____
per share of Common Stock, subject to adjustment as provided herein; and (iii)
“Warrant Shares” means
shares of Common Stock in the Company, including any securities issued or
issuable with respect thereto or into which or for which such interest may be
exchanged for, or converted into, pursuant to any stock split, stock dividend,
recapitalization, reclassification, reorganization or other similar
event.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
       

    

    
      	
              1. 

            	
              DURATION
      AND EXERCISE OF WARRANT

            

    

    

    (a)           Exercise
Period.  The Holder may exercise this Warrant at any time and
from time to time, in whole or in part, on any Business Day on or before 5:00
P.M., Eastern Time, on the Expiration Date.  If this Warrant is not
exercised on or prior to the Expiration Date, it shall become void and of no
value, and all rights hereunder shall thereupon cease.

    

    (b)           Exercise
Procedures.

    

    (i)           While
this Warrant remains outstanding and exercisable in accordance with Section
1(a), the Holder may exercise this Warrant, in whole or in part, as
follows:

    

    (A)           By
presentation and surrender of this Warrant to the Company at its principal
offices or at such other office or agency as the Company may specify in writing
to the Holder, with a duly executed copy of the Notice of Exercise attached as
Exhibit A;
and

    

    (C)           Payment
of the then-applicable Exercise Price per share multiplied by the number of
Warrant Shares being purchased upon exercise of the Warrant (such amount, the
“Aggregate Exercise
Price”) made in the form of cash, or by certified check, bank draft or
money order payable in lawful money of the United States of
America.

    

    (ii)           Upon
the exercise of this Warrant in compliance with the provisions of this Section
1(b), the Company shall promptly issue and cause to be delivered to the Holder a
certificate for the total number of whole shares of Common Stock for which this
Warrant is being exercised.  Each exercise of this Warrant shall be
effective immediately prior to the close of business on the date that the
Company has received each of the Notice of Exercise and the Aggregate Exercise
Price (the “Exercise Delivery
Documents”).  Upon delivery of the Exercise Delivery Documents,
the Holder shall be deemed for all corporate purposes to have become the holder
of record of the shares of Common Stock issuable upon such exercise,
irrespective of the date of delivery of the certificates evidencing such
shares.

    

    (c)           Partial
Exercise.  This Warrant shall be exercisable, either in its
entirety or, from time to time, for part only of the number of Warrant Shares
referenced by this Warrant. If this Warrant is exercised in part, the Company
shall issue, at its expense, a new Warrant, in substantially the form of this
Warrant, referencing such reduced number of Warrant Shares that remain subject
to this Warrant.

    

    (d)           Disputes.  In
the case of a dispute as to the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares, the Company shall promptly issue
to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 14.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
       

    

    
      	
              2. 

            	
              ISSUANCE
      OF WARRANT SHARES

            

    

    

    (a)           The
Company covenants that all Warrant Shares will, upon issuance in accordance with
the terms of this Warrant, be (i) duly authorized, fully paid and
non-assessable, and (ii) free from all liens, charges and security interests,
with the exception of claims arising through the acts or omissions of the Holder
and except as arising from applicable federal and state securities
laws.

    

    (b)           The
Company shall register this Warrant upon records to be maintained by the Company
for that purpose in the name of the record holder of such Warrant from time to
time. The Company may deem and treat the registered Holder of this Warrant as
the absolute owner thereof for the purpose of any exercise thereof, any
distribution to the Holder thereof and for all other purposes.

    

    (c)           The
Company will not, by amendment of its articles 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 to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all
action necessary or appropriate in order to protect the rights of the Holder to
exercise this Warrant, or against impairment of such rights.

    

    (d)           The
Company shall not be required to issue any fraction of a share of its equity
interest in connection with the exercise of this Warrant, and in any case where
the Holder would be entitled under the terms of this Warrant to receive a
fraction of a share upon the exercise of this Warrant, the Company shall, upon
the exercise of this Warrant and tender of the Exercise Price (as adjusted to
cover the balance of the share), issue the larger number of whole shares
purchasable upon exercise of this Warrant. The Company shall not be required to
make any cash or other adjustment in respect of such fraction of a share to
which the Holder would otherwise be entitled.

    

    
      	
              3.

            	
              ADJUSTMENTS
      OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT
  SHARES

            

    

    

    (a)           The
Exercise Price and the number of shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events described in this Section 3(a); provided, that
notwithstanding the provisions of this Section 3(a), the Company shall not be
required to make any adjustment if and to the extent that such adjustment would
require the Company to issue a number of shares of Common Stock in excess of its
authorized but unissued shares of Common Stock, less all shares of Common Stock
that have been reserved for issuance upon the conversion of all outstanding
securities convertible into shares of Common Stock and the exercise of all
outstanding options, warrants and other rights exercisable for shares of Common
Stock.  If the Company does not have the requisite number of
authorized but unissued shares of Common Stock to make any adjustment, the
Company shall use its commercially best efforts to obtain the necessary
shareholder consent to increase the authorized number of shares of Common Stock
to make such an adjustment pursuant to this Section 3(a).

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
       

    

    (i)           Subdivision or
Combination.  If the Company at any time after the date of
issuance of this Warrant subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a
greater number of shares, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced and the number of Warrant Shares
shall be proportionately increased.  If the Company at any time after
the date of issuance of this Warrant combines (by combination, reverse stock
split or otherwise) its outstanding shares of Common Stock into a smaller number
of shares, the Exercise Price in effect immediately prior to such combination
will be proportionately increased and the number of Warrant Shares shall be
proportionately decreased.  Any adjustment under this Section 3(a)(i)
shall become effective at the close of business on the date the subdivision or
combination becomes effective.  The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described in this Section
3(a)(i).

    

    (ii)           Distribution of
Assets.  If the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of
Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate
rearrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case the Exercise Price
and the number of Warrant Shares in effect immediately prior to the close of
business on the record date fixed for the determination of holders of Common
Stock entitled to receive the Distribution shall be adjusted proportionately,
and the Holder hereof shall, upon the exercise of this Warrant, be entitled to
receive, in addition to the number of shares of Common Stock receivable
thereupon, and without payment of any additional consideration therefor, the
amount of assets that such Holder would hold on the date of such exercise had
such Holder been the holder of record of such Common Stock as of such record
date.  The Exercise Price and the Warrant Shares, as so adjusted,
shall be readjusted in the same manner upon the happening of any successive
event or events described in this Section 3(a)(ii).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (iii)           Reorganization,
Consolidation, Merger or Sale.  If any recapitalization,
reclassification or reorganization of the capital stock of the Company, or any
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its assets or other transaction shall be effected in
such a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property (an “Organic Change”), then, as a
condition of such Organic Change, lawful and adequate provisions shall be made
by the Company whereby the Holder hereof shall thereafter have the right to
purchase and receive (in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented by this Warrant) such shares of stock, securities or other
assets or property as may be issued or payable with respect to or in exchange
for a number of outstanding shares of such Common Stock equal to the number of
shares of such Common Stock immediately theretofore purchasable and receivable
assuming the full exercise of the rights represented by this Warrant. In the
event of any Organic Change, appropriate provision shall be made by the Company
with respect to the rights and interests of the Holder of this Warrant to the
end that the provisions hereof (including, without limitation, provisions for
adjustments of the Exercise Price and of the number of shares purchasable and
receivable upon the exercise of this Warrant) shall thereafter be applicable, in
relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise hereof. The Company will not effect any such consolidation,
merger or sale unless, prior to the consummation thereof, the successor
corporation (if other than the Company) resulting from such consolidation or
merger or the corporation purchasing such assets shall assume by written
instrument reasonably satisfactory in form and substance to the Holder executed
and mailed or delivered to the registered Holder hereof at the last address of
such Holder appearing on the books of the Company, the obligation to deliver to
such Holder such shares of stock, securities or assets as, in accordance with
the foregoing provisions, such Holder may be entitled to purchase. If there is
an Organic Change, then the Company shall cause to be mailed to the Holder at
its last address as it shall appear on the books and records of the Company, at
least 10 calendar days before the effective date of the Organic Change,
a notice stating the date on which such
Organic Change 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 for
securities, cash or other property
delivered upon such Organic Change; 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.  The Holder is
entitled to exercise this Warrant during
the 10-day period commencing on the date of such notice to the effective date of
the event triggering such notice.  In any event, the successor
corporation (if other than the Company) resulting from such consolidation or
merger or the corporation purchasing such assets shall be deemed to assume such
obligation to deliver to such Holder such shares of stock, securities or assets
even in the absence of a written instrument assuming such obligation to the
extent such assumption occurs by operation of law.

    

    (b)           Certificate as to
Adjustments.  Upon the occurrence of each adjustment or
readjustment pursuant to this Section 3, the Company at its expense shall
promptly compute such adjustment or readjustment in accordance with the terms
hereof and furnish to each Holder of this Warrant a certificate setting forth
such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based.  The Company shall promptly
furnish or cause to be furnished to such Holder a like certificate setting
forth: (i) such adjustments and readjustments; and (ii) the number of shares and
the amount, if any, of other property which at the time would be received upon
the exercise of the Warrant.

    

    (c)           Certain
Events.  If any event occurs as to which the other provisions
of this Section 3 are not strictly applicable but the lack of any adjustment
would not fairly protect the purchase rights of the Holder under this Warrant in
accordance with the basic intent and principles of such provisions, or if
strictly applicable would not fairly protect the purchase rights of the Holder
under this Warrant in accordance with the basic intent and principles of such
provisions, then the Company’s Board of Directors will, in good faith, make an
appropriate adjustment to protect the rights of the Holder; provided, that no
such adjustment pursuant to this Section 3(c) will increase the Exercise Price
or decrease the number of Warrant Shares as otherwise determined pursuant to
this Section 3.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
 

    
      	
              4. 

            	
              TRANSFERS
      AND EXCHANGES OF WARRANT AND WARRANT
SHARES

            

    

    

    (a)           Registration of Transfers
and Exchanges.  Subject to Section 4(c), upon the Holder’s
surrender of this Warrant, with a duly executed copy of the Form of Assignment
attached as Exhibit B,
to the Secretary of the Company at its principal offices or at such other office
or agency as the Company may specify in writing to the Holder, the Company shall
register the transfer of all or any portion of this Warrant.  Upon
such registration of transfer, the Company shall issue a new Warrant, in
substantially the form of this Warrant, evidencing the acquisition rights
transferred to the transferee and a new Warrant, in similar form, evidencing the
remaining acquisition rights not transferred, to the Holder requesting the
transfer.

    

    (b)           Warrant Exchangeable for
Different Denominations.  The Holder may exchange this Warrant
for a new Warrant or Warrants, in substantially the form of this Warrant,
evidencing in the aggregate the right to purchase the number of Warrant Shares
which may then be purchased hereunder, each of such new Warrants to be dated the
date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder.  The Holder shall
surrender this Warrant with duly executed instructions regarding such
re-certification of this Warrant to the Secretary of the Company at its
principal offices or at such other office or agency as the Company may specify
in writing to the Holder.

    

    (c)           Restrictions on
Transfers.  This Warrant may not be transferred at any time
without (i) registration under the Securities Act or (ii) an exemption from such
registration and a written opinion of legal counsel addressed to the Company
that the proposed transfer of the Warrant may be effected without registration
under the Securities Act, which opinion will be in form and from counsel
reasonably satisfactory to the Company.

    

    (d)           Permitted Transfers and
Assignments.  Notwithstanding any provision to the contrary in
this Section 4, the Holder may transfer, with or without consideration, this
Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s
affiliates (as such term is defined under Rule 144 of the Securities Act)
without obtaining the opinion from counsel that may be required by Section
4(c)(ii); provided that, the
Holder delivers to the Company and its counsel certification, documentation and
other assurances reasonably required by the Company’s counsel to enable the
Company’s counsel to render an opinion that such transfer does not violate
applicable securities laws.

    

    
      	
              5. 

            	
              MUTILATED
      OR MISSING WARRANT CERTIFICATE

            

    

    

    If this
Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the
Company will, at its expense, issue, in exchange for and upon cancellation of
the mutilated Warrant, or in substitution for the lost, stolen or destroyed
Warrant, a new Warrant, in substantially the form of this Warrant, representing
the right to acquire the equivalent number of Warrant Shares; provided that, as a
prerequisite to the issuance of a substitute Warrant, the Company may require
satisfactory evidence of loss, theft or destruction as well as an indemnity from
the Holder of a lost, stolen or destroyed Warrant.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    
      	
              6. 

            	
              PAYMENT
      OF TAXES

            

    

    

    The
Company will pay all transfer and stock issuance taxes attributable to the
preparation, issuance and delivery of this Warrant and the Warrant Shares (and
replacement Warrants) including, without limitation, all documentary and stamp
taxes; provided, however, that the
Company shall not be required to pay any tax in respect of the transfer of this
Warrant, or the issuance or delivery of certificates for Warrant Shares or other
securities in respect of the Warrant Shares to any person or entity other than
to the Holder.

    

    
      	
              7. 

            	
              FRACTIONAL
      WARRANT SHARES

            

    

    

    No
fractional Warrant Shares shall be issued upon exercise of this Warrant. The
Company, in lieu of issuing any fractional Warrant Share, shall round up the
number of Warrant Shares issuable to nearest whole share.

    

    
      	
              8. 

            	
              NO
      EQUITY INTEREST RIGHTS AND LEGEND

            

    

    

    No holder
of this Warrant, as such, shall be entitled to vote or be deemed the holder of
any other securities of the Company that may at any time be issuable on the
exercise hereof, nor shall anything contained herein be construed to confer upon
the holder of this Warrant, as such, the rights of a shareholder of the Company
or the right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or give or withhold consent to any
corporate action or to receive notice of meetings or other actions affecting
shareholders (except as provided herein), or to receive dividends or
subscription rights or otherwise (except as provide herein).

    

    Each
certificate for Warrant Shares initially issued upon the exercise of this
Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with
a legend in substantially the following form:

    

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A
REGISTRATION STATEMENT WITH  RESPECT THERETO IS EFFECTIVE UNDER THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION
FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO
THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS.”

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

       

    

    
      	
              9. 

            	
              NOTICES

            

    

    

    All
notices, consents, waivers, and other communications under this Warrant must be
in writing and will be deemed given to a party when (a) delivered to the
appropriate address by hand or by nationally recognized overnight courier
service (costs prepaid); (b) sent by facsimile or e-mail with confirmation of
transmission by the transmitting equipment; (c) received or rejected by the
addressee, if sent by certified mail, return receipt requested, if to the
registered Holder hereof; or (d) seven days after the placement of the notice
into the mails (first class postage prepaid), to the Holder at the address,
facsimile number or e-mail address furnished by the registered Holder to the
Company in accordance with the Subscription Agreement by and between the Company
and the Holder, or if to the Company, to it at 111 5th Avenue, NE, Mandan,
ND  58554, Attention: Timothy H. Simons, Chief Executive Officer (or
to such other address, facsimile number or e-mail address as the Holder or the
Company as a party may designate by notice the other party) with a copy to
Gottbetter & Partners, LLP, 488 Madison Avenue, New York,
NY  10022, Attention:  Adam S. Gottbetter, Esq.

    

    
      	
              10. 

            	
              SEVERABILITY

            

    

    

    If a
court of competent jurisdiction holds any provision of this Warrant invalid or
unenforceable, the other provisions of this Warrant will remain in full force
and effect. Any provision of this Warrant held invalid or unenforceable only in
part or degree will remain in full force and effect to the extent not held
invalid or unenforceable.

    

    
      	
              11. 

            	
              BINDING
      EFFECT

            

    

    

    This
Warrant shall be binding upon and inure to the sole and exclusive benefit of the
Company, its successors and assigns, the registered Holder or Holders from time
to time of this Warrant and the Warrant Shares.

    

    
      	
              12. 

            	
              SURVIVAL
      OF RIGHTS AND DUTIES

            

    

    

    This
Warrant shall terminate and be of no further force and effect on the earlier of
5:00 P.M., Eastern Time, on the Expiration Date or the date on which this
Warrant has been exercised in full.

    

    
      	
              13. 

            	
              GOVERNING
      LAW

            

    

    

    This
Warrant will be governed by and construed under the laws of the State of New
York without regard to conflicts of laws principles that would require the
application of any other law.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

       

    

    
      
        	
                14. 

              	
                DISPUTE
      RESOLUTION

              

      

    

    

    In the
case of a dispute as to the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two
Business Days of receipt of the Notice of Exercise giving rise to such dispute,
as the case may be, to the Holder.  If the Holder and the Company are
unable to agree upon such determination or calculation of the Exercise Price or
the Warrant Shares within three Business Days of such disputed determination or
arithmetic calculation being submitted to the Holder, then the Company shall,
within two Business Days, submit via facsimile (a) the disputed determination of
the Exercise Price to an independent, reputable investment bank selected by the
Company and approved by the Holder or (b) the disputed arithmetic calculation of
the Warrant Shares to the Company’s independent, outside
accountant.  The Company shall cause at its expense the investment
bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than
ten Business Days from the time it receives the disputed determinations or
calculations.  Such investment bank’s or accountant’s determination or
calculation, as the case may be, shall be binding upon all parties absent
demonstrable error.

    

    
      	
              15. 

            	
              NOTICES
      OF RECORD DATE

            

    

    

    Upon (a)
any establishment by the Company of a record date of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled
to receive any dividend or other distribution, or right or option to acquire
securities of the Company, or any other right, or (b) any capital
reorganization, reclassification, recapitalization, merger or consolidation of
the Company with or into any other corporation, any transfer of all or
substantially all the assets of the Company, or any voluntary or involuntary
dissolution, liquidation or winding up of the Company, or the sale, in a single
transaction, of a majority of the Company’s voting equity securities (whether
newly issued, or from treasury, or previously issued and then outstanding, or
any combination thereof), the Company shall mail to the Holder at least ten
Business Days, or such longer period as may be required by law, prior to the
record date specified therein, a notice specifying (i) the date established as
the record date for the purpose of such dividend, distribution, option or right
and a description of such dividend, option or right, (ii) the date on which any
such reorganization, reclassification, transfer, consolidation, merger,
dissolution, liquidation or winding up, or sale is expected to become effective
and (iii) the date, if any, fixed as to when the holders of record of Common
Stock shall be entitled to exchange their shares of Common Stock for securities
or other property deliverable upon such reorganization, reclassification,
transfer, consolation, merger, dissolution, liquidation or winding
up.

    

    
      	
              16. 

            	
              RESERVATION
      OF SHARES

            

    

    

    The
Company shall reserve and keep available out of its authorized but unissued
shares of Common Stock for issuance upon the exercise of this Warrant, free from
pre-emptive rights, such number of shares of Common Stock for which this Warrant
shall from time to time be exercisable.  The Company will take all
such 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.  Without limiting the generality of the foregoing, the
Company covenants that it will use commercially reasonable efforts to take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the
exercise of this Warrant and use commercially reasonable efforts to obtain all
such authorizations, exemptions or consents, including but not limited to
consents from the Company’s shareholders or Board of Directors or any public
regulatory body, as may be necessary to enable the Company to perform its
obligations under this Warrant.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

       

    

    
      	
              17. 

            	
              NO
      THIRD PARTY RIGHTS

            

    

    

    This
Warrant is not intended, and will not be construed, to create any rights in any
parties other than the Company and the Holder, and no person or entity may
assert any rights as third-party beneficiary hereunder.

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of
the date first set forth above.

    

    
      
        
          	
                  CROWNBUTTE WIND POWER, INC.

                
	 
      	 
      
	
                  By:

                	
                   

                
	
                  Name:

                	
                  Timothy
      H. Simons

                
	
                  Title:

                	
                  Chief
      Executive Officer

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    NOTICE OF
EXERCISE

    

    (To be
executed by the Holder of Warrant if such Holder desires to exercise
Warrant)

    

    To
Crownbutte Wind Power, Inc.:

    

    The
undersigned hereby irrevocably elects to exercise this Warrant and to purchase
thereunder, ___________________ full shares of common stock of Crownbutte Wind
Power, Inc. issuable upon exercise of the Warrant and delivery of:

    

    $_________
(in cash as provided for in the foregoing Warrant) and any applicable taxes
payable by the undersigned pursuant to such Warrant; and

    

    The
undersigned requests that certificates for such shares be issued in the name
of:

    

    _________________________________________

    (Please
print name, address and social security or federal employer

    identification
number (if applicable))

    

    _________________________________________

    

    _________________________________________

    

    If the
shares issuable upon this exercise of the Warrant are not all of the Warrant
Shares which the Holder is entitled to acquire upon the exercise of the Warrant,
the undersigned requests that a new Warrant evidencing the rights not so
exercised be issued in the name of and delivered to:

    

    _________________________________________

    (Please
print name, address and social security or federal employer

    identification
number (if applicable))

    

    _________________________________________

    

    _________________________________________

    
      
        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Name of Holder (print):                                                                           

                                                  
	
                                                    Signature:                                                                                                 
      

                                                  
	
                                                    By:                                                                                                             
      

                                                  
	
                                                    Title:                                                                                                          

                                                  
	
                                                    Dated:                                                                                                       

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    FORM OF
ASSIGNMENT

    

    FOR VALUE
RECEIVED, ___________________________________ hereby sells, assigns and
transfers to each assignee set forth below all of the rights of the undersigned
under the Warrant (as defined in and evidenced by the attached Warrant) to
acquire the number of Warrant Shares set opposite the name of such assignee
below and in and to the foregoing Warrant with respect to said acquisition
rights and the shares issuable upon exercise of the Warrant:

    

    

    
      
        
          
            
              
                	
                        Name
      of Assignee

                      	 	
                        Address

                      	 	
                        Number
      of Warrant Shares

                      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      

              

            

          

        

      

    

    

    If the
total of the Warrant Shares are not all of the Warrant Shares evidenced by the
foregoing Warrant, the undersigned requests that a new Warrant evidencing the
right to acquire the Warrant Shares not so assigned be issued in the name of and
delivered to the undersigned.

     

    
      
        
          
            
              	

                      Name of Holder (print): _________________________________ 

                      Signature:                                                                                           

                      By:                                                                                                       

                      Title:                                                                                                    

                      Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]