Document:

Exhibit 10.69

    Exhibit
      10.69

    
 

    Membership
      Interest Purchase Agreement

     

    This
      Membership Interest Purchase Agreement (the "Agreement") is dated as of this
      13th
      day of
      February, 2007 by and among Stratus Services Group, Inc., a Delaware corporation
      (the "Company"), and Fusion Business Services, LLC, a Delaware limited liability
      company ("Fusion").

     

    WHEREAS,
      each of the Company and Fusion owns a 50% membership interest in Stratus
      Technology Services, LLC, a Delaware limited liability company (the
      "LLC");

     

    WHEREAS,
      Fusion wishes to sell to the Company, and the Company wishes to acquire from
      Fusion, a one percent (1%) membership interest in the LLC and the related Voting
      Unit;

     

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      in
      this Agreement, and of other valuable consideration, the receipt and adequacy
      of
      which are hereby acknowledged, the parties hereto agree as follows:

     

    
      	1.  	
              Purchase
                and Sale of Interest.
                The Company hereby purchases from Fusion and Fusion hereby sells
                to the
                Company, a membership interest representing one percent (1%) of the
                outstanding membership interests in the Company and one (1) Voting
                Unit.
                The aggregate purchase price for such membership interest (the “1%
                Interest”) and Voting Unit shall be One Thousand Sixty Two Dollars
                ($1,262), which shall be payable in full through the issuance to
                the
                members of Fusion of a number of shares (the “Shares”) of the common
                stock, $.04 par value (the “Common Stock”), of the Company having an
                aggregate Market Value (as defined below) of One Thousand Sixty Two
                Dollars ($1,262). The term “Market Value” shall mean the last sale price
                per share of the Common Stock as reported by the NASD OTC Bulletin
                Board
                on the day prior to the date of this Agreement, which the parties
                hereto
                acknowledge was $0.018 per share, thereby requiring the issuance
                of 70,111
                Shares to Fusion. The Company agrees to instruct its transfer agent
                to
                issue such shares of Common Stock to the members of Fusion identified
                by
                Fusion promptly after the execution of this Agreement, subject to
                receiving such representations and acknowledgments from such members
                as
                the Company may reasonably request.

            

    

     

    
      	2.  	
              Representations
                of the Company.
                The Company hereby represents and warrants to Fusion as
                follows:

            

    

     

    
      	(a)  	
              The
                Company is a corporation duly formed and validly existing and in
                good
                standing under the laws of the State of
                Delaware.

            

    

     

    
      	(b)  	
              The
                Company has full corporate power and authority to execute and perform
                its
                obligations under this Agreement.

            

    

     

    
      	(c)  	
              Upon
                issuance, the Shares shall be duly authorized, fully paid and
                non-assessable.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	3.  	
              Representations
                of Fusion.
                Fusion hereby represents and warrants to the Company as
                follows:

            

    

     

    
      	(a)  	
              Fusion
                is a limited liability company duly formed and validly existing under
                the
                laws of the State of Delaware.

            

    

     

    
      	(b)  	
              Fusion
                has good and marketable title to the membership interest being sold
                by it
                hereunder, free of all liens, charges and
                encumbrances.

            

    

     

    
      	(c)  	
              Fusion
                has full power and authority to execute and perform its obligations
                under
                this Agreement.

            

    

     

    
      	(d)  	
              The
                Company has made available to it the opportunity to ask questions
                of, and
                receive answers from, the officers of the Company concerning the
                Company
                and its business. Fusion acknowledges that it has entered into the
                transactions contemplated by this Agreement without being furnished
                any
                prospectus.

            

    

     

    
      	4.  	
              Right
                to Acquire 1% Interest. In the event that (a) the Company adopts any
                plan of dissolution or liquidation or any proceeding to liquidate
                or
                dissolve the Company is instituted against the Company, (b) there
                is a
                filing of a petition under the United States Bankruptcy Code or insolvency
                or similar law with respect to the Company, the making of an assignment
                for the benefit of creditors or the appointment of a receiver, custodian,
                trustee or other fiduciary to take charge of the Company’s assets, (c) the
                Company enters into any agreement to sell all or substantially all
                of its
                assets or enters into any agreement to merge, consolidate or combine
                with
                any other entity, then in any of such events, (d) there occurs any
                event related to the Company, including, but not limited to, any
                action
                taken by a creditor of the Company, that in the reasonable judgment
                of
                Fusion, adversely affects or could reasonably be expected to adversely
                affect, Fusion's ability to exercise its ability to manage the
                business an affairs of the LLC in accordance with the terms of the
                LLC's
                Operating Agreement,  Fusion shall have the right to acquire the 1%
                Interest and one (1) Voting Unit from the Company by transferring
                or
                causing the transfer of the Shares back to the Company or paying
                One
                Thousand Two Hundred Sixty Two Dollars ($1,262) in cash to the Company.
                The Company shall give written notice to Fusion of any of the events
                described in clauses (a) through (c) above within ten (10) days after
                the
                occurrence of such event. Fusion shall notify the Company in writing
                within five (5) days of receipt of such notice as to whether it wishes
                to
                acquire the 1% Interest and the Voting Unit.  In the event of
                the occurrence of an event described in clause (d) above, Fusion
                shall
                give written notice to the Company that it has determined that such
                anevent has occurred.  Any purchase of the 1% Interest and Voting
                Unit pursuant to this Section 4 shall be closed within thirty (30)
                days of
                the receipt of the written notice provided by Fusion
                pursuant to this section 4.

            

    

     

    
      	5.  	
              Governing
                Law.
                This Agreement and its validity, construction and performance shall
                be
                governed in all respects by the laws of the State of Delaware, without
                giving effect to principles of conflict of laws.
                

            

    

     

    
      	6.  	
              Severability.
                If
                any provisions of this Agreement or the application of any provision
                hereof to any person or circumstance is held invalid, the remainder
                of
                this Agreement and the application of such provision to other persons
                or
                circumstances shall not be affected unless the provision held invalid
                shall substantially impair the benefits of the remaining portions
                of this
                Agreement.

            

    

     

    
      	7.  	
              Benefits
                of Parties, Assignment.
                This Agreement shall be binding upon and inure to the benefit of
                the
                parties hereto and their respective personal representatives, heirs,
                successors and assigns. This Agreement may not be assigned by any
                party
                hereto except with the prior written consent of all parties
                hereto.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	8.  	
              Headings.
                The headings in the sections of this Agreement are inserted for
                convenience of reference only and shall not constitute a part
                hereof.

            

    

     

    
      	9.  	
              Construction.
                As
                used in this Agreement, words in the singular shall be construed
                as
                including the plural and vice versa and words in one gender shall
                include
                all genders unless the context shall clearly require
                otherwise.

            

    

     

    
      	10.  	
              Counterparts.
                This Agreement may be executed in one or more counterparts, each
                of which
                shall be an original, but all of which together shall constitute
                one and
                the same instrument.

            

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      and year first above written.

    
      	 	 	 
	 	STRATUS
              SERVICES GROUP, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              A. Maltzman
	 	
              

            
	 	Title: 
              Executive Vice President & CFO 

    

     

    
      	 	 	 
	 	FUSION
              BUSINESS SERVICES, LLC
	 
 	 
 	 
 
	 	By:  	/s/ Jamie
              Raymond
	 	
              

            
	 	Title: 
              Managing Member 

    

    

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Exhibit 4.1    
    

	 	COMMON SHARES	COMMON SHARES	 
	
    NUMBER             	

 	

 	

 
	
FSR            	
[FLAGSTONE RE LOGO]	
SHARES
	

 	

INCORPORATED IN THE ISLANDS OF BERMUDA

UNDER THE COMPANIES ACT 1981	
CUSIP	

 
	

 	
Flagstone Reinsurance Holdings Limited	

 
	

 	
THIS IS TO CERTIFY THAT	

 	

 
	

 	

 	

 	

 
	

 	

 	

 	

 
	

 	

 	

 	

 
	

 	

is the registered holder of	

 	

 
	

 	
FULLY PAID AND NON-ASSESSABLE COMMON SHARES OF PAR VALUE US$0.01 EACH OF FLAGSTONE REINSURANCE HOLDINGS LIMITED	

 
	

 	

transferable on the books of the Company by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to
all of the provisions of the Memorandum of Association and Bye-Laws of the Company and all amendments thereof, to all of which the holder by acceptance hereof assents, and shall be transferable in accordance therewith. This certificate is not valid
unless countersigned by the Transfer Agent and registered by the Registrar.	

 
	

 	

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.	

 
	

 	

 	

 	

 

	 	 	 	 	 	 	FLAGSTONE REINSURANCE HOLDINGS LIMITED

BERMUDA 2005	 	 	 	 	 	 
	

 	
 	
COUNTERSIGNED AND REGISTERED:	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	
THE BANK OF NEW YORK

(NEW YORK, NY)	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

BY /s/	
 	

TRANSFER AGENT

AND REGSTRAR	
 	

 	
 	

/s/	
 	

/s/	
 	

 
	

 	
 	

 	
 	

AUTHORIZED SIGNATURE	
 	

 	
 	

DEPUTY CHAIRMAN

AND DIRECTOR	
 	

CHAIRMAN

AND DIRECTOR	
 	

 

Flagstone Reinsurance Holdings Limited  

        The Company will furnish without charge, to each shareholder who so requests, a copy of the provisions setting forth the designations, preferences
and relative, participating, optional or other special rights of each class of shares or series thereof which the Company is authorized to issue, and the qualifications, limitations or restrictions of
such preferences and/or rights. Any such request may be addressed to the Secretary of the Company or to the Transfer Agent named on the face hereof. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM	-	 	as tenants in common	 	 	 	UNIF GIFT MIN ACT-	 	 	 	Custodian	 	 
	TEN ENT	-	 	as tenants by the entireties	 	 	 	 	 	
 (Cust)	 	 	 	
 (Minor)
	JT TEN	-	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 	 	 	 	
 (State)

Additional abbreviations may also be used though not in the above list. 

	For value received,	 	hereby sell, assign and transfer unto
	 	
	 
	 	 	 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 	 	 	 
	
	 	 	 	 
	 	 	 	 	 
	
	 	 	 	 
	 	 	 	 	 

	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	

	

	

	

shares
	

represented by the within Certificate, and do hereby irrevocably constitute and appoint
	

	

Attorney
	

to transfer the said stock on the books of the within named Company with full power of substitution in the premises.
	

Dated	

	

 	

 
	

 	

 	

 	

 

	 	X	 	 
	 	 	

	 	 	NOTICE:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement, or any change whatever.
	

Signature(s) Guaranteed:	

 	

 	

 
	 	 	 	 
	 	 	 	 
	
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.	 	 	 

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Exhibit 4.1

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