Document:

CONSULTANT AND EMPLOYEE STOCK OPTION PLAN

CONSULTANT AND
EMPLOYEE STOCK OPTION PLAN

               AMENDED
AND RESTATED JANUARY 2007 CONSULTANT

                                    AND

                     EMPLOYEE
STOCK COMPENSATION PLAN

UTEC, Inc

                               I.

                      Purpose
of the Plan.

The  purpose  of
 this  Plan  is to further the growth  of  UTEC,
Inc.("UTEC" or the “Company”) by allowing the Company  to  compensate
 officers, directors,  consultants  and  certain other
 persons  providing  bona  fide services  to the
Company or to compensate officers, directors and employees for accrual of
salary, through the award of UTEC common stock.

                              II.

                           Definitions

Whenever used in this Plan, the
following terms shall have the meanings set

forth in this Section:

1. "Award" means any grant of
Common Stock made under this Plan.

2. "Board of Directors" means
the Board of Directors of UTEC.

3. "Code" means the Internal
Revenue Code of 1986, as amended.

4.  "Common Stock" means
the common stock, par value $ .001 per  share,  of

UTEC.

5.  "Date  of
 Grant" means the day the Board of Directors  authorizes  the

grant  of  an Award
or such later date as may be specified by the Board  of

Directors as the date a
particular Award will become effective.

6. "Employee" means any person
or entity that renders bona fide services to

the Company  (including,
 without  limitation,  the  following:  a
 person

employed by  the
 Company in a key capacity; an  officer  or  director
 of

the Company or one or more
Subsidiaries; a person or company engaged  by  the

Company as a consultant; or a
lawyer, law firm, accountant or accounting

firm.

7.  "Subsidiary" means any
corporation that is a subsidiary with regard to

the Company as that term is
defined in Section 424(f) of the Code.

                              III.

                   Effective
Date of the Plan

The effective date of this
Amended Plan is January 12, 2007.

                              IV.

                   Administration
of the Plan

The Board of Directors will be
responsible for the administration of this

Plan, and will grant Awards
under this Plan.  Subject to the express

provisions
of this Plan, the Board of Directors shall have full  authority

and sole  and
 absolute discretion to interpret this Plan,  to  prescribe,

amend and  rescind rules
and regulations relating to it, and to  make  all

other determinations
 which it believes to be necessary  or  advisable  in

administering this Plan. The
determinations of the Board of Directors on

the matters referred to in this
Section shall be conclusive. The Board of

Directors shall have sole and
absolute discretion to amend this Plan.   No

Member of the Board of
Directors shall be liable for any act or omission in

connection with the
administration of this Plan unless it resulted from the

member's willful
misconduct.

 

                                    V.

                   Stock
Subject to the Plan

The  maximum  number
of shares of Common Stock as to which  Awards  may  be

granted under this Plan as of
this date and subject to subsequent amendment

is 2,000,000 shares. The Common
Stock which is issued on grant of awards may

be authorized  but
unissued shares or shares which have  been  issued  and

reacquired by UTEC. The Board
of Directors may increase the maximum

number of shares of Common
Stock as to which Awards may be granted at such

time as it deems advisable.

                              VI.

               Persons
Eligible to Receive Awards

Awards may be granted only to
Employees, or Consultants of the Company, in

their individual capacity
only.

                                   VII.

                        Grants
of Awards

Except  as  otherwise
 provided herein, the Board of Directors  shall  have

complete discretion to
determine when and to which Employees or Consultants

Awards are to be granted, and
the number of shares of Common Stock as  to

which awards granted to each
Employee or consultant will relate. No grant

will be  made if, in the
judgment of the Board of Directors, such a  grant

would constitute a public
distribution within the meaning of the Securities

Act  of  1933,
 as  amended  (the  "Act"), or  the  rules
 and  regulations

promulgated  thereunder.
  The Board of Directors  upon  approval  of
 the

issuance of shares pursuant to
this plan shall provide as an exhibit,  the

party to whom shares are
issued, and the number of shares issued.

                                   VIII.

                 Delivery
of Stock Certificates

As promptly  as
 practicable  after authorizing  the  grant  of
 an  Award

UTEC shall deliver to the
person who is the recipient of the Award, a

certificate or certificates
registered in that person's name, representing

the number of shares of Common
Stock that were granted.

                              IX.

                           Employment

Nothing in this Plan or in the
grant of an Award shall confer upon any

Employee or consultant the
right to continue in the employ of the Company

nor
shall  it  interfere with or restrict in any way  the
 rights  of  the

Company to discharge any
employee at any time for any reason whatsoever,

with or without cause.

                               X.

                      Laws
and Regulations

The obligation of the Company
to sell and deliver shares of Common Stock on

the grant  of  an
Award under this Plan shall be subject to the  condition

that counsel for UTEC be
satisfied that the sale and delivery thereof

will  not  violate
 the  Act  or  any  other  applicable  laws,
 rules   or

regulations.

                              XI.

                      Withholding
of Taxes

If subject to withholding tax,
the Company shall be authorized to withhold

from an Employer's salary or
other cash compensation such sums of money  as

are necessary to pay the
Employee's withholding tax. The Company may elect

to withhold from the shares to
be issued hereunder a sufficient number  of

shares to  satisfy the
Company's withholding obligations. If the Company

becomes required  to pay
withholding tax to any federal,  state  or  other

taxing authority as a result of
the granting of an Award and the  Employee

fails  to  provide
 the  Company with the funds  with  which  to  pay
 that

withholding tax,  the
Company may withhold up to 50% of  each  payment  of

salary or  bonus to the
Employee (which will be in addition to  any  other

required or permitted
withholding), until the Company has been  reimbursed

for the entire withholding tax
it was required to pay.

 

                                   XII.

                     Reservation
of Shares

The Company shall at all times
keep reserved for issuance on grant of awards

under this Plan a number of
authorized but unissued or reacquired shares of

Common Stock equal to the
maximum number of shares the Company may be

required to be issued on the
grant of Awards under this Plan.

                             XII.

                    Termination
of the Plan

The Board of Directors may
suspend or terminate this Plan at any time or

from time to time, but no such
action shall adversely affect the rights  of

a person granted an Award under
this Plan prior to that date.

                             XIV.

                        Delivery
of Plan

A Copy of this Plan shall be
delivered to all participants, together with a

copy of the resolution or
resolutions of the Board of Directors authorizing

the  granting  of
 the  Award  and  establishing  the  terms,
 if  any,  of

participation.

No dealer, salesman, or any
other person has been authorized by the Company

to give  any information
or to make any representations other  than  those

contained in this Prospectus in
connection with the offering made  hereby,

and
if  given  or made, such information or representations  must
 not  be

relied upon. This Prospectus
does not constitute an offer to sell or the

solicitation of  an
 offer  to  buy  any securities  other than those

specifically offered hereby or
an offer to sell, or a solicitation of an

offer to buy, to any person in
any jurisdiction in which such offer or sale

would be  unlawful.
Neither the delivery of this Prospectus nor any sale

made hereunder  shall
under any circumstances create any implication  that

there has  been no change
in the affairs of the Company since any  of  the

dates as  of  which
information is furnished or since  the date of this

Prospectus.Filed by Automated Filing Services Inc. (604) 609-0244 - Americas Wind Energy Corporation - Exhibit 10.1

For immediate release 

Emergya Wind Technologies Holdings N.V. and
  Americas Wind Energy Corporation announce letter of intent for proposed merger.

Toronto, Canada – May 14, 2008, Americas Wind Energy
Corporation (“AWE”) (OTCBB: AWNE) and Emergya Wind Technologies Holdings
N.V. (“EWT”), the international supplier and manufacturer of
DIRECTWIND wind turbines, are pleased to announce that they have entered
into a Letter of Intent for EWT to acquire all issued and outstanding shares of
AWE in a cash merger transaction. The merger transaction is subject to
completion of EWT’s due diligence and a definitive merger agreement, AWE
stockholder approval, as well as customary third party and regulatory approvals.

As a part of its consolidation and market development strategy,
through the acquisition of AWE, EWT will control the exclusive rights to
manufacture, sell and distribute the DIRECTWIND turbine product line in
North America. AWE has licensed these rights from EWT since 2004.

“Joining with AWE in accessing the North American market for
our products will be an important milestone that further demonstrates our global
commitment to our customers and stakeholders. We are pleased that upon
completion of the merger we will be able to direct and control all sales,
customer service and manufacturing efforts of our DIRECTWIND turbines
within the fastest growing market for wind power” stated Gerry van der Sluys,
President & CEO, Emergya Wind Technologies B.V.

“This merger proposed by EWT will provide significant
opportunities to sell further Direct Drive windturbines into the North American
market and AWE looks forward to cooperating with EWT in this bold new venture”,
stated Hal Dickout, President and CEO of AWE. 

With its corporate offices at Schiphol Amsterdam Airport, The
  Netherlands, EWT is recognized as a worldwide leader in the design of direct
  drive wind turbines providing wind energy solutions with excellent Cost of
  Ownership. The design of EWT’s DIRECTWIND 750 and 900 turbines
  is characterized by the elimination of the traditional gear box present in conventional
  wind turbines, resulting in increased wind to power conversion, improved
  reliability and lower maintenance costs. 

For more information please contact –

  Emergya Wind Technologies B.V..

  Jonni Abbenhuis (j.abbenhuis@directwind.nl) 

  Telephone: +31(0) 20 316 33 61 

  Fax: +31(0) 20 316 33 71 

  Mobile : + 31 (0)6 24222939 

Americas Wind Energy Corporation
 Investor Relations
Department, 416-233-5670 
Darrell Kublick, Director Investor Relations

darrellk@awewind.com

www.awewind.com 

About AWE 

AWE holds the exclusive North American license for EWT
windturbines. Since 2004 AWE has been developing the North American market for
these Direct Drive windturbines, modified for North American grid conditions.
There are 6 machines installed and several more on order and a long list of
customers who have expressed interest in going ahead with new projects. AWE has
developed very capable suppliers in North America with a strong interest in
supporting this market. 

About EWT 

EWT is an international wind turbine supplier specialized in
the development and the manufacturing of advanced high-quality direct drive
(gearless) wind turbines. Our 750 kW and 900 kW models feature a variety of
rotor diameters and hub heights. The key assets together formed a strong basis
on which EWT commenced commercial operations in February 2004. EWT is determined
to become one of the world’s leading suppliers of high performance direct drive
wind turbines. Key objectives are to offer our customers reliable top quality
products with lowest energy generating cost during a twenty-year operational
lifetime. EWT intends to meet its objectives by a combination of market driven
product innovation, organic growth, strategic partnerships and acquisitions, if
suitable opportunities arise. EWT regards it an additional challenge to develop
and build wind farms on a full-turnkey basis across the globe. www.directwind.nl

Notice regarding Forward- Looking Statements 

This press release “contains forward looking statements”
  as that term is defined in Section 27A of the United States Securities Act of
  1933, as amended, and Section21E of the United States Securities Exchange Act
  of 1934, as amended. Statements in this press release which are not purely historical
  are forward looking statements and include any statements regarding beliefs,
  plans, expectations or intentions regarding the future. Since the forward looking
  statements relate to future developments, results or events, these statements
  are highly speculative and involve risks, uncertainties and assumptions that
  are difficult to assess. You should not construe any of these statements as
  a definitive or invariable expression of what will actually occur or result.
  Such forward-looking statements in this press release include, among others,
  the expectation and/or claim regarding: (i) the completion of any merger between
  EWT and AWE (ii) that North America will continue to be the fastest growing
  market for wind power; (iii) the merger proposed by EWT will ensure a significant
  opportunity to sell further Direct Drive windturbines into the North American
  market; or (iv) the installation of further Direct Drive turbines in North America.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, (i) timely receipt of all required approvals for the proposed merger; (ii) continued interest of
customers in direct drive technology; (iii) the ability to obtain all required parts from suppliers to manufacture wind turbines; (iv) sufficient funding to complete the manufacture of wind turbines; (v) the ability to develop and maintain
relationships with subcontractors and qualified manufacturers in North America; (vi) the ability to manufacture products in North America cost effectively and efficiently; and (vii) the ability to maintain and update, when and if required, its
quality assurance programs and quality control procedures for its subcontractors and partners.  These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.  Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate.  Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the
Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.

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