Document:

Exhibit 10.1

    
      

    

     M-WAVE,
      INC. 

     

    EXERCISE
      AGREEMENT 

     

    THIS
      EXERCISE AGREEMENT (this “Agreement”),
      is
      made as of January 26, 2007, by and among M-Wave, Inc., a Delaware corporation
      (the “Company”)
      and
      MAG Capital, LLC, a California limited liability company, Mercator Momentum
      Fund, LP, a California limited partnership, Mercator Momentum Fund III, LP,
      a
      California limited partnership, and Monarch Pointe Fund, Ltd., an international
      business company organized under the laws of the British Virgin Islands
      (collectively, the “Stockholders”).

     

    RECITALS

     

    WHEREAS,
      the Company, Ocean Merger Sub, Inc., a Delaware corporation and wholly owned
      subsidiary of the Company (“Merger
      Sub”),
      SunFuels, Inc., a Colorado corporation (“SunFuels”),
      and
      Blue Sun Biodiesel LLC, a Colorado limited liability company and subsidiary
      of
      SunFuels (“Blue
      Sun”),
      are
      parties to a Merger Agreement dated as of January 26, 2007 (the “Merger
      Agreement”);

     

    WHEREAS,
      the Stockholders are the holders of the shares of Series A Convertible Preferred
      Stock and Series B Convertible Preferred Stock of the Company set forth on
      the
      signature pages hereto (collectively, the “Shares”);

     

    WHEREAS,
      it is a condition to the closing of the transactions contemplated by the Merger
      Agreement that the Company obtain the agreement of the Stockholders to convert
      their Shares into shares of Common Stock of the Company (“Common
      Stock”)
      at the
      Blue Sun Effective Time (as defined in the Merger Agreement); and

     

    WHEREAS,
      the Stockholders are entering into this Agreement to convert the Shares into
      Common Stock in exchange for the right to put the shares of Common Stock
      received upon conversion of the Shares to the Company upon the terms and
      conditions set forth herein.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements and covenants contained
      herein and other good and valuable consideration, the parties hereto agree
      as
      follows:

     

    ARTICLE
      I

    AGREEMENT
      TO EXERCISE OR CONVERT

     

    Section
      1.1   Agreement
      to Convert Shares.
      Each
      Stockholder hereby agrees to convert the Shares, held by such Stockholder into
      Common Stock, effective as of Blue Sun Effective Time. In furtherance of the
      foregoing, each Stockholder will comply with all of the terms and conditions
      for
      conversion of its Shares as set forth in the terms and conditions of the Shares,
      not later than the Blue Sun Effective Time. The Company will notify each
      Stockholder of the expected date of the Blue Sun Effective Time not later than
      two business days prior to the such date, which notice may be given orally
      or in
      writing. The shares of Common Stock issued upon conversion of the Shares shall
      be referred to herein as the “Conversion
      Shares”.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Section
      1.2   Adjustment
      Upon Changes In Capitalization.
      In the
      event of any change in the Shares, by reason of any stock dividends, splits,
      mergers, recapitalizations or other changes in the corporate or capital
      structure of the Company, the number and kind of Shares subject to this
      Agreement shall be appropriately adjusted.

     

    ARTICLE
      II

    REPRESENTATIONS
      AND WARRANTIES

    OF
      THE STOCKHOLDERS

     

    Each
      Stockholder hereby represents and warrants to the Company as
      follows:

     

    Section
      2.1   Title
      to Shares.
      As of
      the date hereof, the Stockholder is the record or beneficial owner of the number
      of Shares set forth on under the Stockholder’s name on the signature pages
      hereto and such Shares are, or will be as of the Closing all of the shares
      of
      Series A Convertible Preferred Stock and Series B Convertible Preferred Stock
      of
      the Company owned, either of record or beneficially, by the Stockholder. Such
      Shares, are and will be as of the Blue Sun Effective Time owned free and clear
      of any security interests, liens, claims, pledges, options, rights of first
      refusal, agreements, limitations on voting rights, charges or other encumbrances
      of any nature whatsoever other than pursuant to this Agreement, except as
      disclosed to the Company prior to the execution and delivery of this Agreement
      in writing.

     

    Section
      2.2   Authority
      Relative to This Agreement.
      The
      Stockholder has all requisite power and authority to execute and deliver this
      Agreement, to perform its obligations hereunder and to consummate the
      transactions contemplated hereby. The execution and delivery of this Agreement
      by the Stockholder and the consummation of the transactions contemplated hereby
      have been duly and validly authorized by all proceedings on the part of
      Stockholder necessary to authorize this Agreement or to consummate such
      transactions. This Agreement has been duly and validly executed and delivered
      by
      the Stockholder and constitutes a legal, valid and binding obligation of the
      Stockholder, enforceable in accordance with its terms, subject to applicable
      bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
      similar laws affecting creditors’ rights and remedies generally, and subject, as
      to enforceability, to general principles of equity, including principles of
      commercial reasonableness, good faith and fair dealing (regardless of whether
      enforcement is sought in a proceeding at law or in equity).

     

    Section
      2.3   No
      Conflict.

     

    (a)   Neither
      the execution and delivery of this Agreement nor the consummation by the
      Stockholder of the transactions contemplated hereby will (i) conflict with
      or violate any law, rule, regulation, order, judgment or decree applicable
      to
      the Stockholder or by which its Shares are bound or affected or
      (ii) conflict with, or constitute a violation of, or constitute a default
      under, or give to others any rights of termination, amendment, acceleration
      or
      cancellation of, or result in the creation of a lien or encumbrance on any
      of
      its Shares, pursuant to, any note, bond, mortgage, indenture, contract,
      agreement, lease, license, permit, franchise or other instrument or obligation
      to which the Stockholder is a party or by which the Stockholder or its Shares
      are bound or affected, except for any such conflicts, violations, breaches,
      defaults or other occurrences that would not prevent or delay the performance
      by
      the Stockholder of its obligations under this Agreement.

     

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    (b)   The
      execution and delivery of this Agreement by the Stockholder does not, and the
      performance of this Agreement by the Stockholder will not, require any consent,
      approval, authorization or permit of, or filing with or notification to, any
      governmental or regulatory authority, except where the failure to obtain such
      consents, approvals, authorizations or permits, or to make such filings or
      notifications would not prevent or delay the performance by the Stockholder
      of
      its obligations under this Agreement.

     

    ARTICLE
      III

    COVENANTS
      OF THE STOCKHOLDERS

     

    Section
      3.   No
      Inconsistent Agreements.
      Each
      Stockholder, for the benefit of the Company, hereby covenants and agrees that,
      except as contemplated by this Agreement, the Stockholder shall not enter into
      any agreement or grant a proxy or power of attorney with respect to its Shares
      that is inconsistent with this Agreement.

     

    Section
      3.2   Transfer
      Of Title.
      Each
      Stockholder, for the benefit of the Company, hereby covenants and agrees that,
      so long as this Agreement is in effect, the Stockholder will not transfer record
      or beneficial ownership of any of its Shares unless the transferee agrees in
      writing to be bound by the terms and conditions of this Agreement. 

     

    ARTICLE
      IV

    STOCKHOLDER
      PUT RIGHTS

    

    Section
      4.1   Put
      Rights.
      Upon
      the occurrence of the following events the Stockholders shall have the right,
      in
      its sole discretion, to require the Company to redeem the Conversion
      Shares:

     

    (a)   If
      at any
      time after the Blue Sun Effective Time the Company or any subsidiary of the
      Company receives cash proceeds (“Sale
      Proceeds”)
      from
      the sale of its existing business (a “Business
      Sale”)
      then
      the Stockholders shall have the right to require the Company to redeem
      Conversion Shares with an aggregate Redemption Price (as defined below) equal
      to
      the Sale Proceeds, or such lesser number of Conversion Shares as is determined
      by the Stockholders in their sole discretion.

     

    (b)   If
      at any
      time after the Blue Sun Effective Time the Company receives cash proceeds
      (“Exercise
      Proceeds”)
      from
      the exercise of any stock options or warrants of the Company outstanding on
      the
      date hereof (an “Exercise
      Event”)
      then
      the Stockholders shall have the right to require the Company to redeem a number
      of Conversion Shares with an aggregate Redemption Price equal to the total
      amount of Exercise Proceeds or such lesser number of Conversion Shares as is
      determined by the Stockholders in their sole discretion.

     

    (c)   If
      at the
      Blue Sun Effective Time the Company has cash in excess of its current
      liabilities, as reasonably determined by the Company in accordance with GAAP
      (“Excess
      Cash”),
      then
      the Stockholders shall have the right to require the Company to redeem
      Conversion Shares with an aggregate Redemption Price equal to the amount of
      such
      Excess Cash or such lesser number of Conversion Shares as is determined by
      the
      Stockholders in their sole discretion.

     

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

     

    Section
      4.2   Redemption
      Price.
      The
      redemption price per Conversion Share (the “Redemption
      Price”)
      shall
      be (i) $3.92 per share for the first 318,877 Conversion Shares redeemed and
      (ii)
      $3.16 per share for each Conversion Share redeemed thereafter.

     

    Section
      4.3   Put
      Rights Pro Rata.
      Conversion Shares shall be redeemed pro rata from the Stockholders based upon
      the following: (i) the number of shares of Series A Preferred Stock of the
      Company owned by each Stockholder for the first 318,877 Conversion Shares
      redeemed and (ii) the number of shares of Series B Preferred Stock of the
      Company owned by each Stockholder for all subsequent Conversion Shares
      redeemed.

     

    Section
      4.4   Company
      Notice.
      The
      Company shall provide a written notice to the Stockholders not more than five
      business days after the occurrence of any Business Sale or any Exercise Event.
      In addition, the Company shall provide an estimate of Excess Cash to the
      Stockholders not less than two business days prior to the Closing (as defined
      in
      the Merger Agreement).

     

    Section
      4.5   Stockholder
      Notice.
      In
      order to exercise its rights under this Article
      IV
      a
      Stockholder shall give a written notice of exercise to the Company (an
“Exercise
      Notice”).
      Within five business days of receipt of an Exercise Notice, the Company shall
      cause its transfer agent to redeem the applicable Conversion Shares and make
      payment, in immediately available funds, of the aggregate Redemption Price
      for
      the redeemed Conversion Shares.

     

    Section
      4.6   Adjustment
      Upon Changes in Capitalization.
      In the
      event of any change in the Common Stock, by reason of any stock dividends,
      splits, mergers, recapitalizations or other changes in the corporate or capital
      structure of the Company, the number and kind of Conversion Shares subject
      to
      this Article IV and the Redemption Price shall be appropriately
      adjusted.

     

    ARTICLE
      V

    TERMINATION

     

    Section
      5.1   Termination.
      This
      Agreement shall terminate automatically upon the date on which the Company
      notifies the Stockholders in writing that it has abandoned the transactions
      contemplated by the Merger Agreement for any reason other than as the result
      of
      a breach of this Agreement by a Stockholder.

     

    Section
      5.2   Effect
      of Termination.
      In the
      event of the termination of this Agreement pursuant to Section 5.1
      hereof,
      this Agreement shall forthwith become void and have no effect, without liability
      on the part of any party hereto or its trustees, partners, beneficiaries,
      directors, officers, stockholders or affiliates.

     

    ARTICLE
      VI

    MISCELLANEOUS
      

     

    Section
      6.1   Notices.
      All
      notices, requests, claims, demands and other communications under this Agreement
      shall be in writing and shall be deemed given if delivered personally,
      telecopied (which is confirmed) or sent by overnight courier (providing proof
      of
      delivery) to the parties at the following addresses (or at such other address
      for a party as shall be specified by like notice):

     

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

     

    
      	
              If
                to Stockholder:

            	
              At
                such address as is set forth on its signature page
                hereto.

            
	 	 
	
              If
                to the Company:

            	
              M-Wave,
                Inc.

              11533
                Franklin Avenue

              Franklin
                Park, IL 60131

              Attention:
                Bruce Nelson

              Telephone
                No.: (714) 974-2500 x5215

              Facsimile
                No.: (714) 921-0683 

            
	 	 
	 	
              Or
                its chief executive office as listed in any subsequent filings with
                the
                Securities Exchange Commission

            
	 	 
	 	
              With
                a copy to:

            
	 	 
	 	
              Sidley
                Austin LLP

              555
                W. Fifth Street, Suite 4000

              Los
                Angeles, California 90013

              Attention:
                Stephen D. Blevit, Esq.

              Telephone
                Number: (213) 896-6029

              Facsimile
                Number: (213) 896-6600

            

    

    

     

    Any
      party
      from time to time may change its address for the purposes of notices hereunder
      by giving written notice to the other parties hereto of such new
      address.

     

    Section
      6.2   Entire
      Agreement.
      This
      Agreement constitutes the entire agreement among the parties hereto with respect
      to the subject matter hereof and replaces and supersedes all prior agreements
      or
      understandings, both written and oral, among the parties hereto, relating to
      the
      conversion of the Shares.

     

    Section
      6.3   Stockholder
      Capacity.
      Each
      Stockholder signs solely in its capacity as the record holder and beneficial
      owner of the Shares set forth on its signature page hereto.

     

    Section
      6.4   Specific
      Performance.
      The
      parties agree that irreparable damage would occur in the event that any of
      the
      provisions of this Agreement were not performed in accordance with their
      specific terms or were otherwise breached. It is accordingly agreed that the
      parties shall be entitled to an injunction or injunctions to prevent breaches
      of
      this Agreement and to enforce specifically the terms and provisions of this
      Agreement in any state or federal court of the United States located in Los
      Angeles County California or New York, New York, without any requirement to
      post
      a bond, this being in addition to any other remedy to which they are entitled
      at
      law or in equity. In addition, each of the parties hereto: (a) consents to
      submit such party to the personal jurisdiction of any state or federal court
      in
      the event any dispute arises out of this Agreement or any of the transactions
      contemplated hereby; (b) agrees that such party will not attempt to deny or
      defeat such personal jurisdiction by motion or other request for leave from
      any
      such court; (c) agrees that such party will not bring any action relating
      to this Agreement or the transactions contemplated hereby in any court other
      than a state or federal court sitting in Los Angeles County California or New
      York, New York; and (d) waives any right to trial by jury with respect to
      any claim or proceeding related to or arising out of this Agreement or any
      of
      the transactions contemplated hereby.

     

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

    Section
      6.5   Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      and shall not in any way be affected or impaired thereby so long as the economic
      or legal substance of this Agreement is not affected in any manner materially
      adverse to any party.

     

    Section
      6.6   Amendment.
      This
      Agreement may be amended only by a written instrument signed by each of the
      parties hereto.

     

    Section
      6.7   Assignment.
      Except
      as required by operation of law, this Agreement shall not be assignable by
      the
      parties hereto without the prior written consent of the other party. This
      Agreement will be binding upon, inure to the benefit of and be enforceable
      by
      the parties and their respective successors and permitted assigns.

     

    Section
      6.8   Governing
      Law.
      This
      Agreement shall be governed by the internal laws of the State of New
      York.

     

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

     

    Section
      6.10   Facsimile
      Signatures.
      Any
      signature page delivered pursuant to this Agreement via facsimile shall be
      binding to the same extent as an original signature. Any party who delivers
      such
      a signature page agrees to later deliver an original counterpart to any party
      that requests it.

     

    [Signature
      Pages Follows]

     

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the date first written above.

     

    
      	
              M-Wave,
                Inc.

            	 	 	 	 
	
              By:

            	
              /s/Joseph
                A. Turek

            	 	 	 	 
	
              Name:
                Joesph A. Turek

            	 	 	 	 
	
              Title:
                President and Chief Operating Officer

            	 	 	 	 
	 	 	 	 	 	 
	
              Monarch
                Pointe Fund Ltd.

            	 	
              Mercator
                Momentum Fund, L.P.

            	 
	 	 	 	 	 	 
	
              By:
                M.A.G. CAPITAL, LLC

            	 	
              By:
                M.A.G. CAPITAL, LLC

            	 
	
              Its:
                General Partner

            	 	
              Its:
                General Partner

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
              /s/
                Harry Aharonian

            	 	
              By:

            	
              /s/
                Harry Aharonian

            	 
	 	
              Harry
                Aharonian

            	 	 	
              Harry
                Aharonian

            	 
	 	
              Portfolio
                Administrator

            	 	 	
              Portfolio
                Administrator

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
              /s/
                Todd Bomberg

            	 	By:	
              /s/
                Todd Bomberg

            	 
	 	
              Todd
                Bomberg

            	 	 	
              Todd
                Bomberg

            	 
	 	
              Chief
                Investment Officer

            	 	 	
              Chief
                Investment Officer

            	 
	 	 	 	 	 	 
	
              Shares
                of Series A Preferred Stock: 3,375

            	 	
              Shares
                of Series A Preferred Stock: 5,375

            	 
	
              Shares
                of Series B Preferred Stock: 22,400

            	 	
              Shares
                of Series B Preferred Stock: 7,100

            	 
	 	 	 	 	 	 
	 	 	 	
              Mercator
                Momentum Fund III, L.P.

            	 
	 	 	 	 	 	 
	 	 	 	
              By:
                M.A.G. CAPITAL, LLC

            	 
	 	 	 	
              Its:
                General Partner

            	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/
                Harry Aharonian

            	 
	 	 	 	 	
              Harry
                Aharonian

            	 
	 	 	 	 	
              Portfolio
                Administrator

            	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/
                Todd Bomberg

            	 
	 	 	 	 	
              Todd
                Bomberg

            	 
	 	 	 	 	
              Chief
                Investment Officer

            	 
	 	 	 	 	 	 
	 	 	 	
              Shares
                of Series A Preferred Stock: 3,750

            	 
	 	 	 	
              Shares
                of Series B Preferred Stock: 40,148

            	 

    

     

    SIGNATURE
      PAGEExhibit 10.2

    
      

    

    VOTING
      AGREEMENT

    

    THIS
      VOTING AGREEMENT (this “Agreement”),
      is
      made as of January 26, 2007, by and between SunFuels, Inc., a Colorado
      corporation (the “SunFuels”)
      and
      the undersigned stockholder (“Stockholder”)
      of
      M-Wave, Inc., a Delaware corporation (“MWAV”).

    

    RECITALS

    

    WHEREAS,
      SunFuels and MWAV are presently negotiating a Merger Agreement in the form
      attached hereto as Exhibit
      A
      (“Merger
      Agreement”),
      by
      and among MWAV, Ocean Merger Sub, Inc., a Delaware corporation and wholly owned
      subsidiary of the MWAV (“Merger
      Sub”),
      SunFuels, and Blue Sun Biodiesel LLC, a Colorado limited liability company
      and
      subsidiary of SunFuels (“Blue
      Sun”);

    

    WHEREAS,
      on the terms and subject to the conditions of the Merger Agreement, (i) upon
      the
      consummation of the Company Merger (as defined in the Merger Agreement), Merger
      Sub will be merged with and into SunFuels, with SunFuels as the surviving
      corporation, and the separate existence of Merger Sub will cease, and (ii)
      upon
      the completion of the Blue Sun Merger (as defined in the Merger Agreement),
      Blue
      Sun will be merged with and into SunFuels, with SunFuels as the surviving
      corporation, and the separate existence of Blue Sun will cease (collectively,
      the “Mergers”);

    

    WHEREAS,
      as of the date hereof, Stockholder, owns the equity securities of MWAV (the
      “Securities”)
      set
      forth on Stockholder’s signature page hereto; and

    

    WHEREAS,
      Stockholder is entering into this Agreement to vote its Securities in favor
      of
      the Parent Stockholder Approvals (as defined in the Merger Agreement), in order
      to induce SunFuels to consummate the Mergers and the transactions contemplated
      thereby.

    

    NOW,
      THEREFORE, in consideration of the mutual agreements and covenants contained
      herein and other good and valuable consideration, the parties hereto agree
      as
      follows:

    

    ARTICLE
      I

    AGREEMENT
      TO VOTE SHARES

    

    Section
      1.1  Agreement
      to Vote.

    

    (a)   
      Stockholder
      hereby agrees that during the time this Agreement is in effect, at any meeting
      of the stockholders of MWAV, however called, and in any action by consent of
      the
      stockholders of MWAV, Stockholder will vote or cause to be voted in favor of
      the
      Parent Stockholder Approvals: (i) all
      Securities owned legally or beneficially by Stockholder and
      (ii) any and all Securities acquired by Stockholder on or after the date
      hereof.

    

    (b)   
      Stockholder
      acknowledges that (i) Stockholder has reviewed and understands the Merger
      Agreement and the transactions contemplated thereby, (ii) Stockholder is
      sophisticated in financial matters and is able to evaluate the risks and
      benefits of the transactions contemplated by the Merger Agreement, (iii)
      Stockholder has carefully considered and has, to the extent Stockholder believes
      such discussion necessary, discussed the Mergers with Stockholder’s professional
      legal, tax and financial advisers, (iv) SunFuels has made available to
      Stockholder the opportunity to ask questions of, and receive answers from,
      SunFuels concerning the terms and conditions of the Mergers, and to obtain
      any
      additional information which SunFuels had in its possession or was able to
      acquire without unreasonable effort or expense and (v) Stockholder has reviewed
      the SunFuels Confidential Private Placement Memorandum dated October 6, 2006
      and
      the Supplement thereto dated January 15, 2007.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      1.2     Adjustment
      Upon Changes In Capitalization.
      In the
      event of any change in the Securities, by reason of any stock dividends, splits,
      mergers, recapitalizations or other changes in the corporate or capital
      structure of MWAV, the number and kind of Securities subject to this Agreement
      shall be appropriately adjusted.

    

    ARTICLE
      II

    REPRESENTATIONS
      AND WARRANTIES

    OF
      STOCKHOLDER

    

    Stockholder
      hereby represents and warrants to SunFuels as follows:

    

    Section
      2.1     Title
      to Equity Securities.
      As of
      the date hereof, Stockholder is the record and beneficial owner of the number
      of
      Securities set forth on Stockholder’s signature page hereto. Such Securities,
      are and will be on the Effective Date (as defined in the Merger Agreement)
      owned
      free and clear of any security interests, liens, claims, pledges, options,
      rights of first refusal, agreements, limitations on voting rights, charges
      or
      other encumbrances of any nature whatsoever other than pursuant to this
      Agreement, except as disclosed to SunFuels prior to the execution and delivery
      of this Agreement in writing. Stockholder has not appointed or granted any
      proxy, which appointment or grant is still in effect, with respect to such
      Securities.

    

    Section
      2.2     Authority
      Relative to This Agreement.
      Stockholder has all requisite power and authority to execute and deliver this
      Agreement, to perform its obligations hereunder and to consummate the
      transactions contemplated hereby. The execution and delivery of this Agreement
      by Stockholder and the consummation of the transactions contemplated hereby
      have
      been duly and validly authorized by all proceedings on the part of Stockholder
      necessary to authorize this Agreement or to consummate such transactions. This
      Agreement has been duly and validly executed and delivered by Stockholder and
      constitutes a legal, valid and binding obligation of Stockholder, enforceable
      in
      accordance with its terms, subject to applicable bankruptcy, insolvency,
      fraudulent conveyance, reorganization, moratorium and similar laws affecting
      creditors’ rights and remedies generally, and subject, as to enforceability, to
      general principles of equity, including principles of commercial reasonableness,
      good faith and fair dealing (regardless of whether enforcement is sought in
      a
      proceeding at law or in equity).

    

    Section
      2.3      No
      Conflict.

    

    (a)    Neither
      the execution and delivery of this Agreement nor the consummation by Stockholder
      of the transactions contemplated hereby will (i) conflict with or violate
      any law, rule, regulation, order, judgment or decree applicable to Stockholder
      or by which its Securities are bound or affected or (ii) conflict with, or
      constitute a violation of, or constitute a default under, or give to others
      any
      rights of termination, amendment, acceleration or cancellation of, or result
      in
      the creation of a lien or encumbrance on any of its Securities, pursuant to,
      any
      note, bond, mortgage, indenture, contract, agreement, lease, license, permit,
      franchise or other instrument or obligation to which Stockholder is a party
      or
      by which Stockholder or its Securities are bound or affected, except for any
      such conflicts, violations, breaches, defaults or other occurrences that would
      not prevent or delay the performance by Stockholder of its obligations under
      this Agreement.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (b)    The
      execution and delivery of this Agreement by Stockholder does not, and the
      performance of this Agreement by Stockholder will not, require any consent,
      approval, authorization or permit of, or filing with or notification to, any
      governmental or regulatory authority, except where the failure to obtain such
      consents, approvals, authorizations or permits, or to make such filings or
      notifications would not prevent or delay the performance by Stockholder of
      its
      obligations under this Agreement.

    

    ARTICLE
      III

    COVENANTS
      OF THE STOCKHOLDERS 

    

    Section
      3.1     No
      Inconsistent Agreements.
      Stockholder covenants and agrees that, except as contemplated by this Agreement,
      Stockholder shall not enter into any voting agreement or grant a proxy or power
      of attorney with respect to its Securities that is inconsistent with this
      Agreement.

    

    Section
      3.2     Transfer
      Of Title.
      Stockholder hereby covenants and agrees that, so long as this Agreement is
      in
      effect, Stockholder will not transfer record or beneficial ownership of any
      of
      its Securities unless the transferee agrees in writing to be bound by the terms
      and conditions of this Agreement. 

    

    ARTICLE
      IV

    COVENANTS
      OF THE COMPANY

    

    Section
      4.1     Other
      Agreements.
      SunFuels
      hereby covenants that it shall not amend, waive, forgive performance of or
      terminate any agreement it now has or hereafter enters into obligating one
      or
      more MWAV stockholders to vote, or pursuant to which one or more MWAV
      stockholders agrees to vote, in favor of approving the Parent Stockholder
      Approvals and that it shall enforce any rights it has pursuant to any such
      agreement.

    

    ARTICLE
      V

    TERMINATION

    

    Section
      5.1     Termination.
      This
      Agreement shall terminate automatically upon the earlier of (a) the date on
      which MWAV obtains stockholder approval of the Parent Stockholder Approvals
      in
      accordance with the Delaware Business Corporations Act, and (b) the date on
      which SunFuels notifies Stockholder in writing that it has abandoned the Mergers
      for any reason other than as the result of a breach of this Agreement by
      Stockholder.

    

    Section
      5.2     Effect
      of Termination.
      In the
      event of the termination of this Agreement pursuant to Section 5.1
      hereof,
      this Agreement shall forthwith become void and have no effect, without liability
      on the part of any party hereto or its trustees, partners, beneficiaries,
      directors, officers, stockholders or affiliates.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI

    MISCELLANEOUS
      

    

    Section
      6.1     Notices.
      All
      notices, requests, claims, demands and other communications under this Agreement
      shall be in writing and shall be deemed given if delivered personally,
      telecopied (which is confirmed) or sent by overnight courier (providing proof
      of
      delivery) to the parties at the following addresses (or at such other address
      for a party as shall be specified by like notice):

    

    
      	 	
              If
                to Stockholder:

            	
              At
                such address as is set forth on its signature page
                hereto.

            

    

    
      	 	 	 

    

    
      	 	
              If
                to SunFuels:

            	
              SunFuels,
                Inc.

            

    

    
      	 	 	
              1400
                W. 122nd
                Ave., Suite 110

            

    

    
      	 	 	
              Westminster,
                CO 80234

            

    

    
      	 	 	
              Attention:
                [Jeff Probst]

            

    

    
      	 	 	
              Telephone
                No.: (303) 865-7700

            

    

    
      	 	 	
              Facsimile
                No.: (303) 865-7705 

            

    

    

    
      	 	 	
              With
                a copy to:

            

    

    

    
      	 	 	
              Faegre
                & Benson LLP

            

    

    
      	 	 	
              1900
                15th Street

            

    

    
      	 	 	
              Boulder,
                CO 80302

            

    

    
      	 	 	
              Attention:
                James H. Carroll, Esq.

            

    

    
      	 	 	
              Telephone
                No.: (303) 447-7700

            

    

    
      	 	 	
              Facsimile
                No.: (303) 447-7800

            

    

    

    

    Any
      party
      from time to time may change its address for the purposes of notices hereunder
      by giving written notice to the other parties hereto of such new
      address.

    

    Section
      6.2     Entire
      Agreement.
      This
      Agreement constitutes the entire agreement among the parties hereto with respect
      to the subject matter hereof and replaces and supersedes all prior agreements
      or
      understandings, both written and oral, between the parties hereto, relating
      to
      the voting of Stockholder’s Securities with respect to the Parent Stockholder
      Approvals.

    

    Section
      6.3      Stockholder
      Capacity.
      Stockholder signs solely in its capacity as the record holder and beneficial
      owner of the Securities set forth on its signature page hereto.

    

    Section
      6.4     Specific
      Performance.
      The
      parties agree that irreparable damage would occur in the event that any of
      the
      provisions of this Agreement were not performed in accordance with their
      specific terms or were otherwise breached. It is accordingly agreed that the
      parties shall be entitled to an injunction or injunctions to prevent breaches
      of
      this Agreement and to enforce specifically the terms and provisions of this
      Agreement in any state or federal court of the United States located in the
      State of Colorado, this being in addition to any other remedy to which they
      are
      entitled at law or in equity. In addition, each of the parties hereto:
      (a) consents to submit such party to the personal jurisdiction of any state
      or federal court in the event any dispute arises out of this Agreement or any
      of
      the transactions contemplated hereby; (b) agrees that such party will not
      attempt to deny or defeat such personal jurisdiction by motion or other request
      for leave from any such court; (c) agrees that such party will not bring
      any action relating to this Agreement or the transactions contemplated hereby
      in
      any court other than a state or federal court sitting in the State of Colorado;
      and (d) waives any right to trial by jury with respect to any claim or
      proceeding related to or arising out of this Agreement or any of the
      transactions contemplated hereby.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
      6.5     Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      and shall not in any way be affected or impaired thereby so long as the economic
      or legal substance of this Agreement is not affected in any manner materially
      adverse to any party.

    

    Section
      6.6      Amendment.
      This
      Agreement may be amended only by a written instrument signed by each of the
      parties hereto.

    

    Section
      6.7     Assignment.
      Except
      as required by operation of law, this Agreement shall not be assignable by
      the
      parties hereto without the prior written consent of the other party. This
      Agreement will be binding upon, inure to the benefit of and be enforceable
      by
      the parties and their respective successors and permitted assigns.

    

    Section
      6.8      Governing
      Law.
      This
      Agreement shall be governed by the internal laws of the State of
      Delaware.

    

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

    

    Section
      6.10   Facsimile
      Signatures.
      Any
      signature page delivered pursuant to this Agreement via facsimile shall be
      binding to the same extent as an original signature. Any party who delivers
      such
      a signature page agrees to later deliver an original counterpart to any party
      that requests it.

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed as of the date first written above.

    

    
      	 	
              SUNFUELS,
                INC.

            	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 
	
              /s/
                Justin Bzdek

            	 
	 	
              Name:

            	
              Justin
                Bzdek

            	 
	 	
              Title:
                

            	
              Chief
                Financial Officer

            	 

    

     

    [Counterpart
      Stockholder Signature Page Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Voting Agreement, effective
      as of the date first written above.

    

    
      	
              INDIVIDUAL:

            	 	 
	 	 	 
	
              Joseph
                A. Turek

            	 	 
	
              (Print
                or Type Name of Individual)

            	 	 
	 	 	 
	
              /s/
                Joseph A. Turek

            	 	 
	
              (Signature
                of Individual)

            	 	 

    

    

    

    
      	
              ENTITY:

            	 
	 	 	 
	  
	 
	
              (Print
                or Type Name of Entity)

            	 
	 	 	 
	
              By:
                

            	 
	  
	 
	 	
              (Signature
                of Authorized Signatory)

            	 
	 	 	 
	
              Name:

            	  
	 
	 	
              (Print
                or Type Name of Authorized Signatory)

            	 
	 	 	 
	
              Title:

            	  
	 
	 	
              (Print
                or Type Title of Authorized Signatory)

            	 

    

    

    
      	
              ADDRESS
                FOR NOTICES: 

            	 	
              11533
                Franklin Avenue

            	 
	
               

            	 	 	 	 
	 	 	
              2nd
                Floor

            	 
	 	 	 	 	 
	 	 	
              Franklin
                Park, IL 60131

            	 
	 	 	
               

            	 	 
	 	 	
              Fax
                No.: 

            	
              (630)
                396-9100

            	 

    

    

    

    
      	
              EQUITY
                SECURITIES OF MWAV OWNED

            	 	
              344,750
                

            	
              shares
                of Common Stock

            	 
	BY
              STOCKHOLDER:	 	 	
               

            	 
	 	 	  
	
              shares
                of Series A Preferred Stock

            	 
	 	 	 	 	 
	 	 	  
	
              shares
                of Series B Preferred Stock

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Voting Agreement, effective
      as of the date first written above.

    

    
      	
              INDIVIDUAL:

            	 	 
	 	 	 
	  
	 	 
	
              (Print
                or Type Name of Individual)

            	 	 
	 	 	 
	  
	 	 
	
              (Signature
                of Individual)

            	 	 

    

    

    

    
      	
              ENTITY:

            	 
	 	 	 
	
              Asset
                Managers International Limited

            	 
	
              (Print
                or Type Name of Entity)

            	 
	 	 	 
	
              By:
                

            	 
	
              /s/
                Carolynn D. Hiron

            	 
	 	
              (Signature
                of Authorized Signatory)

            	 
	 	 	 
	
              Name:

            	
              Carolynn
                D. Hiron

            	 
	 	
              (Print
                or Type Name of Authorized Signatory)

            	 
	 	 	 
	
              Title:

            	
              Director

            	 
	 	
              (Print
                or Type Title of Authorized Signatory)

            	 

    

    

    
      	
              ADDRESS
                FOR NOTICES: 

            	 	
              Pentagon
                Capital Management PLC

            	 
	 	 	 	 	 
	 	 	
              One
                Knightsbridge, London SW1X 7LX

            	 
	 	 	 	 	 
	 	 	
              United
                Kingdom

            	 
	 	 	
               

            	 	 
	 	 	
              Fax
                No.:

            	
               +44
                203 100 9960

            	 

    

    

    

    
      	
              EQUITY
                SECURITIES OF MWAV OWNED

            	 	
              151,375
                

            	
              shares
                of Common Stock

            	 
	BY
              STOCKHOLDER:	 	 	 	 
	 	 	 
	
              shares
                of Series A Preferred Stock

            	 
	 	 	 	
               

            	 
	 	 	 
	
              shares
                of Series B Preferred Stock

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Monarch
                Pointe Fund Ltd.

            	 	
              Mercator
                Momentum Fund, L.P.

            	 
	 	 	 	 	 	 
	
              By:

            	
              M.A.G.
                CAPITAL, LLC

            	 	
              By:

            	
              M.A.G.
                CAPITAL, LLC

            	 
	
              Its:

            	
              General
                Partner

            	 	
              Its:

            	
              General
                Partner

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
              /s/
                Harry Aharonian

            	 	
              By:

            	
              /s/
                Harry Aharonian

            	 
	 	
              Harry
                Aharonian

            	 	 	
              Harry
                Aharonian

            	 
	 	
              Portfolio
                Administrator

            	 	 	
              Portfolio
                Administrator

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
               /s/
                Todd Bomberg

            	 	
              By:

            	
               /s/
                Todd Bomberg

            	 
	 	
              Todd
                Bomberg

            	 	 	
              Todd
                Bomberg

            	 
	 	
              Chief
                Investment Officer

            	 	 	
              Chief
                Investment Officer

            	 
	 	 	 	 	 	 
	
              Shares
                of Series A Preferred Stock: 3,375

            	 	
              Shares
                of Series A Preferred Stock: 5,375

            	 
	
              Shares
                of Series B Preferred Stock: 22,400

            	 	
              Shares
                of Series B Preferred Stock: 7,100

            	 
	
              Shares
                of Common Stock: 148,429

            	 	
              Shares
                of Common Stock: 59,609

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              M.A.G.
                Capital, LLC

            	 	
              Mercator
                Momentum Fund III, L.P.

            	 
	 	 	 	 	 	 
	 	 	 	By:	M.A.G.
              CAPITAL, LLC	 
	 	 	 	Its:	General
              Partner	 
	 	 	 	 	 	 
	
              By:

            	
              /s/
                Harry Aharonian

            	 	
              By:

            	
              /s/
                Harry Aharonian

            	 
	 	
              Harry
                Aharonian

            	 	 	
              Harry
                Aharonian

            	 
	 	 	 	 	
              Portfolio
                Administrator

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
               /s/
                Todd Bomberg

            	 	
              By:

            	
               /s/
                Todd Bomberg

            	 
	 	
              Todd
                Bomberg

            	 	 	
              Todd
                Bomberg

            	 
	 	
              Chief
                Investment Officer

            	 	 	
              Chief
                Investment Officer

            	 
	 	 	 	 	 	 
	
              Shares
                of Common Stock: 39,464

            	 	
              Shares
                of Series A Preferred Stock: 3,750

            	 
	 	 	 	
              Shares
                of Series B Preferred Stock: 40,148

            	 
	 	 	 	
              Shares
                of Common Stock: 102,213

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    MERGER
      AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]