Document:

exh4-1.htm

    
      

      

    

     

    Exhibit
      4.1

    

      
        

        

        

        

        

        

        

      

      

        
          ADVANCE
            DISPLAY TECHNOLOGIES, INC.

          

          

          

          

          

          _________________________________

          

          Series
            G Preferred Stock

          SUBSCRIPTION
            AGREEMENT

          _________________________________

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

        

        
          

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         ADVANCE
          DISPLAY TECHNOLOGIES, INC.

        

        Series
          G Preferred Stock

        SUBSCRIPTION
          AGREEMENT

        

        

        THIS
          SUBSCRIPTION AGREEMENT (this
“Agreement”) is executed and delivered, as of the date set forth on the
          signature page hereof, by and between Advance Display Technologies, Inc.,
          a
          Colorado corporation (the “Company”), and the undersigned subscriber (the
“Subscriber”).

        

        1.  Subscription.  Subject
          to the terms and conditions set forth in this Agreement, the Subscriber
          hereby
          agrees to subscribe for the number of shares of Series G Preferred Stock
          of the
          Company for the purchase price (the “Purchase Price”) as set forth on the
          signature page.

         

        2.  Acceptance.  The
          Company, in consideration of and in reliance on the representations, warranties,
          covenants, and the Subscriber’s agreements and payment of the Purchase Price,
          hereby accepts the subscription of the Subscriber and agrees to issue Series
          G
          Preferred Stock to the Subscriber, subject to the terms and conditions
          of this
          Agreement.

         

        3.  Issuance
          of shares.  The Company shall issue the shares of Series G
          Preferred Stock to the Subscriber at such time as the Subscriber has made
          to the
          Company, and the Company has accepted, full payment of the Purchase
          Price.

         

        4.  Termination
          of Subscription.  The Company may terminate its obligations under
          this Agreement at any time prior to the Company’s acceptance of full payment of
          the Purchase Price.

         

        5.  Restrictions
          on Transfer.

         

        5.1  The
          certificates representing the Series G Preferred Stock will bear a legend
          in
          substantially the following form:

         

        THESE
          SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED
          FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
          IN
          EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
          SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

        

        5.2  No
          holder
          of Series G Preferred Stock may sell, transfer or dispose of any Series
          G
          Preferred Stock (except pursuant to an effective registration statement
          under
          the Securities Act) without first delivering to the Company an opinion
          of
          counsel (reasonably acceptable in form and substance to the Company) that
          neither registration nor qualification under the Securities Act and applicable
          state securities laws is required in connection with such transfer.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

         

        6.  Subscriber’s
          Representations, Warranties, Covenants and Agreements.  The
          Subscriber hereby represents and warrants to, and covenants and agrees
          with, the
          Company as follows:

         

        6.1  The
          Subscriber has been given adequate access to all information about the
          Company
          and its investment in the Company that was material to its decision to
          invest
          therein.  The Subscriber has reviewed the Certificate of Incorporation
          of the Company.  The Subscriber acknowledges that Subscriber is fully
          informed and knowledgeable about the Company, its business (the “Business”),
          management and personnel; that Subscriber has had discussions with the
          Company
          concerning the Business and has obtained information from the Company;
          and that
          the Company has answered all questions that the undersigned had concerning
          the
          Business.  The Subscriber has been furnished materials relating to the
          Company, the Business and the financial condition of the Company and the
          offering of the Series G Preferred Stock that Subscriber has requested
          and has
          been afforded the opportunity to ask questions and receive answers concerning
          an
          investment in the Company.  The Subscriber acknowledges that
          Subscriber has had the opportunity to request such additional information
          from
          the President of the Company.

         

        6.2  The
          Subscriber acknowledges that Subscriber’s investment in the Company involves a
          substantial degree of risk and is suitable only for persons with adequate
          means
          who have no need for liquidity in their investments.

         

        6.3  The
          Subscriber acknowledges that no market for the Series G Preferred Stock
          exists
          nor is anticipated to develop and that, therefore, Subscriber’s investment in
          the Company will not be liquid.

         

        6.4  The
          Subscriber has knowledge and experience in financial and business matters
          and is
          capable of evaluating the merits and risks of an investment in the Company
          and
          the suitability of the investment for Subscriber.

         

        6.5  The
          Subscriber is making this capital contribution for investment purposes
          only and
          has no present intention to sell or exchange the Series G Preferred Stock;
          the
          Subscriber has adequate means for providing for its current needs in any
          foreseeable contingency; and the Subscriber has no need to sell the Series
          G
          Preferred Stock in the foreseeable future.

         

        6.6  The
          Subscriber, if a corporation, partnership, trust or other entity, is duly
          organized, and is authorized and otherwise duly qualified to purchase and
          hold
          the Series G Preferred Stock, and such entity has its principal place of
          business at the address set forth on the signature page hereof.

         

        6.7  The
          Subscriber, if an individual, is at least 21 years of age, has the legal
          capacity to execute, deliver and perform this Agreement, and has his residence
          at the address set forth on the signature page hereof.

         

        6.8  The
          Subscriber is an “accredited investor” as that term is defined in Rule 501 of
          Regulation D promulgated under the Securities Act of 1933, as
          amended.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        6.9  All
          information that the Subscriber has provided to the Company concerning
          Subscriber, Subscriber’s financial position and knowledge of financial and
          business matters, or, in the case of a corporation, partnership, trust
          or other
          entity, the knowledge of financial and business matters of the person making
          the
          investment decision on behalf of such entity, including all information
          contained herein, is true and complete as of the date set forth at the
          end
          hereof, and if there should be any adverse change in such information prior
          to
          this subscription being accepted, the Subscriber will immediately provide
          the
          Company with accurate and complete information concerning any such
          change.

         

        6.10  The
          Subscriber acknowledges that no federal or state agency has made any finding
          or
          determination as to the fairness of this investment, nor any recommendation
          or
          endorsement, of the investment in the Series G Preferred Stock.

         

        6.11  The
          Subscriber acknowledges that the Series G Preferred Stock has not been
          registered under the Securities Act of 1933, as amended (the “Act”), or the blue
          sky laws of any state.

         

        6.12  The
          Subscriber understands that the Company has relied upon an exemption from
          registration provided in the Act and upon all of the foregoing representations
          and warranties of the Subscriber.

         

        6.13  The
          Subscriber certifies, under penalties of perjury, (i) that the social security
          or Federal taxpayer identification number shown on the signature page of
          this
          Agreement is true and complete and (ii) that the Subscriber is not subject
          to
          backup withholding.

         

        7.  Confidential
          Information.  The Subscriber acknowledges that the information,
          observations and data obtained by him or her during the course of his or
          her
          ownership of any interest in the Company concerning the business and affairs
          of
          the Company are the property of the Company, including information concerning
          acquisition opportunities in or reasonably related to the Business of which
          Subscriber becomes aware during such period.  Therefore, the
          Subscriber agrees that he or she will not disclose to any unauthorized
          person or
          use for his own account any of such information, observations or data without
          the written consent of the President of the Company unless and to the extent
          that the aforementioned matters become generally known to and available
          for use
          by the public other than as a result of the Subscriber’s acts or
          omissions.  The Subscriber agrees to deliver to the Company on the
          date of disposition of the Series G Preferred Stock held by him or her,
          or at
          any other time the Company may request in writing, all memoranda, notes,
          plans,
          records, reports and other documents (and copies thereof) relating to the
          Business (including, without limitation, all acquisition prospects, lists
          and
          contact information) which he or she may then possess or have under his
          or her
          control.

         

        8.  Indemnification.  The
          Subscriber agrees to indemnify and hold harmless the Company, its directors,
          officers, employees, stockholders and affiliates, and any person acting
          on
          behalf of the Company, from and against any and all damage, loss, liability,
          cost and expense (including attorneys’ fees) which any of them may incur by
          reason of the failure by the Subscriber to fulfill any of the terms or
          conditions of this Agreement, or by reason of any breach of the representations
          and warranties made by the Subscriber herein, or in any other document
          provided
          by the Subscriber to the Company.  All representations, warranties and
          covenants

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         contained
          in this Agreement, and the indemnification contained in this paragraph,
          shall
          survive the acceptance of this subscription.

         

        9.  Headings.  The
          headings throughout this Agreement are for convenience of reference only,
          and
          shall in no way be deemed to define, limit, or add to the meaning of any
          of the
          provisions of this Agreement.

         

        10.  Counterparts.  This
          Agreement may be executed in counterparts, both of which when taken together
          shall be deemed one original.

         

        11.  No
          Waiver.  Notwithstanding any of the representations, warranties,
          acknowledg­ments or agreements made herein by the Subscriber, the Subscriber
          does not thereby or in any other manner waive any of the rights granted
          to
          Subscriber under federal or state securities laws.

         

        12.  Entire
          Agreement; Modification.  This Agreement constitutes the entire
          agreement among the parties hereto with respect to the subject matter hereof,
          and neither this Agreement nor any of the provisions hereof shall be waived,
          changed, discharged or terminated except by an instrument in writing signed
          by
          the party against whom any waiver, change, discharge or termination is
          sought.

         

        13.  Notice.  Notices
          required or permitted to be given under this Agreement shall be in writing
          and
          shall be deemed to be sufficiently given when sent by registered or certified
          mail, postage prepaid, addressed to the other party at the address of such
          party
          set forth on the signature page to this agreement, or to such other address
          furnished by notice given in accordance with this paragraph.

         

        14.  Successors;
          Binding Effect.  Except as otherwise provided herein, this
          Agreement shall be irrevocable and binding upon and inure to the benefit
          of the
          parties hereto and their respective heirs, executors, administrators,
          successors, legal representatives and assigns.  If the Subscriber is
          more than one person, the obligations of the Subscriber shall be joint
          and
          several and the agreements, representations, warranties and acknowledgments
          herein contained shall be deemed to be made by and be binding upon each
          such
          person and his or her respective heirs, executors, administrators, successors,
          legal representatives and assigns.

         

        15.  Assignment.  Subscriber
          agrees not to transfer or assign this Agreement, or any of Subscriber’s interest
          herein without the written consent of the Company, which consent may be
          withheld
          in its sole discretion, and any such transfer or assignment in violation
          of this
          Agreement shall be null and void
ab initio.  Further, the Subscriber agrees that the
          transfer or assignment of the Series G Preferred Stock shall be made only
          in
          accordance with this Agreement, the Company’s Certificate of Incorporation and
          applicable laws.

         

        16.  Applicable
          Law.  This Agreement and all rights and remedies hereunder shall
          be governed by and construed in accordance with the laws of the State of
          Colorado, without regard to the conflicts of laws thereof.

         

        

         

        [Remainder
          of page intentionally left blank.]

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        IN
          WITNESS WHEREOF, the undersigned Subscriber does represent and certify
          under
          penalty of perjury that the foregoing statements are true and correct and
          that
          it has, by the following signature, originally executed this Agreement
          as of
          June 27, 2007.

        

        SUBSCRIBER:

        

        Lawrence
          F. DeGeorge

        

        
          	
                   

                  By:      /s/
                    Lawrence F. DeGeorge

                   

                  Name:       
                     Lawrence F. DeGeorge

                   

                   

                	 	
                  Address
                    for Notices:

                   

                  ___________________

                  ___________________

                  ___________________

                   

                
	
                  Taxpayer
                    Identification or Social Security Number

                    of
                    Subscriber:  _________________

                	 	
                  Telephone:

                             ______________

                

        

        

        Purchase
          Price

         

        
          	
                  Number
                    of shares subscribed for

                	
                  Series
                    G Preferred Purchase Price per share

                	
                  Total
                    Purchase Price

                
	
                  9,091

                	
                  $110

                	
                  $1,000,000.00

                

        

        

        

        

        

        Subscription
          accepted on

        June
          27, 2007

        

        ADVANCE
          DISPLAY TECHNOLOGIES, INC.

        7334
          South Alton Way, Suite F

        Centennial,
          CO  80112

        (303)
          267-0111

        

        By:           /s/
          Matthew W.
          Shankle                                                                

        Name:      Matthew
          W.
          Shankle                                                                           

        Title:        Presidentexh4-2.htm

    
      

      

    

    
      
        Exhibit
          4.2

      

      

      

      

      

    

    
      ADVANCE
        DISPLAY TECHNOLOGIES, INC.

      

      

      

      

      

      _________________________________

      

      Series
        G Preferred Stock

      SUBSCRIPTION
        AGREEMENT

      _________________________________

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADVANCE
      DISPLAY TECHNOLOGIES, INC.

    

    Series
      G Preferred Stock

    SUBSCRIPTION
      AGREEMENT

    

    

    THIS
      SUBSCRIPTION AGREEMENT (this
“Agreement”) is executed and delivered, as of the date set forth on the
      signature page hereof (the “Subscription Date”), by and between Advance Display
      Technologies, Inc., a Colorado corporation (“Company”), and the undersigned
      subscriber (“Subscriber”).

    

    1.  Subscription.  Subject
      to the terms and conditions set forth in this Agreement, Subscriber hereby
      agrees to subscribe for the number of shares of Series G Preferred Stock of
      Company (the “Shares”) at the times and in the manner set forth in the
      Subscription Schedule on the signature page of this Agreement (the “Total
      Subscription”).

     

    2.  Price.  The
      purchase price for the Shares set forth on the signature page of this Agreement
      (the “Purchase Price”) has been derived from the fair market value of the shares
      of Company’s common stock into which the Shares are convertible.  For
      this purpose, the fair market value was calculated by reference to the closing
      price of the Company’s Common Stock on the OTC Bulletin Board on the last
      trading day preceding the Subscription Date.

     

    3.  Acceptance.  Company,
      in consideration of and in reliance on Subscriber’s representations, warranties,
      covenants in this Agreement, and Subscriber’s agreement to pay the Total
      Subscription Price set forth in the Subscription Schedule, hereby accepts the
      subscription of Subscriber and agrees to issue the Shares to Subscriber, subject
      to the terms and conditions of this Agreement.

     

    4.  Issuance
      of shares.  Company shall issue the Shares to Subscriber within
      ten (10) days of its receipt of payment in full for all of the Shares, provided,
      however, that Company shall have no obligation to issue any Shares to Subscriber
      unless and until Subscriber has made to Company, and Company has accepted,
      full
      payment of Subscriber’s Total Subscription.

     

    5.  Cancellation
      of Subscription by Company.  At any time prior to Company’s
      receipt and acceptance of full payment for the Total Subscription, Company
      may
      elect to terminate its obligations to deliver any of the Shares to Subscriber
      under this Agreement by returning to the Subscriber all prior payments made
      by
      the Subscriber toward the Total Subscription, together with interest at the
      prime rate as published by the Wall Street Journal from the date of Company’s
      receipt of such payments.  In such an event, Company will be relieved
      of any obligation to deliver the Shares and Subscriber shall have no further
      right or obligation to purchase the Shares.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.  Partial
      Cancellation of Subscription by Company.  At any time prior to
      Company’s receipt and acceptance of full payment for the Total Subscription,
      Company may, in its sole discretion, elect to cancel any part of the Total
      Subscription, irrespective of whether Subscriber has previously paid some or
      all
      of the Total Subscription to Company by delivering to Subscriber a written
      notice of partial cancellation of the amount of the Subscription cancelled
      (the
“Cancelled Subscription”) and returning to the Subscriber all prior payments, if
      any, made by the Subscriber toward the Cancelled Subscription, together with
      interest at the prime rate as published by the Wall Street Journal from the
      date
      of Company’s receipt of such payments.  In such an event, Company
      shall be obligated to sell, and Subscriber shall be obligated to buy, the Shares
      attributable to the portion of the Total Subscription that was not cancelled
      (the “Accepted Shares”).  No later than ten (10) days after Company’s
      receipt of payment from Subscriber for the Accepted Shares, the Company will
      issue the Accepted Shares to Subscriber.  Upon such payment and
      delivery, the Company will be relieved of any obligation to deliver additional
      Shares to Subscriber and Subscriber will have no further right or obligation
      to
      purchase additional Shares under this Agreement.

     

    7.  Voting
      of the Shares.  Subscriber shall have no right to vote the Shares
      prior to payment and acceptance of the Total Subscription or the Accepted
      Subscription, as the case may be, provided, however, that Company may, in its
      discretion, elect to grant to Subscriber the voting rights to the Shares if
      and
      to the extent that payment has been made for the Shares as of the record date
      for the vote, provided further, however, that no such grant of voting rights
      may
      be made by Company until the date that the vote is actually held and only if
      the
      Total Subscription has been paid and accepted by Company by that
      date.

     

    8.  Restrictions
      on Transfer.

     

    8.1  The
      certificates representing the Shares will bear a legend in substantially the
      following form:

     

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
      IN
      EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
      SATISFACTORY TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    8.2  No
      holder
      of the Shares may sell, transfer or dispose of any Series G Preferred Stock
      (except pursuant to an effective registration statement under the Securities
      Act) without first delivering to Company an opinion of counsel (reasonably
      acceptable in form and substance to Company) that neither registration nor
      qualification under the Securities Act and applicable state securities laws
      is
      required in connection with such transfer.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.  Subscriber’s
      Representations, Warranties, Covenants and Agreements.  Subscriber
      hereby represents and warrants to, and covenants and agrees with, Company as
      follows:

     

    9.1  Subscriber
      has been given adequate access to all information about Company and Subscriber’s
      investment in Company that was material to Subscriber’s decision to invest
      therein.  Subscriber has reviewed the Certificate of Incorporation and
      bylaws of Company as well as its recent filing with the U.S. Securities and
      Exchange Commission.  Subscriber acknowledges that Subscriber is fully
      informed and knowledgeable about Company, its business (the “Business”),
      management and personnel; that Subscriber has had discussions with Company
      concerning the Business and has obtained information from Company; and that
      Company has answered all questions that the undersigned had concerning the
      Business.  Subscriber has been furnished materials relating to
      Company, the Business and the financial condition of Company and the offering
      of
      the Shares that Subscriber has requested and has been afforded the opportunity
      to ask questions and receive answers concerning an investment in
      Company.  Subscriber acknowledges that Subscriber has had the
      opportunity to request such additional information from the President of
      Company.

     

    9.2  Subscriber
      acknowledges that an investment in Company involves a substantial degree of
      risk
      and is suitable only for persons with adequate means who have no need for
      liquidity in their investments.

     

    9.3  Subscriber
      acknowledges that no market for the Shares exists nor is any such market
      expected to develop and that, therefore, Subscriber’s investment in Company will
      not be liquid.

     

    9.4  Subscriber
      has knowledge and experience in financial and business matters and is capable
      of
      evaluating the merits and risks of an investment in Company and the suitability
      of the investment for Subscriber.

     

    9.5  Subscriber
      is making this capital contribution for investment purposes only and has no
      present intention to sell or exchange the Shares; Subscriber has adequate means
      for providing for Subscriber’s current needs in any foreseeable contingency; and
      Subscriber has no need to sell the Shares in the foreseeable
      future.

     

    9.6  Subscriber,
      if a corporation, partnership, trust or other entity, is duly organized, and
      is
      authorized and otherwise duly qualified to purchase and hold the Shares, and
      such entity has its principal place of business at the address set forth on
      the
      signature page hereof.

     

    9.7  Subscriber,
      if an individual, is at least 21 years of age, has the legal capacity to
      execute, deliver and perform this Agreement, and has Subscriber’s residence at
      the address set forth on the signature page hereof.

     

    9.8  Subscriber
      is an “accredited investor” as that term is defined in Rule 501 of Regulation D
      promulgated under the Securities Act of 1933, as amended.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.9  All
      information that Subscriber has provided to Company concerning Subscriber,
      Subscriber’s financial position and knowledge of financial and business matters,
      or, in the case of a corporation, partnership, trust or other entity, the
      knowledge of financial and business matters of the person making the investment
      decision on behalf of such entity, including all information contained herein,
      is true and complete as of the date set forth at the end hereof, and if there
      should be any adverse change in such information prior to this subscription
      being accepted, Subscriber will immediately provide Company with accurate and
      complete information concerning any such change.

     

    9.10  Subscriber
      acknowledges that no federal or state agency has made any finding or
      determination as to the fairness of this investment, nor any recommendation
      or
      endorsement, of the investment in the Shares.

     

    9.11  Subscriber
      acknowledges that the Series G Preferred Stock has not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), or the blue sky laws of any
      state.

     

    9.12  Subscriber
      understands that Company has relied upon an exemption from registration provided
      in the Act and upon all of the foregoing representations and warranties of
      Subscriber.

     

    9.13  Subscriber
      certifies, under penalties of perjury, (i) that the social security or Federal
      taxpayer identification number shown on the signature page of this Agreement
      is
      true and complete and (ii) that Subscriber is not subject to backup withholding
      either because Subscriber has not been notified that he or she is subject to
      backup withholding as a result of a failure to report all interest or dividends,
      or the Internal Revenue Service has notified Subscriber that he or she is no
      longer subject to backup withholding.

     

    10.  Confidential
      Information.  Subscriber acknowledges that the information,
      observations and data obtained by him or her during the course of Subscriber’s
      ownership of any interest in Company concerning the business and affairs of
      Company are the property of Company, including information concerning
      acquisition opportunities in or reasonably related to the Business of which
      Subscriber becomes aware during such period.  Therefore, Subscriber
      agrees that he or she will not disclose to any unauthorized person or use for
      Subscriber’s own account any of such information, observations or data without
      the written consent of the President of Company unless and to the extent that
      the aforementioned matters become generally known to and available for use
      by
      the public other than as a result of Subscriber’s acts or
      omissions.  Subscriber agrees to deliver to Company on the date of
      disposition of the Shares, or at any other time Company may request in writing,
      all memoranda, notes, plans, records, reports and other documents (and copies
      thereof) relating to the Business (including, without limitation, all
      acquisition prospects, lists and contact information) which he or she may then
      possess or have under Subscriber’s control.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    11.  Indemnification.  Subscriber
      agrees to indemnify and hold harmless Company, its directors, officers,
      employees, stockholders and affiliates, and any person acting on behalf of
      Company, from and against any and all damage, loss, liability, cost and expense
      (including attorneys’ fees) which any of them may incur by reason of the failure
      by Subscriber to fulfill any of the terms or conditions of this Agreement,
      or by
      reason of any breach of the representations and warranties made by Subscriber
      herein, or in any other document provided by Subscriber to
      Company.  All representations, warranties and covenants contained in
      this Agreement, and the indemnification contained in this paragraph, shall
      survive the acceptance of this subscription.

     

    12.  Headings.  The
      headings throughout this Agreement are for convenience of reference only, and
      shall in no way be deemed to define, limit, or add to the meaning of any of
      the
      provisions of this Agreement.

     

    13.  Counterparts.  This
      Agreement may be executed in counterparts, both of which when taken together
      shall be deemed one original.

     

    14.  No
      Waiver.  Notwithstanding any of the representations, warranties,
      acknowledg­ments or agreements made herein by Subscriber, Subscriber does
      not thereby or in any other manner waive any of the rights granted to him or
      her
      under federal or state securities laws.

     

    15.  Entire
      Agreement; Modification.  This Agreement constitutes the entire
      agreement among the parties hereto with respect to the subject matter hereof,
      and neither this Agreement nor any of the provisions hereof shall be waived,
      changed, discharged or terminated except by an instrument in writing signed
      by
      the party against whom any waiver, change, discharge or termination is
      sought.

     

    16.  Notice.  Notices
      required or permitted to be given under this Agreement shall be in writing
      and
      shall be deemed to be sufficiently given when sent by registered or certified
      mail, postage prepaid, addressed to the other party at the address of such
      party
      set forth on the signature page to this agreement, or to such other address
      furnished by notice given in accordance with this paragraph.

     

    17.  Successors;
      Binding Effect.  Except as otherwise provided herein, this
      Agreement shall be irrevocable and binding upon and inure to the benefit of
      the
      parties hereto and their respective heirs, executors, administrators,
      successors, legal representatives and assigns.  If Subscriber is more
      than one person, the obligations of Subscriber shall be joint and several and
      the agreements, representations, warranties and acknowledgments herein contained
      shall be deemed to be made by and be binding upon each such person and the
      person’s respective heirs, executors, administrators, successors, legal
      representatives and assigns.

     

    18.  Assignability.  Subscriber
      agrees not to transfer or assign this Agreement, or any of Subscriber’s interest
      herein, without the written consent of Company, which consent may be withheld
      in
      its sole discretion, and any such transfer

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    or
      assignment in violation of this Agreement shall be null and void
ab initio.  Further, Subscriber agrees that the
      transfer or assignment of the Shares shall be made only in accordance with
      this
      Agreement, Company’s Certificate of Incorporation and applicable
      laws.

     

    19.  Applicable
      Law.  This Agreement and all rights and remedies hereunder shall
      be governed by and construed in accordance with the laws of the State of
      Colorado, without regard to the conflicts of laws thereof.

     

    

    

    

    

    [remainder
      of page intentionally left blank]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned Subscriber does represent and certify under
      penalty of perjury that the foregoing statements are true and correct and that
      Subscriber has, by the following signature, executed this Agreement as of
      June 28, 2007.

    

    SUBSCRIBER:

    

    Lawrence
      F. DeGeorge

    
      	
               

              By:     /s/  Lawrence
                F. DeGeorge

              Name:        Lawrence
                F. DeGeorge

               

               

            	 	
              Address
                for Notices:

                

                

               

               

            
	
              Taxpayer
                Identification or Social Security Number 

              of
                Subscriber:

                

            	 	
              Telephone:

                

            

    

    

    Subscription
      Schedule

     

    
      	
              Number
                of Shares subscribed for

            	
              Price
                per share

            	
              Total
                Subscription Price

            
	
              12,500

            	
              $80.00

            	
              $1,000,000

            

    

    

    
      	
               

            	
              Payments
                of the Total Subscription Price shall be made by Subscriber in the
                amounts
                requested by Company not less than ten (10) business days after
                Subscriber’s receipt from Company of a written demand for
                payment.  No such demand shall be for an amount greater than
                $100,000 without Subscriber’s consent.  No demand may be made
                during the ten (10) business days after a prior demand was
                made.  The Company may request amounts larger than $100,000 or
                upon less than ten (10) business days notice but Subscriber shall
                have no
                obligation to honor any such
                requests.

            

    

    

    

    Subscription
      Date:

    June
      28,
      2007.

    

    ADVANCE
      DISPLAY TECHNOLOGIES, INC.

    7334
      South Alton Way, Suite F

    Centennial,
      CO  80112

    (303)
      267-0111

    

    By:/s/   Matthew
      W.
      Shankle                                                                                     

         
Matthew
      W. Shankle, President

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