Document:

RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (this "Agreement") is made and entered into
by and between Gexa Corp., a Texas corporation (the "Company"), and ______ an
Employee of the Company ("Grantee") on the _____ day of October 2004 (the "Grant
Date").

     WHEREAS, Grantee is an employee of the Company and in connection therewith,
the Company desires to grant to Grantee a number of restricted shares of the
Company's common stock, par value $.01 per share (the "Common Stock"), subject
to the terms and conditions of this Agreement, with a view to increasing
Grantee's interest in the Company's welfare and growth; and

     WHEREAS, Grantee desires to have the opportunity to be a holder of shares
of the Common Stock subject to the terms and conditions of this Agreement;

     NOW, THEREFORE, in consideration of the premises, mutual covenants and
agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows:

     1. GRANT OF COMMON STOCK. Subject to the restrictions, forfeiture
provisions and other terms and conditions set forth herein (i) the Company
grants to Grantee _____ shares of Common Stock (the "Restricted Shares"), and
(ii) Grantee shall have and may exercise rights and privileges of ownership of
the Restricted Shares, including, without limitation, the voting rights of such
shares and the right to receive any dividends declared in respect thereof. The
Company may require Grantee to reimburse the Company for, or the Company may
withhold from any amounts which it may owe Grantee, all amounts required by
applicable federal, state and local law in respect of the issuance or vesting of
the Restricted Shares.

     2. TRANSFER RESTRICTIONS; VESTING.

     (a) Generally. Grantee shall not sell, assign, transfer, exchange, pledge,
encumber, gift, devise, hypothecate or otherwise dispose of (collectively,
"Transfer") any Restricted Shares. The transfer restrictions imposed by this
Section 2 shall lapse as to the Restricted Shares on the one-year anniversary of
the Grant Date. The Grant Shares as to which such restrictions so lapse are
referred to as "Vested Shares."

     (b) Dividends, etc. If the Company (i) declares a dividend or makes a
distribution on Common Stock in shares of Common Stock, (ii) subdivides or
reclassifies outstanding shares of Common Stock into a greater number of shares
of Common Stock or (iii) combines or reclassifies outstanding shares of Common
Stock into a smaller number of shares of Common Stock, then the number of shares
of Grantee's Common Stock subject to the transfer restrictions of this Section 2
shall be proportionately increased or reduced so as to prevent the enlargement
or dilution of Grantee's rights and duties hereunder. The determination of the
Company's Board of Directors regarding such adjustments shall be final and
binding.

<PAGE>

     3. FORFEITURE.

     (a) Termination of Employment. If Grantee's employment with the Company is
terminated by Grantee for any reason within the first year of this Grant, then
Grantee shall immediately forfeit all Restricted Shares which are not Vested
Shares unless the Company's Board of Directors, in its discretion, determines
that any or all of such Restricted Shares shall not be so forfeited.

     (b) Forfeited Shares. Any Restricted Shares forfeited hereunder shall
automatically revert to the Company and become canceled. Any certificate(s)
representing Restricted Shares which include forfeited shares shall only
represent that number of Restricted Shares which have not been forfeited
hereunder. Upon the Company's request, Grantee agrees for himself and any other
holder(s) to tender to the Company any certificate(s) representing Restricted
Shares which include forfeited shares for a new certificate representing the
unforfeited number of Restricted Shares.

4.       ISSUANCE OF CERTIFICATE.

     (a) The Restricted Shares may not be transferred until they become Vested
Shares. Further, the Vested Shares may not be sold or otherwise disposed of in
any manner which would constitute a violation of any applicable federal or state
securities laws in the opinion of counsel satisfactory to the Company. The
Company shall cause to be issued a stock certificate, registered in the name of
the Grantee, evidencing the Restricted Shares upon receipt of a stock power duly
endorsed in blank with respect to such shares. Each such stock certificate shall
bear the following legend:

     The transferability of this certificate and the shares of stock represented
hereby are subject to the restrictions, terms and conditions (including
forfeiture and restrictions against transfer) contained in the Restricted Stock
Agreement entered into between the registered owner of such shares and Gexa
Corp. A copy of the Restricted Stock Agreement is on file in the office of the
Secretary of Gexa Corp., located at 20 Greenway Plaza, Suite 600, Houston, Texas
77046.

     Such legend shall not be removed from the certificate evidencing Restricted
Shares until such time as the restrictions imposed by Section 2 hereof have
lapsed.

     (b) The certificate issued pursuant to this Section 4, together with the
stock powers relating to the Restricted Shares evidenced by such certificate,
shall be held by the Company. The Company shall issue to the Grantee a receipt
evidencing the certificates held by it which are registered in the name of the
Grantee.

     5. MISCELLANEOUS.

     (a) Certain Transfers Void. Any purported Transfer of Restricted Shares in
breach of any provision of this Agreement shall be void and ineffectual, and
shall not operate to Transfer any interest or title in the purported transferee.

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<PAGE>

     (b) No Fractional Shares. All provisions of this Agreement concern whole
shares of Common Stock. If the application of any provision hereunder would
yield a fractional share, the value of such fractional share shall be paid to
the Grantee in cash.

     (c) Not an Employment Agreement. This Agreement is not an employment
agreement, and this Agreement shall not be, and no provision of this Agreement
shall be construed or interpreted to create any employment relationship or right
to continued employment with the Company or any subsidiary or affiliate thereof.

     (d) Dispute Resolution. Any dispute arising out of, or relating to this
Agreement or any breach hereof, shall be resolved by binding arbitration in
Houston, Texas in accordance with the Commercial Arbitration Rules of the
American Arbitration Association then in effect, and judgment on the award
rendered by the arbitrator(s) may be entered in any court of competent
jurisdiction. The location of such arbitration in Houston, Texas shall be
selected by the Company in its sole and absolute discretion. All costs and
expenses, including attorneys' fees, relating to the resolution of any such
dispute shall be borne by the party incurring such costs and expenses.

     (e) Notices. Any notice, instruction, authorization, request or demand
required hereunder shall be in writing, and shall be delivered either by
personal in-hand delivery, by telecopy or similar facsimile means, by certified
or registered mail, return receipt requested, or by courier or delivery service,
addressed to the Company at the address indicated beneath its signature on the
execution page of this Agreement, and to Grantee at his address indicated on the
Company's stock records, or at such other address and number as a party shall
have previously designated by written notice given to the other party in the
manner herein set forth. Notices shall be deemed given when received, if sent by
facsimile means (confirmation of such receipt by confirmed facsimile
transmission being deemed receipt of communications sent by facsimile means),
and when delivered and receipted for (or upon the date of attempted delivery
where delivery is refused), if hand-delivered, sent by express courier or
delivery service, or sent by certified or registered mail, return receipt
requested.

     (f) Amendment and Waiver. This Agreement may be amended, modified or
superseded only by written instrument executed by the Company and Grantee. Any
waiver of the terms or conditions hereof shall be made only by a written
instrument executed and delivered by the party waiving compliance. Any amendment
or waiver agreed to by the Company shall be effective only if executed and
delivered by a duly authorized executive officer of the Company other than
Grantee. The failure of any party at any time or times to require performance of
any provisions hereof shall in no manner effect the right to enforce the same.
No waiver by any party of any term or condition in this Agreement, or breach
thereof, in one or more instances shall be deemed a continuing waiver of any
such condition or breach, a waiver of any other condition, or the breach of any
other term or condition.

     (g) Independent Legal and Tax Advice. The Grantee has been advised and
Grantee hereby acknowledges that he or she has been advised to obtain
independent legal and tax advice regarding this grant of Restricted Shares and
the disposition of such shares, including, without limitation, the election
available under Section 83(b) of the Internal Revenue Code.

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<PAGE>

     (h) Governing Law and Severability. This Agreement shall be governed by the
internal laws, and not the laws of conflict, of the State of Texas. The
invalidity of any provision of this Agreement shall not affect any other
provision of this Agreement which shall remain in full force and effect.

     (i) Successors and Assigns. Subject to the limitations which this Agreement
imposes upon transferability of Restricted Shares, this Agreement shall bind, be
enforceable by and inure to the benefit of the Company and its successors and
assigns, and Grantee, and, upon his death, on his estate and beneficiaries
thereof (whether by will or the laws of descent and distribution).

                            [Signature page follows]

                                       4
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
on the date first above written.

                              COMPANY:

                              GEXA CORP.

                              By:     /s/ Neil Leibman
                                      _________________________________
                                       Neil Leibman, Chairman & CEO

                              Address: Gexa Corp.
                                       20 Greenway Plaza, Suite 600
                                       Houston, Texas 77046
                         Telecopy No.: (713) 961-7997

                              GRANTEE:

                              ___________________________________
                              Signature

                              ___________________________________
                              Printed Name

                              SPOUSE:
                              (if applicable)

                              __________________________________
                              Signature

                              __________________________________
                              Printed Name

                                       5NONSTATUTORY STOCK OPTION
                              GRANT AGREEMENT UNDER
                                   GEXA CORP.
                               2004 INCENTIVE PLAN

     THIS AGREEMENT is entered into this ____ day of _______, 2004, (the "Grant
Date") between Gexa Corp., a Texas corporation (the "Company"), and _______ an
employee of the Company ("Grantee"), pursuant to the provisions of the Gexa
Corp. 2004 Incentive Plan (Effective May 27, 2004) (the "Plan").

     WHEREAS, the Committee has authorized and approved the grant of this
Nonstatutory Stock Option to Grantee subject to the terms and conditions
provided herein.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties do hereby agree as follows:

     1. Section 1. Grant of Option. Subject to all of the terms, conditions and
provisions of the Plan and of this Agreement, the Company hereby grants to
Grantee a Nonstatutory Stock Option (the "Option") under the Plan pursuant to
which Grantee shall have the right and option under the Plan to purchase from
the Company all or any part of an aggregate of _____ Shares of the Common Stock
of the Company, par value $.01 per share ("Option Shares"). The Shares, when
issued to Grantee upon the exercise of the Option, shall be fully paid and
nonassessable. This Option is being granted in consideration of the employment
of Grantee with the Company. All capitalized terms used herein shall have the
meanings set forth in the Plan unless otherwise provided herein.

     Section 2. Option Price. The purchase price payable by Grantee to the
Company in exercise of this Option shall be ____ per Share (the "Option Price").
The Option Term shall be from the Grant Date until the tenth (10th) anniversary
of the Grant Date.

     Section 3. Exercise Period and Exercise of Option. The Option shall vest
and become exercisable as to one-third of the Common Stock covered hereby on the
first anniversary of the Grant Date, two-thirds of the Common Stock covered
hereby on the second anniversary of the Grant Date and 100% of the Common Stock
covered hereby on the third anniversary of the Grant Date. Any Option Shares
which remain unexcercised on the tenth (10th) anniversary of the Grant Date
shall expire. Unless specifically provided otherwise in the Plan, the Option may
be exercised at any time with respect to the vested portion as long as Grantee
has been continuously employed by the Company, its parent, or a subsidiary from
the Grant Date until the Option is exercised. Other terms and conditions under
which the Option may be exercised are specifically provided in the Plan.

     Section 4. No Employment Commitment. Grantee acknowledges that neither the
grant of this Option nor the execution of this Agreement by the Company shall be
interpreted or construed as imposing upon the Company an obligation to retain
his services on behalf of the Company or its affiliates for any stated period of
time, which employment shall continue to be at the pleasure of the Company at
such compensation as it shall determine.

<PAGE>

     Section 5. Grantee's Agreement. Grantee expressly and specifically agrees
that:

     (a) The grant of the options is special incentive compensation which shall
not be taken into account as "wages" or "salary" in determining the amount of
payment or benefit to the Grantee under any pension, thrift, stock or deferred
compensation plan of the Company or any affiliate, as the case may be; and

     (b) On behalf of the Grantee's beneficiary, such grant shall not affect the
amount of any life insurance coverage available to such beneficiary under any
life insurance plan covering employees of the Company or any affiliate.

     Section 6. Plan. As previously provided, the Option herein granted by the
Company to Grantee is granted subject to all of the terms, conditions and
provisions of the Plan. Grantee hereby acknowledges receipt of a copy of the
Plan and the parties agree that the entire text of such Plan be, and it hereby
is, incorporated herein by reference as fully as if here copied in full. The
terms of the Plan shall control with respect to the effect of Grantee's
termination of employment, the adjustments to be made in the event of changes in
the capital structure of the Company, Change in Control, and of all of the other
provisions, terms and conditions of the Plan applicable to the Option granted
herein. If any of the provisions of this Agreement conflict with the Plan, the
provisions of the Plan shall be controlling. The Grantee hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Committee, the Company or the Board, as appropriate, upon any questions arising
under the Plan or this Agreement.

     Section 7. Non-Transferability. The Option granted hereunder is not
transferable or assignable by Grantee except by will or by the laws of descent
and distribution or as otherwise specifically provided in the Plan. No right or
benefit hereunder shall in any manner be liable for or subject to any debts,
contracts, liabilities, obligations or torts of Grantee.

     Section 8. No Guarantee of Tax Consequences. The Company and the Committee
make no commitment or guarantee that any federal or state tax treatment will
apply or be available to any person eligible for benefits under the Option. The
Grantee has been advised and been provided the opportunity to obtain independent
legal and tax advice regarding the grant and exercise of the Option and the
disposition of any Shares acquired thereby.

     Section 9. No Rights in Shares. Grantee shall have no rights as a
stockholder in respect of the Shares until the Grantee becomes the record holder
of such Shares.

                                       2
<PAGE>

         Section 10.       Withholding of Taxes.

     (a) Tax Withholding. The Company shall have the power and the right to
deduct or withhold, or require an Grantee to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event
arising as a result of the Option or its exercise hereunder.

     (b) Share Withholding. With respect to tax withholding required upon the
exercise of Option Shares, Grantee may elect, subject to the approval of the
Committee in its sole discretion, to satisfy the withholding requirement, in
whole or in part, by having the Company withhold Shares having a Fair Market
Value on the date the tax is to be determined equal to the statutory total tax
which could be imposed on the transaction. All such elections shall be made in
writing, signed by the Grantee, and shall be subject to any restrictions or
limitations that the Committee, in its discretion, deems appropriate. Any
fraction of a Share required to satisfy such obligation shall be disregarded and
the amount due shall instead be paid in cash by the Grantee.

     The Company shall have the right to take such other action as may be
necessary or appropriate to satisfy any such tax withholding obligations.

     Section 11. Restrictions on Exercise. The Option may not be exercised if
the issuance of such Option Shares or the exercise thereof (including but not
limited to the method of payment of the consideration for such Shares) would
constitute a violation of any applicable federal or state securities or other
laws or regulations, any rules or regulations of any stock exchange on which the
Common Stock may be listed or Company policies.

     Section 12. General.

     (a) Notices. All notices under this Agreement shall be mailed or delivered
by hand to the parties at their respective addresses set forth beneath their
signatures below or at such other address as may be designated in writing by
either of the parties to one another. Notices shall be effective upon receipt.

     (b) Amendment and Termination. No amendment, modification or termination of
the Option or this Agreement shall be made at any time without the written
consent of Grantee and Company.

     (c) Severability. In the event that any provision of this Agreement shall
be held illegal, invalid, or unenforceable for any reason, such provision shall
be fully severable, but shall not affect the remaining provisions of the
Agreement, and the Agreement shall be construed and enforced as if the illegal,
invalid, or unenforceable provision had not been included herein.

                                       3
<PAGE>

     (d) Supersedes Prior Agreements. This Agreement shall supersede and replace
all prior agreements and understandings, oral or written, between the Company
and the Grantee regarding the grant of the Options covered hereby.

     (e) Governing Law. The Option shall be construed in accordance with the
laws of the State of Texas without regard to its conflict of law provisions, to
the extent federal law does not supersede and preempt Texas law.

     (f) Community Property. Each spouse individually is bound by, and such
spouse's interest, if any, in any Shares is subject to, the terms of this
Agreement. Nothing in this Agreement shall create a community property interest
where none otherwise exists.

                           [Signature page follows.]

                                       4
<PAGE>

     IN WITNESS WHEREOF, this Agreement is executed and entered into effective
on the day and year first above written.

                                       GEXA CORP.
                                       20 Greenway Plaza, Suite 600
                                       Houston, Texas 77046
ATTEST:

                                       By:    /s/ Neil M. Leibman
/s/ David K. Holeman                          _____________________________
__________________________________     Name:  Neil M. Leibman
David K. Holeman, Secretary            Title: Chief Executive Officer

                                       ________________, Grantee
                                       ____________________________________
                                       ____________________________________
                                                                   [address]

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