Document:

EX 10.9

    EXHIBIT
      10.9

     

    REDEMPTION
      AND CONVERSION AGREEMENT

    

    This
      Redemption and Conversion Agreement (this “Agreement”)
      is
      made as of January 17, 2007, by and among Solomon Technologies, Inc. (the
“Company”)
      and
      the holders of all of the outstanding Series C Preferred Stock of the Company
      (the “Holders”).

    

    WHEREAS,
      by
      letter dated December 5, 2006 to Integrated Power Systems LLC (“IPS”), acting as
      the Sellers’ Representative (as defined in the Securities Purchase Agreement
      dated August 17, 2006), and pursuant to Section 6(a) of the Certificate of
      Designation of Series and Determination of Rights and Preferences of Series
      C
      Preferred Stock of the Company (the “Certificate
      of Designation”),
      the
      Company notified IPS of its intent to redeem all of the 4,615,381 outstanding
      shares of Series C Preferred Stock on or before December 15, 2006 at a per
      share
      price of $0.7258334 (an aggregate of $3,349,997.68 (the “Aggregate
      Initial Redemption Price”));
      and

    

    WHEREAS,
      by
      letters dated December 14, 2006, IPS, on behalf of all the Holders, agreed
      to
      accept payment of $0.7258334 per share in redemption provided such payment
      was
      received by December 20, 2006, and tendered the Series C Preferred Stock share
      certificates to the Company; and

    

    WHEREAS,
      by
      written consent the Holders of at least 75% of the outstanding Series C
      Preferred Stock, on behalf of all of the Holders, subsequently extended the
      deadline for redemption to December 22, 2006; and

    

    WHEREAS,
      the
      Company did not redeem the Series C Preferred Stock by December 22, 2006, and,
      pursuant to Sections 6(b) and (c) of the Certificate of Designations, the
      Holders are now entitled to receive a redemption price equal to $1.1375 per
      share plus accrued dividends through the date of payment (the “Increased
      Redemption Price”);
      and

    

    WHEREAS,
      the
      Holders acknowledge that although the Company is in the process of completing
      a
      financing transaction in which it intends to sell to private investors
      approximately $5,500,000 of convertible debentures and warrants (the
“Financing”)
      and by
      which it will receive proceeds sufficient to enable the Company pay the
      Aggregate Initial Redemption Price, the proceeds of the Financing will not
      be
      sufficient to enable the Company to pay the aggregate Increased Redemption
      Price
      and the Company is unwilling to engage in the Financing unless as a result
      the
      Company will be able to redeem and/or convert all of the Series C Preferred
      Stock; and 

    

    WHEREAS,
      the
      parties hereto have agreed that immediately upon the closing of the Financing
      the Company shall redeem, at the Increased Redemption Price and on a pro-rata
      basis, that number of shares as may be redeemed with the Aggregate Initial
      Redemption Price and that immediately upon such redemption the shares of Series
      C Preferred Stock not so redeemed shall be converted into shares of common
      stock, par value $0.001 per share, of the Company (“Common
      Stock”)
      on the
      basis of one share of Common Stock for each such share of Series C Preferred
      Stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

    

    1. Redemption.
      Promptly following the closing of the Financing, the Company shall utilize
      a
      portion of the net proceeds thereof equal to the Aggregate Initial Redemption
      Price to redeem, on a pro-rata basis, that number of whole shares of Series
      C
      Preferred Stock as may be redeemed with such net proceeds at the Increased
      Redemption Price. The Company shall pay the Aggregate Initial Redemption Price
      to the Holders by causing such funds to be deposited into the client funds
      account of the Holders’ counsel (the “Deposit
      Account”)
      in
      accordance with the following wire transfer instructions:

    

    
      	Bank
              Name:	
              Bank
                of America

            

      	 	100 West 33rd
              Street

      	 	New York, New York
              10001 

    

     

    
      	ABA#:	
              0260-0959-3

            

    

     

    
      	Account
              Name:	
              Pepe
                & Hazard, LLP

            

      	 	IOLTA Account-Boston
              Office

    
      	Account
              Number:	
              941580677

            

 

    2. Conversion.
      Upon
      deposit of the Aggregate Initial Redemption Payment in the Deposit Account
      in
      accordance with Section 1 hereof, the Company shall, and the Holders hereby
      instruct the Company to, effect the conversion of each share of Series C
      Preferred Stock that is not redeemed in accordance with Section 1 hereof into
      one share of Common Stock. 

    

    3. Statement.
      Upon
      deposit of the Aggregate Initial Redemption Payment in the Deposit Account
      in
      accordance with Section 1 hereof, the Company shall (i) deliver to each Holder
      a
      written statement (the “Redemption
      Statement”)
      that
      shall indicate (A) the number of shares of Series C Preferred Stock being
      redeemed from each Holder, (B) the total number of shares of Common Stock
      (“Conversion
      Shares”)
      to be
      issued to each Holder, and (C) a detailed calculation of such numbers, (ii)
      instruct its transfer agent to issue Conversion Shares to the Holders in the
      amounts indicated on the Redemption Statement, and (iii) cancel the certificates
      for the Series C Preferred Stock. 

    

    4. Distribution
      of Redemption Payment and Conversion Shares.
      The
      Holders hereby agree that upon (a) deposit of the Aggregate Initial Redemption
      Payment in the Deposit Account in accordance with Section 1 hereof, (b) delivery
      of the Redemption Statement as set forth in Section 2 hereof, and (c) receipt
      by
      the Holders of the Conversion Shares, the Company shall be deemed to have duly
      redeemed or converted all of the outstanding shares of Series C Preferred Stock
      and the Company shall have no further liabilities or obligations to the Holders
      in respect of the Series C Preferred Stock.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    5. Release.
      Effective upon (a) deposit of the Aggregate Initial Redemption Payment in the
      Deposit Account in accordance with Section 1 hereof, (b) delivery of the
      Redemption Statement as set forth in Section 2 hereof, and (c) receipt by the
      Holders of the Conversion Shares, each of the Holders, on behalf of itself
      and
      its successors and assigns (collectively, the “Releasors”),
      does
      hereby forever release, discharge and acquit the Company, and each of its
      subsidiaries, affiliates, officers, members, managers, agents and employees,
      and
      their respective successors, heirs, and assigns, and each of them (collectively
      and severally, “Releasees”)
      of and
      from any and all of the following in respect to the Series C Preferred Stock:
      claims, demands, obligations, liabilities, indebtednesses, breaches of contract,
      breaches of duty or any relationship, acts, omissions, misfeasance, malfeasance,
      cause or causes of actions, debts, sums of money, accounts, compensations,
      contracts, controversies, promises, damages, costs, attorneys’ fees, losses and
      expenses, of every type, kind, nature, description or character, and
      irrespective of how, why, or by reason of what facts, whether heretofore, now
      existing or hereafter arising, or that could, might, or may be claimed to exist,
      of whatever kind or name, whether known or unknown, suspected or unsuspected,
      liquidated or unliquidated, each as though fully set forth herein at
      length. 

     

    6. Notices.
      Unless
      otherwise expressly provided in this Agreement, all notices and other
      communications provided for in this Agreement shall be in writing and shall
      be
      deemed delivered (a) when received, if delivered by hand delivery, (b) three
      business days after being sent, certified or registered mail, return receipt
      requested, first class postage prepaid, or (c) one business day after being
      sent
      by nationally recognized overnight courier, addressed (i) if to the Company,
      to
      it at 1400 L&R Industrial Boulevard, Tarpon Springs, FL 34689, marked for
      the attention of the Chief Executive Officer, with a copy (which shall not
      constitute notice) to Davis & Gilbert LLP, 1740 Broadway, New York, NY
      10019, Attention: Ralph Norton, Esq., and (ii) if to a Holder, at its address
      as
      set forth on the books and records of the Company, with a copy (which shall
      not
      constitute notice ) to Pepe & Hazard LLP, 225 Franklin Street,
      16th
      Floor,
      Boston, MA 02110-2804, Attention: Stephen B. Hazard, Esq. All written notices
      delivered by means other than as set forth above shall be deemed effective
      upon
      receipt. Any party may change the address to which notices, requests, consents
      or other communications hereunder are to be delivered by giving the other
      parties notice in the manner set forth in this Section 6. 

     

    7. Choice
      of Law and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, without giving effect to conflict of laws principles. In
      the
      event any action, suit or proceeding is instituted as a result of any matter
      or
      thing affecting this Agreement, the parties hereto hereby designate New York
      County, New York as the proper jurisdiction and the venue in which same is
      to be
      instituted.

     

    8. Miscellaneous.
      This
      Agreement shall be binding upon the Company, the Holders and their respective
      successors and permitted assigns. This Agreement may be altered or amended
      only
      in writing signed by the Company and Holders who hold, or held prior to the
      redemption and conversion described herein, at least 50% of the shares of Series
      C Preferred Stock outstanding on the date hereof. If any provision of this
      Agreement or the application thereof to any person or circumstance shall be
      determined to be invalid or unenforceable, the remaining provisions of this
      Agreement or the application of such provision to persons or circumstances
      other
      than those to which it is held invalid or unenforceable shall not be affected
      thereby and shall be valid and enforceable to the fullest extent permitted
      by
      law. This Agreement may be executed in several counterparts or by separate
      instruments, and all of such counterparts and instruments shall constitute
      one
      agreement, binding on all of the parties hereto. Facsimile signatures shall
      be
      deemed originals for all purposes hereunder. 

     

    (Remainder
      of this page intentionally left blank. Signature page(s)
      follow.)

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              SOLOMON
                TECHNOLOGIES, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/
              Peter W. DeVecchis, Jr.
	 	
              
Name: 
Peter
              W. DeVecchis, Jr.
	 	Title:   
              President

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	POWER DESIGNS, INC.
	 
 	 
 	 
 
	 	 	/s/
              Anthony F. Intino, II
	 	
              
By:
              Anthony F. Intino, II
	 	Its:
              President

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      
        

          COUNTERPART
            SIGNATURE
            PAGE

          TO
            

          REDEMPTION AND
            CONVERSION
            AGREEMENT

           

        

      

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	INTEGRATED POWER SYSTEMS LLC
	 
 	 
 	 
 
	 	 	/s/
              Stanley Young
	 	
              
By:
              Stanley Young
	 	Its:
              President

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

     

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	VANTAGE PARTNERS LLC
	 
 	 
 	 
 
	 	 	/s/
              Anthony F. Intino, II
	 	
              
By:
              Anthony F. Intino, II
	 	Its:
              President

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

         

      

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
	 	
              /s/ Mariano Moran

              
                

              

            
	 	Mariano Moran

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Anthony Intino

              
                

              

            
	 	Anthony Intino

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Allison Bertorelli

              
                

              

            
	 	Allison Bertorelli

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	WOODLAKEN LLC
	 
 	 
 	 
 
	 	
              /s/ Gary M. Laskowski

              
                
By:
                Gary M. Laskowski

            
	 	Its:
              Manager

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

     

    IN
      WITNESS WHEREOF, the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	BRIL CORPORATION PROFIT SHARING
              PLAN
	 
 	 
 	 
 
	 	
              /s/ Gary M. Laskowski

              
                
By:
                Gary M. Laskowski

            
	 	Its:
              Manager

    

    
    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

     

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	JMC VENTURE PARTNERS LLC
	 
 	 
 	 
 
	 	
              /s/ Michael D’Amelio

              
                
By:
                Michael D’Amelio

            
	 	Its:

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

    

    IN
      WITNESS WHEREOF, the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	INTERNATIONAL CAPITAL PARTNERS
              LLC
	 
 	 
 	 
 
	 	
              /s/ Jonathan Betts

              
                
By:
                Jonathan Betts

            
	 	Its:
              Manager

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

     

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	ESTATE OF ROBERT SPARACINO
	 
 	 
 	 
 
	 	
              /s/ Marguerite R. Sparacino

              
                
By: 
Marguerite
                R. Sparacino

            
	 	Its: 
              Executor

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

     

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 	 	HALSTEAD LLC
	 
 	 
 	 
 
	 	
              /s/ Charles Johnston

              
                
By:
                Charles Johnston

            
	 	Its:
              Investment Advisor

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

     

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Gary Laskowski

              
                
Gary
                Laskowski

            
	 	 

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

    

    IN
      WITNESS WHEREOF, the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Shannon LeRoy

              
                
Shannon
                LeRoy

            
	 	 

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Jonathan Betts

              
                
Jonathan
                Betts

            
	 	 

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Michael D’Amelio

              
                
Michael
                D’Amelio

            
	 	 

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
      

        COUNTERPART
          SIGNATURE
          PAGE

        TO
          

        REDEMPTION AND
          CONVERSION
          AGREEMENT

      

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Mark Sadinsky

              
                

              

              Mark Sadinsky

            
	 	 

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

      COUNTERPART
        SIGNATURE
        PAGE

      TO
        

      REDEMPTION AND
        CONVERSION
        AGREEMENT

    

    

    IN
      WITNESS WHEREOF,the
      undersigned has executed this Agreement on the day and year first above
      written.

     

    
      	 	 	
              HOLDER:

            
	 	 	 
	 
 	 
 	 
 
	 	
              /s/ Raymond Joslin

              
                
Raymond
                Joslin

            
	 	 

    

     

    
      
        
        

      

      
        22EX 10.10

    EXHIBIT
      10.10

     

    ESCROW
      AGREEMENT

    

    This
      ESCROW AGREEMENT is made and entered in on January 17, 2007 (this “Escrow
      Agreement”)
      by
      SOLOMON TECHNOLOGIES, INC. (the “Company”),
      the
      PURCHASERS (as defined below) and DAVIS
      & GILBERT LLP,
      as
      escrow agent (“Escrow
      Agent”).

    

    WHEREAS,
      reference is made to that certain Securities Purchase Agreement, dated as of
      even date herewith (the “Purchase
      Agreement”),
      by and
      among the Company and the purchasers identified therein and signatory thereto;
      Capitalized terms used herein and not otherwise defined herein shall have the
      meanings ascribed to such terms in the Purchase Agreement; and

    

    WHEREAS,
      the parties desire to establish an escrow account and the Escrow Agent is
      willing to establish and maintain such Escrow Account, and to disburse the
      funds
      deposited therein, as set forth in the Purchase Agreement, subject to the terms
      and conditions of this Escrow Agreement; and

    

    NOW,
      THEREFORE, in consideration of the covenants and agreements herein set forth
      and
      other good and lawful consideration, the receipt and sufficiency of which is
      hereby acknowledged, the parties hereto, intend to be legally bound, agree
      as
      follows:

    

    1. ESCROW.
      

     

    (a) Escrow
      Agent has established a special, segregated, non-interest bearing bank account
      at City National Bank, in which each Purchaser participating in the Closing
      (each, a “Purchaser”)
      shall
      deposit, by check or wire transfer of immediately available funds in accordance
      with the instructions provided below,
      the
      aggregate Subscription Amount for the Debentures and Warrants to be purchased
      by
      such Purchaser in the Closing. Amounts so deposited into such bank account
      shall
      be hereinafter referred to as the “Escrowed
      Funds”.

     

    
      
        	
                ACCOUNT
                  NAME:

              	
                Davis
                  & Gilbert LLP Escrow Account

              
	 	 
	
                THE
                  BANK:

              	
                City
                  National Bank

              
	 	
                400
                  Park Avenue, 21st Floor 

              
	 	
                New
                  York, NY 10022

              
	 	 
	
                ACCOUNT
                  NUMBER:

              	
                665057925

              
	 	 
	
                ABA
                  NUMBER:

              	
                0260
                  1395 8

              
	 	 
	
                MANDATORY
                  REFERENCE: 

              	
                20911/0007-000/Solomon/ref.
                  Norton

              

      

    

     

    (b) Upon
      request, Escrow Agent shall advise the Company and any Purchaser (or his, her
      or
      its representative or legal counsel) of the aggregate amount of Escrowed Funds.
      As soon as reasonably practicable after a minimum of $4,800,000 of Escrowed
      Funds have been received into escrow (the “Escrow
      Condition”),
      Escrow
      Agent shall advise the Company and each Purchaser (or his, her or its
      representative) of the same.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. RELEASE
      OF ESCROWED FUNDS.

     

    (a) Following
      satisfaction of the Escrow Condition and the other conditions precedent to
      the
      Closing, the Company shall deliver to Escrow Agent written instructions
      regarding the disbursement of the Escrowed Funds, which instructions shall
      include the amounts to be disbursed along with delivery instructions and which
      instructions shall be approved by FWS. As soon as practicable following receipt
      of said instructions, Escrow Agent shall disburse the Escrowed Funds in
      accordance therewith. 

     

    (b) In
      the
      event that the Escrow Condition shall not be satisfied or, for any reason,
      the
      Closing shall not occur on or before January 19, 2007, Escrow Agent shall return
      to each Purchaser such portion of the Escrowed Funds as such Purchaser had
      deposited, without interest. 

     

    3. COVENANTS
      AND AGREEMENTS.

    

    (a) Escrow
      Agent agrees to hold and disburse the Escrowed Funds subject to the terms and
      conditions contained in this Escrow Agreement and the Purchase Agreement. The
      provisions of this Escrow Agreement shall control in the event of any conflict
      between the provisions hereof and the provisions of the Purchase
      Agreement.

     

    (b) Unless
      otherwise provided for in this Escrow Agreement or any addendum thereto, Escrow
      Agent shall disburse the Escrowed Funds without interest or other accumulation
      in value.

     

    (c) Escrow
      Agent shall not be deemed to have knowledge of any matter or thing unless and
      until Escrow Agent has actually received written notice of such matter or thing
      and Escrow Agent shall not be charged with any constructive notice
      whatsoever.

     

    (d) The
      fees
      and expenses of the Escrow Agent or otherwise relating to the Escrow Account
      shall be borne by the Company. 

     

    (e) The
      Company and the Purchasers acknowledge and agree that nothing in this Escrow
      Agreement shall prohibit Escrow Agent from (i) serving in a similar capacity
      on
      behalf of others, or (ii) acting in the capacity of attorneys for the Company.
      

     

    (f) The
      Escrow Agent shall be entitled to rely upon the accuracy, act in reliance upon
      the contents, and assume the genuineness of any notice, instruction,
      certificate, signature, instrument or other document that is given to the Escrow
      Agent pursuant to this Agreement without the necessity of the Escrow Agent
      verifying the truth or accuracy thereof. The Escrow Agent shall not be obligated
      to make any inquiry as to the authority, capacity, existence or identity of
      any
      person purporting to give any such notice or instructions or to execute any
      such
      certificate, instrument or other document.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (g) In
      the
      event Escrow Agent shall be uncertain as to its duties or rights hereunder
      or
      shall receive instructions, claims or demands from the Company and/or Purchasers
      or from third persons with respect to the Escrowed Funds, which, in its sole
      opinion, are in conflict with any provisions of this Escrow Agreement and/or
      the
      Purchase Agreement, or which are in conflict with any other instructions, claims
      or demands from another party, the Escrow Agent shall be entitled to refrain
      from taking any action until it shall be directed otherwise in writing by the
      Company or by a final order or judgment of a court of competent
      jurisdiction.

     

    4. LIABILITY
      OF ESCROW AGENT. It
      is
      agreed that the duties of Escrow Agent are purely ministerial in nature and
      shall be expressly limited to safekeeping of the Escrowed Funds and for the
      disposition of same in accordance with the Purchase Agreement and this Escrow
      Agreement. The Escrow Agent shall not be liable for any action taken or omitted
      hereunder, or for the misconduct of any employee, agent or attorney appointed
      by
      it, except in the case of willful misconduct or gross negligence. The Escrow
      Agent shall be entitled to consult with counsel of its own choosing and shall
      not be liable for any action taken, suffered or omitted by it in accordance
      with
      the advice of such counsel. The
      Escrow Agent shall not be responsible for the performance by the Company of
      its
      obligations under this Escrow Agreement. The
      Company hereby agrees to indemnify Escrow Agent and hold it harmless from and
      against any and all claims, liabilities, damages, costs, penalties, losses,
      actions, suits or proceedings at law or in equity, or any other expenses, fees,
      or charges of any character or nature, which it may incur or with which it
      may
      be threatened directly or indirectly arising from or in any way connected with
      this Escrow Agreement or which may result from Escrow Agent’s following of
      instructions from the Company, and in connection therewith, to indemnify Escrow
      Agent against any and all expenses, including attorneys’ fees and the costs of
      defending any action, suit, or proceeding or resisting any claim, whether or
      not
      litigation is instituted.

     

    5. DISPUTES.
      In
      the
      event Escrow Agent is joined as a party to a lawsuit by virtue of the fact
      that
      it is holding the Escrowed Funds, Escrow Agent shall, at its option, either
      (i)
      tender the Escrowed Funds to the registry of the appropriate court, or (ii)
      disburse the Escrowed Funds in accordance with the court’s ultimate disposition
      of the case, and the Company agrees to indemnify and hold Escrow Agent harmless
      from and against any damages or losses in connection therewith including, but
      not limited to, reasonable attorneys’ fees and court costs at all trial and
      appellate levels. 

     

    6. TERM
      OF AGREEMENT. This
      Escrow Agreement shall remain in effect unless and until it is canceled in
      any
      of the following manners:

     

    (a) Upon
      written notice given by the Company of cancellation of designation of Escrow
      Agent to act and serve in said capacity; or

     

    (b) Escrow
      Agent may resign as Escrow Agent at any time upon giving notice to the parties
      of its desire to so resign; provided, however, that resignation of Escrow Agent
      shall take effect no earlier than ten (10) days after the giving of notice
      of
      resignation; or

     

    (c) Upon
      compliance with all escrow provisions as set forth in this Escrow Agreement
      and
      in the Purchase Agreement, if any.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Upon
      any
      cancellation described above, subject to the provisions of Sections 3(f), Escrow
      Agent shall promptly pay over to the successor escrow agent any Escrowed Funds
      then held in escrow or, in the event the parties fail to agree to a successor
      escrow agent within the period described hereinabove, Escrow Agent shall have
      the right to deposit all of the Escrowed Funds held hereunder into the registry
      of an appropriate court and request judicial determination of the rights between
      the parties, by interpleader or other appropriate action and Company agrees
      to
      indemnify and hold Escrow Agent harmless from and against any damages or losses
      in connection therewith including, but not limited, to reasonable attorneys’
fees and court costs at all trial and appellate levels. 

     

    7. NOTICES.
      Unless
      otherwise expressly provided in this Escrow Agreement, all notices and other
      communications provided for in this Escrow Agreement shall be in writing and
      shall be deemed delivered (a) when received, if delivered by hand delivery,
      (b)
      three Business Days after being sent, certified or registered mail, return
      receipt requested, first class postage prepaid, or (c) one Business Day after
      being sent by nationally recognized overnight courier, addressed (i) if to
      the
      Company, to it at 1400 L&R Industrial Boulevard, Tarpon Springs, FL 34689,
      marked for the attention of the Chief Executive Officer, (ii) if to one or
      more
      Purchasers, at their respective addresses as set forth on Schedule 1 to the
      Purchase Agreement, (iii) if to Escrow Agent, to Davis & Gilbert LLP, 1740
      Broadway, New York, NY 10019, Attention: Ralph Norton, Esq. All written notices
      delivered by means other than as set forth above shall be deemed effective
      upon
      receipt. Any party may change the address to which notices, requests, consents
      or other communications hereunder are to be delivered by giving the other
      parties notice in the manner set forth in this Section 7. 

     

    8. CHOICE
      OF LAW AND VENUE. This
      Escrow Agreement shall be governed by and construed in accordance with the
      laws
      of the State of New York, without giving effect to conflict of laws principles.
      In the event any action, suit or proceeding is instituted as a result of any
      matter or thing affecting this Escrow Agreement, the parties hereto hereby
      designate New York County, New York as the proper jurisdiction and the venue
      in
      which same is to be instituted.

     

    9. MISCELLANEOUS.
      This
      Escrow Agreement shall be binding upon the Company, the Purchasers and Escrow
      Agent and their respective successors and permitted assigns. This Escrow
      Agreement may be altered or amended only in writing signed by the Company,
      Escrow Agent and Purchasers holding at least 67% of the Securities. If any
      provision of this Escrow Agreement or the application thereof to any person
      or
      circumstance shall be determined to be invalid or unenforceable, the remaining
      provisions of this Escrow Agreement or the application of such provision to
      persons or circumstances other than those to which it is held invalid or
      unenforceable shall not be affected thereby and shall be valid and enforceable
      to the fullest extent permitted by law. This Escrow Agreement may be executed
      in
      several counterparts or by separate instruments, and all of such counterparts
      and instruments shall constitute one agreement, binding on all of the parties
      hereto. Facsimile signatures shall be deemed originals for all purposes
      hereunder. 

     

    {Remainder
      of this page left intentionally blank. Signature page(s) to
      follow.)

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    COMPANY
      AND ESCROW AGENT COUNTERPART SIGNATURE PAGE TO

    ESCROW
      AGREEMENT

     

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

     

    
      	 	 	 
	 	SOLOMON
              TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      	 	 	 
	 	DAVIS
              & GILBERT LLP
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    PURCHASER
      COUNTERPART SIGNATURE PAGE TO

    ESCROW
      AGREEMENT

     

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

     

    
      	 	 	FOR
              INDIVIDUAL PURCHASER:
	 
 	 
 	 
 
	 	 	 
	 	
              
[Print
              Name of Purchaser]
	 	 
	 	
              
[Signature]
	 	 

    

     

    
      	 	 	FOR
              ENTITY
              PURCHASER:
	 
 	 
 	 
 
	 	 	 
	 	
              
[Print
              Name of Purchaser]
	 	 
	 	By:
	 	
              
                

              

              [Signature]

            
	 	 
	 	
              
[Print
              Name and Title of
              Signatory]

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