Document:

ICP Solar Technologies, Inc.: Exhibit 10.3 - Prepared by TNT Filings
   Inc.

Exhibit 10.3

SECURITY AGREEMENT FOR GRID NOTES

This SECURITY AGREEMENT FOR GRID NOTES, dated as of October 8, 2009 (this “Agreement”), is among ICP Solar Technologies, Inc., a Nevada corporation (the “Company”), all of the
active Subsidiaries of the Company (such subsidiaries, the “Guarantors” and together with the Company, the “Debtors”) and the holders of the Company’s Grid Notes due October 1, 2010 and issued from time to time
pursuant to the Line of Credit Agreement dated October 8, 2009 (the “Line of Credit Agreement”), in the original aggregate principal amount of up to $888,000 (collectively, the “Grid Notes”) signatory hereto,
their endorsees, transferees and assigns.

W I T N E S S E T H:

 WHEREAS, BridgePointe Master Fund Ltd., Platinum Long Term Growth VI, LLC, Gemini Master Fund, Ltd. (collectively the “Initial Buyers”) and the Company (collectively the “Initial Parties”) previously entered into
an Intellectual Property Security Agreement dated on or about June 13, 2009 (the “Intellectual Property Security Agreement”) and a Security Agreement dated June 13, 2008, which was subsequently amended and restated on December 31, 2008
(“Initial Security Agreement”)(collectively, the “Initial Security Documents”); 

WHEREAS, the Initial Parties have agreed that the security interest granted herein to the Secured Parties (as defined herein) shall rank pari passu with the security interest (“Initial Security
Interest”) granted to the Initial Buyers (“Initial Secured Parties”) pursuant to the Initial Security Documents; 

 WHEREAS, pursuant to the Line of Credit Agreement, the Secured Parties have severally and not jointly agreed to the terms under which the Buyers may extend the loans to the Company evidenced by the Grid Notes;

WHEREAS, pursuant to a certain Subsidiary Guarantee, dated as of the date hereof (the “Guarantee”), the Guarantors have jointly and severally agreed to guarantee and act as surety for payment of all
obligations under such Grid Notes; and 

WHEREAS, in order to induce the Secured Parties to extend the loans evidenced by the Grid Notes, each Debtor has agreed to execute and deliver to the Secured Parties this Agreement and to grant the Secured Parties,
pari passu with each other Secured Party and through the Agent, a security interest in certain property of such Debtor to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the
Grid Notes and the Guarantors’ obligations under the Guarantee. 

NOW, THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

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1. 

The Parties to this Agreement agree that all of the terms and conditions set
forth in the Initial Documents shall apply mutatis mutandis to this Agreement.

2. 

Capitalized terms not otherwise defined shall have the meanings set forth in the
Initial Security Agreement. For purposes hereof, the following terms shall have
the following meanings: 

“Buyer” shall have the meaning set forth in the Line of Credit Agreement. 

“Grid Note Obligations” shall mean all obligations of the Debtors to the Buyers under the Grid Notes issued or issuable under the Line of Credit Agreement and all obligations of the Debtors to the Buyers under the accompanying
Transaction Documents 

“Secured Parties” shall mean the Buyers.

3. 

The Parties further agree that the Initial Security Interest granted to each
Initial Secured Party therein including the security granted on Collateral,
Intellectual Property and Pledged Securities (each as defined in the Initial
Securities Agreement) shall be continued and applied to the Grid Notes held by
the respective Secured Party herein. The term “Obligations” under the Initial
Security Agreement and under the Guarantee agreement between the parities shall
expressly be deemed to include the Grid Note Obligations. 

4. 

This Agreement creates, and each Debtor grants, in favor of the Buyers a valid security interest in the Collateral, securing the payment and performance of the Grid Note Obligations.  All security interests created
under the Initial Documents shall be deemed to have been made and perfected to include all obligations under the Grid Notes issued or issuable under the Line of Credit Agreement and all obligations under the accompanying Transaction Documents.

5. 

The execution, delivery and performance of this Agreement by the Debtors does not (i) violate any of the provisions of any Organizational Documents of any Debtor or any judgment, decree, order or award of any court,
governmental body or arbitrator or any applicable law, rule or regulation applicable to any Debtor or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing any Debtor's debt or otherwise) or other understanding to
which any Debtor is a party or by which any property or asset of any Debtor is bound or affected. If any, all required consents (including, without limitation, from stockholders or creditors of any Debtor) necessary for any Debtor to enter into and
perform its obligations hereunder have been obtained. 

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6. 

Each Debtor to this Agreement shall be bound by all of the terms and obligations
to the Secured Parties, as set forth in the Initial Documents. 

7. 

To the extent that the grant of the security interest in the Collateral and the
enforcement of the terms hereof require the consent, approval or action of any
partner or member, as applicable, of any Debtor or any direct or indirect
subsidiary of any Debtor or compliance with any provisions of any of the
Organizational Documents, the Debtors hereby grant such consent and approval and
waive any such noncompliance with the terms of said documents. 

[SIGNATURE PAGES FOLLOW]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement for Grid Notes to be duly executed on the day and year first above written. 

ICP SOLAR TECHNOLOGIES, INC.

By:__________________________________________

 

Name: 

Title: 

1260491 ALBERTA, INC.

By:__________________________________________
  

Name: 

Title: 

ICP SOLAR TECHNOLOGIES, INC. (CANADA) 

By:__________________________________________
  

Name: 

Title: 

ICP GLOBAL TECHNOLOGIES, INC. (CANADA)

By:__________________________________________
  

Name: 

Title: 

WES POWER TECHNOLOGY, INC. (CANADA)

By:_________________________________________
  

Name: 

Title: 

[SIGNATURE PAGE OF INITIAL BUYERS/BUYERS FOLLOWS]

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[SIGNATURE PAGE OF INITIAL BUYERS/BUYERS TO ICP SOLAR TECHNOLOGIES, INC. SECURITY AGREEMENT FOR GRID NOTES] 

Name of Entity: __________________________
 

Signature of Authorized Signatory of Investing entity: _________________________

 Name of Authorized Signatory: _________________________

 Title of Authorized Signatory: __________________________

Check One or Both:

Initial Buyer: ___________

   Buyer of Grid Notes: ___________
 

5ICP Solar Technologies, Inc.: Exhibit 10.4 - Prepared by TNT Filings
   Inc.

Exhibit 10.4

LOCKUP AGREEMENT

This AGREEMENT (the "Agreement") is made as of the 8th day of October, 2009, by the
signatory hereto (the "Holder"), in connection with his ownership of shares of ICP Solar Technologies, Inc., a Nevada corporation (the "Company"). 

 NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of which consideration are hereby acknowledged, Holder agrees as follows: 

	
 	
1. 		
Background. 

	

  a.  

  Holder is the beneficial owner of the amount of shares of the Common
Stock, $0.00001 par value per share, of the Company (“Common Stock”) designated on the signature page hereto. 

  b. 

  Holder acknowledges that the Company has entered into or will enter into at or
  about the date hereof Line of Credit Agreements (the “Line of Credit
  Agreements”), dated on or about a date even herewith, with subscribers (the
  “Subscribers”) to purchase up to $800,000 of the Company’s Senior Secured Grid
  Notes, due October 1, 2010 (“Grid Notes”). Holder understands that, as a
  condition to the execution and effectiveness of the Waiver and Agreement, the
  Buyers have required, and the Company has agreed to obtain on behalf of the
  Buyers an agreement from the Holder to refrain from selling any securities of
  the Company during the period (the “Restriction Period”) from the date hereof
  and until the date that no Grid Notes of any of the Buyers remain outstanding.

2.

Share Restriction.

  a. 

  Holder hereby agrees that during the Restriction Period, the Holder will not
  sell or otherwise dispose of any shares of Common Stock or any options,
  warrants or other rights to purchase shares of Common Stock or any other
  security of the Company which Holder owns or has a right to acquire as of the
  date hereof. Holder further agrees that the Company is authorized to and the
  Company agrees to place "stop orders" on its books to prevent any transfer of
  shares of Common Stock or other securities of the Company held by Holder in
  violation of this Agreement. The Company agrees not to allow to occur any
  transaction inconsistent with this Agreement. The restrictions set forth in
  this Agreement are in addition to, and not instead of, any restrictions in any
  prior lockup agreement between any of the parties. 

  b. 

  Any subsequent issuance to and/or acquisition by Holder of Common Stock or
  options or instruments convertible into Common Stock will be subject to the
  provisions of this Agreement. 

1

	
 	
3. 		
Miscellaneous. 

	

a. 

At any time, and from time to time, after the signing of this
Agreement Holder will execute such additional instruments and take such action as may be reasonably requested by the Buyers to carry out the intent and purposes of this Agreement. 

  b. 

  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state of New York.  The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any
action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The parties executing this Agreement and other agreements referred to herein or delivered in
connection herewith agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In
the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any
agreement. 

  c. 

  The restrictions on transfer described in this Agreement are in addition to
  and cumulative with any other restrictions on transfer otherwise agreed to by
  the Holder or to which the Holder is subject to by applicable law. 

  d. 

  This Agreement shall be binding upon Holder, its legal representatives,
  successors and assigns. 

  e. 

  This Agreement may be signed and delivered by facsimile and such facsimile
  signed and delivered shall be enforceable. 

  f. 

  The Company agrees not to take any action or allow any act to be taken which
  would be inconsistent with this Agreement. 

[Signature Page of Holder Follows]

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IN WITNESS WHEREOF, and intending to be legally bound hereby, Holder has executed this Agreement as of the day and year first above written. 

  HOLDER:

___________________________   

(Signature of Holder)

                  Sass Peress                       
   

(Print Name of Holder)

___________________________   

Number of Shares of Common Stock

Beneficially Owned and as more fully

described below if not in the form of

shares of Common Stock 

[Signature Page of Company Follows]

3

COMPANY:

ICP Solar Technologies, Inc.

By: ________________________________  

Print Name:  __________________________   

Title:   ______________________________

 

ADDRESS:

Attn: Sass Peress, President, CEO &

Chairman 

ICP Solar Technologies, Inc. 

7075 Place Robert-Joncas 

Unit 131 

Montreal H4M272 

Phone: 514-270-5770 

Fax: (514) 270-3677

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