Document:

Exhibit
10.12

     

    AMERICAN
DISTRIBUTED GENERATION INC.

    

    SUBSCRIPTION
AGREEMENT

    

    Dear Sir
or Madam:

    

    1.        
    Subscription.  The
undersigned, intending to be legally bound, irrevocably subscribes for and
agrees to purchase the aggregate number of shares of the common stock (“Common
Stock”), par value $.001 per share (each a “Share” and collectively, the
“Shares”), and warrants to purchase shares of Common Stock  (each a
“Warrant” and collectively, the “Warrants”) of American Distributed Generation
Inc., a Delaware corporation  (the “Company”), indicated on the
signature page hereof, on the terms and conditions described herein and in the
Confidential Private Placement Memorandum dated July 25, 2003 (which, together
with all exhibits, attachments, amendments and supplements thereto, is referred
to as the “Memorandum”). The undersigned has also completed the Accredited
Investor Questionnaire attached to this Agreement.

    

    The
undersigned herewith delivers to the Company the consideration (“Purchase
Price”) required to purchase the Shares and the Warrants subscribed for
hereunder by wire transfer funds payable to: American Distributed Generation
Inc., 45 First Avenue, Waltham, MA 02451. The minimum investment is for $50,000
unless otherwise determined in the discretion of the Company. The Shares and the
Warrants will be issued in accordance with the terms and conditions set forth in
the Memorandum. Capitalized terms not otherwise defined in this Agreement have
the meanings specified in the Memorandum.

    

    2.      
      Investor Representations,
Warranties and Covenants. The undersigned hereby acknowledges, represents
and warrants to, and agrees with the Company as follows:

    

    (a)           The
undersigned is acquiring the Shares and the Warrants for the undersigned’s own
account as principal, for investment purposes only, and not with a view to, or
for, resale or distribution of all or any part of the Shares and the Warrants,
and no other person has a direct or indirect beneficial interest in such Shares
or Warrants;

    

    (b)           The
undersigned acknowledges its understanding that the offering and sale of the
Shares and the Warrants is intended to be exempt from registration under the
Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section
4(2) of the Securities Act and Rule 505 of Regulation D (“Regulation D”)
promulgated thereunder and Section 4(6) of the Securities Act, and, in
furtherance thereof, the undersigned represents and warrants to and agrees with
the Company that the undersigned has the financial ability to bear the economic
risk of the undersigned’s investment, has adequate means for providing for the
undersigned’s current needs and contingencies and has no need for liquidity with
respect to the undersigned’s investment in the Shares and the
Warrants.

    

    (c)           The
undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation
D under the Securities Act. The undersigned hereby certifies that the
information set forth in the attached Accredited Investor Questionnaire is
accurate and complete as of the date of this Agreement.

    

    (d)           The
undersigned:

    

    (1)           has
been furnished with a copy of the Memorandum and any other documents which have
been made available upon request and the undersigned has carefully read the
Memorandum and understands and has evaluated the risks of a purchase of the
Shares and the Warrants, including the risks set forth under “Risk Factors” in
the Memorandum; and has relied solely on the information contained in the
Memorandum, and any supplemental written information furnished pursuant to
Subsection (ii) below;

     

    (2)           has
been given the opportunity to ask questions of and receive answers from the
Company concerning the terms and conditions of the Offering of the Shares and
the Warrants, and has been given the opportunity to obtain additional
information necessary to satisfy the undersigned as to the accuracy of the
information contained in the Memorandum to the extent that the Company possesses
such information or can acquire it without unreasonable effort or expense and
has not been furnished with any other offering literature except as referred to
in the Memorandum;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (3)           has
not relied on any oral representation, warranty or information in connection
with the Offering of the Shares and the Warrants by the Company, or any officer,
employee, agent or affiliate of the Company;

    

    (4)           has
determined that the Shares and the Warrants are a suitable investment for the
undersigned and that at this time the undersigned can bear a complete loss of
the undersigned’s investment therein;

    

    (5)           has
such knowledge and experience in financial and business matters that the
undersigned is capable of evaluating the merits and risks of the undersigned’s
investment in the Shares and the Warrants;

    

    (e)           If
the undersigned is a corporation, limited liability company, partnership, trust,
qualified  plan or other entity, it is authorized and qualified to
become a holder of the Shares and the Warrants, and the person signing this
Subscription Agreement on behalf of such entity has been duly authorized to do
so;

    

    (f)           Any
information which the undersigned has heretofore furnished and herewith
furnishes to the Company with respect to the undersigned’s financial position
and business experience is correct and complete as of the date of this Agreement
and if there should be any material change in such information prior to issuance
to the undersigned of the Shares and the Warrants, the undersigned will
immediately furnish such revised or corrected information to the
Company;

    

    (g)           The
foregoing acknowledgments, representations, warranties and agreements shall
survive  the closing at which the Shares and the Warrants are
issued;

    

    (h)           The
undersigned acknowledges that the undersigned has not purchased the Shares or
the Warrants as a result of any general solicitation or general advertising;
and

    

    (i)           The
undersigned’s overall commitment to investments which are not readily marketable
is not disproportionate to the undersigned’s net worth, and the undersigned’s
prospective investment in the Company and will not cause such overall commitment
to become excessive.

     

    3.         
  Investor
Awareness.  The undersigned acknowledges that:

     

    (a)           No
federal or state agency has passed upon the Shares or the Warrants or made any
finding or determination as to the fairness of this investment;

    

    (b)           There
is no established market for the Shares or the Warrants and no assurance has
been given that any public market for them will develop;

    

    (c)           Neither
the Shares nor the Warrants may be sold, pledged or otherwise transferred,
except as may be permitted under the Securities Act and applicable state
securities laws pursuant to registration or exemption therefrom; and
accordingly, the undersigned may be required to bear the financial risks of an
investment in the Shares and the Warrants for an indefinite period of
time;

    

    (d)           The
undersigned consents to (i) the placing of a legend substantially in the form
set forth below on the certificates representing the Shares (or upon any
certificates representing shares of Common Stock issued upon exercise of the
Warrants) stating that the securities have not been registered and setting forth
the restriction on transfer contemplated hereby, and (ii) the placing of a stop
transfer order on the books of the Company and with any transfer agents against
the Shares.

    

    “The
shares represented by this certificate have not been registered under the
Securities Act of 1933, as amended.  These shares have been acquired
for investment and not with a view to distribution or resale and may not be
sold, mortgaged, pledged, hypothecated or otherwise transferred without an
effective registration statement for such sales under the Securities Act of
1933, or an opinion of counsel for the corporation that registration is not
required under such Act.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The
shares represented by this certificate are also subject to the provisions of a
certain Investor Rights Agreement dated July 25, 2003 and may not be transferred
except in accordance with the provisions of that agreement.”

    

    4.        
    Miscellaneous.

     

    (a)           Indemnity. The
undersigned agrees to indemnify and hold harmless the Company, its affiliates,
directors, officers, employees, agents and controlling persons (the Company and
each such person being an “Indemnified Party”), from and against any and all
losses, claims, damages, liabilities and expenses whatsoever (including, but not
limited to, any and all expenses whatsoever reasonably incurred investigating,
preparing or defending against any litigation commenced or threatened or any
claim whatsoever), joint or several, as incurred, to which such Indemnified
Party may become subject under any applicable United States federal or state law
or the laws of any other domestic or foreign jurisdiction, or otherwise, and
related to or arising out of or based upon any false representation, warranty or
acknowledgment, or breach or failure by the undersigned to comply with any
covenant or agreement made by the undersigned herein or in any other document
furnished by the undersigned to any of the foregoing in connection with this
transaction.

    

    (b)           Modification.  Except
as otherwise provided herein, neither this Agreement nor any provisions hereof
shall be modified, discharged or terminated except by an instrument in writing
signed by the party against whom any waiver, change, discharge or termination is
sought.

    

    (c)           Binding
Effect.  Except as otherwise provided herein, this Agreement
shall be binding upon and inure to the benefit of the parties and their heirs,
executors, administrators, successors, legal representatives and assigns. If the
undersigned is more than one person, the obligation of the undersigned shall be
joint and several and the agreements, covenants, representations, warranties and
acknowledgments herein contained shall be deemed to be made by and be binding
upon each such person and his heirs, executors, administrators and
successors.

    

    (d)           Entire
Agreement.  This instrument contains the entire agreement of
the parties and there are no representations, warranties, acknowledgments,
covenants or other agreements except as stated or referred to
herein.

    

    (e)           Assignability.  This
Agreement is not transferable or assignable by the undersigned.

     

    (f)           Governing Law and
Forum.  Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, all the terms and provisions hereof shall
be construed in accordance with and governed by the laws of the Commonwealth of
Massachusetts, without giving effect to its conflict of law principles. Any
dispute which may arise out of or in connection with this Agreement shall be
adjudicated before a court located in Middlesex County, Massachusetts and the
parties hereby submit to the exclusive jurisdiction of the courts of the
Commonwealth of Massachusetts located in Boston, Massachusetts and of the
federal courts in Boston, Massachusetts with respect to any action or legal
proceeding commenced by any party, and irrevocably waive any objection they now
or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an
inconvenient forum, relating to or arising out of this Agreement or any acts or
omissions relating to the sale of the Shares or the Warrants, and the
undersigned consents to the service of process in any such action or legal
proceeding by means of registered or certified mail, return receipt requested,
in care of the address set forth below or such other address as the undersigned
shall furnish in writing to the Company. In the event any such action is
brought, whether at law or in equity, then the prevailing party shall be paid
its reasonable attorney's fees, expenses and disbursements arising out of such
action. The undersigned hereby waives trial by jury in any action or proceeding
involving, directly or indirectly, any matter (whether sounding in tort,
contract, fraud or otherwise) in any way arising out of or in connection with
this Agreement or the Holder’s purchase of the Shares and the
Warrants.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    ALL SUBSCRIBERS MUST
COMPLETE THIS PAGE

     

    IN
WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the
day of

     

    ___________________,
2003.

     

    Number of Shares and Warrants
Subscribed for: ____________

     

    Purchase Price:  
$______________

     

    Manner in
which Title is to be held (Please Check One):

     

    
      	
              1.

            	
               ̈

            	
              Individual

            

    

     

    
      	
              2.

            	
               ̈

            	
              Joint
      Tenants with Right of Survivorship

            

    

    

    
      	
              3.

            	
               ̈

            	
              Community
      Property

            

    

    

    
      	
              4.

            	
               ̈

            	
              Tenants
      in Common

            

    

    

    
      	
              5.

            	
               ̈

            	
              Corporation
      / Limited Liability Company /
Partnership

            

    

    

    
      	
              6.

            	
               ̈

            	
              IRA

            

    

    

    
      	
              7.

            	
               ̈

            	
              Trust
      / Estate / Pension or Profit Sharing
Plan

            

    

    Date Opened: __________

    

    
      
        	
                8.

              	
                 ̈

              	
                As
      a Custodian for __________________ Under the Uniform Gift to Minors
      Act
of the State of
__________________

              

      

    

    

    
      	
              9.

            	
               ̈

            	
              Married
      with Separate Property

            

    

    

    
      	
              10.

            	
               ̈

            	
              Keogh

            

    

    

    
      	
              11.

            	
               ̈

            	
              Tenants
      by the Entirety

            

    

     

    IF
MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN

     

    INDIVIDUAL
SUBSCRIBERS MUST COMPLETE PAGES A4 AND A5

     

    SUBSCRIBERS
WHICH ARE ENTITIES MUST COMPLETE PAGES A4 AND A6

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    EXECUTION BY NATURAL
PERSONS

     

    ___________________________________

     

    Exact
Name in Which Title is to be Held

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	
                                   

                                	 
      	
                                   

                                	 
      
	 
      	
                                  Name
      of Purchaser (Print)

                                	 
      	
                                  Name
      of Additional Purchaser

                                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                   

                                	 
      	
                                   

                                	 
      
	 
      	
                                  Address

                                	 
      	
                                  Address

                                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                   

                                	 
      	
                                   

                                	 
      
	 
      	
                                  City,
      State and Zip Code

                                	 
      	
                                  City,
      State and Zip Code

                                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                   

                                	 
      	
                                   

                                	 
      
	 
      	
                                  Social
      Security Number

                                	 
      	
                                  Social
      Security Number

                                	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                   

                                	 
      	
                                   

                                	 
      
	 
      	
                                  Signature
      of Purchaser

                                	 
      	
                                  Signature
      of Additional Purchaser

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    ACCEPTED this     day of _______________,
2003 on behalf of the Company.

     

    
      
        
          
            	 
      	
                    By:

                  	
                     

                  	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                    Name:

                  	
                     

                  	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                    Title:

                  	
                     

                  	 
      

          

        

      

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXECUTION BY SUBSCRIBER THAT
IS AN ENTITY

     

    (Corporation,
Limited Liability Company, Partnership, Trust, Etc.)

     

    ________________________________________________________

     

    Name of
Entity (Please Print)

     

    Date of
Incorporation or
Organization:  _________________________________________

     

    State of
Principal Offices:
_____________________________________________________

     

    Federal
Taxpayer Identification Number:
________________________________________

     

    
      	
              By:
      ____________________________

            	 
      
	 
      	 
      
	
              Title:
      ____________________________

            	 
      
	 
      	 
      
	
              Attest:
      _________________________

            	
              Address:
      _________________________

            
	
               
      (If Entity is a Corporation)

            	 
      
	 
      	 
      
	 
      	
              _________________________________

            
	 
      	 
      
	 
      	
              _________________________________

            
	 
      	
              Taxpayer
      Identification Number

            

    

     

    ACCEPTED
this     day of
_______________, 2003 on behalf of the Company.

     

    
      
        
          
            
              	 
      	
                      By:

                    	
                      _______________________

                    
	 
      	 
      	 
      
	 	 	 
	 
      	
                      Name:

                    	
                      _______________________

                    
	 
      	 
      	 
      
	 	 	 
	 
      	
                      Title:

                    	
                      _______________________

                    

            

          

        

      

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    ACCREDITED
INVESTOR QUESTIONNAIRE

     

    Please
check the box below that best characterizes the person or entity subscribing for
the Shares and the Warrants under the terms of the foregoing Subscription
Agreement.

     

    
      	
               
      

            	
               ̈

            	
              a
      natural person whose individual net worth, or joint net worth with that
      person’s spouse, at the time of his purchase exceeds US
      $1,000,000.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      natural person who had an individual income in excess of $200,000 in each
      of the two most recent years or joint income with that person’s spouse in
      excess of $300,000 in each of those years and has a reasonable expectation
      of reaching the same income level in the current
  year.

            

    

     

    
      	
               
      

            	
               ̈

            	
              an
      organization described in Section 501(c)(3) of the Internal Revenue Code,
      a corporation, a Massachusetts or similar business trust or a partnership,
      in each case, not formed for the purpose of this investment, with total
      assets in excess of US $5,000,000.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      director, executive officer, or general partner of the issuer of the
      securities being offered or sold, or any director, executive officer, or
      general partner of a general partner of that
  issuer.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      trust with total assets in excess of US $5,000,000, not formed for the
      specific purpose of acquiring the securities offered, whose purchase is
      directed by a sophisticated person as described in Rule 506(b)(2)(ii) of
      the Securities Act of 1933.

            

    

     

    
      	
               
      

            	
               ̈

            	
              an
      entity in which all of the equity owners are accredited
      investors.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      private business development company as defined in Section 202(a)(22) of
      the Investment Advisers Act of
1940.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      Small Business Investment Company licensed by the U.S. Small Business
      Administration  under Section 301(c) or (d) of the Small
      Business Investment Act of 1958.

            

    

     

    
      	
               
      

            	
               ̈

            	
              an
      investment company registered under the Investment Company Act of 1940 or
      a business development company as defined in Section 2(a)(48) of that
      Act.

            

    

     

    
      	
               
      

            	
               ̈

            	
              a
      bank as defined in Section 3(a)(2) or a savings and loan association or
      other institution defined in Section 3(a)(5)(A) of the Securities Act of
      1933 acting in either an individual or fiduciary
  capacity.

            

    

     

    
      	
               
      

            	
               ̈

            	
              an
      insurance company as defined in Section 2(13) of the Securities Act of
      1933.

            

    

     

    
      	
               
      

            	
               ̈

            	
              an
      employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974 whose investment decision is made
      by a fiduciary which is either a bank, savings and loan association,
      insurance company, or registered investment advisor, or whose total assets
      exceed US $5,000,000, or, if a self-directed plan, a plan whose investment
      decisions are made solely by persons who are accredited
      investors.

            

    

     

    
      	
               
      

            	
               ̈

            	
              any
      broker or dealer registered pursuant to Section 15 of the Securities
      Exchange Act of 1934.

            

    

     

    
      	
               
      

            	
               ̈

            	
              any
      plan established and maintained by a state, its political subdivisions, or
      any agency or instrumentality of a state or its political subdivisions for
      the benefit of its employees, if such plan has total assets in excess of
      $5,000,000.

            

    

    
      
         

      

      
        7Exhibit
10.13

     

    American
DG Energy Inc.

    

    RESTRICTED
STOCK PURCHASE AGREEMENT

    

    This Agreement is made as of the 20th
day of February 2007 by and between American DG Energy Inc., a Delaware
corporation having its principal place of business at 45 First Avenue, Waltham,
Massachusetts 02451 (the “Company”), and Charles T. Maxwell, an individual
having an address at 33 Oriole Avenue, Bronxville, NY 10708 (the
“Purchaser”).

     

    The
Company desires to sell, and the Purchaser desires to purchase, 100,000 shares
of the Common Stock of the Company (the “Shares”). The Shares are subject to
repurchase by the Company if the Purchaser ceases to be an employee of, or
consultant, or director to the Company or any parent, subsidiary or affiliate of
the Company for any reason.

    

    NOW
THEREFORE, in consideration of the covenants and agreements set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby mutually acknowledged, the parties hereto covenant and agree as
follows:

    

    1.           Definitions. For the purposes of this
Agreement, the following terms shall have the following respective
meanings.

     

    “Act” shall mean the
Securities Act of 1933, as amended from time to time, and the rules and
regulations thereunder.

    

    “Change in Control”
shall mean (a) the acquisition in a transaction or series of transactions by any
person (such term to include anyone deemed a person under Section 13(d)(3) under
the Exchange Act), other than the Company or any of its subsidiaries, or any
employee benefit plan or related trust of the Company or any of its
subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of fifty percent (50%) or more of the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors; provided a Change in
Control shall not occur solely as the result of an Initial Public Offering or
(b) the sale or other disposition of all or substantially all of the assets of
the Company in one transaction or series of related transactions.

    “Common Stock” shall
mean the shares of Common Stock, par value $.001 per share, of the
Company.

    

    “Company” shall have
the meaning set forth in the preamble to this Agreement.

    

    “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended from time to time, and the
rules and regulations thereunder.

    

    “Purchaser” shall have
the meaning set forth in the preamble to this Agreement.

    

    “Initial Public
Offering” shall mean the consummation of the first fully underwritten,
firm commitment public offering pursuant to an effective registration statement
under the Act, other than on Forms S-4 or S-8 or their then equivalents,
covering the offer and sale by the Company of its equity securities, the
registration of the Company pursuant to Section 12(b) or (g) of the Exchange Act
or such other event as a result of or following which the Shares shall be listed
on Nasdaq, OTC or on any securities exchange on which the Shares are listed for
trading.

    

    “Permitted Transferee”
shall mean any of the following to whom the Purchaser may subsequently transfer
Shares hereunder: the Purchaser’s spouse, children (natural or adopted),
stepchildren, or a trust for the sole benefit of any of such persons of which
the Purchaser is the settlor or any other affiliate of the
Purchaser.

    

    “Repurchase” shall
have the meaning set forth in Section 6 of this Agreement.

    

    “Restricted Shares”
shall initially mean all of the Shares that are not Vested Shares.

    

    “Shares” shall have
the meaning set forth in the preamble to this Agreement.

    

    “Termination Event”
shall mean the termination of the Purchaser’s status as an employee of, or
consultant, or director to the Company or any parent, subsidiary or affiliate of
the Company for any reason.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    “Vested Shares” shall
mean 25% of the
Shares one year after an Initial Public Offering and then 25% of the Shares on
each subsequent anniversary of the Initial Public Offering. All of the Shares
shall become Vested Shares upon a Change in Control prior to a termination
event.

    

    2.           Purchase
and Sale of the Shares. The Company hereby sells the Shares to the
Purchaser, and the Purchaser hereby purchases the Shares from the Company, for a
purchase price of $.001 per share or an aggregate purchase price of One Hundred Dollars ($100.00)
(the “Purchase Price”). The Company hereby acknowledges receipt of the Purchase
Price from the Purchaser. The parties agree to execute and deliver such further
documents as may be necessary to give effect to the purchase and sale of the
Shares.

     

    3.           Representations
by the Company. The Company hereby represents and warrants to the
Purchaser that (a) it has the corporate power and authority to sell the Shares
to the Purchaser, and (b) it has good and marketable title to the Shares free
and clear of all security interests, liens, encumbrances or other claims. Except
as set forth in the preceding sentence, the Company makes no representation or
warranty to the Purchaser with respect to either the Shares or the
Company.

     

    4.           Representations
by the Purchaser.
The Purchaser hereby represents and warrants to the Company as
follows:

    

    (a)           The
Purchaser is acquiring the Shares for his or her own account as principal, for
investment purposes only, and not with a view to, or for, resale or distribution
of all or any part of the Shares, and no other person has a direct or indirect
beneficial interest in such Shares.

    

    (b)           The
Purchaser acknowledges his or her understanding that the sale of the Shares is
intended to be exempt from registration under the Act, and, in furtherance
thereof, the Purchaser represents and warrants to and agrees with the Company
that the Purchaser has the financial ability to bear the economic risk of his or
her investment in the Shares, has adequate means for providing for his or her
current needs and contingencies and has no need for liquidity with respect to
his or her investment in the Shares.

    

    (c)           The
Purchaser has determined the Shares are a suitable investment for the Purchaser
and that at this time he or she can bear a complete loss of his or her
investment in the Shares.

    

    5.           Acknowledgments
by the Purchaser. The Purchaser acknowledges that:

     

    (a)           No
federal or state agency has passed upon the Shares or made any finding or
determination as to the fairness of this investment.

    

    (b)           There
is no established market for the Shares and no assurance has been given that any
public market for them will develop.

    

    (c)           The
Shares may not be sold, pledged or otherwise transferred, except as may be
permitted under the Act and applicable state securities laws pursuant to
registration or exemption therefrom; and accordingly, the Purchaser may be
required to bear the financial risks of an investment in the Shares for an
indefinite period of time.

    

    6.           Repurchase of Restricted
Shares.

    

    (a)           Repurchase. Upon the
occurrence of a Termination Event, the Company shall have the right and option
to repurchase (the “Repurchase”) all or
any portion of the Restricted Shares (that is, Shares that are not then Vested
Shares) held by the Purchaser or any Permitted Transferee as of the date of such
Termination Event at the purchase price of $.001 per share.

    

    (b)           Closing Procedure.
The Company shall effect the Repurchase (if so elected) by delivering or mailing
to the Purchaser (and/or, if applicable, any Permitted Transferees) written
notice within three (3) months after the Termination Event, specifying a date
within such three-month period in which the Repurchase shall be effected. Upon
such notification, the Purchaser and any Permitted Transferees shall promptly
surrender to the Company any certificates representing the Restricted Shares
being purchased, together with a duly executed stock power for the transfer of
such Restricted Shares to the Company.  Upon the Company’s receipt of
the certificates from the Purchaser or any Permitted Transferees, the Company
shall deliver to the Purchaser or any Permitted Transferee a check for the
purchase price of the Restricted Shares being purchased. The Repurchase right
specified herein shall survive and remain in effect as to Restricted Shares
following and notwithstanding any public offering by the Company and
certificates representing such Restricted Shares shall bear legends to such
effect.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (c)           Remedy. Without
limitation of any other provision of this Agreement or other rights, in the
event that the Purchaser, any Permitted Transferee or any other person or entity
is required to sell the Restricted Shares pursuant to the provisions of this
Section 6 and in the further event that he, she or it refuses or for any reason
fails to deliver to the Company the certificate or certificates evidencing such
Restricted Shares together with a related stock power, such designated purchaser
may deposit the purchase price for such Restricted Shares with a bank designated
by the Company, or with the Company’s independent public accounting firm, as
agent or trustee, or in escrow, for the Purchaser, any Permitted Transferee or
other person or entity, to be held by such bank or accounting firm for the
benefit of and for delivery to the Purchaser, any Permitted Transferee or other
person or entity.  Upon any such deposit and upon notice to the
Purchaser or Permitted Transferee who was required to sell the Restricted Shares
to be sold pursuant to the provisions of this Section 6, such Restricted Shares
shall at such time be deemed to have been sold, assigned, transferred and
conveyed to such purchaser, the holder thereof shall have no further rights
thereto (other than the right to withdraw the payment thereof held in escrow, if
applicable), and the Company shall record such transfer in its stock transfer
book or in any appropriate manner.

    

    7.           
 Restrictions
on Transfer of Shares. None of the Shares shall be sold, assigned,
transferred, pledged, hypothecated, given away or in any other manner disposed
of or encumbered, whether voluntarily or by operation of law, unless such
transfer is in compliance with all applicable federal and state securities laws
and such disposition is in accordance with the terms and conditions of this
Section 7. In connection with any transfer of Shares, the Company may require
the transferor to provide at the transferor’s own expense an opinion of counsel
to the transferor, satisfactory to the Company that such transfer is in
compliance with all foreign, federal and state securities laws. Any attempted
disposition of Shares not in accordance with the terms and conditions of this
Section 7 shall be null and void, and the Company shall not reflect on its
records any change in record ownership of any Shares as a result of any such
disposition, shall otherwise refuse to recognize any such disposition and shall
not in any way give effect to any such disposition of any Shares. Subject to the
foregoing general provisions, the Purchaser may sell, assign, transfer or give
away any or all of the Shares only to Permitted Transferees; provided, however, that such
Permitted Transferee(s) shall, as a condition to any such transfer, agree to be
subject to the provisions of this Agreement (including, without limitation, the
provisions of Section 6 and this Section 7) and shall have delivered a written
acknowledgment to that effect to the Company.

    

    8.         
   Legend.
Each certificate(s) representing the Shares shall carry substantially the
following legend:

    “The
transferability of this certificate and the shares of stock represented hereby
are subject to the restrictions, terms and conditions (including repurchase and
restrictions against transfers) contained in a certain Restricted Stock Purchase
Agreement between the Company and the holder of this certificate (a copy of
which is available at the offices of the Company for examination).

     

    The
securities represented hereby have not been registered under the Securities Act
of 1933, as amended (the “Act”), or any state securities or “blue sky” laws and
may not be offered, sold, transferred, hypothecated or otherwise assigned except
(1) pursuant to a registration statement with respect to such securities which
is effective under the Act; or (2) pursuant to an available exemption from
registration under the Act relating to the disposition of securities; and (3) in
accordance with applicable state securities and “blue sky” laws.”

     

    9.        
   Miscellaneous
Provisions.

    

    (a)           Record Owner;
Dividends. The Purchaser and any Permitted Transferees, during the
duration of this Agreement, shall be considered the record owners of and shall
be entitled to vote the Shares. The Purchaser and any Permitted Transferees
shall be entitled to receive all dividends and any other distributions declared
on the Shares; provided, however, that the
Company is under no duty to declare any such dividends or to make any such
distribution.

    

    (b)           Equitable Relief. The
parties hereto agree and declare that legal remedies are inadequate to enforce
the provisions of this Agreement and that equitable relief, including specific
performance and injunctive relief, may be used to enforce the provisions of this
Agreement.

    

    (c)           Change and
Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This
Agreement may be changed, modified or terminated only by an agreement in writing
signed by the Company and the Purchaser.

    
      
         

      

      
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    (d)           Choice
of Law. Notwithstanding the place where this Agreement may be executed by any of
the parties hereto, all the terms and provisions hereof shall be construed in
accordance with and governed by the laws of the Commonwealth of Massachusetts,
excluding any conflicts or choice of law rule or principle that might otherwise
refer construction or interpretation of this agreement to the substantive law of
another jurisdiction. Any dispute which may arise out of or in connection with
this Agreement shall be adjudicated before a court located in Boston,
Massachusetts and the parties hereby submit to the exclusive jurisdiction of the
courts of the Commonwealth of Massachusetts located in Boston, Massachusetts and
of the federal courts in Boston, Massachusetts with respect to any action or
legal proceeding commenced by any party, and irrevocably waive any objection
they now or hereafter may have respecting the venue of any such action or
proceeding brought in such a court or respecting the fact that such court is an
inconvenient forum, relating to or arising out of this Agreement or any acts or
omissions relating to the sale and purchase of the Shares, and each of the
Company and the Purchaser (including any Permitted Transferees) consents to the
service of process in any such action or legal proceeding by means of registered
or certified mail, return receipt requested, or by means of a recognized
overnight air courier service in care of the address set forth below or such
other address as each party shall furnish in writing to the other. In the event
any such action is brought, whether at law or in equity, then the prevailing
party shall be paid his, her or its reasonable attorneys’ fees, expenses and
disbursements arising out of such action. The parties hereby waive trial by jury
in any action or proceeding involving, directly or indirectly, any matter
(whether sounding in tort, contract, fraud or otherwise) in any way arising out
of or in connection with this Agreement or the purchase of the
Shares.

    

    (e)           Headings. The
headings are intended only for convenience in finding the subject matter and do
not constitute part of the text of this Agreement and shall not be considered in
the interpretation of this Agreement.

    

    (f)        
   Saving Clause. If any
provision(s) of this Agreement shall be determined to be illegal or
unenforceable, such determination shall in no manner affect the legality or
enforceability of any other provision hereof.

    

    (g)           Notices. All notices,
requests, consents and other communications shall be in writing and be deemed
given when delivered personally, by facsimile transmission or by a recognized
overnight courier service or when received if mailed by first class registered
or certified mail, postage prepaid.  Notices to the Company or the
Purchaser shall be sent to the addresses first set forth above, or to such other
address or addresses as may have been furnished by such party in writing to the
other. Notices to any holder of the Shares other than the Purchaser shall be
addressed to the address furnished by such holder to the Company.

    

    (h)           Benefit and Binding
Effect. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto, their respective successors, assigns, and legal
representatives. Without limitation of the foregoing, upon any stock-for-stock
merger in which the Company is not the surviving entity, shares of the Company’s
successor issued in respect of the Shares shall remain subject to terms,
conditions and restrictions set forth herein. The Company has the right to
assign this Agreement, and such assignee shall become entitled to all the rights
of the Company hereunder to the extent of such assignment.

    

    (i)      
     Employment or
Consulting. This Agreement does not confer upon the Purchaser any rights
with respect to continuation of his or her employment or consulting relationship
with the Company, nor shall it interfere with any right of the Company to
terminate such employment or consulting relationship at any time.

    

    (j)     
      Counterparts. For the
convenience of the parties and to facilitate execution, this Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which shall constitute one and the same document.

    

    IN
WITNESS WHEREOF, the Company and the Purchaser have executed this Restricted
Stock Purchase Agreement as of the date first above written.

    

    AMERICAN DG ENERGY
INC.

     

    
      
        
          
            
              	
                      By:

                    	
                       

                    	 
      	 
      	
                       

                    	 
	 
      	 
      	 
      	 
	
                      Name:  
      John N. Hatsopoulos

                    	
                      Name:
      Charles T. Maxwell

                    	 
	 
      	 
      	 
	
                      Title:    
      CEO

                    	 
      	 

            

          

        

      

    

    
      
         

      

      
        4

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