Document:

Exhibit 4.2

 

This
convertible debenture has not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or under
the provisions of any applicable state securities laws, but has been acquired by the registered holder hereof for purposes of investment
and in reliance on statutory exemptions under the 1933 Act, and under any applicable state securities laws. This Debenture may
not be sold, pledged, transferred or assigned except in a transaction which is exempt under provisions of the 1933 Act and any
applicable state securities laws or pursuant to an effective registration statement; and in the case of an exemption, only if the
Company has received an opinion of counsel satisfactory to the Company that such transaction does not require registration of this
Debenture.

 

CLEAN
WIND ENERGY TOWER, INC.

 

	Date: _____ __, 2012	$____,000

  

CONVERTIBLE DEBENTURE

 

Clean Wind Energy Tower,
Inc. (the “Company”) for value received, hereby promises to pay to ________________, or registered assigns
(the "Holder") on or before December 31, 2014 (collectively, the "Maturity Date"), at the principal offices
of the Company, the principal sum owed Holder on such date, and to pay interest on the outstanding principal sum hereof at the
rate of eight percent (8%) (the "Debenture"). All principal shall be payable on the Maturity Date in cash or shares of
common stock, at the discretion of the Investor; and interest shall commence accruing on the date hereof, computed on the basis
of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday, Sunday or legal
Bank holiday may be paid on the following business day. Interest shall be payable on the Maturity Date. All payments due hereunder,
to the extent not converted into common stock in accordance with the terms hereof, shall be made in lawful money of the United
States of America. In the event that for any reason whatsoever any interest or other consideration payable with respect to this
Debenture shall be deemed to be usurious by a court of competent jurisdiction under the laws of the State of Maryland or the laws
of any other state governing the repayment hereof, then so much of such interest or other consideration as shall be deemed to be
usurious shall be held by the holder as security for the repayment of the principal amount hereof and shall otherwise be waived.
This Debenture is part of a series of Debentures described in that Confidential Information Memorandum. All terms not defined herein
shall have the meaning as set forth in the Securities Purchase Agreement.

 

1.             Transfers of Debenture to Comply with the 1933 Act.

 

The Holder agrees that
this Debenture may not be sold, transferred, pledged, hypothecated or otherwise disposed of except as follows: (1) to a person
whom the Debenture may legally be transferred without registration and without delivery of a current prospectus under the 1933
Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this Section
1 with respect to any resale or other disposition of the Debenture; or (2) to any person upon delivery of a prospectus then meeting
the requirements of the 1933 Act relating to such securities and the offering thereof for such sale or disposition, and thereafter
to all successive assignees.

 

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2.             Right
of Prepayment. The Company may prepay a portion or all outstanding principal and interest of the Debenture at any
time.

 

3.             Conversion.

 

(a)             Principal.
At any time prior to or at the time of repayment of this Debenture by the Company on the Maturity Date, with respect to the
outstanding principal on this Debenture, the Holder may elect to convert some or all of the principal owing on this Debenture
into shares of the Company’s common stock at a price of $0.[ ] per share (the “Conversion Rate”). Such election
to convert shall be evidenced by completion of the conversion notice attached hereto and delivery of such notice to the Company.
The Holder’s right to convert the principal due under this Debenture to common stock shall supersede the Company’s
right to repay such obligations in cash.

 

(b)             Stock Splits;
Adjustments Due to Dilutive Issuance. If the Company subdivides its outstanding common shares, by split-up or otherwise, or
combines its outstanding common shares, the Conversion Rate then applicable to shares covered by this Debenture shall forthwith
be proportionately decreased in the case of a subdivision, or proportionately increased in the case of a combination.

 

(c)             Reserve
of Shares for Conversion. The Company covenants that it will at all times reserve and keep available a number of its
authorized common shares, free from all preemptive rights, which will be sufficient to permit the exercise of the conversion of
this Debenture. The Company further covenants that such shares as may be issued pursuant to the conversion of this Debenture will
be, upon issuance, duly and validly issued, fully paid and non-assessable and free from all taxes, liens, and charges.

 

4.             Waiver
and Consent. To the fullest extent permitted by law and except as otherwise provided herein, the Company waives
demand, presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary
to charge or hold the Company liable with respect to this Debenture.

 

5.             Costs,
Indemnities and Expenses. In the event of default as described herein, the Company agrees to pay all reasonable fees and
costs incurred by the Holder in collecting or securing or attempting to collect or secure this Debenture, including reasonable
attorneys’ fees and expenses, whether or not involving litigation, collecting upon any judgments and/or appellate or bankruptcy
proceedings. The Company agrees to pay any documentary stamp taxes, intangible taxes or other taxes which may now or hereafter
apply to this Debenture or any payment made in respect of this Debenture, and the Company agrees to indemnify and hold the Holder
harmless from and against any liability, costs, attorneys’ fees, penalties, interest or expenses relating to any such taxes,
as and when the same may be incurred.

 

6.             Intentionally
left blank.

 

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7.             Event
of Default. An “Event of Default” shall be deemed to have occurred upon the occurrence of any of the
following: (i) the Company should fail for any reason or for no reason to make any payment of the principal, interest, costs,
indemnities, or expenses pursuant to this Debenture within ten (10) days of the date due as prescribed herein; (ii) any default,
whether in whole or in part, in the due observance or performance of any obligations or other covenants, terms or provisions to
be performed by the Holder under this Debenture, or (iii) the Holder shall: (1) make a general assignment for the benefit
of its creditors; (2) apply for or consent to the appointment of a receiver, trustee, assignee, custodian, sequestrator,
liquidator or similar official for itself or any of its assets and properties; (3) commence a voluntary case for relief as
a debtor under the United States Bankruptcy Code; (4) file with or otherwise submit to any governmental authority any petition,
answer or other document seeking: (A) reorganization, (B) an arrangement with creditors or (C) to take advantage
of any other present or future applicable law respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief
of debtors, dissolution or liquidation; (5) file or otherwise submit any answer or other document admitting or failing to
contest the material allegations of a petition or other document filed or otherwise submitted against it in any proceeding under
any such applicable law, or (6) be adjudicated a bankrupt or insolvent by a court of competent jurisdiction. Upon an Event
of Default (as defined above), the entire principal balance and accrued interest outstanding under this Debenture, and all other
obligations of the Company under this Debenture, shall be immediately due and payable without any action on the part of the Holder,
interest shall accrue on the unpaid principal balance at fifteen percent (15%) per year and the Holder shall be entitled to seek
and institute any and all remedies available to it.

 

8.             Maximum
Interest Rate. In no event shall any agreed to or actual interest charged, reserved or taken by the Holder as consideration
for this Debenture exceed the limits imposed by Maryland law. In the event that the interest provisions of this Debenture shall
result at any time or for any reason in an effective rate of interest that exceeds the maximum interest rate permitted by applicable
law, then without further agreement or notice the obligation to be fulfilled shall be automatically reduced to such limit and
all sums received by the Holder in excess of those lawfully collectible as interest shall be applied against the principal of
this Debenture immediately upon the Holder’s receipt thereof, with the same force and effect as though the Company had specifically
designated such extra sums to be so applied to principal and the Holder had agreed to accept such extra payment(s) as a premium-free
prepayment or prepayments.

  

9.             Cancellation
of Debenture. Upon the repayment by the Company of all of its obligations hereunder to the Holder, including, without
limitation, the principal amount of this Debenture, plus accrued but unpaid interest, the indebtedness evidenced hereby shall
be deemed canceled and paid in full. Except as otherwise required by law or by the provisions of this Debenture, payments received
by the Holder hereunder shall be applied first against expenses and indemnities, next against interest accrued on this Debenture,
and next in reduction of the outstanding principal balance of this Debenture.

 

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10.           Severability. If any provision of this Debenture is, for any reason, invalid or unenforceable, the remaining
provisions of this Debenture will nevertheless be valid and enforceable and will remain in full force and effect. Any provision
of this Debenture that is held invalid or unenforceable by a court of competent jurisdiction will be deemed modified to the extent
necessary to make it valid and enforceable and as so modified will remain in full force and effect.

 

11.           Amendment
and Waiver. This Debenture may be amended, or any provision of this Debenture may be waived, provided that any
such amendment or waiver will be binding on a party hereto only if such amendment or waiver is set forth in a writing executed
by Holders that participated in the Offering representing a minimum of 50.1% of the principal outstanding under the Debentures.
The waiver by any such party hereto of a breach of any provision of this Debenture shall not operate or be construed as a waiver
of any other breach.

 

12.           Successors.
Except as otherwise provided herein, this Debenture shall bind and inure to the benefit of and be enforceable by the parties
hereto and their permitted successors and assigns.

 

13.           Assignment. This Debenture shall not be directly or indirectly assignable or delegable by the Company or the
Holder.

 

14.           No
Strict Construction. The language used in this Debenture will be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

 

15.           Further Assurances. Each party hereto will execute all documents and take such other actions as the other party
may reasonably request in order to consummate the transactions provided for herein and to accomplish the purposes of this Debenture.

 

16.           Notices, Consents, etc.  Any notices, consents, waivers or other communications required or permitted
to be given under the terms hereof must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) trading day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such
communications shall be:

  

	If to Company:	
        Clean Wind Energy Tower, Inc.

        1997 Annapolis Exchange Parkway, Suite 300

        Annapolis, Maryland 21401

	 	Attention: Ronald Pickett, CEO
	 	Telephone:410-972-4713 
	 	
        Facsimile: 410-972-4701

	 	 
	If to the Holder:	To the address set forth in the Securities Purchase Agreement

 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party three (3) trading days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile
machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or
receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

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17.           Governing
Law; Jurisdiction. THIS DEBENTURE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF Maryland APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE BORROWER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
UNITED STATES FEDERAL COURTS LOCATED IN BALTIMORE, MARYLAND WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS DEBENTURE, THE AGREEMENTS
ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON
A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT
OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH
PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING
UNDER THIS DEBENTURE SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING
PARTY IN CONNECTION WITH SUCH DISPUTE.

 

 18 .           No Inconsistent Agreements. None of the parties hereto will hereafter enter into any agreement, which is inconsistent with the rights granted to the parties in this Debenture.

 

19.           Third
Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or
entity, other than the parties to this Debenture and their respective permitted successor and assigns, any rights or remedies
under or by reason of this Debenture.

 

20.           Waiver
of Jury Trial. AS A MATERIAL INDUCEMENT FOR THE HOLDER TO LOAN TO THE COMPANY THE MONIES HEREUNDER, THE COMPANY HEREBY WAIVES
ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
ASSOCIATED WITH THIS TRANSACTION.

 

21.           Entire
Agreement.  This Debenture (including any recitals hereto) set forth the entire understanding of the parties
with respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation,
oral or written, made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by
instruments signed by all of the parties hereto.

 

[REMAINDER OF PAGE INTENTIONALY LEFT
BLANK]

 

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IN WITNESS WHEREOF,
this Convertible Debenture is executed by the undersigned as of the date hereof.

 

	
        Clean Wind Energy Tower, Inc.

         
	 
	 	 
	By:_____________________________	 
	Name: Ronald Pickett	 
	Title: Chief Executive Officer	 

 

 

 

 

 

 

 

 

 

 

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ADDENDUM

 

NOTICE
OF CONVERSION

 

(To be executed by the Registered Holder
in order to convert the Debenture)

 

 

The undersigned hereby elects to convert $_________
of the principal and $_________ of the interest due on the Debenture issued by Clean Wind Energy Tower, Inc. into Shares of Common
Stock according to the conditions set forth in such Debenture, as of the date written below.

 

 

 

Date of Conversion:____________________________________________________________________

 

 

Conversion Price: $0.____

 

 

Shares To Be Delivered:_________________________________________________________________

 

 

Signature:____________________________________________________________________________

 

 

Print Name:__________________________________________________________________________

 

 

Address:____________________________________________________________________________

 

____________________________________________________________________________

 

 

 

 

 

 

7Exhibit1021-401KPlanAmendmentNo7

EXHIBIT 10.21

AMENDMENT NO. 7 TO THE 
PIONEER NATURAL RESOURCES USA, INC. 
401(k) AND MATCHING PLAN 
(Amended and Restated Effective as of January 1, 2008)

THIS AMENDMENT NO. 7 is made and entered into by Pioneer Natural Resources USA, Inc. (the “Company”):
WITNESSETH:
WHEREAS, the Company maintains the Pioneer Natural Resources USA, Inc. 401(k) and Matching Plan (the “Plan”);
WHEREAS, pursuant to Section 8.3 of the Plan, the Benefit Plan Design Committee (the “Committee”) of the Company maintains the authority to amend the Plan at any time; and
WHEREAS, the Committee desires to amend the Plan to make certain discretionary changes including (i) adding a new participating employer; (ii) providing for prior service for purposes of eligibility and vesting; and (iii) allowing direct rollovers of outstanding loans.
NOW THEREFORE, the Plan is hereby amended effective April 2, 2012 as follows.
1.    Section 1.1(e) of the Plan is hereby amended in its entirety as follows:
“Basic Compensation” means, for all Participants who are not members of the Orange County Union and the Glass Rock/Millwood Union, the sum of (i) the base salary or wages and any overtime payable by an Employer to an Employee for personal services rendered to the Employer (including sick and vacation pay), but excluding any amount payable pursuant to an Employer’s salary continuation program, (ii) any contributions made by an Employer on behalf of the Employee to a qualified cash or deferred arrangement (within the meaning of Code Section 401(k)) maintained by such Employer, including any Catch-Up Contributions, Pre-Tax Contributions and Pre-Tax Bonus Contributions made by an Employer to this Plan on behalf of such Employee, (iii) any compensation reduction amounts elected by such Employee for the purchase of benefits pursuant to a cafeteria plan (within the meaning of Code Section 125(d)) maintained by an Employer, (iv) any elective amounts that are not includible in the gross income of an Employee by reason of Code Section 132(f)(4), and (v) any military differential wage payments made by the Employer; provided, however, that the Basic Compensation of an Employee taken into account under the Plan for any Plan Year shall not exceed $200,000 (as adjusted to take into account any cost-of-living increases authorized pursuant to Code Section 401(a)(17)(B)) and bonuses to be paid on April 15, 2012 for services performed for a previous employer and any quarterly bonus paid will be excluded.
For all Participants who are members of the Orange County Union and the Glass Rock/Millwood Union, “Basic Compensation” means 

1

 
“Compensation” as defined under Section 1.1(k) of the Plan with the following exclusions:
(a)    reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation, and welfare benefits;  
(b)    amounts earned but not paid during the Plan Year solely because of the timing of pay periods and pay dates (the “administrative delay rule”); 
(c)    salary continuation payments paid to a Participant who is permanently and totally disabled (as defined by Code Section 22(e)(3));  
(d)    bonuses to be paid on April 15, 2012 for services performed for a previous employer; and
(e)    any quarterly bonus paid.
2.    The following sentence is hereby added to the first paragraph of Section 1.1(ff) of the Plan as follows:
Solely for the purpose of determining the Period of Service completed by a Covered Employee who was in the employ of Carmeuse Lime, Inc. (or a subsidiary thereof) on April 1, 2012, and who became an employee of an Employer on April 2, 2012 and a Participant in this Plan on April 2, 2012, service with Carmeuse Lime, Inc. or a subsidiary thereof prior to April 2, 2012 shall be considered to be service with an Employer.

3.    The following sentence is hereby added to the end of Section 1.1(iii) as follows: 

Solely for the purpose of determining a Year of Eligibility Service completed by a Covered Employee who was in the employ of Carmeuse Lime, Inc. (of a subsidiary thereof) on April 1, 2012, and who became an employee of an Employer on April 2, 2012 and a Participant in this Plan on April 2, 2012, service with Carmeuse Lime, Inc. or a subsidiary thereof prior to April 2, 2012 shall be considered to be service with an Employer for purposes of determining eligibility to participate in the Plan.  

4.    Section 3.9(a) of the Plan is hereby amended in its entirety as follows:

(a)    a direct rollover of an eligible rollover distribution, including a distribution consisting of Roth Rollover Property and outstanding loans only from the Carmeuse Lime Inc. 401(k) Plan, from:  ((A) a qualified plan described in Code Section 401(a) or 403(a), including after tax employee contributions, ((A) an annuity contract described in Code Section 403(b), excluding after tax employee contributions, or ((A) an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; or  

5.    Section 3.2(a) of the Plan shall be amended in its entirety as follows:

(a)    Unless provided otherwise in subsection (d) of the Section below, for each pay period an Employer shall make to the Plan for each Participant in its employ a Matching 

2

Contribution equal to 200% of the Pre-Tax Contributions and Pre-Tax Contributions designated as Roth Contributions made by the Employer on such Participant’s behalf during such pay period which are not in excess of 5% of such Participant’s Basic Compensation for such pay period.

6.    Subsection (d) shall be added to Section 3.2 of the Plan as follows:

(d)    For each Participant who was employed by Carmeuse Lime, Inc. or a subsidiary thereof and part of a collective bargaining unit as of April 1, 2012, for each pay period an Employer shall make to the Plan for each such Participant in its employ a Matching Contribution as set forth below:

(i)    Orange County Union.  A Matching Contribution equal to 100% of the first 4% and 50% of the next 2% of Pre-Tax Contributions and Pre-Tax Contributions designated as Roth Contributions made by the Employer on such Participant’s behalf during such pay period which are not in excess of 5% of such Participant’s Basic Compensation for such pay period.

(ii)    Glass Rock/Millwood Union.  A Matching Contribution equal to 50% of the first 6% of Pre-Tax Contributions and Pre-Tax Contributions designated as Roth Contributions made by the Employer on such Participant’s behalf during such pay period which are not in excess of 3% of such Participant’s Basic Compensation for such pay period.     

7.    The introduction to the table in Section 5.2 of the Plan is hereby amended in its entirety as follows:

The amounts credited to the Employer Account and Matching Plan Account of a Participant shall become fully vested upon the occurrence of any of the following events while the Participant is in the employ of, on authorized leave of absence from an Employer or Affiliated Company: (1) the completion of an Hour of Service by the Participant on or after the date he or she attains age 60, (2) the Participant’s death, or (3) the Participant’s Permanent Disability.  Further, the amounts credited to the Employer Account and Matching Plan Account of a Participant who dies while performing qualified military service (as defined in Code Section 414(u)) on or after January 1, 2007 also shall become fully vested as if an Employee.  Unless sooner vested pursuant to the preceding sentence, and except as provided in subsections (b) and (c) of this Section and Section 5.3, the amounts credited to a Participant’s Employer Account and Matching Plan Account shall vest in accordance with the following schedule:

8.    Subsection (c) is hereby added to Section 5.2 of the Plan as follows:

(c)    Unless sooner vested pursuant to subsection (a) of this Section, for Participants who were employed by Carmeuse Lime, Inc. or a subsidiary thereof and part of a collective bargaining unit as of April 1, 2012, the amounts credited to that Participant’s Employer Account and Matching Plan Account shall vest in accordance with the following schedule: 

3

	
		
	Period of Service Completed by Participant
	Percentage Vested

	Less than 1 year
	0%

	1 year but less than 2 years
	33%

	2 years but less than 3 years
	67%

	3 or more years
	100%

NOW, THEREFORE, be it further provided that except as provided above, the Plan shall continue to read in its current state.
*  *  *  *  *  *  *  *
IN WITNESS WHEREOF, the Company has executed this Amendment No. 7 this 2nd day of April, 2012, to be effective as specified above.

	
					
	 
	 
	PIONEER NATURAL RESOURCES COMPANY

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	/s/ Larry N. Paulsen

	 
	 
	 
	 
	Name: Larry N. Paulsen

	 
	 
	 
	 
	Title: Vice President, Administration and Risk Management

                                                                 

US 1317671v.4

4

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