Document:

Unassociated Document

Exhibit 10.3

THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL
(i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE  ACT ) SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR
(ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT
REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN
VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED
UPON ANY WARRANT ISSUED IN EXCHANGE FOR THIS WARRANT OR ANY SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT.

 

FORM
OF
WARRANT
TO PURCHASE COMMON STOCK

 

OF

 

GVI
SECURITY SOLUTIONS, INC.

 

This is
to certify that, FOR VALUE RECEIVED, E&S International Enterprises, Inc. or
assigns ( Holder ), is entitled to purchase, subject to the provisions of this
Warrant, from GVI SECURITY SOLUTIONS, INC., a Delaware corporation (the
 Company ), three million (3,000,000) fully paid, validly issued and
nonassessable shares of common stock, $.001 par value, of the Company ( Common
Stock ) at a price of $1.50 per share at any time or from time to time during
the five-year period (the  Exercise Period ) commencing on May 5, 2005 (the
 Issuance Date ). The number of shares of Common Stock to be received upon the
exercise of this Warrant and the price to be paid for each share of Common Stock
may be adjusted from time to time as hereinafter set forth. The shares of Common
Stock deliverable upon such exercise, and as adjusted from time to time, are
hereinafter sometimes referred to as  Warrant Shares  and the exercise price of
a share of Common Stock in effect at any time and as adjusted from time to time
is hereinafter sometimes referred to as the  Exercise Price.  

 

(a) EXERCISE
OF WARRANT; CANCELLATION OF WARRANT.

 

(1) This
Warrant may be exercised, at the Holder s option, in whole or in part at any
time or from time to time during the Exercise Period; provided, however, that if
either such day is a day on which banking institutions in the State of New York
are authorized by law to close, then on the next succeeding day which shall not
be such a day. 

 

(2) This
Warrant may be exercised by presentation and surrender hereof to the Company at
its principal office with the Purchase Form annexed hereto duly executed and
accompanied by payment of the Exercise Price for the number of Warrant Shares
specified in such form. As soon as practicable after each such exercise of this
Warrant, but not later than seven (7) days following the receipt of good and
available funds, the Company shall issue and deliver to the Holder a certificate
or certificate for the Warrant Shares issuable upon such exercise, registered in
the name of the Holder or its designee. If this Warrant should be exercised in
part only, the Company shall, upon surrender of this Warrant for cancellation,
execute and deliver a new Warrant evidencing the rights of the Holder thereof to
purchase the balance of the Warrant Shares purchasable thereunder. Upon receipt
by the Company of this Warrant at its office in proper form for exercise, the
Holder shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such shares
of Common Stock shall not then be physically delivered to the
Holder.

 

(b) RESERVATION
OF SHARES. The
Company shall at all times reserve for issuance and/or delivery upon exercise of
this Warrant such number of shares of its Common Stock as shall be required for
issuance and delivery upon exercise of the Warrants.

 

(c) FRACTIONAL
SHARES. No
fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. With respect to any fraction of a share called for
upon any exercise hereof, the Company shall pay to the Holder an amount in cash
equal to such fraction multiplied by the current market value of the shares of
Common Stock, determined as follows:

 

(1) If the
Common Stock is listed on a national securities exchange or admitted to unlisted
trading privileges on such exchange or listed for trading on the Nasdaq National
Market, the current market value shall be the last reported sale price of the
Common Stock on such exchange or market on the last business day prior to the
date of exercise of this Warrant or if no such sale is made on such day, the
average of the closing bid and asked prices for such day on such exchange or
market; or

 

(2) If the
Common Stock is not so listed or admitted to unlisted trading privileges, but is
traded on the Nasdaq SmallCap Market, the current market value shall be the
average of the closing bid and asked prices for such day on such market and if
the Common Stock is not so traded, the current market value shall be the mean of
the last reported bid and asked prices reported by the NASD OTC Bulletin Board
or the Pink Sheets, LLC, as applicable, on the last business day prior to the
date of the exercise of this Warrant; or

 

(3) If the
Common Stock is not so listed or admitted to unlisted trading privileges and bid
and asked prices are not so reported, the current market value shall be an
amount, not less than book value thereof as at the end of the most recent fiscal
year of the Company ending prior to the date of the exercise of the Warrant,
determined in such reasonable manner as may be prescribed by the Board of
Directors of the Company.

 

(d) EXCHANGE,
TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This
Warrant is exchangeable, without expense, at the option of the Holder, upon
presentation and surrender hereof to the Company or at the office of its stock
transfer agent, if any, for other warrants of different denominations entitling
the holder thereof to purchase in the aggregate the same number of shares of
Common Stock purchasable hereunder. Upon surrender of this Warrant to the
Company at its principal office or at the office of its stock transfer agent, if
any, with the Assignment Form annexed hereto duly executed and funds sufficient
to pay any transfer tax, the Company shall, without charge, execute and deliver
a new Warrant in the name of the assignee named in such instrument of assignment
and this Warrant shall promptly be cancelled. This Warrant may be divided or
combined with other warrants which carry the same rights upon presentation
hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder
hereof. The term  Warrant  as used herein includes any Warrants into which this
Warrant may be divided or exchanged. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will execute and deliver a new Warrant of
like tenor and date. Any such new Warrant executed and delivered shall
constitute an additional contractual obligation on the part of the Company,
whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at
any time enforceable by anyone.

 

2

(e) RIGHTS
OF THE HOLDER. The
Holder shall not, by virtue hereof, be entitled to any rights of a shareholder
in the Company, either at law or equity, and the rights of the Holder are
limited to those expressed in the Warrant and are not enforceable against the
Company except to the extent set forth herein.

 

(f) ANTI-DILUTION
PROVISIONS. The
Exercise Price in effect at any time and the number and kind of securities
purchasable upon the exercise of the Warrants shall be subject to adjustment
from time to time upon the happening of certain events as follows:

(1) In case
the Company shall hereafter (i) declare a dividend or make a distribution
on its outstanding shares of Common Stock in shares of Common Stock,
(ii) subdivide or reclassify its outstanding shares of Common Stock into a
greater number of shares, or (iii) combine or reclassify its outstanding
shares of Common Stock into a smaller number of shares, the Exercise Price in
effect at the time of the record date for such dividend or distribution or of
the effective date of such subdivision, combination or reclassification shall be
adjusted so that it shall equal the price determined by multiplying the Exercise
Price by a fraction, the denominator of which shall be the number of shares of
Common Stock outstanding after giving effect to such action, and the numerator
of which shall be the number of shares of Common Stock outstanding immediately
prior to such action. Such adjustment shall be made successively whenever any
event listed above shall occur.

 

(2) Whenever
the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to
Subsection (1) above, the number of Warrant Shares purchasable upon
exercise of this Warrant shall simultaneously be adjusted by multiplying the
number of Warrant Shares initially issuable upon exercise of this Warrant by the
Exercise Price in effect on the date hereof and dividing the product so obtained
by the Exercise Price, as adjusted.

 

3

(3) No
adjustment in the Exercise Price shall be required unless such adjustment would
require an increase or decrease of at least two cents ($0.02) in such price;
provided, however, that any adjustments which by reason of this
Subsection (3) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment required to be made hereunder.
All calculations under this Section (f) shall be made to the nearest cent
or to the nearest one-hundredth of a share, as the case may be. Anything in this
Section (f) to the contrary notwithstanding, the Company shall be entitled,
but shall not be required, to make such changes in the Exercise Price, in
addition to those required by this Section (f), as it shall determine, in
its sole discretion, to be advisable in order that any dividend or distribution
in shares of Common Stock, or any subdivision, reclassification or combination
of Common Stock, hereafter made by the Company shall not result in any Federal
income tax liability to the holders of Common Stock or securities convertible
into Common Stock (including Warrants).

 

(4) In the
event that at any time, as a result of an adjustment made pursuant to
Subsection (1) above, the Holder of this Warrant thereafter shall become
entitled to receive any shares of the Company, other than Common Stock,
thereafter the number of such other shares so receivable upon exercise of this
Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
Common Stock contained in Subsections (1) to  (4) inclusive
above.

 

(5) Irrespective
of any adjustments in the Exercise Price or the number or kind of shares
purchasable upon exercise of this Warrant, Warrants theretofore or thereafter
issued may continue to express the same price and number and kind of shares as
are stated in the similar Warrants initially issuable pursuant to this
Agreement.

 

(g) NOTICES
TO WARRANT HOLDERS. So long
as this Warrant shall be outstanding, (i) if the Company shall pay any
dividend or make any distribution upon the Common Stock or (ii) if the
Company shall offer to the holders of Common Stock for subscription or purchase
by them any share of any class or any other rights or (iii) if any capital
reorganization of the Company, reclassification of the capital stock of the
Company, consolidation or merger of the Company with or into another
corporation, sale, lease or transfer of all or substantially all of the property
and assets of the Company to another corporation, or voluntary or involuntary
dissolution, liquidation or winding up of the Company shall be effected, then in
any such case, the Company shall cause to be mailed by certified mail to the
Holder, at least fifteen days prior the date specified in (x) or
(y) below, as the case may be, a notice containing a brief description of
the proposed action and stating the date on which (x) a record is to be
taken for the purpose of such dividend, distribution or rights, or (y) such
reclassification, reorganization, consolidation, merger, conveyance, lease,
dissolution, liquidation or winding up is to take place and the date, if any is
to be fixed, as of which the holders of Common Stock or other securities shall
receive cash or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, dissolution, liquidation or
winding up.

 

4

(h) RECLASSIFICATION,
REORGANIZATION OR MERGER. In case
of any reclassification, capital reorganization or other change of outstanding
shares of Common Stock of the Company, or in case of any consolidation or merger
of the Company with or into another corporation (other than a merger with a
subsidiary in which merger the Company is the continuing corporation and which
does not result in any reclassification, capital reorganization or other change
of outstanding shares of Common Stock of the class issuable upon exercise of
this Warrant) or in case of any sale, lease or conveyance to another corporation
of the property of the Company as an entirety, the Company shall, as a condition
precedent to such transaction, cause effective provisions to be made so that the
Holder shall have the right thereafter by exercising this Warrant at any time
prior to the expiration of the Warrant, to purchase the kind and amount of
shares of stock and other securities and property receivable upon such
reclassification, capital reorganization and other change, consolidation,
merger, sale or conveyance by a holder of the number of shares of Common Stock
which might have been purchased upon exercise of this Warrant immediately prior
to such reclassification, change, consolidation, merger, sale or conveyance. Any
such provision shall include provision for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this
Warrant. The foregoing provisions of this Section (h) shall similarly apply
to successive reclassifications, capital reorganizations and changes of shares
of Common Stock and to successive consolidations, mergers, sales or conveyances.
In the event that in connection with any such capital reorganization or
reclassification, consolidation, merger, sale or conveyance, additional shares
of Common Stock shall be issued in exchange, conversion, substitution or
payment, in whole or in part, for a security of the Company other than Common
Stock, any such issue shall be treated as an issue of Common Stock covered by
the provisions of Subsection (1) of Section (f) hereof.

 

GVI
SECURITY SOLUTIONS, INC.

 

By:_____________________________ 

Name:
Nazzareno E. Paciotti
Title:
Chief Executive Officer and Chief Financial Officer

 

Dated:
May 5, 2005

5

PURCHASE
FORM

 

Dated:________________________

 

The
undersigned hereby irrevocably elects to exercise the within Warrant to the
extent of purchasing   shares
of Common Stock and hereby makes payment of   in
payment of the actual exercise price thereof.

 

INSTRUCTIONS
FOR REGISTRATION OF STOCK

 

Name:___________________________

(Please
typewrite or print in block letters)

 

Address:__________________________

 

Signature:_________________________

 

ASSIGNMENT
FORM

 

FOR VALUE
RECEIVED,   hereby
sells, assigns and transfers unto

 

Name:___________________________

(Please
typewrite or print in block letters)

 

Address:__________________________

 

the right
to purchase Common Stock represented by this Warrant to the extent of
  shares
as to which such right is exercisable and does hereby irrevocably constitute and
appoint  
Attorney, to transfer the same on the books of the Company with full power of
substitution in the premises.

 

Date:_____________________________

 

Signature:_________________________SOLOMON
        TECHNOLOGIES, INC.

      SENIOR
        SECURED PROMISSORY NOTE

      

      THIS
        NOTE
        HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
        AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
        TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
        AN
        OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
        IS NOT REQUIRED UNDER SUCH ACT AND LAWS.

       

      
        	$100,000	
                May
                  25,
                  2005

              

      

       

      FOR
        VALUE
        RECEIVED, SOLOMON TECHNOLOGIES, INC., a Delaware corporation (“Company”), with
        its principal office at 1400 L&R Industrial Boulevard, Tarpon Springs,
        Florida 34689, hereby promises to pay to the order of Coady Family LLC
        (“Holder”), with its principal office at 4309 Speckles Lane, Machipongo, VA
        23405 (the “Holder’s Office”), or its assigns, on July 15, 2005 (the “Maturity
        Date”), the principal amount of ONE HUNDRED THOUSAND DOLLARS ($100,000) (the
“Principal Amount”), in such coin or currency of the United States of America as
        at the time of payment shall be legal tender for the payment of public or
        private debts, together with interest on the unpaid balance of said Principal
        Amount from time to time outstanding at the rate of twelve percent (12%)
        per
        annum (“Interest”). The unpaid Principal Amount, together with the then accrued
        unpaid Interest and all other amounts owed hereunder, shall be due and payable
        on the Maturity Date. Payment of the Principal Amount and Interest hereunder
        shall be made by check to the Holder at the Holder’s office or wire transfer of
        immediately available good funds to such bank account as the Holder may
        designate by notice to the Company prior to any such payment.

      

      In
        connection with the issuance of this Note, the Company has executed a security
        agreement dated as of March 16, 2005 (as amended, restated or modified from
        time
        to time, the “Security Agreement”), pursuant to which the Holder has been
        granted a first priority security interest in the “Collateral” identified
        therein.

       

      This
        Note
        is one of a series of substantially similar notes of the Company with an
        aggregate principal amount of up to $500,000 (collectively, the “Notes”). The
        Notes shall be payable pari passu
        with
        each other but shall at all times be senior to any other indebtedness of
        the
        Company in right of payment of principal, interest and all other sums due
        or
        payable, and all other present and future indebtedness and obligations of
        the
        Company, other than accrued taxes or taxes due and payable. 

       

      This
        Note
        is subject to prepayment in whole or in part at any time and from time to
        time
        without penalty or premium, but with Interest on the amount prepaid to the
        date
        of prepayment. All prepayments will first be applied to the repayment of
        accrued
        fees and expenses, then to Interest accrued on this Note through the date
        of
        such prepayment until all then outstanding accrued Interest has been paid,
        and
        then shall be applied to the repayment of the Principal Amount.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      1. Default.

      

      1.1 Events
        of Default.
        Upon
        the occurrence of any of the following events (herein “Events of
        Default”):

      

      (i) The
        Company shall fail to pay the Principal Amount and Interest on this or any
        other
        Note on the Maturity Date;

      

      (ii) (A) The
        Company shall commence any proceeding or other action relating to it in
        bankruptcy or seek reorganization, arrangement, readjustment of its debts,
        receivership, dissolution, liquidation, winding-up, composition or any other
        relief under any bankruptcy law, or under any other insolvency, reorganization,
        liquidation, dissolution, arrangement, composition, readjustment of debt
        or any
        other similar act or law, of any jurisdiction, domestic or foreign, now or
        hereafter existing; or (B) the
        Company shall admit the material allegations of any petition or pleading
        in
        connection with any such proceeding; or (C) the
        Company shall apply for, or consent or acquiesce to, the appointment of a
        receiver, conservator, trustee or similar officer for it or for all or a
        substantial part of its property or admit generally an inability to pay its
        debts as they become due; or (D) the
        Company shall make a general assignment for the benefit of
        creditors;

      

      (iii) (A) The
        commencement of any proceedings or the taking of any other action against
        the
        Company in bankruptcy or seeking reorganization, arrangement, readjustment
        of
        its debts, liquidation, dissolution, arrangement, composition, or any other
        relief under any bankruptcy law or any other similar act or law of any
        jurisdiction, domestic or foreign, now or hereafter existing and the continuance
        of any of such event for thirty (30) days undismissed, unbonded or undischarged;
        or (B) the
        appointment of a receiver, conservator, trustee or similar officer for the
        Company for any of its property and the continuance of any of such event
        for
        thirty (30) days undismissed, unbonded or undischarged; or (C) the
        issuance of a warrant of attachment, execution or similar process against
        any of
        the property of the Company and the continuance of such event for thirty
        (30)
        days undismissed, unbonded and undischarged;

      

      (iv) Any
        of
        the Company’s representations or warranties contained herein is determined by a
        court of competent jurisdiction as false or misleading in any material respect;
        or

      

      (v) The
        Company shall breach or fail to perform or observe any obligation, covenant,
        term, condition, provision or agreement of the Company contained in this
        Note or
        in any of the other Notes, after giving effect to any applicable notice
        provisions and cure periods; provided, however, that with respect to a failure
        to comply with any of the provisions of Sections 2.2(a) and (c) of this Note,
        such failure is not remedied within twenty (20) days after the Company’s receipt
        of written notice of same; 

       

      then,
        and
        in any such event, the Holder, at its option and without written notice to
        the
        Company, may declare the entire Principal Amount of this Note then outstanding
        together with any accrued Interest thereon immediately due and payable, and
        the
        same shall forthwith become immediately due and payable without presentment,
        demand, protest, or other notice of any kind, all of which are expressly
        waived,
        and exercise any and all other legal or equitable rights resulting therefrom.
        Upon the occurrence of an Event of Default that remains uncured as set forth
        herein and the placement of this Note in the hands of an attorney for
        collection, the Company agrees to pay reasonable collection costs and expenses,
        including reasonable attorneys’ fees and interest from the date of the Event of
        Default at the rate of eighteen percent (18%) per annum computed on the unpaid
        principal balance. The Events of Default listed herein are solely for the
        purpose of protecting the interests of the Holder of this Note.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      1.2 Non-Waiver
        and Other Remedies.
        No
        course of dealing, delay or omission on the part of the Holder of this Note
        in
        exercising any right hereunder shall operate as a waiver or otherwise prejudice
        the right of the Holder of this Note. Holder shall not be deemed to have
        waived
        any of its rights under this Note unless such waiver is in writing and signed
        by
        Holder. A waiver in writing by Holder on one occasion shall not be construed
        as
        a consent to or a waiver of any right or remedy on any future occasion. No
        remedy conferred hereby shall be exclusive of any other remedy referred to
        herein or now or hereafter available at law, in equity, by statute or
        otherwise.

      

      2. Obligation
        to Pay Principal and Interest; Covenants.
        No
        provision of this Note shall alter or impair the obligation of the Company,
        which is absolute and unconditional, to pay the Principal Amount of and Interest
        on this Note at the place, at the respective times, at the rates, and in
        the
        currency or securities herein prescribed.

      

      2.1 In
        no
        event shall the amount or rate of interest due and payable under this Note
        exceed the maximum amount or rate of interest allowed by applicable law and,
        in
        the event any such excess payment is made by Company or received by Holder,
        such
        excess sum shall be credited as a payment of Principal Amount (or if no
        Principal Amount remains outstanding, shall be refunded to the Company).
        It is
        the express intent hereof that the Company shall not pay and Holder not receive,
        directly or indirectly or in any other manner, interest in excess of that
        which
        may be lawfully paid under applicable law. All Interest (including all charges,
        fees or other amounts deemed to be Interest) that is paid or charged under
        this
        Note shall, to the maximum extent permitted by applicable law, be amortized,
        allocated and spread on a pro rata
        basis
        throughout the actual term of this Note.

      

      2.2 Covenants.
        The
        Company covenants and agrees that, while this Note is outstanding, it
        shall:

      

      (a) Pay
        and
        discharge all taxes, assessments and governmental charges or levies imposed
        upon
        it or upon its income and profits, or upon any properties belonging to it
        before
        the same shall be in default; provided, however, that the Company shall not
        be
        required to pay any such tax, assessment, charge or levy that is being contested
        in good faith by proper proceedings and adequate reserves for the accrual
        of
        same are maintained if required by generally accepted accounting principles;
        

      

      (b) Preserve
        its corporate existence and continue to engage in business of the same general
        type as conducted as of the date hereof;

      

      (c) Comply
        in
        all respects with all statutes, laws, ordinances, orders, judgments, decrees,
        injunctions, rules, regulations, permits, licenses, authorizations and
        requirements (“Requirement(s)”) of all governmental bodies, departments,
        commissions, boards, companies or associations insuring the premises, courts,
        authorities, officials, or officers, that are applicable to the Company;
        except
        when the failure to comply would not have a material adverse effect on the
        Company; provided that nothing contained herein shall prevent the Company
        from
        contesting in good faith the validity or the application of any
        Requirements.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      3. Miscellaneous.

      

      3.1 Required
        Consent.
        The
        Company may not modify any of the terms of this Note without the prior written
        consent of the Holder.

      

      3.2 Lost
        Documents.
        Upon
        receipt by the Company of evidence satisfactory to it of the loss, theft,
        destruction or mutilation of this Note or any Note exchanged for it, and
        (in the
        case of loss, theft or destruction) of indemnity satisfactory to it, and
        upon
        surrender and cancellation of such Note, if mutilated, the Company will make
        and
        deliver in lieu of such Note a new Note of like tenor and unpaid principal
        amount and dated as of the original date of the Note.

      

      3.3 Legend.
        This
        Note shall be imprinted with a legend in substantially the following
        form:

      

      THIS
        NOTE
        HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
        AMENDED, OR ANY OTHER STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
        TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
        AN
        OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
        IS NOT REQUIRED UNDER SUCH ACT AND LAWS. 

      

      3.4 Benefit.
        This
        Note shall be binding upon and inure to the benefit of the parties hereto
        and
        their legal representatives, successors and assigns.

      

      3.5 Notices
        and Addresses.
        All
        notices, offers, acceptances and any other acts under this Note (except payment)
        shall be in writing, and shall be sufficiently given if delivered to the
        addressee in person, by overnight courier service or similar receipted delivery,
        or, if mailed, postage prepaid, by certified mail, return receipt requested,
        as
        follows:

      
        	 	
                 

                To
                  the Holder:

              	
                 

                To
                  the Holder’s address on page 1 of this Note,

                Attn.:
                  Patrick D. Coady

                 

              
	 	
                To
                  the Company:

                 

              	
                To
                  the Company’s address on page 1 of this Note,

                Attn:
                  Peter W. DeVecchis, Jr., President

                 

              
	 	
                With
                  a copy to:

              	
                Davis
                  & Gilbert LLP

                1740
                  Broadway

                New
                  York, New York 10019

                Attn: Ralph
                  W. Norton, Esq.

              

      

      

      or
        to
        such other address as any party, by notice to the other parties, may designate
        from time to time. Time shall be counted to, or from, as the case may be,
        the
        delivery in person or five business days after mailing. 

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      3.6 Governing
        Law.
        This
        Note will be deemed to have been made and delivered in New York and will
        be
        governed as to validity, interpretation, construction, effect and in all
        other
        respects by the internal laws of the State of New York. 

      

      3.7 Section
        Headings.
        Section
        headings herein have been inserted for reference only and shall not be deemed
        to
        limit or otherwise affect, in any matter, or be deemed to interpret in whole
        or
        in part any of the terms or provisions of this Note.

      

      3.8 Interpretation.
        Whenever possible, each provision of this Note shall be interpreted in such
        manner as to be effective and valid under applicable law, but if any provision
        of this Note shall be prohibited by or invalid under applicable law, such
        provision shall be ineffective only to the extent of such prohibition or
        invalidity, without invalidating the remainder of such provision or the
        remaining provisions of this Note.

      

      3.9 Assignment.
        All
        rights of Holder under this Note may be assigned by Holder to any third party
        and all rights of Holder hereunder shall inure to the benefit of its
        transferees, successors and assigns.

       

      IN
        WITNESS WHEREOF, this Note has been executed and delivered on the date specified
        above by the duly authorized representatives of the Company and the
        Holder.

      

      
        	 	SOLOMON
                TECHNOLOGIES, INC.
                

                By:
                  /s/
                  Peter W. DeVecchis, Jr.

                Name:
                  Peter
                  W. DeVecchis, Jr. 

                Title:
                  President 

                

                Accepted
                  and Agreed:

                

                COADY
                  FAMILY LLC

                

                By:
                  /s/
                  Patrick D. Coady

                Name:
                  Patrick
                  D. Coady

                Title:
                  Manager

              

      

      
         

        
          
            
            

          

          5

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