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Exhibit 4.2    
    

 
 

STOCK OPTION
  AWARD AGREEMENT UNDER
  GEXA CORP.
  2002 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN    

        THIS
AGREEMENT is entered into effective this            day
of                        , between Gexa Corp., a Texas corporation (herein called "Company"),
and                        , a
non-employee director of the Company (herein called "Grantee"), pursuant to the provisions of the Company's 2002 Non-Employee Director Stock Option Plan (herein called the
"Plan"). The Plan provides that Grantee is eligible to participate as a Grantee under the Plan, and, to carry out its purposes, the Company has this day authorized the grant, pursuant to the Plan, of
the option set forth below to Grantee. 

        NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties do hereby agree as follows: 

        1.     Grant
of Option. Subject to all of the terms, conditions and provisions of the Plan and of this Agreement, the Company hereby grants to Grantee an option ("Option") under
the Plan pursuant to which Grantee shall have the right and option to purchase from the Company all or any part of an aggregate of            shares of the common stock of the Company, par
value
$0.01 per share ("Common Stock"), which shares shall consist of authorized but unissued shares or issued shares reacquired by the Company. Such Option is intended to be a non-qualified
stock option for purposes of the Internal Revenue Code. 

        2.     Option
Price. The option or purchase price payable by Grantee to the Company on exercise of the Option shall be $            per share, being the fair market value of
the Common Stock of the Company on this date (the "Grant Date") as determined according to the Plan. Upon exercise of the Option, the Grantee shall pay to the Company, in full, the option price for
the shares of Common Stock issuable pursuant to such exercise with cash or Common Stock or as otherwise provided in the Plan. 

        3.     Vesting.
The Grantee shall be eligible to exercise the Option, as follows: 

	Vesting Date
 
	 	Number Of Shares Purchasable
	 
	After date of grant until            	 	0	%
	

On and after            until            	
 	

50	
%
	

On and after            	
 	

100	
%

        4.     Exercise
Period. The Option shall become first exercisable according to the terms of Section 3 hereof. Any portion of the Option, which remains unexercised on the
fifth anniversary of the Grant Date shall expire. The Option may be exercised only if the Common Stock or other securities issuable upon such exercise are duly registered under the Securities Act of
1933 and applicable state securities laws, or unless the issuance is exempt from such registration. 

        5.     Termination.
Grantee acknowledges that neither the grant of options nor the execution of this Agreement by the Company shall be interpreted or construed as imposing upon
the Company an obligation to retain his or her services as a director for any stated period of time. Notwithstanding anything in this Agreement to the contrary, if the Grantee ceases to be a director
of the Company for any reason during the one-year period ended                        , then the Option will be proportionately
reduced based on the number of months during such
one-year period that the Grantee did not serve as a director of the Company. 

        6.     Grantee's
Agreement. Grantee expressly and specifically agrees that with respect to the calendar year in which any portion of the Option is exercised, the Grantee shall
include in his gross 

income
for federal income tax purposes the amount, if any, by which the fair market value (as determined under the Plan) of the stock issuable on the date of exercise exceeds the option price 

        7.     Other
Terms, Conditions and Provisions. As previously provided, the Option herein granted by the Company to Grantee is granted subject to all of the terms, conditions and
provisions of the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and the parties agree that the entire text of such Plan be, and it is, hereby incorporated herein by reference as
fully as if copied herein in full. Reference to such Plan is therefore made for a full description of the rights and methods of exercise of the Option, the adjustments to be made in the event of
changes in the capital structure of the Company, and of all of the other provisions, terms and conditions of the Plan applicable to the Option granted herein. If any of the provisions of this
Agreement shall vary from or be in conflict with the Plan, the provisions of the Plan shall be controlling. 

        8.     Non-Transferability.
The Option granted hereunder is not transferable or assignable by Grantee except as set forth in the Plan. 

        IN
WITNESS WHEREOF, this Agreement is executed and entered into effective on the day and year first above expressed. 

	 	 	GEXA CORP.
	

 	
 	

By:	

  

	 	 	Title:	  

	

 	
 	

GRANTEE:
	

 	
 	

  

	 	 	Name:	  

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Exhibit 4.2

STOCK OPTION AWARD AGREEMENT UNDER GEXA CORP. 2002 NON-EMPLOYEE DIRECTOR STOCK OPTION PLANQuickLinks
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Exhibit 4.3    
    

 
 

STOCK OPTION    

AGREEMENT,
made October 1, 2001, by and between Gexa Corp., a Texas corporation, hereinafter referred to as the "Company" and NEIL LEIBMAN, an individual, hereinafter referred to as the
"Optionee". 

WITNESSETH:

WHEREAS,
pursuant to the resolution adapted by the Board of Directors of the Company, the Company has agreed to grant to the Optionee and Option to purchase shares of common stock of the Company at
the prices per share hereinafter set forth, such option to be for the term and upon the terms and conditions hereinafter stated; 

NOW
THEREFORE, in good consideration of the promises, the mutual covenants herein contained and other good and valuable consideration, the parties hereto agree as follows: 

        1.     Option. The Company hereby grants to the Optionee the right and option (hereinafter referred to as the "Option") to
purchase all or any part of an aggregate of 300,000 shares of common stock of the Company (hereinafter referred to as the "Shares") on the terms and conditions herein set forth. 

        2.     Term. The term of the Option shall commence on October 1, 2001 and shall expire at 5:00 CST on December 31,
2005, unless sooner terminated by the Board of Directors of the Company. 

        3.     Purchase Price. The purchase price of the Option shall be $1.50 per each share covered by the Option. The options are
fully vested on grant date. 

        4.     Securities to be Unregistered. Both the Option and the Shares covered by the Option shall be "unregistered securities" as
defined for the General Rules and Regulations under the Securities Act of 1933, as amended (the "Act"). 

        5.     Exercise. The Option shall be exercisable in whole or in part at any time and from time to time during the term of the
Option by written notice delivered to the Company at 24 Greenway Plaza, Suite 1826, Houston, Texas 77046. The notice shall state the number of Shares with respect to which the Option is being
exercised, shall be signed by the Optionee and shall be accompanied by payment. The Option shall not be exercised at any time when its exercise or the delivery of the Shares referred to in the notice
would be a violation of any law, governmental regulation or ruling. The Option shall be exercisable only by the Optionee. 

        6.     Assignment and Transfer. The Option and the rights and obligations of parties hereunder shall inure to the benefit of and
shall be binding upon their successors and assigns. 

        7.     Optionee as Shareholder. Optionee shall have all rights as a shareholder with respect to the Shares covered by the Option
on and subsequent to the date of issuance of a stock certificate or stock certificates to it. Adjustments will be made for dividends or other rights with respect to which the record date is on or
subsequent to the date such stock certificates were issued. 

        8.     Adjustments for Changes in Capital Structure. In the event of a change in the capital structure of the Company as a result
of any stock dividend, stock split, combination or reclassification of shares, recapitalization or consolidation of, the number of shares covered by the Option shall be appropriately adjusted to
ensure the same absolute benefit to the Optionee. 

        9.     Notices. All notices required or permitted to be given under this option shall be sufficient if in writing and delivered
or sent by registered or certified mail to the principal office of each party. 

        10.   Governing Law. The Agreement shall be governed by and construed in accordance with the laws of the State of Texas. 

IN
WITNESS WHEREOF, the parties have executed this instrument on the day and year first written above. 

	 	 	GEXA CORP.
	

 	
 	

/s/ Neil Leibman
 Neil Leibman, Chairman

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Exhibit 4.3

STOCK OPTIONQuickLinks
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Exhibit 4.4    
    

 
 

STOCK OPTION    

AGREEMENT,
made July 16, 2003, also known as the "date of grant", by and between Gexa Corp., a Texas corporation, hereinafter referred to as the "Company" and NEIL LEIBMAN, an individual,
hereinafter referred to as tile "Optionee". 

WITNESSETH:

WHEREAS,
pursuant to the resolution adapted by the Board of- Directors of the Company. the Company has agreed to grant to the Optionee and Option to purchase shares of common stock of the
Company at the prices per snare hereinafter set forth, such option to be for the term and upon the terms and conditions hereinafter stated, 

NOW
THEREFORE, in good consideration of the promises, the mutual covenants herein contained and other good and valuable consideration, the parties hereto agree as follows: 

        1.     Option. The Company hereby grants to the Optionee the right and option (hereinafter referred to as the "Option") to
purchase all or any part of an aggregate of 150,000 shares of common stock of the Company (hereinafter referred to as the "Shares") on the terms and conditions herein set forth. 

        2.     Term. Tile term of the Option shall commence on the date first above written and shall expire at 5:00 CST ten
(10) years from the date of grant first above written. 

        3.     Purchase Price. Tile purchase price of the Option shall be $1.50 per each share covered by the Option. The options shall
vest as follows: 33.4% on the date of grant and 33.3% on each of the first and second anniversary date of grant. 

        4.     Securities to be Unregistered. Both tile Option and the Shares covered by the Option shall be "unregistered securities" as
defined for the General Rules and Regulations tinder the Securities Act of 1933, as amended (tile "Act"). 

        5.     Exercise. The Option shall be exercisable in whole or in part at any tinge and from tinge to time during the terns Of the
Option by written notice delivered to the Company at 24 Greenway Plaza, Suite 1826, Houston, Texas 77046. The notice shall state the number of' Shares with respect to which the Option is being
exercised, shall be signed by the Optionee and shall be accompanied by payment. "I-he Option shall not be exercised at any time when its exercise or tile delivery of the Shares referred to
in the notice would be a violation of' any law, governmental regulation or ruling. The Option shall be exercisable only, by the Optionee. 

        6.     Assignment and Transfer. Tile Option and the rights and obligations of parties hereunder shall inure to the benefit of and
shall be binding upon their Successors and assigns. 

        7.     Optionee as Shareholder. Optionee shall have all rights as a shareholder with respect to the Shares covered by the Option
on and Subsequent to the date of issuance of a stock certificate or stock certificates to it. Adjustments will be made for dividends or other rights with respect to which the record date is on or
subsequent to the date such stock certificates were issued. 

        8.     Adjustments for Changes in Capital Structure. In the event of a change in the capital structure of the Company as a result
of' any stock dividend, stock split, combination or reclassification of shares. recapitalization or consolidation of, the number of shares covered by the Option shall he appropriately adjusted to
ensure the same absolute benefit to the Optionee. 

        9.     Notices. All notices required or permitted to be given under this option shall be sufficient if in writing and delivered
or sent by registered or certified mail to the principal office of each party. 

        10.   Governing Law. The Agreement shall be governed by and construed in accordance with the laws of the State of Texas. 

IN
WITNESS WHEREOF, the parties have executed this instrument on the day and year first written above. 

	 	 	GEXA CORP.
	

 	
 	

/s/ Neil Leibman
 Neil Leibman, Chairman

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Exhibit 4.4

STOCK OPTION

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