Document:

EX-4.14

EXECUTION COPY

CHANGING WORLD TECHNOLOGIES, INC.

Exhibit 4.14

PROMISSORY NOTE

			
	$150,000
	 	As of December 30, 2008

     FOR VALUE RECEIVED, Changing World Technologies, Inc., a Delaware corporation (the
“Obligor”), hereby unconditionally promises to pay to Gas Technology Institute (the
“Payee”), the principal amount set forth in Section 2 hereto, as the same may be modified
or amended from time to time with the consent of the Obligor and the Payee, together with interest
thereon as provided in Section 1 hereto, on the Maturity Date (as defined below), on the terms and
subject to the conditions provided herein. Reference is made to that certain Collateral, Agency and
Intercreditor Agreement dated on or about the date hereof (as the same may be amended, modified,
supplemented or restated from time to time, the “Agreement”) among the Obligor, Resource
Recovery Corporation, a Delaware corporation, the Payee, certain other creditors of the Obligor
party thereto (together with the Payee, collectively, the “Secured Creditors” and each,
individually, a “Secured Creditor”), and Ira B. Silver, in his capacity as collateral agent
for the Secured Creditors (in such capacity, the “Agent”). The Obligor agrees, the Payee,
by accepting this Note, agrees, and all subsequent holders of this Note each agree, that certain
rights and obligations of the Obligor and the Payee hereunder are governed by and are subject to
the terms of the Agreement, to the extent set forth therein, and in the event that there is any
inconsistency between the terms contained in this Note and the terms contained in the Agreement,
the terms contained in the Agreement shall prevail.

     1. Interest. From the date hereof until (but not including) the date this Note is paid
in full, interest shall accrue on the outstanding principal amount of this Note at a rate per annum
equal to eighteen 18% percent (the “Rate”) compounded annually on each anniversary of the
date hereof. The payment of accrued interest hereunder shall be deferred to the Maturity Date or to
any other date when the unpaid principal amount hereof is declared or becomes due and payable. The
amount of accrued interest so deferred will bear interest at the Rate, to the extent that payment
of such interest is lawful, until paid in full. Upon the occurrence and during the continuance of
an Event of Default (as defined below), the unpaid principal amount of this Note and, to the extent
permitted by applicable law, any interest payments or any fees or other amounts owed hereunder,
shall thereafter bear interest (including post petition interest in any proceeding under any
applicable bankruptcy laws, whether or not allowed in such a proceeding) payable on demand at a
rate that is two percent (2.0%) per annum in excess of the Rate otherwise applicable thereto
pursuant to the first sentence of this Section 1 (the “Default Rate”). Interest payable pursuant
hereto shall be calculated on the basis of a 360-day year for the actual days elapsed.

     2. Loan. On the terms and subject to the conditions contained in this Note, the
principal amount of this Note shall be made available to the Obligor in a single drawing on the

     [Signature Page to Promissory Note]

 

 

day hereof in the aggregate principal amount equal to One Hundred Fifty Thousand $150,000 Dollars
(the “Loan”).

     By executing and delivering this Note, the Obligor hereby certifies that all conditions
precedents set forth in Section 3 have been satisfied and requests the Payee to make the Loan under
this Note on the date hereof and to deposit the proceeds thereof to the following account:

	 	 	 
	Company Name:
	 	Changing World Technologies, Inc.
	 
	 	 
	Company Address:
	 	460 Hempstead Avenue
	 
	 	West Hempstead, NY 11552
	 
	 	 
	Phone Number:
	 	516-486-0100
	 
	 	 
	Fax Number:
	 	516-486-0460
	 
	 	 
	EMAIL Address:
	 	clane@changingworldtech.com
	 
	 	 
	Authorized Person:
	 	Christopher Lane
	 
	 	 
	Title:
	 	Director of Financial Planning
	 
	 	 
	Bank Name:
	 	JPMorgan Chase
	 
	 	 
	ABA (Bank Routing) Number:
	 	021000021
	 
	 	 
	Account Number:
	 	957218400

     3. Conditions to Loan. The obligation of the Payee to make the Loan hereunder is
subject to the satisfaction of the following conditions precedent:

     (a) Note. The Payee shall have received this Note, duly executed and delivered by the
Obligor;

     (b) Agreement. Each party to the Agreement shall have executed same, and the Payee
shall have received a true and complete copy thereof;

     (c) Other Loan Documents. The Payee shall have received a true and complete, fully
executed copy of each other Loan Document to be executed and delivered on or about the date hereof;

     (d) Perfection of Liens. The Agent shall have obtained a perfected first priority lien
on and security interest in all Collateral as to which perfection may be obtained by the filing of
a UCC financing statement;

 

 

     (e) Consummation of Other Loans. Each other Secured Creditor that is lending money to
the Obligor concurrently with the extension of the Loan shall have consummated such transaction and
the Obligor shall have received all of the proceeds of such other loans; and

     (f) Compliance. Both before and after giving effect to the Loan, (i) no Default or
Event of Default shall have occurred and be continuing, and (ii) each of the representations and
warranties made by the Obligor herein or in any other Loan Document shall be true and correct in
all material respects (to the extent not otherwise qualified by materiality) on and as of such
date, except for representations and warranties expressly stated to relate to a specific earlier
date, in which case such representations and warranties shall be true and correct as of such
earlier date.

     4. Representations and Warranties. To induce the Payee to make the Loan, the Obligor
hereby represents and warrants to the Payee that:

     (a) Corporate Existence; Compliance with Law. The Obligor (i) is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, (ii)
has the corporate power and authority, and the legal right, to own and/or lease and operate its
property and to conduct the business in which it is currently engaged, (iii) is duly qualified to
do business as a foreign entity and is in good standing under the laws of each jurisdiction where
its ownership, lease or operation of property or the conduct of its business requires such
qualification, (iv) is in material compliance with all requirements of law and (v) has all
consents, licenses and authority necessary to execute this Note.

     (b) Corporate Power; Authorization; Enforceable Obligations. The Obligor has the
corporate power and authority, and the legal right, to make, deliver and perform the Loan Documents
and to borrow hereunder. The Obligor has taken all necessary corporate or other necessary actions
to authorize the execution, delivery and performance of the Loan Documents and to authorize the
borrowing on the terms and conditions of this Note. All consents or authorization of, filing with,
notice to or other act by or in respect of, any governmental authority or any other person, to the
extent required in connection with the borrowings hereunder or the execution, delivery,
performance, validity or enforceability of this Note or any of the other Loan Documents have been
obtained or made, as applicable. Each Loan Document has been duly executed and delivered on behalf
of the Obligor. This Note constitutes, and each other Loan Document upon execution will constitute,
a legal, valid and binding obligation of the Obligor, enforceable against the Obligor in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at
law).

     (c) No Default; Non-Contravention. The Obligor is not in violation or default of any
provisions of its Certificate of Incorporation or Bylaws or, to its knowledge, of any instrument,
judgment, order, writ, decree, mortgage, indenture, lease, license or
contract to which it is a party or by which it is bound, except as would not reasonably be
expected to have, either individually or in the aggregate, a material adverse effect on the
condition, business, assets, properties, rights, results of operations or prospects of the Obligor
or any of its subsidiaries (a “Material Adverse Effect”). The execution, delivery, and
performance of the Loan Documents and the

 

 

consummation of the transactions contemplated thereby will not result in any such violation or
be in conflict with or constitute, with or without the passage of time and giving of notice, either
a default under any such provision, instrument, judgment, order, writ, decree or contract, or an
event which results in the creation of any lien, charge, or encumbrance upon any assets of the
Obligor or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material
permit, license, authorization, or approval applicable to the Obligor, its business or operations,
or any of its assets or properties, except as would not reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect.

     (d) Title to Assets; No Encumbrances. With respect to the property and assets it owns,
the Obligor owns such property and assets free and clear of all mortgages, liens, loans, pledges,
security interests, claims, equitable interests, charges, and encumbrances, except such
encumbrances and liens which arise in the ordinary course of business and do not impair in any
material respect the Obligor’s ownership or use of such property or assets. With respect to the
property and assets it leases, the Obligor is in compliance with such leases and, to its knowledge,
holds a valid leasehold interest free of any liens, claims, or encumbrances.

     (e) Securities Matters. Neither the Obligor nor any of its agents has engaged in any
form of general solicitation or general advertising (within the meaning of Regulation D promulgated
under the Securities Act of 1933, as amended) in connection with the transactions contemplated by
the Loan Documents.

     (f) Indebtedness. As of the date hereof, the Obligor has no indebtedness for borrowed
money, other than the indebtedness owing to the other Secured Creditors and evidenced by the
promissory notes executed by the Obligor on or about the date hereof and payable to each such other
Secured Creditor, nor has it guaranteed or agreed to be liable for the payment of any such
indebtedness of any other person or entity and the Obligor has no obligation or agreement to incur
any indebtedness for borrowed money.

     (g) No Legal Bar. The execution, delivery and performance of this Note and the other
Loan Documents, the borrowing hereunder and the use of the proceeds thereof will not violate any
requirement of law.

     (h) Use of Proceeds. The proceeds from the Loan will be used by the Obligor for
general corporate purposes.

     5. Payment. The full outstanding principal amount of this Note, together with all
accrued and unpaid interest hereunder, shall become due and payable on the Maturity Date. All
monies due hereunder shall be paid in the currency in which this Note is denominated. If any
payment on this Note shall be due on a Saturday, Sunday or public holiday, it shall be payable on
the next succeeding Business Day. Upon final payment of the full outstanding principal amount of
this Note, together with all accrued and unpaid interest hereunder, this Note shall be surrendered
to the Obligor for cancellation. Subject to the terms of the Agreement, all payments hereunder
shall be applied to accrued and unpaid interest and to outstanding principal in such order as
determined by Payee in its sole discretion.

 

 

     6. Prepayment. Subject to the terms of the Agreement, the Obligor may, at its option,
prepay this Note, in whole or in part, at any time or from time to time without penalty or premium.
Any prepayment of any portion of the principal amount of this Note shall be accompanied by payment
of accrued and unpaid interest through the date of prepayment with respect to the principal amount
being prepaid.

     7. Security. This Note and payments of principal and interest and all other obligations with
respect to this Note are secured to the extent provided by the Agreement.

     8. Taxes. The Obligor shall make all payments, whether on account of principal,
interest, fees or otherwise, free of and without deduction or withholding for any present or future
taxes, duties or other charges (“Taxes”). If the Obligor is compelled by law to deduct or withhold
any Taxes it shall promptly pay to the Payee such additional amount as is necessary to ensure that
the net amount received by the Payee is equal to the amount payable by the Obligor had there been
no deduction or withholding.

     9. Definitions. In this Note, the following terms shall have the
following meanings:

     (a) “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to close.

     (b) “Collateral” shall mean, collectively, “Collateral” as such term is defined in the
Agreement, and all other property and interests in property in which the Agent shall have been
granted a lien or security interest to secure the Obligations.

     (c) “Dollars”
and “$” means the lawful currency of the United States of America.

     (d) “Loan Documents” means the Note, the Agreement, and each other document, instrument or
agreement nor or hereafter executed or delivered by the Obligor in connection with the Obligations,
as each may be amended, modified, supplemented or restated from time to time.

     (e) “Maturity Date” means the earlier to occur of March 31, 2009 and the date on which the
consummation of an initial public offering of the Obligor’s securities shall have occurred.

     (f) “Obligations” shall mean all obligations, liabilities and indebtedness of the Obligor to
the Payee or the Agent, in each case arising from or relating to the Note, the Agreement or any of
the other Loan Documents, including without limitation interest on and principal of the Note, all
fees payable in connection therewith, and all out-of-pocket costs and expenses (including
reasonable attorney’s fees and disbursements) paid or incurred by the Payee or the Agent in
connection therewith, or in enforcing any rights hereunder or thereunder, whether absolute or
contingent, secured or unsecured, matured or unmatured.

     (g) “Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership,
custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors,
appointment of a custodian, receiver, trustee or other officer with similar powers or any other
proceeding for the liquidation, dissolution or other winding up of a person.

 

 

     10. Events of Default.

     (a) The occurrence of any one or more of the following events shall constitute an Event of
Default (an “Event of Default”) under this Note: (i) the failure to pay principal of or interest on
this Note when due; (ii) any representation or warranty made by the Obligor herein or in any other
Loan Document shall be inaccurate in any material respect (or, to the extent such representation or
warranty is by its terms subject to a materiality standard, in all respects) on or as of the date
made or deemed made or furnished, (iii) the commencement of a proceeding against the Obligor for
dissolution or liquidation, or the voluntary or involuntary termination or dissolution of the
Obligor; (iv) insolvency of, the appointment of a custodian, trustee, liquidator or receiver for
any of the property of, an assignment for the benefit of creditors by, or the filing of a petition
under any bankruptcy, insolvency or debtor’s relief law, or for any readjustment of indebtedness,
composition or extension by or against the Obligor; or (v) any failure by the Obligor to perform or
comply with any material term or condition contained in the Agreement or in any of the other Loan
Documents, any breach or default thereunder or written repudiation or assertion of the invalidity
of the liens granted therein. The Obligor agrees that upon an Event of Default under this Note,
then, subject to the terms of the Agreement, the entire unpaid principal balance of and interest on
this Note, after written notice by the Agent to the Obligor, shall immediately become due and
payable; provided, however, that upon the occurrence of an Event of Default described in any of
clauses (i), (iii) and (iv) above the unpaid balance and accrued but unpaid interest shall become
due and payable without notice or demand.

     (b) If an Event of Default occurs, the Obligor agrees to pay to the Agent, for the ratable
benefit of the Payee, all expenses of the Payee, or incurred by the Agent on behalf of the Payee,
including reasonable attorneys’ fees, in enforcing and collecting this Note. The Obligor shall
reimburse the Agent for any and all costs and expenses, including reasonably attorneys fees and
expenses, incurred by the Agent in taking any action to collect or otherwise enforce this Note or
the Agreement against the Obligor or any other person who is or may become liable thereunder. All
such costs and expenses shall be repayable to the Agent on demand within reasonable period of time
but in any event not later than three (3) Business Days from the date of demand thereof, with
interest at the Default Rate from the date incurred by the Agent to the date paid.

     11. Assignment. Subject to the compliance with requirements of law, including, without
limitation, any applicable securities law, the Payee shall have the right at any time to sell,
assign, transfer, negotiate or pledge, all or any part of the Payee’s interest in this Note,
provided any such assignee or transferee acknowledges in writing that certain of the terms and
conditions contained herein are subject to the terms of the Agreement, and the Obligor hereby
acknowledges and consents to any such sale, assignment, transfer, negotiation or pledge. From and
after the date of any such sale, assignment, transfer or negotiation, the party holding this Note
shall be deemed for all purposes to be the Payee hereunder and shall possess all rights as such,
including the right to further sell, assign, transfer, negotiate or pledge all or any part of its
interest in this Note or any portion thereof held by such party, provided the same condition
described in the preceding proviso shall have been satisfied.

     12. No Waiver by Payee. No delay or omission of Payee or any other holder hereof to
exercise any power, right or remedy accruing to Payee or any other holder hereof shall impair

 

 

any such power, right or remedy or shall be construed to be a waiver of the right to exercise any
such power, right or remedy. Subject to the terms of the Agreement, Payee’s right to cause an
acceleration of this Note for any late payment or Obligor’s failure to timely fulfill its other
obligations hereunder shall not be waived or deemed waived by Payee by Payee’s having accepted a
late payment or late payments in the past or Payee otherwise not causing an acceleration of this
Note or the Agent’s not exercising other remedies for Obligor’s failure to timely perform its
obligations hereunder. Payee shall not be obligated or be deemed obligated to notify Obligor that
Payee is requiring Obligor to strictly comply with the terms and provisions of this Note before
causing an acceleration of this Note and causing an exercise of its other remedies hereunder
because of Obligor’s failure to timely perform its obligations under this Note.

     13. Obligor Waiver; Indemnity. The Obligor hereby forever waives presentment,
presentment for payment, demand, protest, notice of protest, notice of dishonor of this Note and
all other demands and notices in connection with the delivery, acceptance, performance and
enforcement of this Note. The Obligor further agrees to indemnify and hold harmless the Payee from
any and all damages, losses, reasonable costs and expenses (including, without limitation,
attorneys’ fees and expenses) which the Payee may incur by reason of the Obligor’s failure promptly
to pay when due the indebtedness evidenced by this Note.

     14. Section Headings. Section headings appearing in this Note are for convenient
reference only and shall not be used to interpret or limit the meaning of any provision of this
Note.

     15. VENUE; CHOICE OF LAW. THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST THE OBLIGOR OR THE PAYEE ARISING OUT OF OR RELATING HERETO SHALL BE
BROUGHT IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, BOROUGH OF
MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED
IN THE CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS NOTE, THE OBLIGOR, FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE
JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESS PROVIDED NEXT TO ITS NAME ON THE SCHEDULE
I; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE OBLIGOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE PAYEE, AND THE AGENT ON ITS
BEHALF, RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING
PROCEEDINGS AGAINST

 

 

THE OBLIGOR IN THE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT THAT THE COURTS SPECIFIED ABOVE
DO NOT HAVE SUBJECT MATTER JURISDICTION.

     16. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER
OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT
MATTER OF THIS NOTE OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF
THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS NOTE, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES
THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS
ALREADY RELIED ON THIS WAIVER IN ENTERING INTO OR ACCEPTING THIS NOTE (AS THE CASE MAY BE), AND
THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO
FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER
THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 16 AND EXECUTED BY EACH OF
THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THE LOAN MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED
AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

     17. Successors and Assigns. This Note and all the covenants and agreements contained
herein shall be binding upon, and shall inure to the benefit of, the respective legal
representatives, heirs, successors and assigns of Obligor and Payee.

     18. No Recourse. Notwithstanding any provision of this Note to the contrary, no direct
or indirect holder of any equity interests of the Obligor (whether such holder is a limited or
general partner or otherwise), nor any affiliate of the Obligor nor any of its directors, officers,
employees, representatives, agents or other controlling persons and their respective affiliates
shall have any liability or obligation arising under this Note or the transactions contemplated
hereby.

     19. Records of Payments. The records of Payee shall be prima facie evidence of the
amounts owing on this Note.

     20. Severability. In the event any one or more of the provisions contained in this Note
should be held invalid, illegal or unenforceable in any respect, the validity, legality and

 

 

enforceability of the remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in
a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the invalid, illegal or unenforceable provisions. Each waiver in this
Note is subject to the overriding and controlling rule that it shall be effective only if and to
the extent that (a) it is not prohibited by applicable law and (b) applicable law neither provides
for nor allows any material sanctions to be imposed against Payee for having bargained for and
obtained it.

     21. Notices. Any notice, request or other communication required or permitted to be given
hereunder shall be given in writing by delivering it against receipt for it, by depositing it with
an overnight delivery service or by depositing it in a receptacle maintained by the United States
Postal Service, postage prepaid, registered or certified mail, return receipt requested, addressed
to the respective parties as reflected in Schedule I, and will be deemed received within three (3)
business days after mailing. Obligor’s address for notice may be changed at any time and from time
to time, but only after five (5) calendar days advance written notice to the Agent and shall be the
most recent such address furnished in writing by Obligor to the Agent. Payee’s address for notice
may be changed at any time and from time to time, but only after five (5) calendar days advance
written notice to Obligor and shall be the most recent such address furnished in writing by the
Agent to the Obligor. Actual notice, however and from whomever given or received, shall always be
effective when received.

 

 

     22. ENTIRE
AGREEMENT. THIS NOTE, THE AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE
AGREEMENT AND UNDERSTANDING BETWEEN PAYEE AND OBLIGOR WITH RESPECT TO THEIR SUBJECT MATTER AND
SUPERSEDE ALL PRIOR CONFLICTING OR INCONSISTENT AGREEMENTS, CONSENTS AND UNDERSTANDINGS RELATING TO
SUCH SUBJECT MATTER. OBLIGOR ACKNOWLEDGES AND AGREES THAT THERE IS NO ORAL AGREEMENT BETWEEN
OBLIGOR AND PAYEE WHICH HAS NOT BEEN INCORPORATED IN THIS NOTE, THE AGREEMENT, OR THE OTHER LOAN
DOCUMENTS.

     IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

	 	 	 	 	 
	 	CHANGING WORLD TECHNOLOGIES, INC., as Obligor

 	 
	 	By:  	                                                       /s/ Michael J. McLaughlin
 	 
	 	 	Name:  	Michael J. McLaughlin 	 
	 	 	Title:  	CFO 	 

 

 

	 	 	 	 	 

SCHEDULE I

Notices

If to the Obligor:

Changing World Technologies, Inc.

460 Hempstead Avenue

West Hempstead, New York 11552

Attention: Steven A. Carlson

with a copy to:

Sam P. Israel,

Sam P. Israel, P.C.

1 Liberty Plaza

23rd floor

New York, NY 10006

If to the Payee:

                                                            

(name of Payee)

then to the Agent, care of

Ira B. Silver

7 Evergreen Lane

Larchmont, NY 10538

With a copy to:

(a) for Harold Finkelstein,

Jerome Finkelstein and

Eizel 33, LLC:

Martin Luskin, Esq.

Blank Rome LLP

405 Lexington Avenue

New York, NY 10174

 

 

(b) for Sterling Acquisitions, LLC:

111 Great Neck Road

Great Neck, NY 11021

Attn: Gregory P. Nero, Esq.

(c) for Gas Technology Institute:

1700 S. Mount Prospect Road

Des Plaines, IL 60018

Attn: Paul Chromek, Corporate Secretary

(d) for Weil, Gotshal & Manges LLP:

767 Fifth Avenue

New York, NY 10153

Attn: Michael King, Esq.EX-4.15

Exhibit 4.15

THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE OR
FOREIGN SECURITIES LAWS. THIS WARRANT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED OR PLEDGED, EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH APPLICABLE STATE
OR FOREIGN SECURITIES LAWS, OR IF THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER
THE SECURITIES ACT OR REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE OR FOREIGN SECURITIES
LAWS.

CHANGING WORLD TECHNOLOGIES, INC.

COMMON STOCK WARRANT

	 	 	 
	No. W-7	 	Date: December 30, 2008

Changing World Technologies, Inc., a Delaware corporation (the “Company”), certifies that,
for value received, Mr. Harold Finkelstein, with its principal place of business at 29 Olde Hamlet
Drive, Jericho, New York 11753 (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company Seventy Three Thousand Sixty Two and one half (73,062.5) fully
paid, nonassessable shares (the “Warrant Shares”) of Common Stock, $0.01 par value per
share, of the Company (the “Common Stock”) at a per share exercise price of ten dollars and
eighteen cents ($10.18) (the “Exercise Price”) in accordance with Section 1 hereof from
December 30, 2008 for a period of five years, until December 30, 2013 (the “Expiration
Date”).

     SECTION 1.     Exercise of Warrant.

     (a)     This Warrant may be exercised, in whole or in part (but not as to a fractional
share of Common Stock, as the case may be) at any time from the date hereof until the
Expiration Date, by (i) the surrender of this Warrant (properly endorsed) at the office of the
Company (or at such other agency or office of the Company in the United States of America as
it may designate by notice in writing to the Holder at the address of the Holder appearing on the
books of the Company), (ii) delivery to the Company of a notice of election (the “Notice of
Election”) to exercise in the form of Exhibit A attached hereto and, if not already
party thereto, a joinder, in the form of Exhibit B attached hereto, whereby the Holder agrees to become
a party to the Stockholders Agreement of the Company (the “Stockholders Agreement”), by and
among the Company and the parties thereto (unless the Stockholders Agreement has been terminated
prior to the date of the Notice of Election) and (iii) payment to the Company of the aggregate
Exercise Price in cash, or by wire transfer of immediately available funds or by certified
check (except in the case of a cashless exercise in accordance with Section l(b) below).

     (b)     Notwithstanding anything to the contrary, at any time until the Expiration Date,
the Holder may, at its option, exchange the Warrants represented by this Warrant Certificate,
in whole or in part (a “Warrant Exchange”), into the number of Warrant Shares determined in accordance with this Section l(b). The Warrant Exchange shall take place on the date specified

 

 

in the Notice of Election or, if later, the date the Notice of Election is received by the Company
(the “Exchange Date”). Certificates for the Warrant Shares issuable upon such Warrant Exchange
and, if applicable, a new Warrant Certificate (a “Remainder Warrant Certificate”) of like tenor
evidencing the Warrants which were subject to the surrendered Warrant Certificate and not included
in the Warrant Exchange, shall be issued as of the Exchange Date and delivered to the Holder
within. In connection with any Warrant Exchange, the Holder’s Warrant Certificate shall represent
the right to subscribe for and acquire (I) the number of Warrant Shares (rounded to the next
highest integer) equal to (A) the number of Warrant Shares specified by the Holder in its Notice
of Exchange (the “Total Warrant Share Number”) less (B) the number of Warrant Shares equal to the
quotient obtained by dividing (i) the product of the Total Warrant Share Number and the existing
Exercise Price per Warrant Share by (ii) the current Market Price (as hereinafter defined) of a
share of Common Stock, and (II) a Remainder Warrant Certificate, if applicable.

     (c)     Each date on which this Warrant is surrendered and (except in the case of a
cashless exercise in accordance with Section l(b) above) on which payment of the Exercise
Price is made in accordance with Section l(a) above is referred to herein as an “Exercise Date.”
Upon the Exercise Date, the Company shall issue and deliver within three (3) business days of the
date of exercise a certificate or certificates for the Warrant Shares being purchased pursuant to
such exercise, registered in the name of the Holder or the Holder’s designee, to such Holder or
designee, as the case may be. If such exercise shall not have been for the full number of
Warrant Shares, then the Company shall issue and deliver to the Holder a new Warrant, registered in
the name of the Holder, of like tenor to this Warrant, for the balance of the Warrant Shares that
remain after exercise of the Warrant.

     (d)     Any unexercised portion of this Warrant shall terminate on the Expiration Date.

     (e)     When used in this Section 1, the following terms shall have the following
meanings:

     “Business Day” means any day other than a Saturday, a Sunday or other day on which the New
York Stock Exchange is closed or on which commercial banks located in New York City are required
or authorized by law to close.

     “Closing Bid Price” shall mean, for the Common Stock as of any date, the closing bid price on
such date for the Common Stock on the Principal Market as reported by Bloomberg Financial Markets
(“Bloomberg”), or if the Principal Market begins to operate on an extended hours basis, and does
not designate the closing bid price, then the last bid price at 4:00 p.m. (eastern time), as
reported by Bloomberg, or if the foregoing do not apply, the last closing bid price for the Common
Stock in the over-the-counter market on the electronic bulletin board for the Common Stock as
reported by Bloomberg, or, if no closing bid price is reported for the Common Stock by Bloomberg,
the last closing trade price for Common Stock as reported by Bloomberg, or, if no last closing
trade price is reported for the Common Stock by Bloomberg, the average of the bid prices of any
market makers for the Common Stock as reported in the “pink sheets” by Pink Sheets LLC (formerly
the National Quotation Bureau, Inc.). If the Closing Bid Price cannot be calculated for the Common
Stock on such date on any of the foregoing bases, then the Company shall submit such calculation to
an independent investment banking

 

 

firm of national reputation reasonably acceptable to the Holder, and shall cause such investment
banking firm to perform such determination and notify the Company and the Holder of the results of
determination no later than two (2) Business Days from the time such calculation was submitted to
it by the Company. All such determinations shall be appropriately adjusted for any stock dividend,
stock split or other similar transaction during such period.

     “Market Price” means, as of a particular date, the Closing Bid Price on the Trading Day
immediately preceding such date.

     “Principal Market” means the principal exchange or market on which the Common Shares is
listed or traded.

     “Trading Day” means any day on which the Common Stock is purchased and sold on the Principal
Market.

     SECTION 2.     Representations, Warranties and Covenants as to Warrant Shares.

     (a)     This Warrant has been duly authorized and validly issued. The Company
represents and warrants to the Holder that all shares of Common Stock that may be issued upon
the exercise of this Warrant will, upon issuance and payment therefor, be duly authorized,
validly issued, fully paid and nonassessable, with no personal liability attaching to the
ownership thereof. The Company shall at all times reserve and keep available, solely for issuance and
delivery upon the exercise of this Warrant, such number of shares of its Common Stock as from
time to time shall be issuable upon the exercise of this Warrant.

     (b)     The Company grants to the Holder registration rights identical to the registration
rights granted by the Company in the Securities Purchase Agreement dated as of October 24,
2002 (the “SPA”) by and among the Company and the Investors set forth on Annex A thereto
with respect to the Registrable Securities (as defined in the SPA). For the avoidance of
doubt, the
Warrant Shares issued or issuable hereunder shall be deemed to be Registrable Securities.

     (c)     Neither the issuance of Warrants nor of the Warrant Shares will give any holder
of any of the Company’s outstanding shares of Common Stock or options, warrants or other
rights to acquire or securities convertible into or exercisable or exchangeable for shares of
Common Stock, (i) the right to receive or purchase any additional shares of Common Stock or
other securities of the Company or (ii) the right to an anti-dilution adjustment to any
outstanding shares of the Company.

     SECTION 3.     Adjustment of Exercise Price.

     (a)     Subdivision or Combination of Common Stock. In case the Company shall at any time
on or prior to the Expiration Date subdivide (by any stock split, stock dividend or otherwise) its
outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced, and, conversely, in case
the outstanding shares of Common Stock shall be combined into a smaller number of shares, the
Exercise Price in effect immediately prior to such combination shall be proportionately increased.

 

 

     (b)     Adjustments for Stock Dividends and Distributions. If at any time or from
time to time after the date hereof and on or prior to the Expiration Date the Company pays a
dividend or makes another distribution to the holders of the Common Stock, in either case,
payable solely in securities of the Company, other than an event as provided in Section 3(a)
hereof, then in each such event provision shall be made so that the Holder of this Warrant
shall receive upon exercise thereof, in addition to the number of shares of Common Stock receivable
upon exercise thereof, the amount of securities of the Company which the Holder would have
received had this Warrant been exercised for Common Stock on the date of such event (or such
record date, as applicable) and had the Holder thereafter, during the period from the date of
such event (or such record date, as applicable) to and including the exercise date, retained such
securities receivable by it as aforesaid during such period, subject to all other adjustments
called for during such period under this Section 3 with respect to the rights of this Warrant or with

respect to such other securities by their terms.

     (c)     Adjustment for Reclassification, Exchange and Substitution. If at any time or
from time to time after the date hereof and on or prior to the Expiration Date the Common
Stock issuable upon the exercise of this Warrant is changed into the same or a different number of
shares of any class or classes of stock, whether by recapitalization, reclassification or
otherwise (other than by a stock split, combination, stock dividend, reorganization,
merger, or consolidation provided for elsewhere in this Section 3), then in any such event, the Holder of
this Warrant shall have the right thereafter to convert this Warrant into the kind and amount of
stock and other securities and property receivable upon such recapitalization, reclassification or
other change by holders of the number of shares of Common Stock into which this Warrant could have
been converted immediately prior to such recapitalization, reclassification or change, all
subject to further adjustment as provided herein or with respect to such other securities or property
by the terms thereof.

     (d)     Reorganizations, Mergers and Consolidations. If at any time or from time to
time after the date hereof and on or prior to the Expiration Date there is a reorganization of
the Company (other than a recapitalization, subdivision, combination, reclassification or exchange
of shares provided for elsewhere in this Section 3) or a merger or consolidation of the Company
with or into another corporation, then, as a part of such reorganization, merger or
consolidation, provision shall be made so that the Holder of this Warrant thereafter shall be entitled to
receive, upon exercise of this Warrant, the number of shares of stock or other securities or property
of the Company, or of such successor corporation resulting from such
reorganization, merger or consolidation, to which a holder of Common Stock would have been entitled on such
reorganization, merger or consolidation. In any such case, appropriate adjustment shall be
made in the application of the provisions of this Section 3 with respect to the rights of the
Holder of this Warrant after the reorganization, merger or consolidation to the end that the provisions
of this Section 3 (including adjustment of the Exercise Price then in effect and number of shares
issuable upon exercise of this Warrant, as applicable) shall be applicable after that event
and be as nearly equivalent to the provisions hereof as may be practicable. This subsection 3(d)
shall similarly apply to successive reorganizations, mergers and consolidations.

     (e)     Sales of Common Stock. If the Company while any portion of this Warrant is
outstanding, shall sell, issue or grant any Additional Stock (as defined below) for a price
per share or exercise or conversion price less than the Exercise Price in effect on the date of
such

 

 

issuance of such Additional Stock (such lower price, the “Base Share Price” and such
issuances collectively, a “Dilutive Issuance”) then, the Exercise Price shall be reduced
to equal the Base Share Price and the number of Warrant Shares issuable hereunder shall be
increased such that the aggregate Exercise Price payable hereunder, after taking into account the
decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such
adjustment.

     The term “Additional Stock” shall mean Common Stock or options, warrants or other
rights to acquire or securities convertible into or exercisable or exchangeable for shares of
Common Stock, including shares held in the Company’s treasury, but shall not include (i) securities
offered to the public pursuant to a registration statement approved by the Board of Directors of
the Company and filed with the Securities and Exchange Commission for a public offering and sale of
securities of the Company, (ii) securities issued for the acquisition of another corporation or
other entity by merger, purchase of all or substantially all of the assets of such other
corporation or other entity or other reorganization resulting in the ownership by the Company of
not less than 51% of the voting power of such other corporation or entity; provided that such
transaction is approved by a majority of the disinterested directors of the Company, (iii) options
to purchase up to 150,000 shares (as equitably adjusted for stock split, stock dividend, conversion
or reclassification) of Common Stock pursuant to the Company’s 2002 Stock Option Plan and any
options to purchase shares of Common Stock issued pursuant to the Company’s future stock option
plans or similar plans approved by the Board of Directors and the stockholders of the Company, but
only to the extent that not more than 15% of the options to purchase Common Stock subject to any
one such plan are issued to any one person or entity (including his or its respective affiliates,
as the case may be), (iv) securities issued as a result of any stock split, stock dividend,
conversion or reclassification of the Common Stock, distributable on a pro rata basis to all
holders of Common Stock (provided that this Warrant is adjusted pursuant to Section 3(a) above),
(v) securities issued as a result of any stock split, stock dividend or reclassification of the
Series A Preferred Stock of the Company outstanding on the date hereof, (vi) securities issued to
any unaffiliated and independent third party lenders pursuant to any bank financing arrangement
approved by the Board of Directors (including any securities issued upon exercise of such
securities), (vii) securities issuable upon exercise of options, warrants or other rights to
acquire or securities convertible into or exchangeable for shares of Common Stock that are
currently outstanding pursuant to the terms in effect on the date hereof, (viii) securities issued
to directors of the Company solely as compensation for service to the Company as a director up to a
maximum of 10,000 shares of Common Stock per director (as equitably adjusted for stock split, stock
dividend, conversion or reclassification), (ix) securities issued upon exercise or conversion of
any Additional Stock or (x) securities issued in connection with any anti-dilution rights of any
other stockholder of the Company pursuant to the terms in effect on the date hereof.

     (f)     Notice of Adjustment. When any adjustment is required to be made in the Exercise
Price or the number of Warrant Shares issuable upon exercise of the Warrant, then and in each such
case the Company shall give written notice thereof no more than three (3) business days following
the event which caused any such adjustment, by delivery in person, certified or registered mail,
return receipt requested, telecopier or telex, addressed to the Holder at the address of such
holder as shown on the books of the Company, which notice shall state the Exercise Price and the
number of Warrant Shares issuable upon exercise of this Warrant after such adjustment and setting
forth in reasonable detail a statement of the facts requiring such
adjustment.

 

 

     (g)     Other Notices. In case at any time the Company shall undertake any action with
respect to which the Company shall be obligated under its certificate of incorporation to provide
written notice to holders of Common Stock then, in any one or more of said cases, the Company
shall deliver such notice, by delivery in person, certified or registered mail, return receipt
requested or telecopier or telex, addressed to the Holder at the address shown on the books of the
Company. If the Company, at any time while this Warrant is outstanding, determines a record date
for the purpose of distributing to all holders of Common Stock (i) evidences of its indebtedness,
(ii) any security (other than a distribution of Common Stock covered by the paragraph (b) above),
(iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset
(including cash and/or stock dividends where section (b) above is not applicable), the Company
shall give written notice to the Holder at least 10 days prior to such record date.

     (h)     Issue
Tax. The issuance of certificates for shares of Common Stock upon exercise
of this Warrant shall be made without charge to the holders thereof for any issuance tax in
respect thereof, provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any certificate in a
name other than that of the Holder of this Warrant.

     (i)     Closing of Books. The Company will at no time close its transfer books against
the transfer of any Warrants or any shares of Common Stock issued or issuable upon the exercise of
this Warrant in any manner which interferes with the timely exercise of this Warrant, except as
may otherwise be required to comply with applicable securities laws.

     (j)     Adjustment of Number of Shares. Upon each adjustment of the Exercise Price as
provided herein other than pursuant to Section 3(f), the Holder shall thereafter be entitled to
purchase, at the Exercise Price resulting from such adjustment, the number of Warrant Shares
obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the
number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the Warrant price resulting from such adjustment.

     SECTION 4.     No Stockholder Rights. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the Company.

     SECTION 5.     Requirements for Transfer.

     (a)     Subject to the Stockholders Agreement, this Warrant and the Warrant Shares shall not be
sold, pledged or otherwise transferred unless either (i) they first shall have been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and any applicable
state securities laws, (ii) the Company first shall have been furnished with an opinion of legal
counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt
from the registration requirements of the Act and any applicable state securities laws, or (iii)
the Warrant or Warrant Shares are transferred to an Affiliate as defined in Section 1 of the
Stockholders Agreement.

 

 

     (b)     Each certificate representing this Warrant or Warrant Shares shall bear a legend
substantially in the following form:

	 	 	“THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
UNDER ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS. THIS WARRANT MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED OR PLEDGED, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR SUCH APPLICABLE STATE OR FOREIGN SECURITIES
LAWS, OR IF THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OR REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE OR FOREIGN
SECURITIES LAWS.”

The foregoing legend shall be removed from the certificates representing any Warrants or Warrant
Shares, at the request of the holder thereof, at such time as they become eligible for resale
pursuant to Rule 144(k) under the Securities Act or foreign equivalent.

     SECTION 6.     Fractional Shares.     No fractional shares of Common Stock shall be issued
upon any exercise of this Warrant. In lieu of any fractional share to which the holder would
otherwise be entitled, the Company shall pay the holder cash equal to the product of such fraction
multiplied by the Common Stock’s fair market value as determined in good faith by the Company’s
Board of Directors as of the date of conversion.

     SECTION
7.     Lost, Stolen, Mutilated or Destroyed Warrant.     If this Warrant is lost,
stolen, mutilated or destroyed, the Company shall, on such terms as to indemnity or otherwise as
it may in its reasonable discretion impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant
so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or
destroyed Warrant shall be at any time enforceable by anyone.

     SECTION 8.     Notices.     Any notice, request or other document required or permitted to be
given or delivered to the Holder hereof or the Company shall be delivered or shall be sent by
certified mail, postage prepaid, to the Holder at the Holder’s address as shown on the books of the
Company or to the Company at the address set forth below or such other address as either party may
from time to time provide to the other.

	 	 	If to the Company:
 

Changing
World Technologies, Inc.

460 Hempstead Avenue

West Hempstead, New York 11552
Attn: President

 

 

	 	 	with a copy to:
 

Sam
P. Israel, P.C.

1 Liberty Plaza-23rd Floor

New York, NY 10006

     If to the Holder, at its address on file with the Company.

     SECTION 9.     Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed
entirely within the state.

     SECTION 10.     Headings. The headings of the various sections contained in this Warrant
have been inserted for convenience of reference only and should not be deemed to be a part of this
Warrant.

     SECTION 11.     Amendment and Waiver. The Warrant may not be modified or amended except
by written agreement of the Company and the Holder. No provision of this Warrant as it applies to
the Company or the Holders may be waived except by the party entitled to the benefit of such
provision in writing.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its duly
authorized officer as of the date first written above.

	 	 	 	 	 
	 	CHANGING WORLD TECHNOLOGIES, INC.

	 
	 	By:  	/s/  Michael J. McLaughlin	 
	 	 	Name:  	Michael J. McLaughlin	 
	 	 	Title:  	CFO	 
	 

 

 

EXHIBIT A

SUBSCRIPTION FORM TO BE EXECUTED

UPON EXERCISE OF THE WARRANT

Date:                                                             

To:     Changing World Technologies, Inc.

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to
subscribe for and purchase                                          [                    ] shares of Common Stock covered
by such Warrant, [and herewith tenders                                          [$                    ] dollars in full payment
of the purchase price for such shares.] [Based on the market price of $                     in connection with
the “cashless” exercise of the Warrant the undersigned is entitled to receive                                  shares of
Common stock]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT B

JOINDER AGREEMENT

     The undersigned, having acquired shares of capital stock of Changing World
Technologies, Inc. (the “Company”) hereby agrees to be bound by the terms and conditions
of, and to become a party to, the Stockholders Agreement of the Company (the “Stockholders
Agreement”), dated as of                                         , by and among Changing World Technologies, Inc., a
Delaware corporation and the stockholders party thereto as a “Stockholder” thereunder, the form of
which is attached hereto, as if the undersigned had been a party to such agreement as of the date
thereof.

	 	 	 
	Signature:
	 	 
	 
	 	 
	Name:

	 	Harold Finkelstein
	 
	 	 
	Address:

	 	29 Olde Hamlet Drive
Jericho, New York 11753
	 
	 	 
	Telephone No.:
	 	 
	 
	 	 
	Telecopy No.:
	 	 
	 
	 	 
	No. of Shares:

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