Document:

Exhibit 4(d)

 

	
  

  	
   

  	
  Protective
  Life Insurance Company

  
	
   

  	
  Home Office: Nashville
  Tennessee

  
	
   

  	
   

  
	
   

  	
  Please send the
  application and check to:

  
	
   

  	
  Overnight

  	
  Postal Mail

  
	
   

  	
  Annuity New Business

  	
  Annuity New Business

  
	
   

  	
  2801 Highway 280 South

  	
  P.O. Box 10648

  
	
  Modified Guaranteed Annuity Application

  	
   

  	
  Birmingham, AL 35223

  	
  Birmingham, AL 35202-0648

  

 

	
  Owner/Participant 1

  	
  Name, Street, City, State, ZIP

  	
   

  	
  o  Male

  	
   

  	
  o  Female

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Birthdate 

  	
   

  	
           /        /              

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  M M 
  D D  Y Y Y Y

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Tax ID/SSN

  	
   

  	
                                          

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Owner/Participant 2

  	
  Name, Street, City, State, ZIP

  	
   

  	
  o  Male

  	
   

  	
  o  Female

  
	
  (if applicable)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Birthdate 

  	
   

  	
           /        /              

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  M M 
  D D  Y Y Y Y

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Tax ID/SSN

  	
   

  	
                                          

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Annuitant

  	
  Name, Street, City, State, ZIP

  	
   

  	
  o  Male

  	
   

  	
  o  Female

  
	
  (if different than Owner/Participant 1)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Birthdate 

  	
   

  	
           /        /              

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  M M 
  D D  Y Y Y Y

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Tax ID/SSN

  	
   

  	
                                          

  
							

 

Primary
Beneficiary  (if there is no surviving
Owner)

 

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  %

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Use
“Special Remarks” for additional Primary Beneficiary information.

 

Contingent
Beneficiary

 

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  %

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Use
“Special Remarks’ for additional Contingent Beneficiary information.

 

	
  Total Annuity Deposit:

  	
   

  	
  $                                  

  	
   

  	
  Guaranteed Period:

  	
   

  	
                          years.

  
	
  (min. $25,000)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Funding:

  	
   

  	
  o Cash

  	
   

  	
   ̈ 1035 Exchange

  	
   

  	
  o Direct Rollover

  	
   

  	
  o Indirect Rollover

  	
   

  	
  o Transfer

  
	
  (choose one)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

For 1035 Exchanges,
Rollovers and Transfers, only:

·      Estimated total amount exchanged or
transferred:  $                                    

·      Rate Lock?

 ̈  Yes,
please lock the current interest rates for 60 days.

 ̈  No, please use the interest rate
in effect as of the date the funds are received at Protective.

Important information about the
Rate Lock.  If you select “Yes” and we receive the funds
within 60 days of the date we received this application, we will apply the
rates in effect on the date we received the application (regardless of the
rates in effect when we receive the funds). 
If you select “No”, or if we receive the funds after the 60-day Rate
Lock period, we will apply the rates in effect on the date we receive the
funds.

 

	
  Plan Type:

  	
   

  	
   ̈ Non-Qualified

  	
   

  	
   ̈ Traditional IRA

  	
   

  	
   ̈ Roth IRA

  	
   

  	
   ̈ Other                       

  
	
  (choose one)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

If an IRA purchase payment includes new
contributions, please complete:

	
  $                       (Amount)
                        (Current Tax Year)

  	
   

  	
  $                       (Amount)
                        (Previous Tax Year)

  

 

	
  Replacement & Other:

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  Do you currently have an annuity contract or life insurance policy?

  	
   

  	
   ̈ Yes

  	
   

  	
   ̈ No

  
	
  ·

  	
   

  	
  Will this annuity change or replace an existing life insurance policy
  or annuity contract?

  	
   

  	
   ̈ Yes

  	
   

  	
   ̈ No

  
	
   

  	
   

  	
  (If yes, please provide the company name and
  policy or contract number in “Special Remarks”.)

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  Have you purchased any other Protective Life annuity contracts this
  calendar year?

  	
   

  	
   ̈ Yes

  	
   

  	
   ̈ No

  

 

An annuity contract is not a deposit or obligation of, or guaranteed
by, any bank or financial institution. 
It is not insured by the Federal Deposit Insurance Corporation or any
other government agency and is subject to investment risk, including the
possible loss of principal.

 

	
  IPD-2081

  	
   

  	
  ST  3/09

  

 

 

NOTICE TO RESIDENTS OF AZ: On written request you may ask us to provide
you within ten business days, or 30 calendar days if you are 65 or older,
additional factual information regarding the benefits and provisions of this
Contract. If for any reason you are not satisfied, you may cancel the Contract
within that period by returning the Contract to our office, or the agent who
sold it with a written request for cancellation. Return of this Contract by
mail is effective on receipt by us. The returned Contract will be treated as if
we had never issued it.  We will promptly
return your Purchase Payment.

 

NOTICE TO RESIDENTS OF CA (AGE 60 AND
OLDER): YOU HAVE PURCHASED AN ANNUITY CONTRACT. REVIEW IT
CAREFULLY FOR LIMITATIONS. YOU MAY CANCEL THE CONTRACT WITHIN 30 DAYS OF
THE DATE YOU RECEIVE IT BY RETURNING IT TO THE INSURANCE COMPANY OR THE AGENT
WHO SOLD YOU THE CONTRACT. WE WILL REFUND YOUR PREMIUM. AFTER 30 DAYS,
CANCELLATION OF THE CONTRACT MAY RESULT IN A SUBSTANTIAL PENALTY, KNOWN AS
A SURRENDER CHARGE.

 

NOTICE TO RESIDENTS OF CO: It is unlawful to knowingly provide false, incomplete
or misleading facts or information to an insurance company for the purpose of
defrauding or attempting to defraud the company.  Penalties may include imprisonment, fines,
denial of insurance and civil damages. 
Any insurance company or agent of an insurance company who knowingly
provides false, incomplete or misleading facts or information to a policy
holder or claimant for the purpose of defrauding or attempting to defraud the
policy holder or claimant with regard to a settlement or award payable from
insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory agencies.

 

NOTICE TO RESIDENTS OF FL:  ANY PERSON WHO KNOWINGLY AND WITH INTENT TO INJURE, DEFRAUD OR DECEIVE
AN INSURER, FILES A STATEMENT OF CLAIM OR APPLICATION CONTAINING ANY FALSE,
INCOMPLETE OR MISLEADING INFORMATION IS GUILTY OF A FELONY IN THE THIRD DEGREE.

 

NOTICE TO RESIDENTS OF NJ:  Any
person who includes any false or misleading information on an application for
an insurance policy is subject to criminal and civil penalties.

 

NOTICE TO RESIDENTS OF AR, DC, KY, LA, ME, MD, NM, OH,
OK, PA AND TN:  Any person who knowingly and with intent to
defraud any insurance company or other person, files an application for
insurance or statement of claim containing any materially false information or
conceals for the purpose of misleading, information concerning any fact
material thereto commits a fraudulent insurance act, which is a crime and
subjects such person to criminal and civil penalties.

 

Special
Remarks

 

 

NOT INSURED BY ANY GOVERNMENT AGENCY ·  NO BANK GUARANTEE · NOT A DEPOSIT

 

I
understand this application will become part of the annuity contract.  The information I provided is true and
correct to the best of my knowledge and belief.  The Company deems my statements as
representations and not warranties.  The
Company may accept instructions from any Owner/Participant on behalf of every
Owner/Participant.  If this application
is declined, the Company shall have no liability except to return the annuity
deposit. 

 

I understand the Contract/Certificate contains a market value
adjustment.

 

	
  Application
  signed at: 

  	
   

  	
   on

  	
   

  
	
   

  	
  (City and State)

  	
   

  	
  (Date)

  

 

	
  Owner/Participant
  1:

  	
   

  	
   

  	
  Owner/Participant
  2:

  	
   

  

 

	
  Any
  Owner/Participant daytime phone #:

  	
   

  	
   

  	
  Annuitant:

  	
   

  
	
   

  	
   

  	
   

  	
  (If not
  an Owner/Participant)

  

 

Federal law requires the following
notice:  We may request or obtain
additional information to establish or verify your identity.

 

Producer
Report

 

	
  To the best of your
  knowledge and belief, does the applicant have any existing life insurance
  policy or annuity contract?

  	
   

  	
  o  Yes

  	
   

  	
  o  No

  
	
  To the best of your
  knowledge and belief, does this annuity purchase change or replace any
  existing annuity or life insurance?

  	
   

  	
  o  Yes

  	
   

  	
  o  No

  
	
  I have given a current
  Prospectus to the Owner/Participant named in this application.

  	
   

  	
  o  Yes

  	
   

  	
  o  No

  

 

I determined the suitability of this annuity
product to the applicant’s financial objectives and situation by inquiring into
the applicant’s:

 

	
  o  financial status

  	
   

  	
  o  tax status

  	
   

  	
  o  investment objectives

  	
   

  	
  o  other relevant information

  

 

	
  * Comments:

  	
   

  

 

	
  Type of unexpired
  government-issued photo I.D used to verify the applicant’s identity?

  	
   

  	
    #

  	
   

  

 

I certify that I have truly and accurately
recorded on this application the information provided to my by the applicant.

 

	
  Sign Producer Name:

  	
   

  	
   

  	
  Print Producer Name:

  	
   

  
	
  Producer #:

  	
   

  	
   

  	
  Agency /Brokerage:

  	
   

  
	
  Producer Phone #:

  	
   

  	
   

  	
  FL Lic. # (if applicable)EXHIBIT 10.1

                         WARRANT CANCELLATION AGREEMENT

     This Warrant Cancellation Agreement (the "Agreement") is made by and
between The Quercus Trust (the "Trust") and Entech Solar, Inc., f.k.a.
WorldWater & Solar Technologies Corp. (the "Company"), a Delaware corporation,
as of February 4, 2009 (the "Effective Date").

                                    RECITALS

     Whereas, the Trust is a holder of in excess of 49 million shares of Common
Stock (the "Shares") and warrants (the "Warrants") to purchase: (a) 9 million
shares of Common Stock of the Company, such Warrants having an exercise price of
$1.815 per share and expiring on March 28, 2013;  and (b) 29 million shares of
Common Stock of the Company, such Warrants having an exercise price of $1.815
per share and expiring on August 12, 2013.  The Warrants do not include other
warrants held by the Trust which are exercisable for 2 million shares of Common
Stock of the Company, such Warrants having an exercise price of $0.317 and
expiring on November 16, 2016.

     Whereas, the Trust has determined that it is in the best interest of the
Company, its stockholders and employees for the Trust to cancel the Warrants in
consideration of the Company agreeing to amend its 1999 Incentive Stock Option
Plan and granting additional options to its employees, directors and consultants
on the terms set forth herein;

     Whereas, the Company has determined that it is in the best interests of the
Company, its stockholders and its employees to enter into this Agreement.

                                   AGREEMENT

     Now, therefore, in consideration of the foregoing and other valuable
consideration, the receipt and sufficiency is hereby acknowledged, the parties
hereto agree as follows:

1.      Amendment.  The Company shall amend (the "Amendment") the Company's 1999
       ----------
Incentive Plan (the "Plan") to increase the number of shares available for
issuance under the Plan by 20 million shares, to extend the term of the Plan
until February 4, 2014, and to expand the persons entitled to receive options
under the plan to include directors and consultants.  Subject to the approval of
the amendment by the stockholders, the Warrants should be cancelled.

2.     Grant to Series D Director.  In connection with the cancellation of the
       --------------------------
Warrants, the Trust has requested, and the Board of Directors and the
Compensation Committee of the Company have agreed, at the request of the Trust,
to grant to any person not affiliated with the Trust, whom the Trust proposes to
nominate as a director pursuant to the Trust's rights as a holder of a majority
of the outstanding Series D Convertible Preferred Stock of the Company, options
to purchase up to 3,000,000 shares of Common Stock of the Company.  Such options
shall have terms consistent with options previously granted pursuant to the Plan
except that such options shall have a 10 year term, one third of which shall
<PAGE>

vest on the date of shareholder approval of the Amendment and 1/24th of which
shall vest on the last day of each month during the period beginning February 1,
2010 and ending January 31, 2012, subject to acceleration in accordance with the
terms of the Plan.

3.     Trust Representations.  The Trust represents and warrants to the Company
       ----------------------
as follows:

3.1  The Trust owns the Warrants beneficially and of record, free and clear of
     any suit, proceeding, call, voting trust, proxy, restriction, security
     interest, lien or other encumbrance of any kind or nature whatsoever
     (collectively, a "LIEN") and has full power, authority and capacity to
     transfer and dispose of all the Warrants free and clear of any Lien. Upon
     the payment for and delivery of the Warrants as provided in this Agreement,
     the Company will acquire good and valid title to the Warrants free and
     clear of any Lien.

3.2  The execution and delivery of this Agreement by the Trust, the consummation
     of the transaction contemplated hereby, and the compliance with the terms
     of this Agreement will not conflict with, result in the breach of, or
     constitute a default under, or require any consent or approval under, any
     agreement, note, indenture, mortgage, deed of trust or other agreement,
     lease or instrument to which either Trust is a party or by which it may be
     bound.

3.3  This Agreement has been duly authorized, executed and delivered by the
     Trust and constitutes the legal, valid and binding obligation of the Trust,
     enforceable against the Trust in accordance with its terms.

4.     Company's Representations.  The Company represents and warrants to the
       -------------------------
Trust as follows:

4.1  The Company has full power and authority to cancel the Warrants from the
     Trust in accordance with this Agreement.

4.2  The execution and delivery of this Agreement by the Company, the
     consummation of the transaction contemplated herein, and the compliance
     with the terms of this Agreement will not conflict with, result in the
     breach of, or constitute a default under, or require any consent or
     approval under, any note, indenture, mortgage, deed of trust or other
     agreement, lease or instrument to which the Company is a party or by which
     he may be bound.

4.3  This Agreement has been duly authorized, executed and delivered by the
     Company and constitutes the legal, valid and binding obligation of the
     Company, enforceable against the Company in accordance with its terms.

5.     Miscellaneous.
       -------------

     5.1     Successors, Assigns and Transferees.  This Agreement shall be
             -----------------------------------
             binding upon and inure to the benefit of the parties hereto and
             their respective legal representatives, heirs, legatees,
             successors and assigns.
<PAGE>

     5.2     Governing Law.  This Agreement shall be governed by and construed
             -------------
             in accordance with the laws of the State of Delaware.

     5.3     Counterparts.  This Agreement may be executed in one or more
             ------------
             counterparts, by the original parties hereto and any successor in
             interest, each of which shall be deemed to be an original and all
             of which together shall be deemed to constitute one and the same
             agreement.

     5.4     Severability.  In the event that any one or more of the provisions
             ------------
             contained herein, or the application thereof in any circumstances,
             is held invalid, illegal or unenforceable in any respect for any
             reason, the validity, legality and enforceability of any such
             provision in every other respect and of the remaining provisions
             contained herein shall not be in any way impaired thereby.

IN WITNESS WHEREOF, the parties have executed this Warrant Cancellation
Agreement as of the date first above written.

                                   Entech Solar, Inc.

                                   By:     /s/ Frank W. Smith
                                           -----------------------
                                   Name:       Frank W. Smith
                                             ---------------------------
                                   Its:        Chief Executive Officer
                                             ---------------------------

                                   The Quercus Trust

                                    /s/David Gelbaum
                                   -------------------------
                                    David Gelbaum, Trustee

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