Document:

Exhibit
10.1 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED
NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of December 10, 2015, and is made by and among Salisbury
Bancorp, Inc., a Connecticut corporation (“Company”), and the several purchasers of the Subordinated Notes identified
on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

RECITALS

 

WHEREAS,
Company has requested that the Purchasers purchase from Company up to $10,000,000 in aggregate principal amount of Subordinated
Notes (as defined herein), which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein).

WHEREAS, Company
has engaged Sandler O’Neill + Partners, L.P., as its exclusive placement agent (“Placement Agent”) for
the offering of the Subordinated Notes.

WHEREAS, the
offer and sale of the Subordinated Notes by Company is being made only to institutional Accredited Investors as defined in Rules
501(a)(1), (2), (3) or (7) of Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as
amended (the “Securities Act”) and the Company’s directors and executive officers as defined in Rule 501(a)(4)
of Regulation D, in reliance upon the exemption under Section 4(a)(2) of the Securities Act and the provisions of Rule 506(b) of
Regulation D promulgated thereunder.

WHEREAS, no
sale will be made to any Purchaser which would prohibit the Placement Agent from relying on the exemption from FINRA Rule 5123
set forth in paragraph (b) of such Rule 5123.

WHEREAS, each
Purchaser is willing to purchase from Company a Subordinated Note in the principal amount set forth on such Purchaser’s respective
signature page hereto (the “Subordinated Note Amount”) in accordance with the terms of, subject to the conditions
in and in reliance on, the Recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated
Notes.

NOW, THEREFORE,
in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

AGREEMENT

I.DEFINITIONS.

		A.	Defined Terms. The following capitalized terms generally
used in this Agreement and in the Subordinated Notes have the meanings defined or referenced below. Certain other capitalized terms
used only in specific sections of this Agreement may be defined in such sections.

“Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates.

“Agreement” has
the meaning set forth in the preamble hereto.

“Bank” means Salisbury
Bank and Trust Company, a state bank and trust company chartered under the laws of Connecticut and a wholly-owned subsidiary of
Company.

“Business Day”
means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of Connecticut are permitted
or required by any applicable law or executive order to close.

“Closing” has the
meaning set forth in Section II.B.

“Closing Date”
means December 10, 2015.

“Company” has the
meaning set forth in the preamble hereto and shall include any successors to Company.

“Company’s Liabilities”
means Company’s obligations under the Transaction Documents.

“Company’s SEC
Reports” means (i) Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed
with the SEC, (ii) Company’s Definitive Proxy Statement on Schedule 14A related to its 2015 Annual Meeting of Shareholders,
as filed with the SEC, (iii) any Current Report on Form 8-K, as filed by Company with the SEC since January 1, 2015, and (iv) Company’s
Quarterly Reports on Form 10-Q for the quarterly periods ended on March 31, 2015, June 30, 2015 and September 30, 2015, each as
filed with the SEC pursuant to the requirements of the Exchange Act.

“Disbursement”
has the meaning set forth in Section III.A.

“Equity Interest”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights
to purchase any of the foregoing.

“Exchange Act”
has the meaning set forth in Section IV.H.

“FDIC” means the
Federal Deposit Insurance Corporation.

“GAAP” means generally
accepted accounting principles in effect from time to time in the United States of America.

“Governmental Agency(ies)”
means, individually or collectively, any federal, state, county or local governmental department, commission, board, regulatory
authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over Company.

“Governmental Licenses”
has the meaning set forth in Section IV.C.

“Hazardous Materials”
means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous
wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous
substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the
Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.

“Hazardous Materials
Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation
or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401
et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery
Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act
of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic
Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C.
Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and
Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and
all comparable state and local laws, laws of other jurisdictions or orders and regulations.

“Indebtedness”
means and includes: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would
be included in determining total liabilities as shown on the consolidated balance sheet of Company or any Subsidiary of Company;
and (ii) all obligations secured by any lien in property owned by Company or any Subsidiary whether or not such obligations shall
have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred
or maintained in the ordinary course of Company’s or Bank’s business (including, without limitation, federal funds
purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or
Bank and repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations.

“Leases” means
all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments,
extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements
relating thereto.

“Material Adverse Effect”
means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to be material and adverse to
the financial position, results of operations or business of such Person, or (ii) would materially impair the ability of any Person
to perform its respective obligations under any of the Transaction Documents, or otherwise materially impede the consummation of
the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be
deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations
thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions
and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions
affecting financial institutions or their market prices generally and not specifically related to Company or Purchasers, (4) direct
effects of compliance with this Agreement on the operating performance of Company or Purchasers, including expenses incurred by
Company or Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects of any action or omission
taken by Company with the prior written consent of Purchasers, and vice versa, or as otherwise contemplated by this Agreement and
the Subordinated Notes.

“Material Contract”
shall mean any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement
or instrument to which Company or Bank, as applicable, is a party or by which it or any of its properties may be bound or affected
that has been filed by Company as an exhibit to an SEC Report pursuant to Item 601(b)(4) or 601(b)(10) of Regulation S-K.

“Maturity Date”
means December 15, 2025.

“Person” means
an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association,
a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or
any other entity or organization.

“Placement Agent”
has the meaning set forth in the Recitals hereto.

“Property” means
any real property owned or leased by Company or any Affiliate or Subsidiary of Company.

“Purchaser” or
“Purchasers” has the meaning set forth in the preamble hereto.

“Regulation D”
has the meaning set forth in the Recitals hereto.

“Regulatory Agencies”
means any federal or state agency charged with the supervision or regulation of depositary institutions or holding companies of
depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative agency or
commission or other authority, body or agency having supervisory or regulatory authority with respect to Company, Bank or any of
their Subsidiaries.

“SEC” means the
Securities and Exchange Commission.

“Secondary Market Transaction”
has the meaning set forth in Section V.D.

“Securities Act”
has the meaning set forth in the Recitals hereto.

“Subordinated Note”
means the 6.00% Fixed to Floating Rate Subordinated Note due 2025 (or collectively, the “Subordinated Notes”)
in the form attached as Exhibit A hereto, as amended, restated, supplemented or modified from time to time, and each Subordinated
Note delivered in substitution or exchange for such Subordinated Note.

“Subordinated Note Amount”
has the meaning set forth in the Recitals hereto.

“Subsidiary” means
with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly
owned by such Person.

“Tier 2 Capital”
has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217, as amended, modified and supplemented and
in effect from time to time or any replacement thereof.

“Transaction Documents”
has the meaning set forth in Section III.B.1.

		B.	Interpretations. The foregoing definitions are equally
applicable to both the singular and plural forms of the terms defined. The words “hereof”, “herein” and
“hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement. The word “including” when used in this Agreement without the phrase “without
limitation,” shall mean “including, without limitation.” All references to time of day herein are references
to Eastern Time unless otherwise specifically provided. All references to this Agreement and the Subordinated Notes shall be deemed
to be to such documents as amended, modified or restated from time to time. With respect to any reference in this Agreement to
any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted
successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall
also include any replacement, extension or other modification thereof.

		C.	Exhibits Incorporated. All Exhibits attached are hereby
incorporated into this Agreement.

II.SUBORDINATED DEBT.

		A.	Certain Terms. Subject to the terms and conditions herein
contained, Company proposes to issue and sell to the Purchasers, severally and not jointly, Subordinated Notes, in an amount equal
to the aggregate of the Subordinated Note Amounts. The Purchasers, severally and not jointly, each agree to purchase the Subordinated
Notes, from Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth
in, this Agreement and the Subordinated Notes. The Subordinated Note Amounts shall be disbursed in accordance with Section III.A.

		B.	The Closing. The execution and delivery of the Transaction
Documents (the “Closing”) shall occur at the offices of Company at 10:00 a.m. (local time) on the Closing Date,
or at such other place or time or on such other date as the parties hereto may agree.

		C.	Right of Offset. Each Purchaser hereby expressly waives
any right of offset it may have against Company.

		D.	Use of Proceeds. Company shall use the net proceeds from
the sale of Subordinated Notes for general corporate purposes, including redeeming outstanding Small Business Lending Fund securities.

III.DISBURSEMENT.

		A.	Disbursement. On the Closing Date, assuming all of the
terms and conditions set forth in Section III.B have been satisfied by Company and Company has executed and delivered to
Purchasers each of the Agreement and the Subordinated Notes and any other related documents in form and substance reasonably satisfactory
to Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated Note Amount set forth on such Purchaser’s
signature page hereto to Company in exchange for a Subordinated Note with a principal amount equal to such Subordinated Note Amount
(the “Disbursement”). Company will deliver to the respective Purchaser one or more certificates representing
the Subordinated Notes in definitive form (or provide evidence of the same with the original to be delivered by Company by overnight
delivery on the next calendar day in accordance with the delivery instructions of Purchaser), registered in such names and denominations
as such Purchasers may request.

		B.	Conditions Precedent to Disbursement. 

		1.	Conditions to Purchasers’ Obligation. The obligation
of each Purchaser to consummate the purchase of the Subordinated Notes to be purchased by them at Closing and to effect the Disbursement
is subject to delivery by or at the direction of Company to such Purchaser each of the following (or written waiver by such Purchaser
prior to the Closing of such delivery):

		a)	Transaction Documents. This Agreement and the Subordinated
Notes (collectively, the “Transaction Documents”), each duly authorized and executed by Company.

		b)	Authority Documents.

		(1)	A copy, certified by the Secretary or Assistant Secretary of Company,
of the Certificate of Incorporation, of Company;

		(2)	A certificate of good standing of Company issued by the Secretary of
State of the State of Connecticut;

		(3)	A copy, certified by the Secretary or Assistant Secretary, of the Bylaws
of Company;

		(4)	A copy, certified by the Secretary or Assistant Secretary of Company,
of the resolutions of the board of directors (and any committee thereof) of Company authorizing the execution, delivery and performance
of the Transaction Documents;

		(5)	An incumbency certificate of the Secretary or Assistant Secretary of
Company certifying the names of the officer or officers of Company authorized to sign the Transaction Documents and the other documents
provided for in this Agreement; and

		(6)	An opinion of Cranmore, FitzGerald & Meaney, counsel to Company,
dated as of the Closing Date, substantially in the form of Exhibit B attached hereto addressed to the Purchasers and Placement
Agent, which opinion shall address the matters set forth in Exhibit B under the federal laws of the United States of America
and the laws of the State of New York and the State of Connecticut.

		c)	Other Documents. Such other certificates, affidavits,
schedules, resolutions, notes and/or other documents which are provided for hereunder or as a Purchaser may reasonably request.

		d)	Aggregate Investments. Prior to, or contemporaneously
with the Closing, each Purchaser shall have actually subscribed for the Subordinated Note Amount set forth on such Purchaser’s
signature page.

		2.	Conditions to Company’s Obligation. 

		a)	Since the date of this Agreement, there shall not have been any action
taken, or any law, rule or regulation enacted, entered, enforced or deemed applicable to Company or its Subsidiaries or the transactions
contemplated by this Agreement by any Governmental Agency which imposes any restriction or condition that Company determines, in
its reasonable good faith judgment, is materially and unreasonably burdensome on Company’s business or would materially reduce
the economic benefits of the transactions contemplated by this Agreement to Company to such a degree that Company would not have
entered into this Agreement had such condition or restriction been known to it on the date hereof.

		b)	With respect to a given Purchaser, the obligation of Company to consummate
the sale of the Subordinated Notes and to effect the Closing is subject to delivery by or at the direction of such Purchaser to
Company each of this Agreement (or written waiver by Company prior to the Closing of such delivery), duly authorized and executed
by such Purchaser.

IV.REPRESENTATIONS AND WARRANTIES
OF COMPANY.

Company hereby represents and warrants
to each Purchaser as follows:

		A.	Organization and Authority.

		1.	Organization Matters of Company and Its Subsidiaries.

		a)	Company has been duly organized and is validly existing and in good
standing under the laws of the State of Connecticut and has all requisite corporate power and authority to conduct its business
and activities as presently conducted, to own its properties, and to perform its obligations under the Transaction Documents. Company
is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the
failure so to qualify or to be in good standing would not result in a Material Adverse Effect. Company is duly registered as a
bank holding company under the Bank Holding Company Act of 1956, as amended.

		b)	Each Subsidiary other than Bank either has been duly organized and is
validly existing as a corporation or limited liability company, or has been duly chartered and is validly existing as a state chartered
bank, in each case in good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority
to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign corporation to transact
business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result
in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary
have been duly authorized and validly issued, are fully paid and non-assessable and are owned by Company, directly or through Subsidiaries,
free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital
stock of, or other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights of any securityholder
of such Subsidiary or any other entity.

		c)	Bank is a state bank and trust company chartered under the laws of Connecticut.
The deposit accounts of Bank are insured by the FDIC up to applicable limits. Neither Company nor Bank has received any notice
or other information indicating that Bank is not an “insured depository institution” as defined in 12 U.S.C. Section
1813, nor has any event occurred which could reasonably be expected to adversely affect the status of Bank as an FDIC-insured institution.

		2.	Capital Stock and Related Matters. All of the outstanding
capital stock of Company has been duly authorized and validly issued and is fully paid and nonassessable. There are, as of the
date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating Company to issue, deliver or
sell, or cause to be issued, delivered or sold, additional shares of the capital stock of Company or obligating Company to grant,
extend or enter into any such agreement or commitment to any Person other than Company except (i) as described in Company’s
SEC Reports or (ii) pursuant to employment arrangements, agreements or understanding or Company’s equity incentive plans
approved or adopted by Company’s Board of Directors.

		3.	Subsidiaries. Each of Company’s Subsidiaries that
is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X is reflected in its Annual Report on Form 10-K
for the fiscal year ended December 31, 2014.

		B.	No Impediment to Transactions.

		1.	Transaction is Legal and Authorized. The issuance of the
Subordinated Notes, the borrowing of the aggregate of the Subordinated Note Amounts, the execution of the Transaction Documents
and compliance by Company with all of the provisions of the Transaction Documents are within the corporate and other powers of
Company. 

		2.	Agreement. The Agreement has been duly authorized, executed
and delivered, and, assuming due authorization, execution and delivery by the other parties hereto, is the legal, valid and binding
obligation of Company, enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general
equitable principles.

		3.	Subordinated Notes. Each of the Subordinated Notes has
been duly authorized by Company and when executed by Company and issued, delivered to and paid for by the Purchaser thereof in
accordance with the terms of this Agreement, will have been duly executed, authenticated, issued and delivered and will
constitute legal, valid and binding obligation of Company, and enforceable in accordance with its terms, except as enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’
rights generally or by general equitable principles.

		4.	No Defaults or Restrictions. Neither the execution and
delivery of the Transaction Documents nor compliance with their respective terms and conditions will (whether with or without the
giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or constitute a default under:
(1) the Certificate of Incorporation or Bylaws of Company; (2) any of the terms, obligations, covenants, conditions or provisions
of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement,
or any other agreement or instrument to which Company or Bank, as applicable, is now a party or by which it or any of its properties
may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or
Governmental Agency applicable to Company or Bank; or (4) any statute, rule or regulation applicable to Company; or (ii) result
in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Company
or any subsidiary. Neither Company nor Bank is in material default in the performance, observance or fulfillment of any of the
terms, obligations, covenants, conditions or provisions contained in any Material Contract creating, evidencing or securing Indebtedness
of any kind or pursuant to which any such Indebtedness is issued, or any other Material Contract.

		5.	Governmental Consent. No governmental orders, permissions,
consents, approvals or authorizations are required to be obtained by Company that have not been obtained, and no registrations
or declarations are required to be filed by Company that have not been filed in connection with, or, in contemplation of, the execution
and delivery of, and performance under, the Transaction Documents, except for applicable requirements, if any, of the Securities
Act, the Exchange Act or state securities laws or “blue sky” laws of the various states and any applicable federal
or state banking laws and regulations. 

		C.	Possession of Licenses and Permits. Company and its Subsidiaries
possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”)
issued by the appropriate Governmental Agencies necessary to conduct the business now operated by it except where the failure to
possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on Company or such
applicable Subsidiary; Company and each Subsidiary of Company is in compliance with the terms and conditions of all such Governmental
Licenses, except where the failure so to comply would not, singularly or in the aggregate, have a Material Adverse Effect on Company
or such applicable Subsidiary of Company; all of the Governmental Licenses are valid and in full force and effect, except where
the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would
not have a Material Adverse Effect on Company or such applicable Subsidiary of Company; and neither Company nor any Subsidiary
of Company has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

		D.	Financial Condition.

		1.	Company Financial Statements. The financial statements
of Company included in Company’s SEC Reports (including the related notes, where applicable) (i) have been prepared from,
and are in accordance with, the books and records of Company; (ii) fairly present in all material respects the results of operations,
cash flows, changes in stockholders’ equity and financial position of Company and its consolidated Subsidiaries, for the
respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to recurring
year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates
of filing in all material respects with applicable accounting and banking requirements as applicable, with respect thereto; and
(iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as indicated
in such statements or in the notes thereto and Regulation S-X promulgated under the Securities Act. The books and records of Company
have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting
requirements. Company does not have any material liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise
and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance
sheet of Company contained in Company’s SEC Reports for Company’s most recently completed quarterly or annual fiscal
period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection
with this Agreement and the transactions contemplated hereby.

		2.	Absence of Default. Since the date of the latest audited
financial statements included in Company’s SEC Reports, no event has occurred which either of itself or with the lapse of
time or the giving of notice or both, would give any creditor of Company the right to accelerate the maturity of any material Indebtedness
of Company. Company is not in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ,
injunction, decree, determination or award, non-compliance with which could reasonably be expected to result in a Material Adverse
Effect on Company.

		3.	Solvency. After giving effect to the consummation of the
transactions contemplated by this Agreement, Company has capital sufficient to carry on its business and transactions and is solvent
and able to pay its debts as they mature. No transfer of property is being made and no Indebtedness is being incurred in connection
with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors
of Company or any Subsidiary of Company.

		4.	Ownership of Property. Company and each of its Subsidiaries
has good and marketable title as to all real property owned by it and good title to all assets and properties owned by Company
and such Subsidiary in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible,
including assets and property reflected in the most recent balance sheet contained in Company’s SEC Reports or acquired subsequent
thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business, since the
date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items
which secure liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal
Home Loan Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by Bank acting in a fiduciary capacity,
(ii) statutory liens for amounts not yet delinquent or which are being contested in good faith and (iii) such as do not, singularly
or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed
to be made of such property by Company or any of its Subsidiaries. Company and each of its Subsidiaries, as lessee, has the right
under valid and existing leases of real and personal properties that are material to Company or such Subsidiary, as applicable,
in the conduct of its business to occupy or use all such properties as presently occupied and used by it. Such existing leases
and commitments to lease constitute or will constitute operating leases for both tax and financial accounting purposes and the
lease expense and minimum rental commitments with respect to such leases and lease commitments are as disclosed in all material
respects in Company’s SEC Reports.

		E.	No Material Adverse Change. Since the date of the latest
audited financial statements included in Company’s SEC Reports, there has been no development or event which has had or could
reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries.

		F.	Legal Matters.

		1.	Compliance with Law. Company and each of its Subsidiaries
(i) has complied with and (ii) is not under investigation with respect to, and, to Company’s knowledge, have not been threatened
to be charged with or given any notice of any violation of any applicable statutes, rules, regulations, orders and restrictions
of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business
or the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have
a Material Adverse Effect on Company or any of its Subsidiaries.

		2.	Regulatory Enforcement Actions. Company, Bank and its
other Subsidiaries are in compliance with all laws administered by and regulations of any Governmental Agency applicable to it
or to them, except where the failure to so comply would have a Material Adverse Effect. None of Company, Bank, Company’s
Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda, or commitments
(other than restrictions of general application) imposed by any Governmental Agency, nor are, to Company’s knowledge, (a)
any such restrictions threatened or (b) any agreements, memoranda or commitments being sought by any Governmental Agency.

		3.	Pending Litigation. There are no actions, suits, proceedings
or written agreements pending, or, to Company’s knowledge, threatened or proposed, against Company, Bank, or any of its other
Subsidiaries at law or in equity or before or by any federal, state, municipal, or other governmental department, commission, board,
or other administrative agency, domestic or foreign, that, either separately or in the aggregate, would reasonably be expected
to have a Material Adverse Effect on Company and any of its Subsidiaries, taken as a whole, or affect issuance or payment of the
Subordinated Notes; and neither Company nor any of its Subsidiaries is a party to or named as subject to the provisions of any
order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic or foreign,
that either separately or in the aggregate, will have a Material Adverse Effect on Company and any of its Subsidiaries, taken as
a whole.

		4.	Environmental. No Property is or, to Company’s knowledge,
has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation
or presence of any Hazardous Materials and neither Company nor any of its Subsidiaries has engaged in such activities. There are
no claims or actions pending or, to Company’s knowledge, threatened against Company or any of its Subsidiaries by any Governmental
Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

		5.	Brokerage Commissions. Except for commissions paid to
the Placement Agent, neither Company nor any Affiliate of Company is obligated to pay any brokerage commission or finder’s
fee to any Person in connection with the transactions contemplated by this Agreement.

		6.	Investment Company Act. Neither Company nor any of its
Subsidiaries is an “investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended.

		G.	No Misstatement. The information furnished by Company
to Purchasers in the investor presentation utilized by Company in connection with the offering and sale of the Subordinated Notes
(including statements made by members of Company management with respect to such investor presentation), along with Company SEC
Reports and other information disclosed publicly by Company, does not contain any untrue statement of a material fact, or omit
to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were
made, not misleading.

		H.	Reporting Compliance. Company is subject to, and is in
compliance in all material respects with, the reporting requirements of Section 13 and Section 15(d), as applicable, of the Securities
Exchange Act of 1934, as amended, and the rules and the regulations of the SEC thereunder (collectively, the “Exchange
Act”). Company’s SEC Reports at the time they were or hereafter are filed with the SEC, complied in all material
respects with the requirements of the Exchange Act and did not and do not include any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading.

		I.	Internal Control Over Financial Reporting. Company and
its Subsidiaries maintain systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the
Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their
respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with GAAP, including, but not limited to, a system of accounting controls sufficient to provide reasonable assurances
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Since the end of Company’s most recent audited fiscal year, (y) Company has no
knowledge of (i) any material weakness in Company’s internal control over financial reporting (whether or not remediated)
or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in Company’s
internal controls and (z) there has been no change in Company’s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, Company’s internal control over financial reporting. 

		J.	Disclosure Controls and Procedures. Company and its Subsidiaries
maintain an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act),
that (i) are designed to ensure that information required to be disclosed by Company in the reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and
forms and that material information relating to Company and its Subsidiaries is made known to Company’s principal executive
officer and principal financial officer by others within Company and its Subsidiaries to allow timely decisions regarding disclosure,
and (ii) are effective in all material respects to perform the functions for which they were established. As of the date hereof,
Company has no knowledge that would reasonably cause it to believe that the evaluation to be conducted of the effectiveness of
Company’s disclosure controls and procedures for the most recently ended fiscal quarter period will result in a finding that
such disclosure controls and procedures are ineffective for such quarter ended. Based on the evaluation of Company’s and
each Subsidiary’s disclosure controls and procedures described above, Company is not aware of (1) any significant deficiency
in the design or operation of internal controls which could adversely affect Company’s ability to record, process, summarize
and report financial data or any material weaknesses in internal controls or (2) any fraud, whether or not material, that involves
management or other employees who have a significant role in Company’s internal controls. Since the most recent evaluation
of Company’s disclosure controls and procedures described above, there have been no significant changes in internal controls
or in other factors that could significantly affect internal controls. 

		K.	No Registration. No person has the right to require Company
or any of its Subsidiaries to register any securities for sale under the Securities Act by reason of the issuance and sale of the
Subordinated Notes to be sold by Company hereunder. 

		L.	Allowance for Loan Losses. The allowance for loan losses
shown in the financial statements of Company has been established in a manner consistent with past practices and in accordance
with applicable regulatory guidelines and, to the best of Company’s knowledge, is adequate in all respects to provide for
losses, net of recoveries relating to loans previously charged off, on loans and leases outstanding as of the date of such statements
or reports.

		M.	Representations and Warranties Generally. The representations
and warranties of Company set forth in this Agreement are true and correct as of the date hereof and will be true and correct as
of the Closing Date. Any certificate signed by an officer of Company and delivered to the Purchasers or to counsel for Purchasers
shall be deemed to be a representation and warranty by Company to the Purchasers as to the matters set forth therein. 

V.GENERAL COVENANTS, CONDITIONS
AND AGREEMENTS.

Company hereby further covenants and
agrees with each Purchaser as follows:

		A.	Compliance with Transaction Documents. Company shall comply
with, observe and timely perform each and every one of the covenants, agreements and obligations under the Transaction Documents.

		B.	Compliance with Laws.

		1.	Generally. Company shall comply and cause Bank and each
other Subsidiary to comply with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct
of its business and the ownership of its properties, except, in each case, where such noncompliance would not reasonably be expected
to have a Material Adverse Effect on Company.

		2.	Regulated Activities. Company shall not itself, nor shall
it cause, permit or allow Bank or any other Subsidiary to (i) engage in any business or activity not permitted by all applicable
laws and regulations, except where such business or activity would not reasonably be expected to have a Material Adverse Effect
on Company, Bank and/or such Subsidiary or (ii) make any loan or advance secured by the capital stock of another bank or depository
institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution,
in each case other than in accordance with applicable laws and regulations and safe and sound banking practices.

		3.	Taxes. Company shall and shall cause Bank and any other
Subsidiary to promptly pay and discharge all material taxes, assessments and other governmental charges imposed upon Company, Bank
or any other Subsidiary or upon the income, profits, or property of Company or any Subsidiary and all claims for labor, material
or supplies which, if unpaid, might by law become a lien or charge upon the property of Company, Bank or any other Subsidiary.
Notwithstanding the foregoing, none of Company, Bank or any other Subsidiary shall be required to pay any such tax, assessment,
charge or claim, so long as the validity thereof shall be contested in good faith by appropriate proceedings, and appropriate reserves
therefore shall be maintained on the books of Company, Bank and such other Subsidiary.

		4.	Dividends, Payments, and Guarantees During Event of Default.
During the continuance of an Event of Default (as defined under the Subordinated Notes) and except as required by any federal
or state Governmental Agency, Company agrees not to (a) declare or pay any dividends on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock; (b) make any payment of principal of, or interest or premium, if
any, on, or repay, repurchase or redeem any of Company’s debt that ranks equal with or junior to the Subordinated Notes;
or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than (i) any dividends
or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s
common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or
the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii)
as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s
capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares
of Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being
converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or
rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment
plans.

		5.	Tier 2 Capital. If all or any portion of the Subordinated
Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated
debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes and other than due to the application
of the exception from the capital adequacy guidelines of the Board of Governors of the Federal Reserve System for companies subject
to the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement, Company will immediately notify the Purchasers,
and thereafter, Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably
necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as
Tier 2 Capital.

		C.	Absence of Control. It is the intent of the parties to
this Agreement that in no event shall Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly
or indirectly, Company, and Purchasers shall not exercise, or be deemed to exercise, directly or indirectly, a controlling influence
over the management or policies of Company.

		D.	Bloomberg. Within 30 days after Closing, Company will
utilize its commercially reasonable efforts to have the Subordinated Notes identified on Bloomberg. 

VI.REPRESENTATIONS, WARRANTIES
AND COVENANTS OF PURCHASERS.

Each Purchaser hereby represents and
warrants to Company, and covenants with Company, severally and not jointly, as follows:

		A.	Legal Power and Authority. Purchaser has all necessary
power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated
hereby. Purchaser is an entity duly organized, validly existing and in good standing under the laws its jurisdiction of organization.

		B.	Authorization and Execution. The execution, delivery and
performance of this Agreement has been duly authorized by all necessary action on the part of such Purchaser, and this Agreement
is a legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except
as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
affecting creditors’ rights generally or by general equitable principles.

		C.	No Conflicts. Neither the execution, delivery or performance
of the Transaction Documents nor the consummation of any of the transactions contemplated thereby will conflict with, violate,
constitute a breach of or a default (whether with or without the giving of notice or lapse of time or both) under (i) its organizational
documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction,
decree, determination or award binding upon or affecting it , except, in the case of items (ii), (iii) or (iv), for such violations,
conflicts, breaches or defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse
Effect on Purchaser and its Subsidiaries, taken as a whole.

		D.	Purchase for Investment. Purchaser is purchasing the Subordinated
Note for its own account and not with a view to distribution and with no present intention of reselling, distributing or otherwise
disposing of the same. Purchaser has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or
commitment providing for, or which is likely to compel, a disposition of the Subordinated Notes in any manner.

		E.	Accredited Investor. Purchaser is and will be on the Closing
Date an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated
by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets or an “accredited
investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsection (4) of Rule 501(a) of
Regulation D. Purchaser is within the category of purchasers contained in the exemption set forth in FINRA Rule 5123(b).

		F.	Financial and Business Sophistication. Purchaser has such
knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective
investment in the Subordinated Notes. Purchaser has relied solely upon Purchaser’s own knowledge of, and/or the advice of
its own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations involved in deciding
to invest in the Subordinated Notes.

		G.	Ability to Bear Economic Risk of Investment. Purchaser
recognizes that an investment in the Subordinated Notes involves substantial risk. Purchaser has the ability to bear the economic
risk of the prospective investment in the Subordinated Notes, including the ability to hold the Subordinated Notes indefinitely,
and further including the ability to bear a complete loss of all of Purchaser’s investment in Company.

		H.	Information. Purchaser acknowledges that: (i) Purchaser
is not being provided with the disclosures that would be required if the offer and sale of the Subordinated Notes were registered
under the Securities Act, nor is Purchaser being provided with any offering circular or prospectus prepared in connection with
the offer and sale of the Subordinated Notes; (ii) Purchaser has conducted its own examination of Company and the terms of the
Subordinated Notes to the extent Purchaser deems necessary to make its decision to invest in the Subordinated Notes; and (iii)
Purchaser has availed itself of publicly available financial and other information concerning Company to the extent Purchaser deems
necessary to make Purchaser’s decision to purchase the Subordinated Notes. Purchaser has reviewed the information set forth
in Company’s SEC Reports and the exhibits and schedules hereto.

		I.	Access to Information. Purchaser acknowledges that Purchaser
and Purchaser’s advisors have been furnished with all materials relating to the business, finances and operations of Company
that have been requested of it or its advisors and have been given the opportunity to ask questions of, and to receive answers
from, persons acting on behalf of Company concerning terms and conditions of the transactions contemplated by this Agreement in
order to make an informed and voluntary decision to enter into this Agreement. 

		J.	Investment Decision. Purchaser has made Purchaser’s
own investment decision based upon Purchaser’s own judgment, due diligence and advice from such advisors as Purchaser has
deemed necessary and not upon any view expressed by any other person or entity, including the Placement Agent. Neither such inquiries
nor any other due diligence investigations conducted by Purchaser or Purchaser’s advisors or representatives, if any, shall
modify, amend or affect Purchaser’s right to rely on Company’s representations and warranties contained herein. Purchaser
is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf
of Company, including, without limitation, the Placement Agent, except for the express statements, representations and warranties
of Company made or contained in this Agreement. Furthermore, Purchaser acknowledges that (i) the Placement Agent has not performed
any due diligence review on behalf of Purchaser and (ii) nothing in this Agreement or any other materials presented by or on behalf
of Company to Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice.

		K.	Private Placement; No Registration; Restricted Legends.
Purchaser understands and acknowledges that the Subordinated Notes are being sold by Company without registration under the Securities
Act in reliance on the exemption from federal and state registration set forth in, respectively, Rule 506(b) of Regulation D under
Section 4(a)(2) of the Securities Act and Section 18 of the Securities Act, or any state securities laws, and accordingly, may
be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable state securities laws are
available to Purchaser. Purchaser further acknowledges and agrees that all certificates or other instruments representing the Subordinated
Notes will bear the restrictive legend set forth in the form of Subordinated Note. Purchaser further acknowledges Purchaser’s
primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes
or any interest therein without complying with the requirements of the Securities Act and the rules and regulations promulgated
thereunder and the requirements set forth in this Agreement.

		L.	Placement Agent. Purchaser will purchase the Subordinated
Note(s) directly from Company and not from the Placement Agent and understands that neither the Placement Agent nor any other broker
or dealer has any obligation to make a market in the Subordinated Notes.

		M.	Tier 2 Capital. If all or any portion of the Subordinated
Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated
debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes and other than due to the application
of the exception from the capital adequacy guidelines of the Board of Governors of the Federal Reserve System for companies subject
to the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement, upon notification by Company to the Purchasers,
Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order
to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided,
however, that nothing contained in this Agreement shall limit Company’s right to redeem the Subordinated Notes upon
the occurrence of a Tier 2 Capital Event, as described in the Subordinated Notes.

		N.	Accuracy of Representations. Purchaser understands that
each of the Placement Agent and Company will rely upon the truth and accuracy of the foregoing representations, acknowledgements
and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the representations
or acknowledgements made by Purchaser are no longer accurate as of the Closing Date, or if any of the agreements made by Purchaser
are breached on or prior to the Closing Date, Purchaser shall promptly notify the Placement Agent and Company.

		O.	Representations and Warranties Generally. The representations
and warranties of Purchaser set forth in this Agreement are true and correct as of the date hereof and will be true and correct
as of the Closing Date and as otherwise specifically provided herein. Any certificate signed by a duly authorized representative
of Purchaser and delivered to Company or to counsel for Company shall be deemed to be a representation and warranty by Purchaser
to Company as to the matters set forth therein.

		VII.	TERMINATION. Purchasers may terminate this Agreement (i) at any time prior to the Closing
Date by written notice signed by all Purchasers to Company if Purchasers shall decline to purchase the Subordinated Notes for any
reason permitted by this Agreement or (ii) on the Closing Date if any condition described in Section III.B is not fulfilled
or waived in writing by the Purchasers on or prior to the Closing Date. Any termination pursuant to this Section shall be without
liability on the part of (a) Company to Purchasers or (b) Purchasers to Company.

VIII.MISCELLANEOUS.

		A.	Prohibition on Assignment by Company. Company may not
assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior
written consent of Purchasers.

		B.	Time of the Essence. Time is of the essence of this Agreement.

		C.	Waiver or Amendment. No waiver or amendment of any term,
provision, condition, covenant or agreement herein or in the Subordinated Notes shall be effective except with the consent of the
holders of more than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by Company or any
of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that without the consent
of each holder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount of the Subordinated
Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of
any Subordinated Note; (iv) change the currency in which payment of the obligations of Company under this Agreement and the Subordinated
Notes are to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve
any amendment of this Agreement or the Subordinated Notes; (vi) make any changes to Section 6 (Failure to Make Payments) of the
Subordinated Notes that adversely affects the rights of any holder of a Subordinated Note; or (vii) disproportionately affect the
rights of any of the holders of the then outstanding Subordinated Notes under this Agreement and the Subordinated Notes. Notwithstanding
the foregoing, Company may amend or supplement the Subordinated Notes without the consent of the holders of the Subordinated Notes
to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of
certificated Subordinated Notes; provided that any such change does not adversely affect the rights of any holder of any of the
Subordinated Notes. No failure to exercise or delay in exercising, by a Purchaser or any holder of the Subordinated Notes, of any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power
or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The
rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity.
No notice or demand on Company in any case shall, in itself, entitle Company to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the Purchasers to any other or further action in any circumstances
without notice or demand. No consent or waiver, expressed or implied, by the Purchasers to or of any breach or default by Company
in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach
or default in the performance of the same or any other obligations of Company hereunder. Failure on the part of the Purchasers
to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall
not constitute a waiver by the Purchasers of their rights hereunder or impair any rights, powers or remedies on account of any
breach or default by Company.

		D.	Severability. Any provision of this Agreement which is
unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement
of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions of this Agreement shall subsist
and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included
herein. Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application thereof are
held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application
of such provision to persons or situations other than those to which it shall have been held invalid or unenforceable, shall not
be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law.

		E.	Notices. Any notice which any party hereto may be required
or may desire to give hereunder shall be deemed to have been given if in writing and if delivered personally, or if mailed, postage
prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight commercial
courier promising next business day delivery, addressed:

	if to Company:	
        Salisbury Bancorp, Inc.

        5 Bissell Street

        PO Box 1868

        Lakeville, Connecticut 06039

        Attention: Richard J. Cantele Jr., President and Chief Executive Officer

        Email: rcantele@salisburybank.com

         

	with a copy to:	
        Cranmore, FitzGerald & Meaney

        49 Wethersfield Avenue

        Hartford, Connecticut 06114

        Attention: Jody Cranmore

        Email: jcranmore@cfmlawfirm.com

         

	if to Purchasers:	To the address indicated on such Purchaser’s signature page.

 

or to such other address or addresses
as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the
giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other
party in the manner provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered
personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or,
if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next business day delivery
was requested).

		F.	Successors and Assigns. This Agreement shall inure to
the benefit of the parties and their respective heirs, legal representatives, successors and assigns; except that, unless a Purchaser
consents in writing, no assignment made by Company in violation of this Agreement shall be effective or confer any rights on any
purported assignee of Company. The term “successors and assigns” will not include a purchaser of any of the Subordinated
Notes from any Purchaser merely because of such purchase.

		G.	No Joint Venture. Nothing contained herein or in any document
executed pursuant hereto and no action or inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a
partner or joint venturer with Company.

		H.	Documentation. All documents and other matters required
by any of the provisions of this Agreement to be submitted or furnished to a Purchaser shall be in form and substance satisfactory
to such Purchaser.

		I.	Entire Agreement. This Agreement and the Subordinated
Notes along with the Exhibits thereto constitute the entire agreement between the parties hereto with respect to the subject matter
hereof and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto.
No party, in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that
is not set forth in this Agreement or in the Subordinated Notes.

		J.	Choice of Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to its laws or principles of conflict of
laws that would result in the application of the laws of another jurisdiction. Nothing herein shall be deemed to limit any rights,
powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation or
order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by a Purchaser
which is lawful pursuant to, or which is permitted by, any of the foregoing.

		K.	No Third Party Beneficiary. This Agreement is made for
the sole benefit of Company and the Purchasers, and no other person shall be deemed to have any privity of contract hereunder nor
any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other person have any right of action of any
kind hereon or be deemed to be a third party beneficiary hereunder; provided, that the Placement Agent may rely on the representations
and warranties contained herein and any certificates or other documents delivered in connection with the Closing to the same extent
as if it were a party to this Agreement.

		L.	Legal Tender of United States. All payments hereunder
shall be made in coin or currency which at the time of payment is legal tender in the United States of America for public and private
debts.

		M.	Captions; Counterparts. Captions contained in this Agreement
in no way define, limit or extend the scope or intent of their respective provisions. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but one and the same instrument. In the event that any
signature is delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile signature page were an original thereof.

		N.	Knowledge; Discretion. All references herein to Purchaser’s
or Company’s knowledge shall be deemed to mean the knowledge of such party based on the actual knowledge of such party’s
Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices. Unless specified to the contrary
herein, all references herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation
by a Purchaser, to the application of a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s
consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise
involving the decision making of a Purchaser, shall be deemed to mean that such Purchaser shall decide using the reasonable discretion
or judgment of a prudent lender.

		O.	Waiver Of Right To Jury Trial. TO THE EXTENT PERMITTED
UNDER APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL
BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS
OF COMPANY OR PURCHASERS. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING
OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES FURTHER ACKNOWLEDGE THAT (i) THEY HAVE
READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL
AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION
DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

		P.	Expenses. Except as otherwise provided in this Agreement,
each of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions
contemplated pursuant to this Agreement.

		Q.	Survival. Each of the representations and warranties set
forth in this Agreement shall survive the consummation of the transactions contemplated hereby for a period of one year after the
date hereof. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective
terms, they are no longer operative.

 

[Signature Pages Follow]

 

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Company
has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the date first
above written.

	 	
        COMPANY:

        Salisbury Bancorp, Inc.

         

        By:       _____________________________

        Name:
        Richard J. Cantele Jr.

        Title:President
        and Chief Executive Officer

	 	

 

    	 

    	 

    

IN WITNESS WHEREOF, the Purchaser
has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the date first
above written.

	 	
	 	
        PURCHASER: [INSERT PURCHASER’S
        NAME]

        Individual Purchaser’s
name: _______________

        ________________________________________

        Entity Purchaser’s
name: ___________________

        By:       __________________________________

        Name:[●]

        Title:[●]

         

	 	
        Address of Purchaser:

         

        [●]

         

	 	
        Principal Amount of Purchased Subordinated
        Note:

         

        $[●]

         

         

 

    	 

    	 

    

EXHIBIT A

FORM OF SUBORDINATED NOTE

    	 

    	 

    

EXHIBIT B

OPINION OF COUNSEL

		1.	Each of Company and Bank (i) has been organized or formed, as the case
may be, is validly existing and is in good standing under the laws of its jurisdiction of organization, (ii) has all requisite
power and authority to carry on its business and to own, lease and operate its properties and assets as described in Company’s
SEC Reports and (iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation, partnership
or other entity as the case may be, authorized to do business in each jurisdiction in which the nature of such businesses or the
ownership or leasing of such properties requires such qualification, except where the failure to be so qualified would not, individually
or in the aggregate, have a Material Adverse Effect.

		2.	Company has all necessary power and authority to execute, deliver and
perform its obligations under the Transaction Documents to which it is a party and to consummate the transactions contemplated
by the Agreement.

		3.	The Agreement has been duly and validly authorized, executed and delivered
by Company and constitutes the legal, valid and binding obligation of the Company, and enforceable against Company in accordance
with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’
rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the
court before which any proceeding therefor may be brought.

		4.	The Subordinated Notes have been duly and validly authorized by Company
and when issued and delivered to and paid for by Purchasers in accordance with the terms of this Agreement, will have been duly
executed, authenticated, issued and delivered and will constitute legal, valid and binding obligations of the Company, and enforceable
against Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or
equity) and the discretion of the court before which any proceeding therefor may be brought.

		5.	Assuming the accuracy of the representations of each of Purchasers set
forth in the Agreement, the Subordinated Notes to be issued and sold by Company to Purchasers pursuant to the Agreement will be
issued in a transaction exempt from the registration requirements of the Securities Act.

		6.	The execution and delivery by the Company of the Agreement and the Subordinated
Notes does not, and the performance by the Company of its obligations thereunder will not violate any New York, Connecticut or
federal statute, rule or regulation.

		7.	The Company is not required to obtain any consent
or approval of any New York, Connecticut or federal governmental authority in connection with execution and delivery by it of the
Agreement and the Subordinated Notes or the performance by it of its obligations thereunder.wndw_ex41.htm

EXHIBIT 4.1
 
NEITHER THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.
 
SOLARWINDOW TECHNOLOGIES, INC.
 
FORM OF SERIES M STOCK PURCHASE WARRANT
 
	No. M-000[·]	December 7, 2015

 
SolarWindow Technologies, Inc., a Nevada corporation (the "Company"), hereby certifies that [·], its permissible transferees, designees, successors and assigns (collectively, the "Holder"), for value received, is entitled to purchase from the Company at any time and from time to time commencing on the date first appearing above (the "Issuance Date"), up to and through 12:01a.m. (EST) on the date five (5) years from the Issuance Date (the "Termination Date") up to [·] shares (each, a "Share" and collectively the "Shares") of the Company's common stock, par value $0.001 (the "Common Stock"), at an exercise price per Share of $2.34 (the "Exercise Price"). The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section 4 hereof.
 
1. Method of Exercise; Payment.
 
(a) Exercise. The purchase rights represented by this Warrant may be exercised, either for cash or on a cashless basis, by the Holder, in whole or in part, at any time, or from time to time, by the surrender of this Warrant (with the notice of exercise form (the "Notice of Exercise") attached hereto as Exhibit A duly executed) at the principal office of the Company, and by paymentto the Company of an amount equal to the Exercise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election of the Holder, by wire transfer or certified check payable to the order of the Company. The person or persons in whose name(s) any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised.
 
In the event Holder wishes to exercise this Warrant by means of a "cashless exercise" in which Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
 
(A) equals the closing price of the Company's Common Stock, as reported (in order of priority) on the Trading Market on which the Company's Common Stock is then listed or quoted for trading on the Trading Date preceding the date of the election to exercise; or, if the Company's Common Stock is not then listed or traded on a Trading Market, then the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Recipient and the Company;
 
(B) equals the Exercise Price of the Warrant, as adjusted from time to time in accordance herewith; and
 
(X) equals the number of Warrant Shares Holder wishes to exercise in accordance with the terms of this Warrant by means of a cashless exercise.
 
	 
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(b) Stock Certificates. In the event of any exercise of the rights represented by this Warrant, as promptly as practicable after this Warrant is surrendered and delivered to the Company along with all other appropriate documentation on or after the date of exercise and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of Shares issuable upon such exercise. In the event this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Shares for which this Warrant may then be exercised.
 
(c) Taxes. The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments representing such Shares, shall be made without charge to the Holder for any tax or other charge in respect of such issuance.
 
2. Warrant.
 
(a) Transfer and Replacement. Subject to compliance with applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. The Holder consents that the Company may, if it desires, permit the transfer of this Warrant out of the Holder's name only when the Holder's request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither the sale nor the proposed transfer results in a violation of the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state "blue sky" laws. At any time prior to the exercise hereof, this Warrant may be exchanged upon presentation and surrender to the Company, alone or with other warrants of like tenor of different denominations registered in the name of the same Holder, for another warrant or warrants of like tenor in the name of such Holder exercisable for the aggregate number of Shares as the warrant or warrants surrendered.
 
(b) Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.
 
(c) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange or replacement as provided in this Section 3, this Warrant shall be promptly canceled by the Company. The Holder shall pay all taxes and all other expenses (including legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution and delivery of Warrants pursuant to this Section 3.
 
(d) Warrant Register. The Company shall maintain, at its principal executive offices (or at the offices of the transfer agent for the Warrant or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant (the "Warrant Register"), in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.
 
3. Rights and Obligations of Holders of this Warrant.
 
The Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or in equity; provided, however, that in the event any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise of this Warrant, such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the date on which this Warrant, together with a duly executed Notice of Exercise, was surrendered and payment of the aggregate Exercise Price was made, irrespective of the date of delivery of such Common Stock certificate.
 
	 
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4. Adjustments.
 
During the Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 4.
 
(a) Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased.
 
(b) Adjustment in Number of Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.
 
(c) Consolidation, Merger or Sale. In case of any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby the holder of this Warrant will have the right to acquire and receive upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation, merger or sale or conveyance not taken place. In any such case, the Company will make appropriate provision to insure that the provisions of this Section 5 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The Company will not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof, the successor corporation (if other than the Company) assumes by written instrument the obligations under this Section 4 and the obligations to deliver to the holder of this Warrant such shares of stock, securities or assets as, in accordance with the foregoing provisions, the holder may be entitled to acquire.
 
(d) Distribution of Assets. In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.
 
(e) Notice of Adjustment. Upon the occurrence of any event which requires any adjustment of the Exercise Price, then, and in each such case, the Company shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Such calculation shall be certified by the Chief Financial Officer of the Company.
 
	 
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(f) Minimum Adjustment of Exercise Price. No adjustment of the Exercise Price shall be made in an amount of less than 1% of the Exercise Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to not less than 1% of such Exercise Price.
 
(g) No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall round up the number of shares to the issued.
 
(h) Other Notices. In case at any time:
 
		(i) 	the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions payable in cash out of retained earnings) to the holders of the Common Stock;

			
		(ii) 	the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;

			
		(iii) 	there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all or substantially all its assets to, another corporation or entity; or

			
		(iv) 	there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 
then, in each such case, the Company shall give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the Company's books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
 
(i) Certain Events. If any event occurs of the type contemplated by the adjustment provisions of this Section 4 but not expressly provided for by such provisions, the Company will give notice of such event as provided in Section 9 hereof, and the Company's Board of Directors will make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon exercise of this Warrant so that the rights of the holder shall be neither enhanced nor diminished by such event.
 
5. Legends.
 
Prior to issuance of the shares of Common Stock underlying this Warrant, all such certificates representing such shares shall bear a restrictive legend to the effect that the Shares represented by such certificate have not been registered under the Securities Act, and that the Shares may not be sold or transferred in the absence of such registration or an exemption therefrom, such legend to be substantially in the form of the bold-face language appearing at the top of Page 1 of this Warrant.
 
	 
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6. Disposition of Warrants or Shares.
 
The Holder of this Warrant, each transferee hereof and any holder and transferee of any Shares, by his or its acceptance thereof, agrees that no public distribution of Warrants or Shares will be made in violation of the provisions of the Securities Act. Furthermore, it shall be a condition to the transfer of this Warrant that any transferee thereof deliver to the Company his or its written agreement to accept and be bound by all of the terms and conditions contained in this Warrant.
 
7. Merger or Consolidation.
 
The Company will not merge or consolidate with or into any other corporation, or sell or otherwise transfer its property, assets and business substantially as an entirety to another corporation, unless the corporation resulting from such merger or consolidation (if not the Company), or such transferee corporation, as the case may be, shall expressly assume, by supplemental agreement reasonably satisfactory in form and substance to the Holder, the due and punctual performance and observance of each and every covenant and condition of this Warrant to be performed and observed by the Company.
 
8. Notices.
 
Except as otherwise specified herein to the contrary, all notices, requests, demands and other communications required or desired to be given hereunder shall only be effective if given in writing by certified or registered U.S. mail with return receipt requested and postage prepaid; by private overnight delivery service (e.g. Federal Express); by facsimile transmission (if no original documents or instruments must accompany the notice); or by personal delivery. Any such notice shall be deemed to have been given (a) on the business day immediately following the mailing thereof, if mailed by certified or registered U.S. mail as specified above; (b) on the business day immediately following deposit with a private overnight delivery service if sent by said service; (c) upon receipt of confirmation of transmission if sent by facsimile transmission; or (d) upon personal delivery of the notice. All such notices shall be sent to the following addresses (or to such other address or addresses as a party may have advised the other in the manner provided in this Section 9):
 
If to the Company:
 
SolarWindow Technologies, Inc.
10632 Little Patuxent Parkway
Suite 406
Columbia, Maryland 21044
President and Chief Executive Officer
 
If to the Holder:
 
[·]
 
Notwithstanding the time of effectiveness of notices set forth in this Section 8, a Notice of Exercise shall not be deemed effectively given until it has been duly completed and submitted to the Company together with this original Warrant and payment of the Exercise Price in a manner set forth in this Section 8.
 
9. Governing Law.
 
This Agreement shall be governed by and construed solely and exclusively in accordance with and pursuant to the internal laws of the State of New York without regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or state court located in the City of New York. By its execution hereof, the parties hereby covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City of New York, New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of all of its reasonable counsel fees and disbursements.
 
	 
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10. Successors and Assigns.
 
This Warrant shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
 
11. Headings.
 
The headings of various sections of this Warrant have been inserted for reference only and shall not affect the meaning or construction of any of the provisions hereof.
 
12. Severability.
 
If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be excluded from this Warrant, and the balance hereof shall be interpreted as if such provision were so excluded.
 
13. Modification and Waiver.
 
This Warrant and any provision hereof may be amended, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.
 
14. Specific Enforcement.
 
The Company and the Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which either of them may be entitled by law or equity.
 
15. Assignment.
 
This Warrant may be transferred or assigned, in whole or in part, at any time and from time to time by the then Holder by submitting this Warrant to the Company together with a duly executed Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant as Exhibit B hereto, and, upon the Company's receipt thereof, and in any event, within five (5) business days thereafter, the Company shall issue a Warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred or assigned.
 
[SIGNATURE PAGE FOLLOWS]
 
	 
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IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by one of its officers thereunto duly authorized.
 
	 
	SOLARWINDOW TECHNOLOGIES, INC.
	 

	 	 	 	 
		By:	/s/ John Conklin
	 

	 
	Name:
	John Conklin
	 

	 
	Title:
	President & Chief Executive Officer
	 

 
	 
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EXHIBIT A
 
NOTICE OF EXERCISE
 
To Be Executed by the Holder in Order to Exercise the Warrant
 
The undersigned Holder hereby elects to purchase _______ Shares pursuant to the attached Warrant, and requests that certificates for securities be issued in the name of:
 
__________________________________________________________
 
__________________________________________________________
 
__________________________________________________________
 
(Please type or print name and address)
 
__________________________________________________________
 
(Social Security or Tax Identification Number)
 
and to be delivered to: _________________________________________
 
__________________________________________________________.
 
(Please type or print name and address if different from above)
 
If such number of Shares being purchased hereby shall not be all the Shares that may be purchased pursuant to the attached Warrant, a new Warrant for the balance of such Shares shall be registered in the name of, and delivered to, the Holder at the address set forth below.
 
In full payment of the purchase price with respect to the Shares purchased and transfer taxes, if any, the undersigned hereby tenders payment of $__________ by check, money order or wire transfer payable in United States currency to the order of [________________].
 
OR
 
If permitted, the cancellation of such number of Shares as is necessary, in accordance with the formula set forth in Section 1(a) of the Warrant with respect to the maximum number of Shares purchasable pursuant to the cashless exercise procedure set forth Section 1(a).
 
HOLDER:
 
By: _____________________________________
Name:
Title:
Address:
 
Dated: _________________
 
 
8

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