Document:

EXHIBIT 10.4

 

WARRANT
NUMBER

E
_______________

 

CARDAX,
INC.

 

WARRANT
TO PURCHASE SHARES OF COMMON STOCK 

 

NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE HAVE BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, OFFERED FOR
SALE, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO SUCH
SECURITIES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

THIS
CERTIFIES THAT, for value received, ________________________________ (together with its successors and assigns, the “Holder”),
commencing _____________ (the “Date of Issue”) is entitled to purchase, subject to the conditions set
forth below, at any time and from time to time, in whole or in part, during the Exercise Period (as defined in Section 1.3),
that number of fully paid and non-assessable shares (the “Shares”) of common stock, par value $0.001
per share (“Common Stock”), of Cardax, Inc., a Delaware corporation (the “Company”),
that is not more than the Warrant Share Number (as defined in Section 1.1), subject to the further provisions of this
warrant to purchase newly issued shares of Common Stock (the “Warrant”), at the Warrant Exercise Price
(as defined in Section 1.2), subject to the further provisions of this Warrant.

 

	1.	 	EXERCISE
                                         OF WARRANT

 

The
terms and conditions upon which this Warrant may be exercised, and the shares of Common Stock covered hereby which may be purchased
hereunder, are as follows:

 

1.1.
Warrant.

 

(a)
The Company hereby issues to the Holder this Warrant.

 

    	 

    	 

    

 

(b)
The number of Shares that the Holder is entitled to purchase under the terms and conditions of this Warrant (the “Warrant
Share Number”) is equal to three quarters (0.75) of one (1) Share for each Warrant.

 

(c)
For the purposes of this Agreement, the following terms shall have the respective meanings ascribed thereto in this Section
1.1(c):

 

(i)
“Affiliate” shall have the meaning ascribed to such term under the Securities Act and the regulations
promulgated thereunder.

 

(ii)
“Business Day” shall mean any date that the banks and the securities markets are in New York, New York
open for business for the conduct of business in the regular course on such date.

 

(iii)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(iv)
“Person” shall mean any individual, trust or entity or governmental authority or agency.

 

1.2.
The Warrant Exercise Price. The exercise price for the Warrant (the “Warrant Exercise Price”)
shall be equal, per share, to $0.1667, subject to adjustment as provided in Section 4:

 

1.3.
Method of Exercise.

 

(a)
The Holder of this Warrant may exercise, in whole or in part, the purchase rights evidenced by this Warrant during the period
commencing on the Date of Issue of this Warrant and ending on March 31, 2020, unless extended by the Company in its sole discretion
(the “Exercise Period”). Such exercise shall be effected by:

 

(i)
the surrender of the Warrant, together with a duly executed copy of the form of subscription attached hereto (a “Notice
of Exercise”), to the Secretary of the Company at its principal offices;

 

(ii)
the payment to the Company, by certified check or bank draft payable to its order, of an amount equal to the aggregate Warrant
Exercise Price for the number of Shares for which the purchase rights hereunder are being exercised; and

 

(iii)
the delivery to the Company, if necessary, to assure compliance with federal and state securities laws, of an instrument executed
by the Holder certifying that the Shares are being acquired for the sole account of the Holder and not with a view to any resale
or distribution.

 

    	2

    	 

    

 

(b)
Conditions to Exercise of the Warrant.

 

(i)
Notwithstanding the provisions of any provision of this Warrant, including Section 1.3, the exercise of this Warrant
is contingent upon the Company’s satisfaction that the issuance of the Shares for which this Warrant is being exercised
is exempt from the requirements of the Securities Act and all applicable state securities laws or the Shares are duly registered
under the Securities Act. The Holder of this Warrant agrees to execute any and all documents deemed necessary by the Company to
effect the exercise of this Warrant.

 

(ii)
Notwithstanding anything to the contrary contained herein, the number of Shares that may be acquired by the Holder upon any exercise
of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and
any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section
13(d) of the Exchange Act (the “Beneficial Ownership”, does not exceed 4.99% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise)
(the “Maximum Percentage”). For the avoidance of doubt, except as otherwise provided herein in connection
with a transaction described in Section 4.3 (a “Fundamental Transaction”), this Warrant may not
be exercised in whole or in part if the Holder’s Beneficial Ownership (as calculated herein) exceeds the Maximum Percentage
prior to such exercise. For such purposes, “Beneficial Ownership” shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict
the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction of this Warrant or under any other
provision of Section 4. This restriction may not be waived except by the Holder providing a notice to the Company
as provided herein. For any reason at any time, upon the written or oral request of the Holder, the Company shall promptly confirm
in writing (which may be by electronic mail) to the Holder the number of shares of Common Stock then outstanding. To the extent
that the limitation contained in this Section 1.3(b)(ii) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by such Holder together with any Affiliates) and of which a portion of this Warrant is
exercisable shall be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be each
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder together
with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation,
and the Company shall have no obligation to verify or confirm the accuracy of such determination other than its obligation in
this Section 1.3(b)(ii) above to, upon the Holder’s request, confirm in writing to the Holder the number of
shares of Common Stock then outstanding. Notwithstanding any provision of this Section 1.3(b)(ii) to the contrary,
the limitations on the exercise of this Warrant under this Section 1.3(b)(ii) shall not be applicable from and after
the date that is 61 days after the date that the Holder provides written notice to the Company that the Holder elects to have
Beneficial Ownership of the Company’s Common Stock in excess of the Maximum Percentage, in which case such Holder shall
have the right to exercise this Warrant without the limitations of this Section 1.3(b)(ii); provided, that
the limitations of this Section 1.3(b)(ii) shall again be applicable to any assignee of this Warrant until 61 days
after such assignee provides such notice to the Company.

 

    	3

    	 

    

 

1.4.
Issuance of Shares. In the event the purchase rights evidenced by this Warrant are exercised in whole or in part, one or
more certificates for the purchased Shares shall be issued as soon as practicable thereafter to the Holder.

 

1.5.
Partial Exercise. If this Warrant shall have been exercised only in part, then the Company shall, at the time of delivery
of the certificate or certificates for the Shares purchased upon such exercise, also deliver to the Holder a new Warrant evidencing
the remaining outstanding unexercised balance of Shares purchasable hereunder.

 

1.6.
Cancellation. Notwithstanding anything in this Warrant to the contrary, this Warrant shall be cancelled, and shall not
be exercisable, if it is not exercised before the expiration of the Exercise Period.

 

	2.	TRANSFER
                                         RESTRICTIONS

 

2.1.
Transfer. This Warrant and the Shares issuable upon exercise hereof are “restricted securities” as such term
is defined by the rules and regulations promulgated under the Securities Act. This Warrant and the Shares issuable upon exercise
hereof may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of this Warrant
or the Shares issuable upon exercise hereof, other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of a Holder, the Company may require the transferor to provide to the Company an opinion of counsel selected
by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of the transferred Warrant or Shares under the
Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Warrant
and the Agreement and shall have the rights and obligations of a Holder under this Warrant and the Agreement.

 

    	4

    	 

    

 

2.2.
Legend.

 

(a)
The Holder agrees to the imprinting of a legend on any of the Shares issuable upon exercise hereof in the following form:

 

THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE CORPORATION. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(b)
Notwithstanding the foregoing, certificates evidencing this Warrant or the Shares issuable upon exercise hereof shall not contain
any legend (including the legend set forth above), (i) while a registration statement covering the resale of such security is
effective under the Securities Act, (ii) following any sale of this Warrant or such Shares issuable upon exercise hereof pursuant
to Rule 144, (iii) if this Warrant or such Shares issuable upon exercise hereof are eligible for sale under Rule 144, without
the requirement for the Company to be in compliance with the current public information required under Rule 144 as to this Warrant
or such Shares issuable upon exercise hereof and without volume or manner-of-sale restrictions, or (iv) if such legend is not
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by
the staff of the Commission).

 

    	5

    	 

    

 

2.3.
Sale. The Holder agrees that the Holder will sell this Warrant or any Shares issuable upon exercise hereof only pursuant
to either: (i) the registration requirements of the Securities Act, including any applicable prospectus delivery requirements;
or (ii) an exemption therefrom, and that if this Warrant or any Shares issuable upon exercise hereof are sold pursuant to any
such effective registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges
that the removal of the restrictive legend from certificates representing the Shares or this Warrant is predicated upon the Company’s
reliance upon this understanding.

 

	3.	Fractional
                                         Shares

 

Notwithstanding
that the number of Shares purchasable upon the exercise of this Warrant may have been adjusted pursuant to the terms hereof, the
Company shall nonetheless not be required to issue fractions of Shares upon exercise of this Warrant or to distribute certificates
that evidence fractional shares, provided that in lieu of any fraction shares, the Company shall make a cash payment to the Holder
in an amount equal to the fair market value (as determined by the Board of Directors of the Company in its reasonable good faith)
of such fractional share.

 

	4.	ANTIDILUTION
                                         PROVISIONS

 

4.1.
Stock Splits and Combinations. If the Company shall at any time subdivide or combine its outstanding shares of Common Stock,
this Warrant shall, after that subdivision or combination, evidence the right to purchase the number of shares of Common Stock
that would have been issuable as a result of that change with respect to the shares of Common Stock which were purchasable under
this Warrant immediately before that subdivision or combination. If the Company shall at any time subdivide the outstanding shares
of Common Stock, the Warrant Exercise Price then in effect immediately before that subdivision shall be proportionately decreased,
and, if the Company shall at any time combine the outstanding shares of Common Stock, the Warrant Exercise Price then in effect
immediately before that combination shall be proportionately increased. Any adjustment under this section shall become effective
at the close of business on the date the subdivision or combination becomes effective.

 

4.2.
Reclassification, Exchange And Substitution. If the Common Stock issuable upon exercise of this Warrant shall be changed
into the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification,
or otherwise (other than a subdivision or combination of shares provided for above), the Holder of this Warrant shall, on its
exercise, be entitled to purchase for the same aggregate consideration, in lieu of the Common Stock that the Holder would have
been entitled to purchase but for such change, a number of shares of such other class or classes of stock equivalent to the number
of shares of Common Stock that would have been subject to purchase by the Holder on exercise of this Warrant immediately before
that change.

 

    	6

    	 

    

 

4.3.
Reorganizations, Mergers, Consolidations Or Sale Of Assets. If at any time there shall be a capital reorganization of the
Company’s Common Stock (other than a combination, reclassification, exchange, or subdivision of shares provided for elsewhere
above) or merger or consolidation of the Company with or into another entity, or the sale of the Company’s properties and
assets as, or substantially as, an entirety to any other person or entity, then, as a part of such reorganization, merger, consolidation
or sale, lawful provision shall be made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified in this Warrant and upon payment of the Warrant Exercise Price then in effect, the
number of shares of Common Stock or other securities or property of the Company, or of the successor entity resulting from such
merger or consolidation, to which a holder of the Common Stock deliverable upon exercise of this Warrant would have been entitled
in such capital reorganization, merger, or consolidation or sale if this Warrant had been exercised immediately before that capital
reorganization, merger, consolidation, or sale. In any such case, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests
of the Holder of this Warrant after the reorganization, merger, consolidation, or sale to the end that the provisions of this
Warrant (including adjustment of the Warrant Exercise Price then in effect and number of Shares purchasable upon exercise of this
Warrant) shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable
after that event upon exercise of this Warrant. The Company shall, within thirty (30) days after making such adjustment, give
written notice (by first class mail, postage prepaid) to the Holder of this Warrant at the address of the Holder shown on the
Company’s books. That notice shall set forth, in reasonable detail, the event requiring the adjustment and the method by
which the adjustment was calculated, and specify the Warrant Exercise Price then in effect after the adjustment and the increased
or decreased number of Shares or the other shares or property purchasable upon exercise of this Warrant. When appropriate, that
notice may be given in advance and include as part of the notice required under other provisions of this Warrant.

 

	5.	Reservation
                                         of Stock Issuable Upon Exercise. 

 

The
Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the
purpose of effecting the exercise of this Warrant such number of its shares of Common Stock as shall from time to time be sufficient
to effect the exercise of this Warrant and if at any time the number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the exercise of this Warrant, in addition to such other remedies as shall be available to the Holder of
this Warrant, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but un-issued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

 

    	7

    	 

    

 

	6.	RIGHTS
                                         PRIOR TO EXERCISE OF WARRANT

 

6.1.
This Warrant does not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the
right to receive dividends or other distributions, to exercise any preemptive rights, to vote, or to consent or to receive notice
as a stockholder of the Company. If, however, at any time prior to the termination of this Warrant and prior to its exercise,
any of the following events shall occur:

 

(a)
the Company shall declare any dividend payable in any securities upon its shares of Common Stock or make any distribution (other
than a regular cash dividend) to the Holders of its shares of Common Stock; or

 

(b)
the Company shall offer to the holders of its shares of Common Stock any additional Warrant of Common Stock or securities convertible
into or exchangeable for shares of Common Stock or any right to subscribe for or purchase any thereof; or

 

(c)
a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation, merger, sale, transfer
or lease of all or substantially all of its property, assets and business as an entirety) shall be proposed and action by the
Company with respect thereto has been approved by the Company’s Board of Directors;

 

then
in any one or more of said events the Company shall give notice in writing of such event to the Holder at the last address of
the Holder as it shall appear on the Company’s records at least twenty (20) days prior to the date fixed as a record date
or the date of closing the transfer books for the determination of the stockholders entitled to such dividends, distribution,
or subscription rights, or for the determination of stockholders entitled to vote on such proposed dissolution, liquidation or
winding up. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. Failure
to publish, mail or receive such notice or any defect therein or in the publication or mailing thereof shall not affect the validity
of any action taken in connection with such dividend, distribution or subscription rights, or such proposed dissolution, liquidation
or winding up. Each person in whose name any certificate for shares of Common Stock is to be issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which this instrument was surrendered and payment of
the Warrant Exercise Price was made, irrespective of the date of delivery of such stock certificate, except that, if the date
of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to
have become the holder of such shares of Common Stock at the close of business on the next succeeding date on which the stock
transfer books are open.

 

    	8

    	 

    

 

	7.	SUCCESSORS
                                         AND ASSIGNS

 

The
terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the Holder hereof and
their respective successors and permitted assigns.

 

	8.	LOSS
                                         OR MUTILATION

 

8.1.
Upon receipt by the Company of satisfactory evidence of the ownership of and the loss, theft, destruction, or mutilation of any
Warrant, and (i) in the case of loss, theft, or destruction, upon receipt by the Company of indemnity satisfactory to it, or (ii)
in the case of mutilation, upon receipt of such Warrant and upon surrender and cancellation of such Warrant, the Company shall
execute and deliver in lieu thereof a new Warrant representing the right to purchase an equal number of shares of Common Stock.

 

8.2.
The Holder also acknowledges that each of the Shares issuable upon the due exercise hereof will be subject to any transfer restrictions
in the Company’s Articles of Incorporation, including a right of first refusal to the Company, and the certificate or certificates
evidencing the Shares will bear a legend to this effect.

 

	9.	TERMINATION
                                         DATE

 

This
Warrant shall terminate upon the sooner of (a) the expiration of the Exercise Period; or (b) the exercise of all or any portion
of this Warrant pursuant to the terms of Section 1 hereof.

 

	10.	GOVERNING
                                         LAW

 

This
Warrant and any dispute, disagreement or issue of construction or interpretation arising hereunder whether relating to its execution,
its validity, the obligations provided herein or performance shall be governed or interpreted according to the internal laws of
the State of New York without regard to conflicts of law.

 

	11.	HEADINGS

 

The
headings and captions used in this Warrant are used only for convenience and are not to be considered in construing or interpreting
this Warrant. All references in this Warrant to sections and exhibits shall, unless otherwise provided, refer to sections hereof
and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

 

	12.	NOTICES.
                                         

 

All
notices or other communications given or made hereunder shall be in writing and shall be mailed by certified mail, delivered by
professional courier or hand, or transmitted via email or facsimile, to such party’s address as set forth in the Warrant
Register, or such other address as the Holder or the Company shall notify the other in writing as above provided. Any notice sent
in accordance with this section shall be effective on the date three days after the date of mailing or, if delivered by hand or
professional courier, or transmitted via email or facsimile with delivery receipt (or acknowledgement or confirmation which may
be by electronic means), on the date of delivery, provided, however, that notices to the Company will be effective upon receipt.

 

    	9

    	 

    

 

	13.	SEVERABILITY.
                                         

 

If
one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision(s) shall be excluded
from this Warrant and the balance of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be enforceable
in accordance with its terms.

 

	14.	Registration
                                         and Transfer of Warrants, etc.

 

14.1.
Warrant Register; Ownership of Warrants. Each Warrant issued by the Company shall be numbered and shall be registered in
a warrant register (the “Warrant Register”) as it is issued and transferred, which Warrant Register
shall be maintained by the Company at its principal office or, at the Company’s election and expense, by a Warrant Agent
or the Company’s transfer agent. The Company shall be entitled to treat the registered Holder of any Warrant on the Warrant
Register as the owner in fact thereof and the Holder for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in such Warrant on the part of any other Person, and shall not be affected by any notice to the contrary,
except that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the
bearer thereof as the owner of such Warrant for all purposes. Subject to Section 10, a Warrant, if properly assigned, may be exercised
by a new holder without a new Warrant first having been issued.

 

	15.	certain
                                         other provisions

 

15.1.
Any reference to an action or event to occur on a specified date that is not a Business Day shall be a reference to the immediately
following Business Day.

 

15.2.
Any calculations of the number of Shares to be issued upon the exercise of this Warrant, in whole or in part, shall be made by
the Company and, absent manifest error, such calculation shall be conclusive and binding.

 

15.3.
The terms and conditions of this Warrant shall not be amended, modified or supplemented other than in accordance with a written
amendment signed by the Holder and the Company that specifically provides for such amendment, modification or supplement.

 

    	10

    	 

    

 

	16.	Cooperation
                                         in the Registration of Shares. 

 

The
Company shall have the right and obligation to register the Shares under the terms and conditions of that certain Registration
Rights Agreement by and among the Company the initial holder of this Warrant and the holder of other Class E Warrants. In any
such registration by the Company, the Holder shall cooperate with the Company and provide the Company with all information reasonably
requested from time to time by the Company.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	11

    	 

    

 

In
Witness Whereof, the parties have executed this Warrant as of
the date first written above.

 

	 	COMPANY
	 	 
	 	Cardax, Inc.
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	

 

HOLDER

 

	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

    	 

    	 

    

 

NOTICE
OF WARRANT EXERCISE

 

To:
Cardax, Inc.

2800
Woodlawn Drive

Suite
129

Honolulu,
HI 96822

 

Gentlemen:

 

The
undersigned, ___________________________, hereby elects to purchase, pursuant to the provisions of the foregoing Warrant
held by the undersigned, __________ shares of the common stock (“Common Stock”) of Cardax,
Inc.

 

Payment
of the purchase price of __________ per Share required under such Warrant accompanies this notice.

 

The
undersigned hereby represents and warrants that the undersigned is acquiring such Common Stock for the account of the undersigned
and not for resale or with a view to distribution of such Common Stock or any part hereof; that the undersigned is fully aware
of the transfer restrictions affecting restricted securities under the pertinent securities laws and the undersigned understands
that the shares purchased hereby are restricted securities and that the certificate or certificates evidencing the same will bear
a legend to that effect.

 

By
its delivery of this Notice of Warrant Exercise, the undersigned represents and warrants to the Company that (unless indicated
below) in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares
of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under
Section 1.3(b)(ii) of this Warrant to which this notice relates.

 

If
the number of shares of Common Stock purchased (and/or canceled) hereby is less than the number of shares of Common Stock covered
by the Warrant, the undersigned requests that a new Warrant representing the number of shares of Common Stock not so purchased
(or canceled) be issued and delivered as follows:

 

	ISSUE TO:	 	 
	 	(NAME
    OF HOLDER)	 
	 	 	 
	 	 	 
	 	(ADDRESS,
    INCLUDING ZIP CODE)	 
	 	 	 
	 	 	 
	 	(SOCIAL
    SECURITY OR OTHER IDENTIFYING NUMBER)	 
	 	 	 
	DELIVER TO:	 	 
	 	 	 
	 	 	 
	 	(NAME)	 

 

    	 

    	 

    

 

NOTICE
OF WARRANT EXERCISE

Page
2

 

	 	 	 
	 	(ADDRESS,
    INCLUDING ZIP CODE)	 

 

DATED:
__________, ____.

 

	Signature:	 	 
	Name:	 	 
	Title:	 	 
	Address:	 	 
	 	 	 

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [_____] all of or [_____] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

Signature
Guaranteed: ___________________________________________

 

NOTE: The
signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting
in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.UNITED STATES

UNANIMOUS
WRITTEN CONSENT OF DIRECTORS

OF

NATCORE TECHNOLOGY, INC.

          The
undersigned persons, being ail the members of the Board of Directors of Natcore
Technology, Inc., a corporation
organized and existing under the laws of the Province of British Columbia (the
“Corporation”), sign this instrument
in lieu of holding a special meeting of the Board of Directors (the “‘Board’’)
to evidence their consent to the
resolutions set forth below, with the same force and effect as if such
resolutions were adopted at a duly called meeting of the Board.

          WHEREAS,
that the employment contract for the Corporation’s current President and Chief
Executive Officer, Charles R. Provini (“Employee”) expires on May 8,
2012; and

          WHEREAS,
the Board of Directors has determined to continue Employee’s employment by the
Company pursuant to the terms and
conditions of the Employment Agreement attached hereto as Exhibit A (the
“Employment Agreement”); and

          WHEREAS,
the Compensation Committee of the Board has approved the attached Employment Agreement, and Employee has informed that Board
that the terms and conditions set forth therein are acceptable to Employee;

          NOW,
THEREFORE, BE IT:

          RESOLVED,
that the Employment Agreement, as attached hereto as Exhibit A, is hereby
approved and adopted in the form reviewed by the Board; and be it
further

          RESOLVED,
that the proper officers of the Corporation be, and hereby are, authorized,
empowered, and directed to prepare, enter into, execute, and deliver the
Employment Agreement to Charles R. Provini for his execution thereof; and be it
further

GENERAL
AUTHORIZATION AND RATIFICATION

          RESOLVED,
that the execution by any of said officers, of any document authorized by the
foregoing resolutions or any documents executed in the accomplishment of any
action or actions so authorized, is (or shall become upon delivery) the enforceable and binding act and obligation of
the Corporation, without the necessity of the signature or attestation of
the corporate seal; and be it further

          RESOLVED,
that all acts, transactions, or agreements undertaken prior to the adoption of
these resolutions by any of the
officers or representatives of the Corporation in its name in connection with
the foregoing matters are hereby ratified, confirmed and adopted by the
Corporation; and be it further

          RESOLVED,
that this Written Consent is ordered added to the Minute Book of the
Corporation.

          EXECUTED
this 4th day of April 2012.

	
  

 	
  

 	
  

 
	
  

 	
 

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Brien F. Lundin, Director

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 John Meekison, Director

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Jhon Calhoun, Director

 	
  

 

EMPLOYMENT AGREEMENT

          This
Employment Agreement (this “Agreement”) is entered into on April 5, 2012
(the “Effective Date”) by and between NATCORE
TECHNOLOGY INC., (hereinafter the “Company”), a company incorporated
pursuant to the laws of the Province of British Columbia and having an office located at located at 87
Maple Avenue, Red Bank, New Jersey, USA, 07701 (the “Company”),
and Charles R. Provini, a resident
of the State of New Jersey residing at 47 Club Way, Red Bank, New Jersey 07701
(“Executive”).

          WHEREAS,
the Company desires to employ Executive and Executive wishes to provide his
services to the Company, subject to the terms and conditions set forth in this
Agreement.

          In
consideration of the foregoing premises and the respective agreements of the
Company and Executive set
forth below, the Company and Executive, intending to be legally bound, agree as
follows:

               1.
Employment. Subject to all the terms and conditions of
this Agreement, Executive’s period of employment under this Agreement shall be
the period commencing on the Effective Date and ending on the second
anniversary of the Effective Date (the “Term”), unless the Executive’s
employment terminates earlier in accordance with Section 11 hereof.

               2.
Position
and Duties.

               (a)
Position with the
Company. While Executive is
employed by the Company during the Term, Executive will serve as President and
Chief Executive Officer, and shall perform such duties and responsibilities as
the Board of Directors of the Company (the “Board”)
will assign to him from time to time. In the capacity of President and Chief
Executive Officer, Executive shall have the functions, duties and
responsibilities customarily associated with the positions Executive holds,
subject to instructions and restrictions imposed by the Bylaws of the Company,
the Board of Directors, or applicable law or regulation.

               (b)
Performance of Duties
and Responsibilities.
Executive will serve the Company faithfully and to the best of his ability and
will devote his full time, attention and efforts to the business of the Company
during his employment. Executive will report to the Board of Directors of the Company or to such other party that may be
designated by the Board. During his employment hereunder, Executive will
not accept other employment or engage in other material business activity,
except as approved in writing by the Board. Executive hereby represents and confirms that he is under no
contractual or legal commitments that would prevent him from fulfilling
his duties and responsibilities as set forth in this Agreement.

               3.
Compensation.

               (a)
Base Salary. While Executive is employed by the Company during the Term, the Company will pay to Executive an annual
base salary of $275,000, less deductions and withholdings, which base
salary will be paid in accordance with the Company’s normal payroll policies
and procedures. During each year after the first year of Executive’s employment
hereunder, the Board will review and may
increase (but not reduce) Executive’s base salary in its sole discretion;
provided, however, that the Company may reduce Executive’s base salary if such reduction
is part of a general, pro-rata reduction in the base salaries of all executives
of the Company implemented as a result of
financial problems experienced by the Company.

               (b)
Bonus. While Executive is employed by the Company
during the Term, Executive will be entitled
to receive bonuses pursuant to any bonus plan approved by the Board.

               (c)
Employee
Benefits.
While Executive is employed by the Company during the Term, Executive will be entitled to
participate in all employee benefit plans and programs of the Company to the
extent that Executive meets the eligibility requirements for each individual
plan or program. The Company provides no assurance as to the adoption or continuance
of any particular employee benefit plan or program, and Executive’s
participation in any such plan or program will be subject to the provisions,
rules and regulations applicable thereto.

               (d)
Expenses. While Executive is employed by the Company
during the Term, the Company will reimburse Executive for all reasonable and
necessary out-of-pocket business, travel and entertainment expenses incurred by
Executive in the performance of the duties and responsibilities hereunder,
subject to the Company’s normal policies and procedures for expense
verification and documentation.

               (e)
Vacation. While Executive is employed by the Company
during the Term, Executive will receive 15
business days paid vacation time off, such time to be taken with the
approval of the Board, at such times so as not to disrupt the operations of the
Company.

               (f)
Options. Executive shall also be entitled to receive
options to purchase up to Five Hundred Thousand (500,000) shares of the Company’s
common stock (the “Stock Options”) as follows: Executive shall receive Stock
Options to purchase One Hundred Thousand (100,000) shares of the Company’s
common stock upon the Company’s receipt of One Million Dollars ($1,000,000) of
net revenue during the Term of Executive’s employment, and Executive shall
receive Stock Options to purchase One Hundred Thousand (100,000) shares of the
Company’s common stock for each additional One Million Dollars ($1,000,000) of
net revenue received by the Company during the Term of Executive’s employment
(up to a maximum of Five Hundred Thousand (500,000) shares of the Company’s
common stock). Options granted under this incentive plan will be priced at the
lowest possible strike price approved by the Toronto Venture Exchange at the
time of the grant.

               4.
Affiliated
Entities.
As used in this Agreement, “Affiliates”
includes the Company and each
corporation, partnership, or other entity which controls the Company, is
controlled by the Company, or is under common control with the Company (in each
case “control” meaning the direct
or indirect ownership of 50% or more of all outstanding equity interests).

2

               5.
Confidential
Information. Except as
permitted by the Company, Executive will not at any time divulge, furnish or
make accessible to anyone or use in any way other than in the ordinary course
of the business of the Company or its Affiliates, any confidential, proprietary or secret knowledge or information of the
Company or its Affiliates that Executive has acquired or will acquire
about the Company or its Affiliates, whether developed by himself or by others,
concerning (i) any trade secrets, (ii) any confidential, proprietary or secret
designs, programs, processes, formulae, plans, devices or material (whether or
not patented or patentable) directly or
indirectly useful in any aspect of the business of the Company or of its
Affiliates, (iii) any customer or supplier lists, (iv) any confidential,
proprietary or secret development or research work, (v) any strategic or other
business, marketing or sales plans, (vi) any financial data or plans, or (viii)
any other confidential or proprietary information or secret aspects of the
business of the Company or of its Affiliates. Executive acknowledges that the
above-described knowledge and information constitutes a unique and valuable
asset of the Company and represents a
substantial investment of time and expense by the Company, and that any
disclosure or other use of such knowledge or information other than for the
sole benefit of the Company or its Affiliates would be wrongful and would cause
irreparable harm to the Company. Executive
will refrain from intentionally committing any acts that would materially reduce
the value of such knowledge or information to the Company or its Affiliates.
The foregoing obligations of confidentiality shall not apply to any knowledge
or information that (i) is now or subsequently becomes generally publicly
known, other than as a direct or indirect result
of the breach of this Agreement, (ii) is independently made available to
Executive in good faith by a third party who has not violated a
confidential relationship with the Company or its Affiliates, or (iii) is
required to be disclosed by law or legal process. Executive understands and
agrees that his obligations under this Agreement to maintain the
confidentiality of the Company’s confidential information are in addition to
any obligations of Executive under applicable statutory or common law.

               6.
Ventures. If, during Executive’s employment with the
Company, Executive is engaged in or provides input into the planning or
implementing of any project, program or
venture involving the Company, all rights in such project, program or venture
belong to the Company. Except as approved in writing by the Board of
Directors of the Company, Executive will
not be entitled to any interest in any such project, program or venture or to
any commission, finder’s fee or other compensation in connection
therewith. Executive will have no interest,
direct or indirect, in any customer or supplier that conducts business with the
Company.

               7.
Noncompetition
and Nonsolicitation Covenants.

               (a)
Agreement Not to Compete. During Executive’s employment with the Company
or any Affiliates and for a period of 12 consecutive months from and after the
termination of Executive’s employment, whether such termination is with or
without cause, or whether such termination is at the instance of Executive or
the Company, Executive will not, directly or indirectly, engage in any
business, in the State of New Jersey or in any other location in which the
Company is then doing business, for the development, sale, service, or
distribution of process or equipment for the manufacture of solar panels (or
any component thereof) or other alternative energy technology products or any
similar business that is competitive with the businesses of the Company or its
Affiliates, including without limitation as a proprietor, principal, agent, partner,
officer, director, stockholder, employee, member of any association, consultant
or otherwise. Ownership by Executive, as a passive investment, of less than
2.5% of the outstanding shares of capital
stock of any corporation listed on a national securities exchange or
publicly traded in the over-the-counter market shall not constitute a breach of
this Section 7(a).

3

               (b)
Agreement Not to Hire. During Executive’s employment with the
Company or any Affiliates and for a period of 12 consecutive months from and
after the termination of Executive’s employment, whether such termination is
with or without cause, or whether such termination is at the instance of
Executive or the Company, Executive will not, directly
or indirectly, hire, engage or solicit any person who is then an employee or
contractor of the Company or who was an employee of the Company at any
time during the six-month period immediately preceding Executive’s termination
of employment, in any manner or capacity, including without limitation as a
proprietor, principal, agent, partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise.

               (c)
Agreement Not to
Solicit. During Executive’s
employment with the Company or any Affiliates and for a period of 12
consecutive months from and after the termination of executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive will not, directly or indirectly, solicit, request, advise
or induce any current or potential customer, supplier or other business
contact of the Company to cancel, curtail or otherwise adversely change its
relationship with the Company, in any manner or capacity, including without
limitation as a proprietor, principal, agent, partner, officer, director,
stockholder, employee, member of any association, consultant or otherwise.

               (d)
Acknowledgment. Executive hereby acknowledges that the
provisions of this Section 7 are reasonable and necessary to protect the
legitimate interests of the Company and that any violation of this Section 7 by
Executive will cause substantial and irreparable harm to the Company to such an
extent that monetary damages alone would be an inadequate remedy therefor.

               (e)
Blue Pencil Doctrine. If the duration of, the scope of or any
business activity covered by any provision of this Section 7 is in excess of
what is determined to be valid and enforceable under applicable law, such
provision will be construed to cover only that duration, scope or activity that
is determined to be valid and enforceable. Executive hereby acknowledges that this Section 7 will be given
the construction which renders its provisions valid and enforceable to
the maximum extent, not exceeding its express terms, possible under applicable
law.

4

               8.
Patents, Copyrights and Related Matters.

               (a)
Disclosure and Assignment. Executive must immediately disclose to the
Company any and all improvements and inventions that Executive may conceive
and/or reduce to practice individually or jointly or commonly with others while
he is employed with the Company or any of its Affiliates with respect to (i)
any methods, processes or apparatus concerned with the development, use or
production of any type of products, goods or services sold or used by the
Company or its Affiliates, and (ii) any type of products, goods or services
sold or used by the Company or its Affiliates. Any such improvements and
inventions will be the sole and exclusive
property of the Company and Executive shall immediately assign, transfer and
set over to the Company his entire right, title and interest in and to any and
all of such improvement and inventions as are specified in this Section 8(a),
and in and to any and all applications for letters patent that may be filed on
such inventions, and in and to any and all letters patent that may issue, or be
issued, upon such applications. In connection therewith and for no additional compensation therefor, but at
no expense to Executive, Executive will sign any and all instruments
deemed necessary by the Company for:

                    (i)
the filing and prosecution of any applications for letters patent of the United
States or of any foreign country that the Company may desire to file upon such
inventions as are specified in this Section 8(a);

                    (ii)
the filing and prosecution of any divisional, continuation, continuation-in-part or reissue applications that the Company
may desire to file upon such applications for letters patent; and

                    (iii)
the reviving, re-examining or renewing of any of such applications for letters
patent.

This
Section 8(a) will not apply to any invention for which no equipment, supplies,
facilities, confidential, proprietary or
secret knowledge or information, or other trade secret information of the
Company was used and that was developed entirely on Executive’s own time, and
(i) that does not relate (A) directly to the business of the Company, or (B) to
the Company’s actual or demonstrably
anticipated research or development, or (ii) that does not result from any work
performed by Executive for the Company.

               (b)
Copyrightable Material. All right, title and interest in all
copyrightable material that Executive shall conceive or originate individually
or jointly or commonly with others, and that arise in connection with
Executive’s services hereunder or knowledge of confidential and proprietary
information of the Company, will be the property of the Company and are hereby
assigned by Executive to the Company of its Affiliates, along with ownership of
any and all copyrights in the copyrightable material. Where applicable, works
of authorship created by Executive relating to the Company or its Affiliates
and arising out of Executive’s knowledge of confidential and proprietary
information of the Company shall be considered “works made for hire,” as
defined in the U.S. Copyright Act, as amended.

               9.
Return of Records and Property. Upon termination of Executive’s
employment or at any time upon the Company’s request, Executive will promptly
deliver to the Company any and all Company and Affiliate records and any and
all Company and Affiliate property in his possession or under his control,
including without limitation manuals, books, blank forms, documents, letters,
memoranda, notes, notebooks, reports, printouts, computer disks, computer
tapes, source codes, data, tables or calculations and all copies thereof,
documents that in whole or in part contain any trade secrets or confidential,
proprietary or other secret information of
the Company or its Affiliates and all copies thereof, and keys, access cards, access
codes, passwords, credit cards, personal computers, telephones and other
electronic equipment belonging to the Company or its Affiliates.

5

               10.
Remedies. Executive acknowledges that it would be
difficult to fully compensate the Company for monetary damages resulting from
any breach by him of the provisions hereof. Accordingly, in the event of any
actual or threatened breach of any such provisions, the Company will, in
addition to any other remedies it may have, be entitled to injunctive and other
equitable relief to enforce such provisions, and such relief may be granted
without the necessity of proving actual monetary damages.

               11.
Termination
of Employment.

               (a)
The Executive’s employment with the Company will terminate immediately upon:

                    (i)
Executive’s receipt of written notice from the Company of the termination of
his employment, effective as of the date indicated in such notice, with such
notice provided to Executive no less than thirty (30) days before the effective
date, except in the event that Executive is being terminated for Cause, in
which case no prior notice shall be required;

                    (ii)
The Company’s receipt of Executive’s written resignation from the Company, effective as of the date indicated in
such resignation, with such notice provided to the Company no less than thirty
(30) days before the effective date;

                    (iii)
Executive’s Disability (as defined below); or

                    (iv)
Executive’s death.

               (b)
The date upon which Executive’s termination of employment with the Company
occurs is the “Termination Date.”

               12.
Payments
upon Termination of Employment.

               (a)
If Executive’s employment
with the Company is terminated by the Company by any reason other than for
Cause (as defined below), the Company will pay to Executive an amount equal to Executive’s current base salary, less
applicable withholdings, for a period of three (3) months following the
Termination Date.

               (b)
The
Company will pay to Executive or his beneficiary or his estate, as the case may be, his base salary through the
Termination Date if Executive’s employment with the Company is terminated by
reason of:

                    (i)
Executive’s abandonment of his employment or Executive’s resignation for any
reason;

6

                    (ii)
termination of Executive’s employment by the Company for Cause (as defined
below); or

                    (iii)
Executive’s Disability or death,

               (c)
“Cause” hereunder
means:

                    (i)
an act or acts of dishonesty undertaken by Executive and intended to result in personal gain or enrichment of Executive or
others at the expense of the Company;

                    (ii)
unlawful conduct or gross misconduct that is willful and deliberate on
Executive’s part and that, in either event, is injurious to the Company;

                    (iii)
the conviction of Executive of a felony;

                    (iv)
failure of Executive to perform his duties and responsibilities hereunder or to
satisfy his obligations as an officer or employee of the Company; or

                    (v)
breach of any terms and conditions of this Agreement by Executive.

               (d)
“Disability”
hereunder means the inability of Executive to perform on a full-time basis the
duties and responsibilities of his employment with the Company by reason of his
illness or other physical or mental impairment or condition, if such inability
continues for an uninterrupted period of 90
days or more during any 180-day period. A period of inability is
“uninterrupted” unless and until Executive returns to full-time work for a
continuous period of at least 30 days.

               (e)
In the event of
termination of Executive’s employment, the sole obligation of the Company under this Agreement will be its
obligation to make the payments called for by Sections 12(a) or 12(b)
hereof, as the case may be, and the Company will have no other obligation to
Executive or to his beneficiary or his estate, except as otherwise provided by
law, under the terms of any other
applicable agreement between Executive and the Company or under the terms of
any employee benefit plans or programs then maintained by the Company in which Executive
participates.

               (f)
Notwithstanding
the foregoing provisions of this Section 12, the Company will not be obligated to make any payments to
Executive under Section 12(a) hereof unless Executive has signed a release of
claims in favor of the Company and its Affiliates in a form to be prescribed by
the Board, all applicable consideration and rescission periods provided by law shall have expired, and is in strict compliance
with the terms of this Agreement as of the dates of such payments.

7

               (g)
Following Executive’s termination
from the Company for whatever reason Executive shall not directly or
indirectly, disparage, defame or discredit the Company (including, but not
limited to any officer, director, employee, consultant, or affiliate thereof)
or engage in any activity that would have the effect of disparaging, defaming
or discrediting the Company (or any officer, director, employee, consultant, or
affiliate thereof).

               13.
Miscellaneous.

               (a)
Governing Law. All matters relating to the interpretation,
construction, application, validity and
enforcement of this Agreement will be governed by the laws of the State of
Delaware without giving effect to any choice or conflict of law provision or
rule, whether of the State of Delaware or any other jurisdiction, that would
cause the application of laws of any jurisdiction other than the State of
Delaware.

               (b)
Jurisdiction and Venue. Executive and the Company consent to
jurisdiction of the courts of the State of New Jersey and/or the federal
district courts, District of New Jersey, for the purpose of resolving all
issues of law, equity, or fact, arising out of or in connection with this
Agreement. Any action involving claims of a breach of this Agreement must be
brought in such courts. Each party consents to personal jurisdiction over such
party in the state and/or federal courts of New Jersey and hereby waives any
defense of lack of personal jurisdiction. Venue, for the purpose of all such
suits, will be in Essex County, State of New Jersey.

               (c)
Entire Agreement. This Agreement contains the entire
agreement of the parties relating to Executive’s employment with the Company
and supersedes all prior agreements and understandings with respect to such
subject matter, and the parties hereto have made no agreements, representations
or warranties relating to the subject matter of this Agreement that are not set
forth herein.

               (d)
No Violation of Other
Agreements. Executive hereby
represents and agrees that neither (i) Executive’s entering into this Agreement
nor (ii) Executive’s carrying out the provisions of this Agreement, will
violate any other agreement (oral, written or other) to which Executive is a
party or by which Executive is bound.

               (e)
Amendments. No amendment or modification of this
Agreement will be deemed effective unless
made in writing and signed by the parties hereto.

               (f)
No Waiver. No term or condition of this Agreement will
be deemed to have been waived, except by a statement in writing signed by the
party against whom enforcement of the
waiver is sought. Any written waiver will not be deemed a continuing waiver unless
specifically stated, will operate only as to the specific term or condition
waived and will not constitute a waiver of such term or condition for the
future or as to any act other than that specifically waived.

               (g)
Assignment. This Agreement will not be assignable, in
whole or in part, by either party without the prior written consent of the other
party, except that the Company may, without
the consent of Executive, assign its rights and obligations under this
Agreement (1) to an Affiliate or (2) to any corporation or other person
or business entity to which the Company may sell or transfer all or
substantially all of its assets. After any such assignment by the Company, the Company will be discharged from all
further liability hereunder and such assignee will thereafter be deemed to be “the Company” for purposes of all terms
and conditions of this Agreement, including this Section 13.

8

               (h)
Counterparts. This Agreement may be executed in any number of
counterparts, and such counterparts executed and delivered, each as an
original, will constitute but one and the same instrument.

                    (i)
Severability. Subject to Section 7(e) hereof, to the extent that any
portion of any provision of this Agreement
is held invalid or unenforceable, it will be considered deleted herefrom and
the remainder of such provision and of this Agreement will be unaffected and
will continue in full force and effect.

                    (j)
Captions and Headings. The captions and paragraph headings used in this
Agreement are for convenience of reference only and will not affect the
construction or interpretation of this Agreement or any of the provisions
hereof.

                    Executive
and the Company have executed this Agreement as of the date set forth in the first paragraph.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 COMPANY:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 NATCORE
 TECHNOLOGY, INC.

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
 Brien
 Lundin, Director

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 EXECUTIVE:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
 Charles
 R. Provini

 	
  

 

9

NATCORE TECHNOLOGY INC.

DIRECTORS’ CONSENT RESOLUTIONS

Pursuant to the powers vested in the Board of Directors
by the Articles of the Company, the following resolutions are hereby
passed as evidenced by the signatures hereto of all the directors of the
Company and may be consented to in one or more counterparts (each signed by one
or more directors) of which, together, such counterparts shall be deemed to constitute one instrument.

We,
the undersigned, being all of the Directors of NATCORE TECHNOLOGY INC. (the
“Company”) hereby consent to and adopt in writing the following resolutions:

AMENDMENT TO EMPLOYMENT AGREEMENT

WHEREAS the Company’s subsidiary, Natcore Technology, Inc. has entered into an
employment agreement (the “Employment
Agreement”) dated April 5, 2012 with Charles Provini for his services as the Company’s
Chief Executive Officer;

AND WHEREAS the term of the
Employment Agreement ended on April 5, 2014, but the Company and Mr. Provini continued to operate under the
Employment Agreement as though it were in full force and effect;

AND WHEREAS Company proposes to
amend the Employment Agreement to extend the term of the Employment Agreement to April 5, 2017 (the
“Amendment”);

AND WHEREAS the Board has been advised, as set out in the Disclosure of
Disclosable Interest attached as Schedule “A” to this resolution, that Charles
Provini has a disclosable interest in the Amendment.

BE IT RESOLVED THAT:

	
  

 	
  

 
	
 1.

 	
 The execution and delivery
 of the Amendment, and all other
 agreements, documents, deeds and instruments that are necessary to give
 effect to the Amendment is hereby ratified, confirmed and approved;

 
	
  

 	
  

 
	
 2.

 	
 Any
 one director or officer as an authorized signatory of the Company or its
 subsidiary, be and is hereby authorized to execute on behalf of the Company
 and its subsidiary any and all documents, instruments and writings , and do such other things, in
 the name and on behalf of the Company, as he in his discretion may determine necessary, desirable and useful for the
 purposes of giving effect to the above resolutions.

 

AS WITNESS our signatures hereto
dated for reference as at the 15 day of August, 2014.

	
  

 	
  

 	
  

 
	
 Abstaining from voting on the resolutions

 	
  

 	
  

 
	 

 	
  

 	 

 
	
 CHARLES
 PROVINI

 	
  

 	
 BRIEN
 LUNDIN

 
	
  

 	
  

 	
  

 
	
 

 	
  

 	
 

 
	 

 	
  

 	 

 
	
 JOHN
 CALHOUN

 	
  

 	
 JOHN
 MEEKISON

 

AS WITNESS our signatures hereto
dated for reference as at the 15 day of August, 2014.

	
  

 	
  

 	
  

 
	
 Abstaining from voting on the resolutions

 	
  

 	
 

 
	 

 	
  

 	 

 
	
 CHARLES PROVINI

 	
  

 	
 BRIEN LUNDIN

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	 

 	
  

 	 

 
	
 JOHN
 CALHOUN

 	
  

 	
 JOHN
 MEEKISON

 

Schedule “A”

DISCLOSURE OF DISCLOSABLE INTEREST

Charles Provini discloses that the Amendment will give
rise to an extension in the term of direct compensation due to Mr. Provini.

	
  

 	
  

 
	
 Dated:
 August 15, 2014

 	
  

 
	
  

 	
  

 
	
 

 	
  

 
	 

 	
  

 
	
 CHARLES
 PROVINI

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]