Document:

Exhibit 4.3

 

SENIOR SECURED CONVERTIBLE NOTE

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED HEREBY NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER
SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE. PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

MEARS TECHNOLOGIES, INC.

 

Senior
Secured Convertible Note

 

	Issuance Date: March 17, 2015	Principal Amount: U.S. $

 

FOR VALUE RECEIVED,
Mears Technologies, Inc., a Delaware corporation (the “Company”), hereby promises to pay to the order of
                or its registered assigns (“Holder”)
the amount set out above as the Principal Amount (the “Principal”) when due, whether upon the Maturity Date
(as defined below), acceleration, prepayment or otherwise (in each case in accordance with the terms hereof) and to pay interest
(“Interest”) on the outstanding Principal at the applicable Interest Rate (as defined below) from the date
set out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether upon
the Maturity Date or acceleration, conversion, prepayment or otherwise (in each case in accordance with the terms hereof). This
Senior Secured Convertible Note (this “Note”) is one of an issue of Senior Secured Convertible Notes issued
either (i) pursuant to the Securities Purchase Agreement (as defined below) on the Closing Date (as defined below); or (ii) in
exchange for those senior convertible notes in the aggregate principal amount of $7,349,226.24 (the “Old MTI Convertible
Note”) issued by the Company to those Persons listed on Exhibit A of the Securities Purchase Agreement under the heading
“Old MTI Convertible Note Conversions” (collectively, the “Other Notes” and together with this
Note, the “Notes”). Certain capitalized terms used herein are defined in Section 23. All other capitalized
terms not defined herein shall have the meaning given to such terms in the Securities Purchase Agreement.

 

1.   PREPAYMENT.
The Company may, at any time prior to the Maturity Date, prepay this Note in full, and in part, including all unpaid and accrued
interest thereon, provided however that the written consent of the Required Holders shall be required if prepaid before the IPO
Outside Date. In the event the Company wishes to prepay this Note on or before the IPO Outside Date, it shall notify the Holder
and the holders of the Other Notes to obtain the requisite consents. A prepayment made pursuant to this Section 1 shall be made
pro rata among all Note holders.

 

     

     

    

 

2.   INTEREST
RATE. So long as no Event of Default shall have occurred and be continuing, Interest on this Note shall accrue at a rate equal
to ten percent (10%) simple interest per annum. Interest shall be payable on the Maturity Date, or such earlier date as is required
pursuant to this Note. If an Event of Default shall have occurred and be continuing, the Interest Rate shall automatically be increased
to twelve percent (12%) simple interest during the period of such Event of Default, until such Event of Default is later cured.
Interest due on this Note shall be computed on the basis of a three hundred sixty-five (365)-day year.

 

3.  CONVERSION
OF NOTES. This Note shall be convertible into validly issued, fully paid and non-assessable shares of Common Stock (as defined
below), on the terms and conditions set forth in this Section 3.

 

(a)            Mandatory
Conversion - IPO. Upon consummation of the IPO (as defined below), this Note shall automatically convert, through no further
action on the part of the Company or the Holder, into that number of shares of Common Stock equal to the quotient of (A) the Conversion
Amount (as defined below) divided by (B) the Conversion Price. For the purpose of this Section 3(a), the “Conversion
Price” shall be equal to fifty percent (50%) of the IPO Price to Public (as defined below) (rounded to two decimal places);
provided; however, that in no event shall the Conversion Price be greater than $0.4908 or nor less than $0,2454, in each
case as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, or the like that occur after the Issuance
Date in accordance with Section 5.

 

(b)            Optional
Conversion – Financing. Upon consummation of a Subsequent Placement other than the IPO pursuant to Section 4(k) of the
Securities Purchase Agreement, the Holder shall be entitled to elect to convert all of the Notes into shares of Common Stock.
In the event that the Holder so elects to convert, this Note shall convert into that number of shares of Common Stock equal to
the quotient of (A) the Conversion Amount divided by (B) the Conversion Price. For the purposes of this Section 3(b), the “Conversion
Price” shall be equal to fifty percent (50%) of the purchase price of the securities being sold by the Company in such
Subsequent Placement (rounded to two decimal places); provided; however, that in no event shall the Conversion Price be
greater than $0.4908 or nor less than $0,2454, in each case as adjusted for stock splits, stock dividends, stock combinations,
recapitalizations, or the like that occur after the Issuance Date in accordance with Section 5.

 

(c)            Optional
Conversion. At any time after the Issuance Date and until ten (10) calendar days prior to the consummation of the IPO, the
Holder shall be entitled to elect to convert all of this Note into shares of Common Stock, In the event that the Holder so elects
to convert, this Note shall convert into that number of shares of Common Stock equal to the quotient of (A) the Conversion Amount
divided by (B) the Conversion Price. For the purposes of this Section 3(c), the “Conversion Price” shall be
equal to $0.4908, as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, or the like that occur
after the Issuance Date in accordance with Section 5.

 

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(d)            Mechanics
of Conversion.

 

(1)               Conversion;
Issuance of Shares. To convert the Notes pursuant to Sections 3(b) or 3(c) above into shares of Common Stock on any date (a
“Conversion Date”), the Holder shall deliver (whether via facsimile or otherwise) a copy of a properly and fully-completed
and executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company and to each other holder of a Note. Promptly following the date of receipt of such Conversion Notice, or, with respect
to a mandatory conversion pursuant to Section 3(a), upon the consummation of the IPO, and following the Holder’s delivery
of this original Note to the Company for cancellation, the Company shall issue and deliver (via reputable overnight courier) to
the Holder a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which
the Holder shall be entitled, with the legends required by the Securities Purchase Agreement or applicable law.

 

(ii)               Registration.
The Company shall maintain a register (the “Register”) for the recordation of the names and addresses
of the holders of each Note and the principal amount of the Notes held by such holders (the “Registered Notes”).
The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company and the holders
of the Notes shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes (including,
without limitation, the right to receive payments of Principal and Interest hereunder) notwithstanding notice to the contrary.
A Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or sale on the
Register. Upon its receipt of a written request to assign, transfer or sell all or part of any Registered Note by the holder thereof
and subject to the holder’s compliance with Section 12, the Company shall record the information contained therein in the
Register and issue one or more new Registered Notes in the same aggregate principal amount as the principal amount of the surrendered
Registered Note to the designated assignee or transferee pursuant to Section 13, provided that if the Company does not so record
an assignment, transfer or sale (as the case may be) of all or part of any Registered Note within two (2) Business Days of its
receipt of such a request, then the Register shall be automatically updated to reflect such assignment, transfer or sale (as the
case may be). The Holder and the Company shall maintain records showing the Principal and Interest converted and/or paid (as the
case may be) and the dates of such conversion and/or payments (as the case may be) or shall use such other method, reasonably satisfactory
to the Holder and the Company, so as not to require physical surrender of this Note upon conversion,

 

(iii)              No
Fractional Shares; Transfer Taxes. The Company shall not issue any fraction of a share of Common Stock upon any conversion.
If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of
a share of Common Stock up to the nearest whole share, The Company shall pay any and all transfer, stamp, issuance and similar
taxes that may be payable with respect to the issuance and delivery of Common Stock upon any conversion.

 

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4.   RIGHTS UPON EVENT OF DEFAULT.

 

(a)          
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)                the Company’s failure
to pay to the Holder any amount of Principal or Interest when and as due if such failure remains uncured for a period of at least
five (5) Business Days;

 

(ii)               liquidation
proceedings shall be instituted by or against the Company and, if instituted against the Company by a third party, shall not be
dismissed within sixty (60) days of their initiation;

 

(iii)              bankruptcy,
insolvency, reorganization or other proceedings for the relief of debtors shall be instituted against the Company and shall not
be dismissed within sixty (60) days of their initiation;

 

(iv)             the
commencement by the Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or the consent by it to the entry of a decree, order, judgment or other similar document in
respect of the Company in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its
debts generally as they become due, the taking of corporate action by the Company in furtherance of any such action;

 

(v)              the
entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company of a voluntary or
 involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law; or (ii) a decree, order, judgment or other similar document adjudging the Company as bankrupt or
insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or
composition of or in respect of the Company under any applicable federal, state or foreign law; or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such
other decree, order, judgment or other similar document unstayed and in effect for a period of sixty (60) consecutive
days;

 

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(vi)             a
final judgment or judgments for the payment of money aggregating in excess of $250,000 are
rendered against the Company and which judgments are not, within sixty (60) days after the entry thereof, satisfied, bonded, discharged
or stayed pending appeal, or are not satisfied, bonded or discharged within sixty (60) days after the expiration of such stay;

 

(vii)            the
Company fails to pay, when due, or within any applicable grace period, any payment with respect to any Indebtedness in
excess of $250,000 due to any third party (other than, with respect to unsecured Indebtedness only, payments contested by the
Company in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof
in accordance with GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing by the Company in an
amount in excess of $250,000, which breach or violation permits the other party thereto to declare a default or otherwise accelerate
amounts due thereunder;

 

(viii)           other
than as specifically set forth in another clause of this Section 4(a), the Company breaches any material covenant or other term
or condition of any Transaction Document, if such breach remains uncured for a period of thirty (30) days after actual knowledge
of the Company of such breach, or any representation or warranty made by the Company in any Transaction Document is not accurate
in any material respect when made or deemed made;

 

(ix)              the
validity or enforceability of any provision of any Transaction Document shall be contested
by the Company, or a proceeding shall be commenced by the Company seeking to establish the invalidity or unenforceability thereof;

 

(x)               the
Security Documents shall for any reason, except (A) to the extent permitted by the terms hereof or thereof, or (B) as a result
of the act or omission of Holder or the holder of any Other Note and not materially related to the failure of the Company to satisfy
or tender to satisfy its obligations under the Security Documents, fail or cease to create a separate valid and perfected first
priority Lien on the Collateral (as defined in the Security Agreement) in favor of each of
the Secured Parties (as defined in the Security Agreement) and such breach remains uncured for a period of ten (10) Business Days
after notice from Holder or the holder of any Other Note of such failure or ceasing; or

 

(xi)              any
Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

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(b)            Notice
of an Event of Default. Upon the occurrence of an Event of Default with respect to this Note or any Other Note, the Company
shall within five (5) Business Days deliver written notice thereof via facsimile and overnight courier (with next day delivery
specified) (an “Event of Default Notice”) to the Holder. At any time after the occurrence of an Event
of Default, the Required Holders may, by notice to the Company, declare all of the Notes to be forthwith due and payable, whereupon
the Principal and all accrued and unpaid Interest thereon, plus all costs of enforcement and collection (including court costs
and reasonable attorney’s fees), shall immediately become and be forthwith due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived by the Company.

 

5. ADJUSTMENT OF CONVERSION PRICE.

 

(a)            Adjustment
of Conversion Price Collar upon Subdivision or Combination of Common Stock. If the Company subdivides (by any stock split,
stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number
of shares, the Conversion Price (and the minimum and maximum amounts of the Conversion Price) in effect immediately prior to such
subdivision will be proportionately reduced. If the Company at any time combines (by combination, reverse stock split or otherwise)
one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price (and the minimum
and maximum amounts of the Conversion Price) in effect immediately prior to such combination will be proportionately increased.
Any adjustment pursuant to this Section 5(a) shall become effective immediately after the effective date of such subdivision or
combination.

 

(b)            Other
Events. In the event that the Company shall take any action to which the provisions of Section 5(a) are not strictly applicable,
or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the
provisions of this Section 5 but not expressly provided for by such provisions, then the Company’s Board of Directors shall
in good faith determine and implement an appropriate adjustment in the Conversion Price so as to protect the rights of the Holder,
provided that no such adjustment pursuant to this Section 5(b) will increase the Conversion Price as otherwise determined pursuant
to this Section 5, provided further that if the Holder does not accept such adjustments as appropriately protecting its interests
hereunder against such dilution, then the Company’s Board of Directors and the Holder shall agree, in good faith, upon an
independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be
final and binding and whose fees and expenses shall be borne by the Company.

 

6.  NONCIRCUMVENTION.

 

The Company hereby covenants and agrees
that the Company will not, by amendment of its Certificate of Incorporation or Bylaws or through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Note, and will at all times in good faith
carry out all of the provisions of this Note and take all action as may be required to protect the rights of the Holder of this
Note. Without limiting the generality of the foregoing, so long as any of the Notes remain outstanding, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon conversion of this Note above the Conversion Price then
in effect and (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and non-assessable shares of Common Stock upon the conversion of this Note, including without limitation complying
with Section 7(b) hereof.

 

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7. RESERVATION OF AUTHORIZED SHARES.

 

(a)            Reservation. The
Company shall at all times during which the Notes are outstanding reserve and keep available out of its authorized but unissued
shares Common Stock, solely for the purpose of effecting the conversion of the Notes, no less than one hundred ten percent (110%)
of the maximum number of shares issuable on conversion of the Notes (the “Required Reserve Amount”).

 

(b)            Insufficient
Authorized Shares. If, notwithstanding Section 7(a), and not in limitation thereof, at any time while any of the Notes remain
outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation
to reserve a number of shares of Common Stock equal to the Required Reserve Amount (an “Authorized Share Failure”),
then the Company shall as soon as reasonably practicable take all action within its power necessary to increase the Company’s
authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the
Notes then outstanding, including without limitation using its best efforts to secure necessary Board of Directors and stockholder
approvals, as further described below, to appropriately amend the Company’s Certificate of Incorporation to provide for
such increase. Without limiting the generality of the foregoing sentence, if not earlier approved by written consent of the stockholders,
as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than seventy (70)
days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval
of an increase in the number of authorized shares of Common Stock; in connection with any such meeting, the Company shall provide
each stockholders with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase
in authorized shares of Common Stock and to cause its Board of Directors to recommend to the stockholders that they approve such
proposal.

 

8. COVENANTS.
Until all of the Notes have been converted or otherwise satisfied in accordance with their terms:

 

(a)            Rank.
All payments due under this Note shall rank pari passu with all Other Notes.

 

(b)           New
Subsidiaries. Simultaneously with the acquisition or formation of each New Subsidiary, other than a Foreign Subsidiary, the
Company shall cause such New Subsidiary to execute, and deliver to each holder of Notes, all joinders to, or as applicable additional,
Security Documents (as defined in the Security Agreement) as requested by the Holder. The Company shall not, directly or indirectly,
acquire or form any New Subsidiary if such New Subsidiary would not be wholly-owned, directly or indirectly, by the Company.

 

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9.  SECURITY.
This Note and the Other Notes are secured to the extent and in the manner set forth in the Transaction Documents (including, without
limitation, the Security Agreement and the other Security Documents).

 

10. [Reserved].

 

11. AMENDING THE
TERMS OF THIS NOTE. No provision of this Note may be amended other than by an instrument in writing signed by the Company and
the Required Holders, and any amendment to any provision of this Note made in conformity with the provisions of this Section 11
shall be binding on all Holders, provided that no such amendment shall be effective to the extent that it (1) applies to less than
all of the holders of the Notes then outstanding or (2) imposes any obligation or liability on any Holder without such Holder’s
prior written consent (which may be granted or withheld in such Holder’s sole discretion). No waiver of any provision of
this Note shall be effective unless it is in writing and signed by an authorized representative of the waiving party, provided
that the Required Holders may waive any provision of this Note, and any waiver of any provision of this Note made in conformity
with the provisions of this Section 11 shall be binding on all Holders, provided that no such waiver shall be effective to the
extent that it (1) applies to less than all of the holders of the Notes then outstanding (unless a party gives a waiver as to itself
only) or (2) imposes any obligation or liability on any Holder without such Holder’s prior written consent (which may be
granted or withheld in such Holder’s sole discretion). No amendment to or waiver of any provision this Note shall amend or
waive any provision of any other Transaction Document.

 

12. TRANSFER.
This Note and any shares of Common Stock issued upon conversion of this Note (the “Conversion Shares”) may be
offered, sold, assigned or transferred by the Holder without the consent of the Company, subject only to the provisions of Section
2(g) of the Securities Purchase Agreement and any other restrictions that may be mutually agreed by the Company and the Holder
hereof. Notwithstanding anything in this Note to the contrary, neither this Note nor any Conversion Shares may be sold, assigned
or transferred by the Holder unless the recipient of such agrees in writing to be bound by the terms and conditions of the Securities
Purchase Agreement and the Registration Rights Agreement.

 

13. REISSUANCE OF THIS NOTE.

 

(a)            Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Note (in accordance with Section 13(d)), registered as the Holder may request, representing
the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred,
a new Note (in accordance with Section 13(d)) to the Holder representing the outstanding Principal not being transferred.

 

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(b)            Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice
as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section 13(d)) representing the outstanding Principal.

 

(c)            Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section 13(d) and in principal amounts of at least $1,000) representing
in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding
Principal as is designated by the Holder at the time of such surrender,

 

(d)            Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 13(a) or Section 13(c), the Principal designated by the Holder which,
when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions
as this Note, and (v) shall represent accrued and unpaid Interest on the Principal of this Note, from the Issuance Date.

 

14. REMEDIES, CHARACTERIZATIONS,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to
all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree
of specific performance and/or other injunctive relief); provided, the Holder shall not be entitled to any duplication or multiplication
of damages. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as
expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the
computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein or in
the other Transaction Documents, be subject to any other obligation of the Company (or the performance thereof.). The
Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy
at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach
or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required.
The Company shall provide all information and documentation to the Holder that is reasonably requested by the Holder to enable
the Holder to confirm the Company’s compliance with the terms and conditions of this Note (including, without limitation,
compliance with Section 5).

 

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15. PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
of the debt evidenced hereby or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect
amounts due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company
shall pay the reasonable costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, reasonable attorneys’ fees and disbursements.

 

16. CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note.

 

17. FAILURE
OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party.

 

18. DISPUTE
RESOLUTION. If the Holder and the Company are unable to agree as to the arithmetic calculation of the Conversion Price the
Holder and the Company will confer in good faith to resolve such disagreement and the Company shall promptly issue upon conversion
of this Note at the number of shares of Common Stock that are uncontested. Thereafter, the Company and Holder will confer in good
faith to attempt to reach agreement regarding the Conversion Price with the Required Holders; if the Required Holders and the
Company agree in writing upon a Conversion Price, that agreement will be binding on Holder and all holders of the Other Notes.

 

19. NOTICES;
PAYMENTS.

 

(a)            Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all
actions taken pursuant to this Note, including in reasonable detail a description of such action and the reason therefor. Without
limiting the generality of the foregoing, the Company will give written notice to the Holder (i) promptly, but in any event within
ten (10) calendar days, upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (ii) at least ten (10) calendar days prior to the date on which the Company established a record date with
respect to any dividend or Distribution upon the Common Stock.

 

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(b)            Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise expressly set forth
herein, such payment shall be made in lawful money of the United States of America by a check drawn on the account of the Company
and sent via overnight courier service to such Person at such address as previously provided to the Company in writing (which address,
in the case of each of the Buyers, which shall initially the address set forth on the Schedule of Buyers attached to the Securities
Purchase Agreement), provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available
funds by providing the Company with prior written notice setting out such request and the Holder’s wire transfer instructions.
Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall
instead be due on the next succeeding day which is a Business Day.

 

20. CANCELLATION.
After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid or converted in full, this
Note shall automatically be deemed canceled, shall be surrendered promptly, but in any event within ten (10) calendar days, to
the Company by the Holder for cancellation and shall not be reissued.

 

21. WAIVER OF NOTICE.
To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands
and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

22. GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. In the event that any provision of this Note is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision of this Note. Nothing contained herein shall be
deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations,
or to enforce a judgment or other court ruling in favor of the Holder. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	11

     

    

 

23. CERTAIN DEFINITIONS.
For purposes of this Note, the following terms shall have the following meanings:

 

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

 

(b)            “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date the Company initially
issued Notes pursuant to the terms of the Securities Purchase Agreement.

 

(c)            “Common
Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii) any capital stock into
which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(d)            “Conversion
Amount” means the sum of the outstanding and unpaid Principal plus all accrued and unpaid Interest thereon plus,
if any, other unpaid amounts due under this Note.

 

(e)            “GAAP”
means United States generally accepted accounting principles, consistently applied.

 

(f)             “IPO”
means a firm commitment underwritten initial public offering of the Company’s Common Stock pursuant to a registration
statement filed on Form S-1 (or any successor from thereto) that is declared effective by the SEC and consummated prior to the
Maturity Date.

 

(g)            “IPO
Price to Public” means the price to public specified in the IPO registration statement.

 

(h)            “IPO
Outside Date” shall mean February 14, 2016.

 

(i)             “Interest
Rate” means ten percent (10%) simple interest per annum, as may be adjusted from time to time in accordance with
Section 2.

 

(j)             “Maturity
Date” shall mean May 31, 2016.

 

(k)            “New
Subsidiary” means, as of any date of determination, any Person in which the Company after the Closing Date,
directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of
such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and
all of the foregoing, collectively, “New Subsidiaries.”

 

(l)             “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
organization, any other entity or a government or any department or agency thereof.

 

    	12

     

    

 

(m)            “Registration
Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date, by and among
the Company and the initial holders of the Notes, as may be amended from time to time.

 

(n)            “Required
Holders” means holders of Notes having outstanding principal amounts in the aggregate that represent a majority
of the then outstanding principal amounts of all Notes.

 

(o)            “SEC”
means the United States Securities and Exchange Commission or the successor thereto.

 

(p)            “Securities
Purchase Agreement” means that certain securities purchase agreement, dated as of March 17, 2015, by and among
the Company and the initial holders of certain Other Notes pursuant to which the Company issued such Other Notes, as may be amended
from time to time.

 

(q)            “Security
Agreement” means that certain security agreement, dated as of the Closing Date, by and among the Company and the
initial holders of the Notes, as may be amended from time to time.

 

24. MAXIMUM
PAYMENTS. Nothing contained in this Note shall, or shall be deemed to, establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges under this Note exceeds the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and thus refunded to the Company.

 

25. SURRENDER
OR ACKNOWLEDGEMENT AND CERTIFICATION: Upon payment in full or conversion of this Note, Holder shall surrender the original
physical copy of this Note for cancellation; alternatively, if the Holder promptly requests in connection with such payment or
conversion, the Holder may deliver to the Company a signed acknowledgement of payment in full and a certification that the Holder
has cancelled or destroyed the Note in a form reasonably acceptable to the Company.

 

[Signature page follows]

 

    	13

     

    

 

EXHIBIT I

 

MEARS TECHNOLOGIES, INC.

CONVERSION NOTICE

 

Reference is made to
the Senior Secured Convertible Note (the “Note”) issued to the undersigned by Mears Technologies, Inc. (the
“Company”). In accordance with and pursuant to the Note, the undersigned hereby elects to convert the
Conversion Amount (as defined in the Note) of the Note indicated below into shares of common stock, $0.001 par value per share
(the “Common Stock”), of the Company, as of the date specified below.

 

	Date of Conversion:	 
	 	 
	Aggregate Conversion Amount to be converted:	 
	 	 
	Conversion Price:	 
	 	 
	Number of shares of Common Stock to be issued:	 

 

Please issue the Common Stock into which the Note is being converted
in the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Facsimile Number:	 
	 	 
	Holder:	 
	 	 
	By:	 
	 	 
	Title:	 
	 	 
	Dated:Exhibit 4.4

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE 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 APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) 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 OR BLUE SKY LAWS. THESE SECURITIES AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

MEARS TECHNOLOGIES, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No. __	Original Issue Date: March 17, 2015             

 

Mears Technologies,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, National Securities
Corporation, or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company
such number of shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company.
(each such share, a “Warrant Share” and all such shares, the “Warrant Shares”)
as determined in accordance with the terms herewith, at the Exercise Price (as defined below), at any time and from time to time
from on or after the date hereof (the “Trigger Date”), but subject to the delay on exercise set forth
in Section 13 hereof, and through and including 5:00 P.M., prevailing Pacific time, on March 17, 2020 (the “Expiration
Date”), and subject to the following terms and conditions:

 

This Warrant (this
“Warrant”) is issued pursuant to that certain Engagement Agreement dated October 10, 2014, as amended,
between the Company and the Holder (the “Engagement Agreement”).

 

1.           Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Engagement Agreement. As used in this Warrant, the term “Notes” means those certain convertible
secured promissory notes of the Company offered in a private placement and issued under the terms of that Securities Purchase Agreement
entered into by various investors with the Company, all of like tenor, initially dated on or about March 17, 2015.

 

2.          Exercise
Price. For purposes of this Warrant, the “Exercise Price” shall be equal to 100% of the Conversion
Price of the Notes, as determined pursuant to Section 3(a) of the Notes; as adjusted pursuant to Section 5 of the Notes, and provided
that no duplicative adjustment to the Exercise Price shall be made pursuant to Section 11 herein. Notwithstanding the foregoing,
until immediately prior to the conversion of all of the Notes pursuant to Section 3 of the Notes, the Exercise Price shall be
equal to $0.4908 (as adjusted from time to time as provided in Section 11 herein.

 

    1 

     

    

 

3.          Number
of Warrant Shares. The aggregate number of Warrant Shares shall be equal to 10% of the aggregate number of shares of Common
Stock issued by the Company upon conversion of the Notes (other than the shares of Common Stock issued by the Company upon conversion
of certain Old MTI Convertible Notes in the aggregate principal amount of $6,272,667 and shares of Common Stock issued by the Company
upon conversion of Notes issued to J. P. & M. B, Kingdon, Stephen M. Cumbie and John Gerber in the aggregate principal
amount of $28,216.76) pursuant to Section 3 of the Notes. Notwithstanding the foregoing, until immediately prior to the conversion
of all of the Notes pursuant to Section 3 of the Notes, the number of Warrant Shares shall be equal to 1,502,151 shares of Common
Stock, as adjusted from time to time as provided in Section 11 herein.

 

4.          Registration
of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any
registered assignee to which this Warrant is permissibly assigned hereunder) from time to time, The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary.

 

5.          Registration
of Transfers. The Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon
(i) surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and signed, to
the Company's transfer agent or to the Company at its address specified herein (ii) delivery, at the request of the Company, of
an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such portion of this Warrant may
be made pursuant to an available exemption from the registration requirements of the Securities Act of 1933 (“Securities
Act”) and all applicable state securities or blue sky laws and (iii) delivery by the transferee of a written
statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under
the Securities Act and making the representations and certifications as the Company may reasonably request to procure an exemption
from section 5 of the Securities Act. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially
the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant
so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed
the acceptance by such transferee of all of the rights and obligations of a Holder of a Warrant.

 

6.         Exercise
and Duration of Warrants.

 

(a)          All
or any part of this Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Trigger
Date and through and including 5:00 P.M. prevailing Pacific time on the Expiration Date. At 5:00 P.M., prevailing Pacific time,
on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this
Warrant shall be terminated and no longer outstanding.

 

    2 

     

    

 

(b)          The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule I hereto
(the “Exercise Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section
12 below), and the date such items are delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order
to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the
original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

7.          Delivery
of Warrant Shares. Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered
to or upon the written order of the Holder and in such name or names as the Holder may designate a certificate for the Warrant
Shares issuable upon such exercise, with an appropriate restrictive legends, The Holder, or any Person permissibly so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the
Exercise Date.

 

8.          Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any
certificates for Warrant Shares or Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be
responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

 

9.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under
such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party
costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder
shall deliver such mutilated Warrant to the Company as a condition precedent to the Company's obligation to issue the New Warrant.

 

10.         Reservation
of Warrant Shares, The Company covenants that it will at all times reserve and keep available out of the aggregate of its
authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise
of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking
into account the adjustments and restrictions of Section 11). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be necessary
to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed.

 

    3 

     

    

 

11.        Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 11.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
its outstanding shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of
this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.

 

(b)          Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of
the Company with or into another Person, in which the Company is not the survivor, (ii) the Company effects any sale of all
or substantially all of its assets or a majority of its Common Stock is acquired by a third party, in each case, in one or a
series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which all or substantially all of the holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered by Section
11(a)
above) (in any such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter to
receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been
entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to
any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not
effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the
Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation
or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the
foregoing provisions, the Holder may be entitled to purchase and/or receive (as the case may be), and the other
obligations under this Warrant, The provisions of this paragraph (b) shall similarly apply to subsequent transactions
analogous to a Fundamental Transaction.

 

    4 

     

    

 

(c)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant
Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(d)          Calculations.
All calculations under this Section 11 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable,
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.

 

(e)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 11,
the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith,
in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant
(as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment
is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company's
transfer agent.

 

(f)          Notice
of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or
warrants to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed
to constitute material non-public information, the Company shall deliver to the Holder a notice describing the material terms
and conditions of such transaction at least ten (10) Trading Days prior to the applicable record or effective date on which a
Person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will
take all steps reasonably necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant
prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver
such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

12.        Payment
of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, the Holder may,
in its sole discretion, commencing on the date that is 18 months from the date of this Warrant, satisfy its obligation to pay
the Exercise Price through a “cashless exercise”, in which event the Company shall issue to the Holder the number
of Warrant Shares determined as follows:

 

    5 

     

    

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to
the Holder.

 

Y = the total number of Warrant Shares with respect
to which this Warrant is being exercised.

 

A = the average of the
Closing Sale Prices of the shares of Common Stock (as determined below) for the five Trading Days ending on the date
immediately preceding the Exercise Date.

 

B = the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing Sale
Price” means, for any security as of any date, the last trade price for such security on the principal
securities exchange or trading market for such security, as reported by Bloomberg Financial Markets, or, if such exchange or
trading market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade
price of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg Financial Markets, or if the foregoing
do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such
security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg
Financial Markets, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as
reported in the “pink sheets” by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the
fair market value of such security, then the Company shall, within two business days submit via facsimile (a) the disputed
determination of the Warrant Exercise Price to an independent, reputable investment bank selected by the Company and approved
by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside
accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the
determinations or calculations and notify the Company and the Holder of the results no later than ten business days from the
time it receives the disputed determinations or calculations, Such investment bank's or accountant's determination or
calculation, as the case may be, shall be binding upon all parties absent demonstrable error. All such determinations to
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the
applicable calculation period.

 

For purposes of Rule 144 promulgated under the Securities Act,
it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to
have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date
this Warrant was originally issued (provided that the Commission continues to take the position that such treatment is proper at
the time of such exercise).

 

    6 

     

    

 

13.         Limitation
on Exercises. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise
this Warrant, to the extent that after giving effect to such exercise, the Holder (together with such Holder's affiliates) would
beneficially own in excess of 4.99% (“Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder
and its affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended. To the extent that the limitation contained in this Section 13
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any affiliate) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder,
and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any affiliate) 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 the determination. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock,
the Holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company's most recent Form
10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may
be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of shares
of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within
one (1) business day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number
of outstanding shares of Common Stock was reported. By written notice to the Company, any Holder may decrease the Maximum Percentage
to any other percentage specified in such notice; provided that such decrease will apply only to the Holder sending such notice
and not to any other holder of Warrants. In addition, by written notice to the Company, any Holder may remove the limitations
on exercises provided in this Section 13 entirely; provided that (i) any such removal will not be effective until the 61st
day after such notice is delivered to the Company, and (ii) any such removal will apply only to the Holder sending such notice
and not to any other holder of Warrants. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 13 to correct this paragraph (or any portion hereof) which may
be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation.

 

    7 

     

    

 

14.         No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded up to the
next whole number.

 

15.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via email at the email address specified in the Engagement Agreement prior to 5:00 p.m. (prevailing Pacific time)
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via email
at the email address specified in the Engagement Agreement  on a day that is not a Trading Day or later than 5:00 p.m. (prevailing
Pacific time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the party to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a party for such notices or communications shall be as set
forth in the Engagement Agreement unless changed by such party by two Trading Days' prior notice to the other party in accordance
with this Section 15.

 

16.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant, Upon thirty (30) days' notice to the Holder, the Company
may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be
a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice
of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder's last address
as shown on the Warrant Register.

 

17.         Registration
Rights. The Company agrees that, pursuant to a Registration Rights Agreement, dated of even date herewith, the Holder and
its assigns will have registration rights covering the resale of the Warrant Shares, including “piggyback” registration
rights on the registrations of the Company or demand registrations (voting with the other registrable securities to effect any
such demand), no less favorable than those granted, if any, to any other person by the Company in connection with the Offering
as a result of which this Warrant was issued. In addition, to the extent that the Company issues warrants in connection with a
Public Offering then, at such time, and from time to time, as the Company enters into an agreement subsequent to the date of this
Warrant pursuant to which the Company grants any third party rights with respect to the Company's registration of Company securities
under the Securities Act held by such party, the Company shall offer to enter into a formal written registration rights agreement
with the Holder and its assigns on substantially the same terms and such other terms as are customary and usual for agreements
of such nature.

 

    8 

     

    

 

18.        Miscellaneous.

 

(a)          The
Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be
deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to
confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon
the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 18(a), the Company
shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company, contemporaneously
with the giving thereof to the shareholders.

 

(b)          Subject
to the restrictions on transfer set forth on the first page hereof, and compliance with applicable securities laws, this Warrant
may be assigned by the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a Fundamental
Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and
assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company
and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in
writing signed by the Company and the Holder, or their successors and assigns.

 

(c)          GOVERNING
LAW; VENUE; WAIVER OF JURY TRIAL ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT
PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS' AND
NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

    9 

     

    

 

(d)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(e)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)          Except
as otherwise set forth herein, prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder,
be entitled to any rights of a stockholder with respect to the Warrant Shares.

 

    10 

     

    

 

SCHEDULE 1

 

FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise
the right to purchase shares

of Common Stock under the foregoing Warrant)

 

Ladies and Gentlemen:

 

(1)        The
undersigned is the Holder of Warrant No, ____ (the “Warrant”) issued
by Mears Technologies, Inc. (the “Company”). Capitalized terms used herein and not otherwise defined
herein have the respective meanings set forth in the Warrant.

 

(2)        The
undersigned hereby exercises its right to purchase Warrant Shares pursuant to the Warrant.

 

(3)        The
Holder intends that payment of the Exercise Price shall be made as (check one):

 

 ̈         Cash
Exercise

 

 ̈         “Cashless
Exercise” under Section 12

 

(4)        If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $ ______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)        Pursuant
to this Exercise Notice, the Company shall deliver to the Holder ________ Warrant Shares in accordance with the terms of the Warrant.

 

Dated: _________________, _____

 

[Company]

 

	 	 
	By:	 

 

(Signature must conform in all respects to name of Holder as
specified on the face of the Warrant)

 

    11 

     

    

 

SCHEDULE 2

 

FORM OF ASSIGNMENT

 

[To be completed and signed only
upon transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto __________________  (the “Transferee”) the right represented by
the within Warrant to purchase __________________ shares of Common Stock of Mears Technologies, Inc. (the “Company”)
to which the within Warrant relates and appoints __________________ attorney to transfer said right on the books of the Company
with full power of substitution in the premises.

 

In connection therewith, the
undersigned represents, warrants, covenants and agrees to and with the Company that:

 

		(a)	the offer and sale of the Warrant contemplated hereby
is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the “Securities
Act”) or another valid exemption from the registration requirements of Section 5 of the Securities Act and in
compliance with all applicable securities laws of the states of the United States;

 

		(b)	the undersigned has not offered to sell the Warrant by
any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or
other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising;

 

		(c)	the undersigned has read the Transferee's investment
letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and

 

		(d)	the undersigned understands that the Company may condition
the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the
case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under
applicable securities laws of the states of the United States.

 

    12 

     

    

 

	Dated: 	 	 

 

[Company]

 

	 	 
	By:	 

 

(Signature must conform in all respects to name of Holder as
specified on the face of the Warrant)

 

	 	Address of Transferee	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

In the presence of:

 

    13

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