Document:

UNITED STATES

 “Unless
permitted under securities legislation, the holder of the securities shall not
trade the securities before December 1, 2015.”

 “Without
prior written approval of the TSX Venture Exchange and compliance with all
applicable securities legislation, the securities represented by this
certificate may not be sold, transferred, hypothecated or otherwise traded on
or through the facilities of the TSX Venture Exchange or otherwise in Canada or
to or for the benefit of a Canadian resident before December 1, 2015.”

VOID AFTER 4:00 PM (VANCOUVER TIME) IN THE CITY OF VANCOUVER, PROVINCE

OF BRITISH COLUMBIA, ON JULY 31, 2018

WARRANTS TO PURCHASE COMMON SHARES OF

NATCORE TECHNOLOGY INC.

 (incorporated under the Business Corporations Act,British Columbia)

	
  

 	
  

 
	
 No.
 WC0715-00

 	
 XXX
 WARRANTS

 
	
  

 	
 NOTE:
 One Warrant is Required
to
 purchase one common share.

 

THIS IS TO
CERTIFY THAT for value received the holder, _____________ (the “Holder”), of this certificate
(the “Warrant Certificate”) is
entitled to purchase one fully paid and non-assessable common share of Natcore
Technology Inc. (herein called the “Corporation”)
for each Warrant represented hereby, as such shares were constituted on July
31, 2015 at any time up to 4:00 p.m. (local time) in the City of
Vancouver, Province of British Columbia on July 31, 2018, (the “Expiry Date”)at and for a price of
CDN$0.74 per share, of lawful
money of Canada, upon and subject to the terms and conditions referred to in
this Warrant Certificate and the Subscription Agreement entered into between
the Corporation and the Holder.

          These
Warrants are non-transferable.

          The
Warrants may be exercised only at the registered offices of the Corporation at
Suite 2080-777 Hornby Street, Vancouver, B.C., V6Z 1S4.

          IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be
executed.

	
  

 	
  

 	
  

 
	
 NATCORE TECHNOLOGY INC.

 	
  

 
	
  

 	
  

 
	
 Per:

 	
  

 	
                               C/S

 
	
  

 	 

 	
  

 
	
  

 	
 Authorized Signatory

 	
  

 

TERMS, CONDITIONS AND
INSTRUCTIONS

	
  

 	
  

 
	
 1.

 	
 The holder of this warrant may subscribe
 for the number of shares of the Corporation indicated on the face hereof.

 
	
  

 	
  

 
	
 2.

 	
 For each share purchased pursuant to this
 warrant on or before the Expiry Date, payment must be made in the
 amount of CDN$0.74 per share.
 All payments must be made in Canadian Funds, in cash or by certified cheque,
 bank draft or money order payable. If payment is made by way of an
 uncertified cheque, the Corporation reserves the right to deem that the
 payment has not been received until the cheque has cleared the account upon
 which it has been drawn.

 
	
  

 	
  

 
	
 3.

 	
 To exercise the rights evidenced by this
 warrant, this warrant with the following Warrant Exercise Form completed,
 must be delivered or mailed to and received by the registered offices of the
 Corporation at Suite 2080-777 Hornby Street, Vancouver, British Columbia, V6Z
 1S4.

 
	
  

 	
  

 
	
 4.

 	
 The rights evidenced by this warrant expire
 at 4:00 p.m. local time in Vancouver, British Columbia, on the Expiry Date.

 
	
  

 	
  

 
	
 5.

 	
 The rights evidenced by this warrant may not be transferred. 

 
	
  

 	
  

 
	
 6.

 	
 If this warrant or the purchase price is forwarded by mail it is
 suggested that registered mail be used as the
 Corporation will not be responsible for any losses which occur through the
 use of mails.

 
	
  

 	
  

 
	
 7.

 	
 The rights evidenced by this warrant are to
 purchase common shares in the capital stock of the Corporation as they were
 constituted on July 31, 2015. If
 there shall, prior to the exercise of any of the rights evidenced hereby, be
 any reorganization of the authorized capital of the Corporation by way of
 consolidation, merger, sub-division, amalgamation or otherwise, or the
 payment of any stock dividends, then there shall automatically be an
 adjustment in either or both the number of shares of the Corporation which
 may be purchased pursuant hereto or the price at which such shares may be
 purchased, by corresponding amounts, so that the right evidenced hereby shall
 thereafter be as reasonably as possible equivalent to those originally
 granted hereby. The Corporation shall have the sole and exclusive power to
 make adjustments as it considers necessary and desirable.

 

APPENDIX
1

WARRANT EXERCISE FORM

TO: NATCORE
TECHNOLOGY INC.

The undersigned hereby exercises the right to
purchase ____________ Common Shares of NATCORE
TECHNOLOGY INC. (the “Corporation”)
(or such number of other securities or property to which such Warrants (the “Warrants”) entitle the undersigned in lieu
thereof or in addition thereto under the provisions of the Warrant Certificate
for the time being governing the holding of the Warrants in the Corporation) in
accordance with and subject to the provisions of such Warrant Certificate which
may be obtained, free of charge, from the Corporation at Suite 2080-777 Hornby
Street, Vancouver, British Columbia, V6Z 1S4.

The Common Shares (or other securities or
property) are to be issued as follows:

Name:
______________________________________________________________________________________________________

Address in full:
_______________________________________________________________________________________________

____________________________________________________________________________________________________________

Number of Common Shares:
____________________________________________________________________________________

Note: If further nominees intended, please
attach (and initial) a schedule giving these particulars.

 (CHECK
ONE)

	
  

 	
  

 
	
 o

 	
 The undersigned hereby represents and
 warrants to the Corporation that at the time of exercise the undersigned is
 not a U.S. person or a person within the United States (as such terms are
 defined in Regulation S under the Securities Act of 1933 (the “U.S. Securities Act”) and the Warrant is
 not being exercised on behalf of a U.S. person or any person with the United
 States.

 
	
  

 	
  

 
	

 	
 The undersigned is tendering
 with this exercise form a written opinion of counsel or other evidence satisfactory
 to them to the effect that the Common Shares to be delivered upon exercise of
 this Warrant have been registered under the U.S. Securities Act and the
 Securities laws of all applicable States of the United States or are exempt
 from registration thereunder; or

 
	
  

 	
  

 
	
 o

 	
 The undersigned does not make the
 representation set forth above and the undersigned hereby represents,
 warrants and agrees that: (i) the undersigned will not offer or sell the
 Common Shares except pursuant to registration under the U.S. Securities Act
 or in accordance with an exemption from registration thereunder or in
 compliance with Regulation S under the U.S. Securities Act; and (ii) the
 certificates representing the Common Shares subscribed for may have endorsed
 thereon a legend to such effect.

 

DATED this _____ day of ___________, 20
_____.

	
  

 	
  

 	
  

 	
  

 
	 

 	
  

 	 

 	
  

 
	
 Signature
 Guaranteed

 	
  

 	
 (Signature
 of Warrant Holder)

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
 Print full
 name

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
 Print full
 address

 	
  

 

Instructions.

	
  

 	
  

 
	
 1.

 	
 The registered holder may exercise his/her
 right to receive Common Shares by enclosing payment by way of cash, a
 certified cheque, bank draft or money order in lawful money of the United
 States of America, payable to the order Natcore Technology Inc. and by
 completing this form and surrendering this form and the original Warrant
 Certificate representing the Warrants being exercised to the Corporation at
 Suite 2080-777 Hornby Street, Vancouver, British Columbia, V6Z 1S4. Certificates
 for Common Shares will be made available for pick up or mailed by registered
 mail within five business days after the exercise of the Warrant.

 
	
  

 	
  

 
	
 2.

 	
 If the Exercise Form indicates that Common
 Shares are to be issued to a person or persons other than the registered
 holder of the Warrant Certificate, the signature of such holder of the
 Exercise Form must be guaranteed by an authorized officer of a chartered
 bank, trust company or medallion guaranteed by an investment dealer who is a
 member of a recognized stock exchange.

 
	
  

 	
  

 
	
 3.

 	
 If the Exercise Form is signed by a
 trustee, executor, administrator, curator, attorney, officer of a corporation
 or any person acting in a judiciary or representative capacity, the
 certificate must be accompanied by evidence of authority to sign satisfactory
 to the Corporation.UNITED STATES

SECOND
AMENDMENT TO LEASE AGREEMENT

          THIS SECOND AMENDMENT TO LEASE AGREEMENT
(this “Second Amendment”), dated as of June 26, 2015 (the “Effective Date”), is
entered into as by and between EASTMAN KODAK
COMPANY, a New Jersey Corporation (“Landlord”) and NATCORE TECHNOLOGY, INC., a Delaware
corporation (“Tenant”).

WITNESSETH:

          WHEREAS, pursuant to that certain Lease
Agreement between Landlord and Tenant dated as of July 18, 2011 (the “Original
Lease”) and amended by that certain First Amendment to Lease Agreement dated as
of March 1, 2013 (the “First Amendment”) (collectively, the “Lease”), whereby
Landlord leased to Tenant approximately 19,376 usable SF of space located in
that certain building known as Building 308 (the “Building”), located at the
manufacturing plant known as Eastman Business Park (“EBP”), in the City of
Rochester, County of Monroe, and the State of New York; and

          WHEREAS, Landlord and Tenant now desire to
modify and amend the Lease in accordance with the terms hereinafter provided:
and

          NOW,
THEREFORE, in consideration of the foregoing and for other
good and valuable consideration and of the mutual agreements hereinafter set
forth, the receipt and sufficiency of which are hereby acknowledged, Landlord
and Tenant stipulate, covenant and agree as follows:

          1. TERM. The Lease Term is hereby extended
until the earlier of (i) midnight on June 30, 2017 or (ii) the earlier
termination or cancellation of the Lease. All references to the Expiration Date
in the Original Lease and First Amendment shall mean the Expiration Date as
extended pursuant to this Paragraph 1.

          2. ADDRESS FOR PAYMENT OF RENT. Tenant shall
send all payments of Rent to Landlord at the following address:

	
  

 	
  

 
	
  

 	
 Eastman Kodak Company

 
	
  

 	
 343 State Street, Rochester, New York 14650-0207

 
	
  

 	
 Attention: Lease Administration & Field
 Operations

 

          3.
NOTICES AND CONSENTS. Section 21 of the Original Lease is
hereby amended by deleting Lessor’s notification addresses and adding, in its stead,
the following:

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 If to Landlord:

 	
  

 	
 Eastman Kodak Company

 
	
  

 	
  

 	
  

 	
 343 State Street

 
	
  

 	
  

 	
  

 	
 Rochester, New York 14650-0207

 
	
  

 	
  

 	
  

 	
 Attn: Lease Management Office

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 With a copy to:

 	
  

 	
 Eastman Kodak Company

 
	
  

 	
  

 	
  

 	
 343 State Street

 
	
  

 	
  

 	
  

 	
 Rochester, New York 14650-0224

 
	
  

 	
  

 	
  

 	
 Attn: General Counsel

 

1

          4.
SERVICES. Landlord shall have no
obligation to provide pressure vessel safety services to the Premises.

          5.
RENT. Beginning on July 1,
2015, the Base Rent set forth in Section 4 of the First Amendment to Lease
shall increase to ONE HUNDRED FIVE THOUSAND
TWO HUNDRED ELEVEN DOLLARS AND 68/100 ($105,211.68) per year,
payable in equal monthly installments of EIGHT
THOUSAND SEVEN HUNDRED SIXTY SEVEN DOLLARS AND 64/100 ($8,767.64).

          6.
RATIFICATION. Except as
modified herein, all other terms and conditions of the Lease shall remain
unchanged and in full force and effect and are hereby ratified and confirmed by
the parties hereto.

          7.
CAPITALIZATION. Except as
expressly provided herein, all capitalized terms used herein shall have the
meanings ascribed to them in the Lease. Any inconsistencies or conflicts
between the terms and provisions of the Lease and the terms and provisions of
this Second Amendment shall be resolved in favor of the terms and provisions of
this Second Amendment.

          8.
MODIFICATION. This Second
Amendment shall not be modified except in writing signed by both parties.

          9.
COUNTERPARTS. This Second
Amendment may be executed in one or more counterparts, each of which will be
deemed to be an original copy of this Second Amendment and all of which, when
taken together, will be deemed to constitute one and the same agreement.

          IN WITNESS WHEREOF, the undersigned have
executed this Second Amendment effective as of the Effective Date.

	
  

 	
  

 	
  

 
	
  

 	
 LANDLORD:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 EASTMAN KODAK COMPANY

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: 

 	
 CBALLS

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Title: 

 	
 DIRECTOR REAL ESTATE

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 TENANT:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 NATCORE
 TECHNOLOGY, INC.

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: 

 	
 THEODORE JUBIL

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Title: 

 	
 DIRECTOR of OPERATION

 	
  

 
	
  

 	
  

 	 

 	
  

 

2

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