Document:

solarmax_ex1035.htm

 EXHIBIT 10.35
  
 SolarMax Technology, Inc.
 3080 12th Street
 Riverside, California 92507
  
 March   , 2019
  
 [Name and Address] 
  
  	  
	 Re: 
	 Restricted stock grant for [               ] shares of Common Stock of 
 SolarMax Technology, Inc. (the “Stock Grant”)  -- Exchange Agreement B 

  
 Dear  :
  
 Reference is made to the Stock Grant which was granted to you on October 7, 2016.  Pursuant to the agreement relating to the issuance of the Stock Grant, your right to the shares of common stock of SolarMax Technology, Inc. (the “Company”) represented by the Stock Grant will vest six months after a Public Stock Event.  As you may be aware, the Company filed a registration statement with respect to its initial public offering on December 24, 2018.  If the Company does not complete a public stock event by April 30, 2019, which date may be extended by the Company, the shares issued in the Stock Grant become forfeitable and are to be conveyed to the Company for no consideration.
  
 The Company has given you the right to (i) exchange 50% the shares issued pursuant to the Stock Grant for an option to purchase a number of shares equal to 2.119 times the number of shares as equals 50% of the number of shares granted pursuant to your Stock Grant and (ii) transfer to the Company for cancellation 50% of the shares issued pursuant to the Stock Grant for a payment of $1.00 per share.  Thus, if you exercise this right, your Stock Grant of [           ] shares will be exchanged for an option to purchase [                ] shares and you will receive a payment of $[            ] not later than December 15, 2019.  The option will be in the form of Exhibit A to this letter.  Your execution of this letter will transfer all of your Stock Grant shares to the Company for cancelation without any further action on your behalf.  Your right to exchange the Stock Grant shares for the option and cash will expire at 5:30 P.M. Pacific time on April 6, 2019.
  
 The following is a summary of the terms of the option and does not purport to be complete and is qualified in its entirety by the terms of the option.
  
  	 Exercise Price:
  
	 $5.00 per share
  

	 Adjustments to Exercise Price
  
	 In the event of any stock distribution, split or dividend or reverse stock split or combination of shares or similar recapitalization, the number of shares subject to the option and the exercise price will be adjusted in accordance with generally accepted accounting principles.
  

	 Condition to Exercise:
  
	 1. The option will become exercisable six months from a Public Stock Event provided that the public stock event occurs prior to April 30, 2019 or such later date as may be determined by the Company’s board of directors, in its sole discretion. If the Public Stock Event does not occur by such date, the option shall expire without any action on the part of the Company or you and you will have no rights under the option.
  
 2. The option may only be exercised if the stock issuable upon exercise of the option is registered pursuant to a registration statement on Form S-8, which is a special form of registration statement for issuances such as issuances pursuant to an option.  The Company will not file a Form S-8 prior to six months from the date of the Public Stock Event.
  
 3. If the managing underwriter request the Company’s stockholders to exercise a Lock up Agreement, as defined below, the option cannot be exercised until the earlier of (a) the date the option holder signs the Lock up Agreement or (b) the expiration of all periods during which the sale of shares of common stock is restricted pursuant to the Lock up Agreement.
  

 	 
	 
	 
 
	 

  
 	 Public Stock Event:
  
	 A Public Stock Event shall mean the first to occur of (i) the effective date of a registration statement covering an underwritten public offering of the Company’s common stock on a firm commitment basis; (ii) the closing date with respect to a public offering of the Company’s common stock other than pursuant to a firm commitment underwritten offering; (iii) the date on which the Company’s common stock is first trading on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; (iv) the date on which the common equity of a Successor Corporation is publicly traded on a United States or Canadian stock exchange or stock market or in a United States or Canadian over-the-counter market; or (v) such other transaction or event which the Company’s board of directors determines, in its sole discretion, is a Public Stock Event.
  

	 Exercise Period: 
  
	 Subject to the conditions to exercise described above, the option may be exercised as to 50% of the shares initially subject to the option six months from the date of date of the Public Stock Event and as to all shares subject to the option 18 months from the Public Stock Event.  The option expires on the earlier of (i) ten years from the date of the Public Stock Event (the “Stated Expiration Date”) or (ii) the date the Option Holder ceases to be an employee of or consultant to the Company or an affiliate of the Company; provided; provided, however, that in the event of the Option Holder’s death or a termination of the Option Holder’s employment or consultancy relationship as a result of a disability, the Option may be exercised, to the extent it is exercisable on the date of death or termination as a result of a disability, until the earlier of (x) six month from the date of death or the date or termination of employment as a result of a disability or (y) the Stated Expiration Date.
  

 	 
	 
	 
 
	 

  
 	 Nonqualified Option:
  
	 The option will be a non-qualified option.  For United States residents, upon exercise of a non-qualified stock option, the difference between the exercise price of the option and the fair market value of the stock on the date of exercise is treated as ordinary income.
  

	 Lock-up; Leak-out agreement
  
	 In connection with a proposed public offering, the managing underwriter requests that the Company’s stockholders execute an agreement pursuant to which the stockholders agree not to sell any shares of the Company’s common stock for a specified period and thereafter limit the number of shares which may be sold for a subsequent period, the option holder will agree to execute such an agreement (a “Lock up Agreement”).  The Company will not deliver the option to you until you have signed and delivered the Lock up Agreement to the Company.
  

	 Not Transferable:
	 The option is not transferrable except that, in the event of the option holder’s death or declaration of incompetency, the option may be exercised by the option holder’s legal representative or estate.

  If you exercise your right to exchange your Stock Grant shares for the option and cash, please sign below and return this letter and the enclosed Lock up Agreement to the Company.
  
  	  
	 Very truly yours,
  
 David Hsu
 Chief Executive Officer

   
 I hereby accept the Company’s offer to exchange my [                  ] Stock Grant shares for an option to purchase [                        ] shares of Common Stock at $5.00 per share and a payment $[               ] pursuant to the foregoing offer letter.  I represent to the Company that I understand the terms of the exchange and that I have consulted by tax and financial advisors to the extent that I deem necessary.  I understand that the Company is making no representation that a Public Stock Event will occur, that the option will become exercisable or, if a Public Stock Event occurs, as to the market price for the Company’s common stock.  I hereby irrevocably convey and transfer to the Company my [                ] Stock Grant shares and authorize the Company and its executive officers to take any action necessary to transfer the shares to the Company and to subsequently cancel such shares.  I further agree to execute the Lock up Agreement.
  
  		 __________________
 [Name]Exhibit 4.1

 

PROMISSORY
NOTE

 

	$750,000.00	 	September 14, 2018
	 	 	Denver, Colorado

 

For consideration received,
Golden Developing Solutions, Inc., a Nevada corporation (“Holder”), agrees to pay to the order of Tyler Bartholomew,
David Lindauer, Bill Anders and Brad Billman (collectively, “Holders”), the principal sum of Seven Hundred Fifty
Dollars ($750,000.00), plus interest at a rate of three percent (3%) per annum or such other amount as adjusted below.

1.                  
Payment Terms. Principal and accrued interest under this Promissory Note (this “Note”)
shall be due and payable in three (3) equal and consecutive monthly payments on the 1st day of each respective month
beginning on the 1st month immediately following the date of this Note. All payments due under this Note shall be made
when due to Holders on a pro rata basis as set forth on Schedule 1 attached hereto. Maker may prepay the principal amount
outstanding in whole or in part at any time without penalty or premium. 

 

2.                  
Default. Any default in the payment of principal or interest, or any failure by Maker
to perform any of the obligations of Maker under this Note, shall constitute a default as to the entire amount of principal and
interest then remaining unpaid, provided that Holders provide Maker with written notice of such default and/or failure and Makers
fails to cure such default and/or failure within ten (10) days thereof. This Note shall further be in default in the event: (i)
Maker breaches that certain Asset Purchase Agreement dated September 14, 2018 between Maker and Holders and fails to cure any such
breach within any applicable cure period, or, if no such period is specified, within thirty (30) days thereof ; or (ii) Maker files
for bankruptcy protection, makes an assignment of all of its assets for the benefit of his or its creditors, consents to the filing
of an involuntary bankruptcy petition or fails to have any such involuntary bankruptcy petition dismissed within 120 days of filing.
Upon the occurrence of any such default, this Note shall become immediately due and payable without presentment, demand, protest
or other notice of any kind. From and after the date of any such default, all principal then due hereunder shall thereafter accrue
interest at a rate of fifteen percent (15%) per annum. 

 

3.                  
Acknowledgment. The loan represented by this Note is solely for commercial and business
purposes and is not made in connection with a consumer transaction. The loan represented by this Note is not for personal, family,
agricultural or household purposes. The loan represented by this Note is not a consumer loan within the meaning of the Uniform
Consumer Credit Code (“UCCC”), and, accordingly, the UCCC shall not apply to this Note. 

 

4.                  
Governing Law. This Note is entered into in Denver, Colorado and shall be governed
by the laws of the state of Colorado (without regard to its conflict of laws principles). Maker submits to the jurisdiction of
the courts in and for Denver, Colorado. 

 

5.                  
Assignment. Neither Maker nor Holders may assign any of its rights or obligations under
this Note except with the prior written consent of the other. Subject to the first sentence of this Section 5, this Note is binding
upon and shall inure to the benefit of the parties hereto and their respective successors, heirs, legal representatives, and permitted
assigns.

    	21 

    	 

    

 

6.                  
Amendments. This Note may not be amended or modified except by an instrument in writing
expressing such intention executed by Maker and Holders, which writing must be so firmly attached to this Note as to become a permanent
part thereof. 

 

7.                  
Weekends/Holidays. If any payment hereunder is required to be made on any date which
is a Saturday, Sunday or federal or Colorado bank holiday, such payment shall be made on the next succeeding day on which banks
in Colorado are open for business with the same force and effect as if made on the date as originally required.

 

8.                  
Usury. It is the intention of Maker and Holders to conform strictly to applicable usury
laws. Accordingly, no provision of this Note or any agreement entered into in connection with or as security for this Note shall
permit Holders to charge, receive, take, or reserve interest in excess of lawful amounts. If any excess occurs, the effective rate
of interest shall automatically be reduced to the maximum rate allowed by applicable law (including the laws of the state of Colorado
and the United States of America). 

 

9.                  
Severability. In the event any one or more of the provisions contained in this Note
shall for any reason be held by any court or other authority of competent jurisdiction to be invalid, illegal, or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Note, but this Note
shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

 

IN WITNESS WHEREOF, Maker
has caused this Secured Promissory Note to be duly executed and dated, under seal, effective as of the day and year first above
written.

	GOLDEN DEVELOPING SOLUTIONS, INC.,	 
	a Nevada corporation	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 

 

    	22 

    	 

    

 

 

	
         

        SCHEDULE
        1

        TO

        PROMISSORY
        NOTE

         

        Tyler
        Bartholomew – 42.5%

         

        David
        Lindauer – 42.5%

         

        Bill
        Anders - 10%

         

        Brad
        Billman - 5%

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

    	23 

    	 

    

EXHIBIT C

TO

ASSET PURCHASE AGREEMENT

 

(ASSIGNMENT AND
BILL OF SALE)

 

 

See attachment.

    	24 

    	 

    

ASSIGNMENT AND BILL
OF SALE

 

THIS
ASSIGNMENT AND BILL OF SALE (this “Assignment”) is entered into effective as of September 14, 2018, by Layer
Six Media, Inc., a Delaware corporation, d/b/a Where’s Weed (“Seller”) for the benefit of Golden Developing
Solutions, Inc., a Nevada corporation (“Purchaser”).

 

RECITALS

 

Seller
and Purchaser entered into an Asset Purchase Agreement dated September 14, 2018 (the “Purchase Agreement”).
The Purchase Agreement provides for the purchase by Purchaser from Seller of the “Assets” (as defined in the
Purchase Agreement), which includes the assets set forth on Schedule 1 attached hereto.

 

AGREEMENT

Seller
hereby warrants, covenants and agrees as follows:

 

1.                 
Assignment. In accordance with the terms and conditions of the Purchase Agreement,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller does hereby sell, transfer,
convey, assign and deliver unto Purchaser, its successors and assigns, all of the Assets, as such term is defined in the Purchase
Agreement, including, without limitation, all of the assets set forth on Schedule 1 attached hereto, free and clear of any
and all options, liens, security interests, encumbrances, mortgages, deeds of trust, liabilities, financing statements, pledges,
charges, conditions, equitable claims, covenants, title defects, restrictions or claims of any kind, nature or description whatsoever
(collectively, “Liens”), to have and to hold said Assets unto Purchaser, its successors and assigns, to and
for its and/or their use forever. 

 

2.                 
Title. Seller has good and marketable title to the Assets hereby sold, transferred,
conveyed, assigned and delivered to Purchaser, free and clear of all Liens, and Purchaser will receive hereby such good and marketable
title thereto. 

 

3.                 
Warranty. Seller warrants and will defend the sale, transfer, conveyance, assignment
and conveyance of the Assets hereunder against each and every person or persons claiming against any or all of the same. 

 

4.                 
Further Assurances. Seller will take all steps necessary to put Purchaser or its successors
and assigns in actual possession and operating control of the Assets, to carry out the intent of the Purchase Agreement and this
Assignment, or to more effectively sell, transfer, convey, assign and reduce to possession and record to title any of the Assets,
including by executing and delivering, or causing to be executed and delivered, such further instruments or documents of transfer,
assignment and conveyance, or by taking such other actions as may be requested by Purchaser. 

 

5.                 
Independent Covenants. This Assignment is subject in all respects to the terms and
conditions of the Purchase Agreement. Nothing contained in this Assignment shall be deemed to diminish any of the obligations,
agreements, covenants, representations, or warranties of Seller contained in the Purchase Agreement. 

 

    	25 

    	 

    

6.                 
Interpretation. Unless otherwise defined herein, capitalized terms used herein shall
have the meanings given such terms in the Purchase Agreement. The recitals above are incorporated by reference into this Assignment.

 

7.                 
Governing Law; Amendment. This Assignment shall be governed in all respects by the
laws of the state of Colorado (without regards to the conflict of law principles thereof). Seller submits to the jurisdiction of
the courts in and for the state of Colorado. No change in or amendment to this Assignment shall be valid unless set forth in a
writing signed by both Purchaser and Seller. THE PARTIES ACKNOWLEDGE THAT (A) COLORADO HAS PASSED AMENDMENTS TO THE COLORADO CONSTITUTION
AND ENACTED CERTAIN LEGISLATION TO GOVERN THE CANNABIS INDUSTRY AND (B) THE POSSESSION, SALE, MANUFACTURE, AND CULTIVATION OF CANNABIS
IS ILLEGAL UNDER FEDERAL LAW. THE PARTIES WAIVE ANY DEFENSES BASED UPON INVALIDITY OF CONTRACTS FOR PUBLIC POLICY REASONS AND/OR
THE SUBSTANCE OF THE CONTRACT VIOLATING FEDERAL LAW.

 

8.                 
Counterparts. This Assignment may be executed in counterparts, each of which shall
be deemed an original, and all of which when affixed together shall constitute but one and the same instrument. Signatures exchanged
by facsimile shall be deemed original signatures for all purposes. 

 

[Signature Page
Follows.]

    	26 

    	 

    

This
Assignment and Bill of Sale is entered into effective as of the date first above written. 

	SELLER:	 	 
	 	 	 
	LAYER SIX MEDIA, INC.,	 	 
	a Delaware corporation,	 	 
	d/b/a Where’s Weed	 	 
	 	 	 
	By: 	 	 
	Name: 	 	 
	Title: 	 	 
	 	 	 

 

 

    	27 

    	 

    

 

SCHEDULE 1

TO

ASSIGNMENT AND BILL
OF SALE

 

 

Websites:

WheresWeed.com and associated
social media accounts

CannaClassifieds.com (job postings)

LocalMJEvents.com

GreenerGrows.com (in development growing accountability tracking)

CannaCandids.com (in development photo site)

 

Domain Names:

CANACANDID.COM

CANACANDIDS.COM

CANNACANDID.COM

CANNACANDIDS.COM

CANNACLASSIFIEDS.COM

CANNADID.COM

CANNADIDS.COM

DANKDAILYDEALS.COM

GREENERGROWS.COM

GREENERGROWSANLYTICS.COM

HASHOILPENS.COM

HASHOILPIPES.COM

LAMARIJUANADISPENSARIES.COM

LAMARIJUANADISPENSARY.COM

LAYER6MARKETING.COM

LAYER6MEDIA.COM

LAYERSIXMARKETING.COM

LAYERSIXMEDIA.COM

LAYERSIXOFFICE.COM

LOCALMJEVENTS.COM

LOCALMMJEVENTS.COM

MARIJUANADOCTORS.CO

MARIJUANAISBAD.COM

MARIJUANATESTINGKIT.COM

MARIJUANATESTINGKITS.COM

WD.GL

WEE.DO

WEED.AGENCY

WEED.BARGAINS

WEED.GD

WEREISWEED.COM

    	28 

    	 

    

WERESWEED.COM

WHEREISSOMEWEED.COM

WHEREISURWEED.COM

WHEREISWEED.COM

WHEREISYOURWEED.COM

WHERESMYWEED.COM

WHERESSOMEWEED.COM

WHERESURWEED.COM

WHERESWEED.BIZ

WHERESWEED.CO

WHERESWEED.COM

WHERES-WEED.COM

WHERESWEED.INFO

WHERESWEED.MOBI

WHERESWEED.NET

WHERESWEED.ORG

WHERESWEED.US

WHERESWEEDMEDIA.COM

WHERESYOURWEED.COM

WHERETHEWEEDAT.COM

WHERETHEWEEDIS.COM

WHEREWEED.COM

 

 

    	29 

    	 

    

EXHIBIT D

TO

ASSET PURCHASE AGREEMENT

 

(ASSIGNMENT AND
ASSUMPTION AGREEMENT)

 

 

See attachment.

    	30 

    	 

    

ASSIGNMENT
AND ASSUMPTION AGREEMENT

This
Assignment and Assumption AGREEMENT (this “Assignment”) is entered into effective as of September 14,
2018, by Layer Six Media, Inc., a Delaware corporation, d/b/a Where’s Weed (“Seller”), and Golden Developing
Solutions, Inc., a Nevada corporation (“Purchaser”).

RECITALS

Seller
and Purchaser entered into an Asset Purchase Agreement dated September 14, 2018 (the “Purchase Agreement”).
The Purchase Agreement provides for the purchase by Purchaser from Seller of the Assets (as defined in the Purchase Agreement)
and the assignment to and the assumption by Purchaser of the Material Contracts (as defined in the Purchase Agreement and as set
forth on Schedule 1 attached hereto). Unless otherwise defined herein, capitalized terms used herein shall have the meanings
given such terms in the Purchase Agreement.

AGREEMENT

		1.	Assignment and Assumption. Seller hereby
assigns the Material Contracts to Purchaser, and Purchaser hereby assumes and agrees to perform or otherwise carry out all of Seller’s
obligations with respect to the Material Contracts. Seller agrees to indemnify and hold harmless Purchaser from any liability accruing
from such Material Contracts before the date of this Assignment and Purchaser agrees to indemnify and hold harmless Seller from
any liability accruing from such Material Contracts following the date of this Assignment. Notwithstanding the foregoing, Purchaser
shall not assume, or become liable to pay, perform or discharge any liability for any Material Contract (unless Purchaser affirmatively
elects otherwise in writing): (i) where Seller is in default prior to the date of this Assignment; (ii) where the consent or approval
of any person is required for Seller to assign or Purchaser to assume such Material Contract and such consent or approval is not
obtained or waived in writing by Purchaser before the date of this Assignment; or (iii) where any notice to any person is required
for Seller to assign or Purchaser to assume such Material Contract and such notice is not provided to such person or waived in
writing by Purchaser before the date hereof. 

		2.	No Additional Liability. Nothing contained
in this Assignment will be deemed to in any way to shift liability from Seller to Purchaser for any Asset or Assets, where the
liability occurred prior to the transfer of the Assets to Purchaser and such liability has not been expressly assumed by Purchaser.

		3.	Right to Assign. Seller represents and
warrants that Seller may legally and validly assign the Material Contracts to Purchaser without penalty or default or otherwise
without violating or breaching any of Seller’s rights or obligations with regards to the Material Contracts.

		4.	Notices. Seller agrees that in the event
that Seller receives any notices or demands in connection with the Material Contracts, including, without limitation, any notices
of default or breach, it shall immediately deliver a copy of any such notices to Purchaser at the address set forth in the Purchase
Agreement, or at such other address as Purchaser shall furnish to Seller from time to time in accordance with the terms of the
Purchase Agreement. 

		5.	Further Assurances. Each party will take
all steps reasonably necessary to carry out the intent of the Purchase Agreement and this Assignment in order to effectively assign
the Material Contracts, including, but not limited to, by executing and delivering, or causing to be executed and delivered, such

    	31 

    	 

    

further instruments or
documents of assignment, or by taking such other actions as may be reasonably requested by the other party.

		6.	Independent Covenants. This Assignment
is subject in all respects to the terms and conditions of the Purchase Agreement. Nothing contained in this Assignment shall be
deemed to diminish any of the obligations, agreements, covenants, representations or warranties of the parties contained in the
Purchase Agreement. 

		7.	Counterparts. This Assignment may be executed
in counterparts, each of which shall be deemed an original, and all of which when affixed together shall constitute but one and
the same instrument. Manual signatures exchanged electronically by facsimile or email shall be deemed original signatures for all
purposes. 

		8.	Recitals. The recitals above are incorporated
by reference into this Assignment. 

		9.	Amendment
and Governing Law. This Assignment shall be governed in all respects by the laws
                                         of the state of Colorado (without regards to the conflict of law principles thereof).
                                         No change in or amendment to this Assignment shall be valid unless set forth in a writing
                                         signed by both parties to this Assignment. THE PARTIES ACKNOWLEDGE THAT (A) COLORADO
                                         HAS PASSED AMENDMENTS TO THE COLORADO CONSTITUTION AND ENACTED CERTAIN LEGISLATION TO
                                         GOVERN THE CANNABIS INDUSTRY AND (B) THE POSSESSION, SALE, MANUFACTURE, AND CULTIVATION
                                         OF CANNABIS IS ILLEGAL UNDER FEDERAL LAW. THE PARTIES WAIVE ANY DEFENSES BASED UPON INVALIDITY
                                         OF CONTRACTS FOR PUBLIC POLICY REASONS AND/OR THE SUBSTANCE OF THE CONTRACT VIOLATING
                                         FEDERAL LAW.

 

[Signature
Page Follows.]

    	32 

    	 

    

This Assignment and Assumption
Agreement is entered into effective as of the date first above written.

	SELLER:	PURCHASER:
	 	 
	LAYER SIX MEDIA, INC.,	GOLDEN DEVELOPING SOLUTIONS, INC.
	a Delaware corporation,	a Nevada corporation
	d/b/a Where’s Weed	 
	 	 
	By: 	By:
	Name: 	Name:
	Title: 	Title:
	 	 

 

 

    	33 

    	 

    

 

SCHEDULE 1

TO

ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

(MATERIAL CONTRACTS)

 

 

	Salesforce- owe 1.5 years @ $4449.00
/quarter.
	ATT (7 x lines, some have 12-18
months left of contract, some are out of contract).

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