Document:

Registration Rights Agreement

 Exhibit 10.39 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT

 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of January 26, 2007, between
Monarch Pointe Fund, Ltd. (“Monarch”), Mercator Momentum Fund, L.P. (“MMF”), Mercator Momentum Fund III, L.P. (“MMF III) and each of the undersigned additional accredited investors
signatories hereto (the “Accredited Investors,” and together with Monarch, MMF and MMF III, referred to individually as a “Holder” and collectively as the “Holders”) and
SunFuels, Inc., a Colorado corporation (the “Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Subscription Agreement (as defined below). References to the Company herein
shall be deemed to also refer to any successor to the Company. 
 WHEREAS, on the date hereof, the Company, M.A.G. Capital, LLC and
the Holders have entered into a Subscription Agreement (the “Subscription Agreement”), pursuant to which the Holders have purchased from the Company, for aggregate consideration of $20,250,000: (i) warrants (the
“Warrants”) from the Company, pursuant to which the Holders have the right to purchase in the aggregate up to 750,000 shares of the Company’s common stock, no par value (the “Common Stock”); and
(ii) 1,500,000 shares of the Company’s Series A Convertible Preferred Stock (the “Series A Stock”), and have the right to cause such Series A Stock to be converted into shares of Common Stock, pursuant to the
conversion formula set forth in the Certificate of Designations of Series A Convertible Preferred Stock as filed with the Secretary of State of the State of Colorado on or about January 25, 2007 (the “Certificate of
Designations”); and 
 WHEREAS, the Company desires to grant to the Holders the registration rights set forth herein with
respect to the shares of Common Stock issuable upon the conversion of the Series A Stock and the exercise of the Warrants. 
 NOW,
THEREFORE, the parties hereto mutually agree as follows: 
 1. Registrable Securities. As used herein the terms
“Registrable Security” means each share of Common Stock (A) issuable (i) upon the conversion of the Series A Stock (the “Conversion Shares”), (ii) upon exercise of the Warrants (the
“Warrant Shares”) or (iii) upon the exercise or conversion of the other securities set forth in Section 2(b) hereof and (B) issued as a dividend or other distribution with respect to or in exchange for or in
replacement of the shares referenced in clause (A) above; provided, however, that with respect to any particular Registrable Security, such security shall cease to be a Registrable Security as of the date of determination that such
security (i) has been effectively registered under the Securities Act of 1933, as amended (the “Securities Act”), and disposed of pursuant thereto, (ii) has been sold pursuant to Rule 144, or (iii) may be sold
without restrictions pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders. The term
“Registrable Securities” means any and/or all of the securities falling within the foregoing 

  

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definition of a “Registrable Security.” In the event of any merger, reorganization, consolidation, recapitalization or other change in corporate
structure affecting the Common Stock, such adjustment shall be made in the definition of “Registrable Security” as is appropriate in order to prevent any dilution or enlargement of the rights granted pursuant to this Section 1.

 2. Registration. 
 (a) The Company shall prepare and file a registration statement (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) no later than the date that is sixty
(60) days from the closing date of the Merger (as defined in the Subscription Agreement) (such date of filing, the “Filing Date”), in order to register the resale of the Registrable Securities under the Securities Act.
The Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective no later than the date that is one hundred twenty (120) days after the Filing Date. Once effective, the Company shall,
subject to the provisions of this Agreement, use its best efforts to maintain the effectiveness of the Registration Statement until the date that all of the Registrable Securities have been sold or such date as there are no longer any Registrable
Securities (such date, the “Expiration Date”). 
 (b) The Company will initially include in the Registration
Statement as Registrable Securities (i) the maximum number of shares of Common Stock issuable upon conversion of the Series A Stock, and (ii) the maximum number of shares of Common Stock issuable upon exercise of the Warrants. 

(c) The Company shall deliver to each Holder written notice of the proposed filing of the Registration Statement or any related prospectus or any
amendment or supplement thereto no less than ten (10) business days prior to the filing thereof and provide each Holder with a copies of all such documents proposed to be filed (other than those incorporated by reference) and the opportunity to
comment thereon. The Company shall not file a Registration Statement or any such prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith. 

(d) In the event that the Company fails to (i) file the Registration Statement with the SEC by the date that is sixty (60) days from the
closing date of the Merger, (ii) use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC by the date that is 120 days after the Filing Date, or (iii) use its best efforts to maintain the
effectiveness of the Registration Statement thereafter until the Expiration Date, then the price at the Series A Stock may be converted into shares of Common Stock shall be reduced as set forth in the Certificate of Designations. 
 3. Covenants of the Company with Respect to Registration. 
 The Company covenants and agrees as follows: 
 (a) If any stop order shall be issued by the SEC in connection
therewith, the Company shall use its commercially reasonable efforts to obtain promptly the removal of such order. Following the effective date of the Registration Statement, the Company shall, upon the request of any Holder, forthwith supply such
reasonable number of copies of the Registration 

  

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Statement, preliminary prospectus and prospectus meeting the requirements of the Securities Act, and any other documents necessary or incidental to the
public offering of the Registrable Securities, as shall be reasonably requested by any Holder to permit such Holder to make a public distribution of such Holder’s Registrable Securities. The obligations of the Company hereunder with respect to
any Holder’s Registrable Securities are subject to such Holder’s furnishing to the Company such appropriate information concerning such Holder, such Holder’s Registrable Securities and the terms of such Holder’s offering of such
Registrable Securities as the Company may reasonably request in writing; 
 (b) Prepare and file with the SEC such amendments and supplements
to such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement; 
 (c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than five
(5) business days prior to such filing): (i)(A) when a prospectus or any prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the SEC notifies the Company whether there will be a
“review” of such Registration Statement and whenever the SEC comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of the
Holders that pertain to the Holders as a Selling Stockholder or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration
Statement or any post-effective amendment, when the same has been declared effective; (ii) of any request by the SEC or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or prospectus or
for additional information that pertains to the Holders as Selling Stockholders or the Plan of Distribution; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement covering any or all of the
Registrable Securities or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement
ineligible for inclusion therein or any statement made in such Registration Statement or prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such
Registration Statement, prospectus or other documents so that, in the case of such Registration Statement or the prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Upon the occurrence of any event contemplated by Section 3(c)(v) above, as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a
supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any prospectus will contain an
untrue statement of a material fact or omit to state a material fact 

  

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required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that the Company may delay the filing of any supplement or amendment to any Registration Statement or suspend the use or effectiveness of any Registration Statement if (i) the Board of Directors of the Company (the
“Board”), in the exercise of its good faith judgment, reasonably concludes that, in the absence of such delay or suspension, the Company will be required under state or federal securities laws to disclose a corporate
development the disclosure of which is not otherwise required and would have a material adverse effect upon the Company, and (ii) the Company promptly thereafter delivers to the Holders a certificate (the “Certificate”),
signed by the Chief Executive Officer of the Company, stating that in the good faith judgment of the Board it would be detrimental to the Company or its stockholders for a supplement or amendment to the Registration Statement to be filed in the near
future or to continue the use or effectiveness of the Registration Statement. Upon delivery of the Certificate, the Company’s obligation under this Section 3(d) shall be deferred for a period not to exceed sixty (60) days from the
date of delivery of the Certificate (the “Suspension Period”). No more than two (2) such Suspension Periods shall occur in any eighteen (18) month period. The Company may extend the Suspension Period for an
additional thirty (30) consecutive days with the written consent of the holders of a majority of the Registrable Securities registered under the applicable Registration Statement, which consent shall not be unreasonably withheld. 
 (e) Use its best efforts to register and qualify the securities covered by such Registration Statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any
such states or jurisdictions; 
 (f) Cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed; 
 (g) Provide a transfer agent and registrar for all Registrable Securities and a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) Use its best efforts
to furnish, at the request of any Holder, on the date that such Holder’s Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Agreement, if such securities are being sold through
underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the
underwriters and to the Holders and (ii) if appropriate, a letter, dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters and to the Holders (to the extent the then-applicable standards of professional conduct permit said letter to be addressed to the Holders). 
 (i) The Company shall pay all costs, fees and expenses in connection with the Registration Statement filed pursuant to Section 2 hereof including,
without limitation, the 

  

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Company’s legal and accounting fees, all registration, qualification, listing and filing fees, printing expenses, escrow fees, and blue sky fees and
expenses; provided, however, that each Holder shall be solely responsible for the fees of any counsel retained by such Holder in connection with such registration and any transfer taxes or underwriting discounts, commissions or fees
applicable to the Registrable Securities sold by such Holder pursuant thereto. 
 (j) The Company has read and understands the exercise
limitations contained in certain of the Warrants and, except as may be required by applicable law or rules or regulations of the SEC, will not take a position in any Registration Statement or other filing with the SEC that a Holder whose Warrant
contains such exercise limitations is the beneficial owner of more than the percentage of Common Stock permitted to be beneficially owned by such Holder absent an affirmative written statement by such Holder to such effect. It is understood and
agreed that current law, rules and regulations of the SEC do not require the adoption of a position that a Holder whose Warrant contains such exercise limitations is the beneficial owner of more than the percentage of Common Stock permitted to be
beneficially owned by such Holder pursuant to the exercise limitations contained in the Warrants. 
 4. Additional Terms.

 (a) To the extent permitted by law, the Company will indemnify each Holder, each of its officers, directors, partners, legal counsel, and
accountants, and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected pursuant to this Agreement, and each underwriter, if
any, and each person who controls any underwriter within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages, or liabilities (or actions, proceedings, or settlements in respect thereof) arising out of
or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular, or other document (including any related registration statement, notification, or the like), or
any amendment or supplement thereto, incident to any such registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated under the Securities Act applicable to the Company in connection with any
such registration, qualification, or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel, and accountants, and each person controlling such Holder, each such underwriter and each
person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating, preparing, defending, or settling any such claim, loss, damage, liability, or action, as such expenses are incurred,
provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, (i) made
in reliance upon and in conformity with written information furnished to the Company by such Holder, controlling person, or underwriter and stated to be specifically for use therein or (ii) corrected in an amended or supplemented registration
statement, prospectus or offering circular provided by the Company for use prior to the purchase giving rise to such claim, loss, damage, liability or expense. It is agreed that the indemnity agreement contained in this Section 4 shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 
  

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 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are
included in the securities as to which such registration, qualification, or compliance is being effected, indemnify the Company, each of its directors, officers, partners, legal counsel, and accountants, and each underwriter, if any, of the
Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other such Holder, each of their officers, directors,
and partners, and each person controlling such Holder within the meaning of Section 15 of the Securities Act, against all claims, losses, damages, and liabilities (or actions in respect thereof) arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular, or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel, and accountants, persons, underwriters, or control persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to
be specifically for use therein, provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is
effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that that in no event shall any indemnity under this Section 4 exceed the gross proceeds received by such Holder in such offering.

 (c) Each party entitled to indemnification under this Section 4 (the “Indemnified Party”) shall give notice
to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party
to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval
shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 4 unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim
or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and
as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 
  

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 (d) If the indemnification provided for in this Section 4 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party (other than by reason of the exceptions set forth in this Agreement) with respect to any claim, loss, damage, liability, or expense referred to therein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim, loss, damage, liability, or expense in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the statements or omissions that resulted in such claim, loss, damage, liability, or expense, as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact related to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The Company and the Holders agree
that it would not be just and equitable if contribution pursuant to this Section 4 were based solely upon the number of entities from whom contribution was requested or by any other method of allocation which does not take account of the
equitable considerations referred to above. In no event shall any contribution by a Holder under this Section 4 exceed the gross proceeds received by such Holder in such offering. 
 (e) The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages, and liabilities referred to above in this
Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim, subject to the provisions of Section 4(c). No person
guilty of fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (g) The obligations of the Company and Holders under this Section 4 shall survive the completion of any offering of Registrable Securities in a Registration Statement. Neither the filing of a Registration
Statement by the Company pursuant to this Agreement nor the making of any request for prospectuses by any Holder shall impose upon any Holder any obligation to sell such Holder’s Registrable Securities. 
 (h) Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event
of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemented prospectus and/or
amended Registration Statement or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or
deemed to be incorporated by reference in such prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 
  

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 (i) If the Company fails to keep the Registration Statement referred to above continuously effective
during the requisite period, then the Company shall, promptly upon the request of any Holder, use commercially reasonable efforts to update the Registration Statement or file a new registration statement covering the Registrable Securities remaining
unsold, subject to the terms and provisions hereof. 
 (j) Each Holder agrees to provide the Company with any information or undertakings
reasonably requested by the Company in order for the Company to include any appropriate information concerning such Holder in the Registration Statement or in order to promote compliance by the Company or such Holder with the Securities Act.

 (k) Each Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of a Registration Statement hereunder. 
 (l) Each Holder, on behalf of itself, its
affiliates, its successors and assigns and any other direct or indirect transferee holding any of the Warrants, the Series A Stock or the Registrable Securities, hereby covenants and agrees not to, directly or indirectly, offer to “short
sell”, contract to “short sell” or otherwise “short sell” or encourage others to “short sell” any securities of the Company, including, without limitation, shares of Common Stock that will be received as a result
of the conversion of the Series A Stock or the exercise of the Warrants. For purposes of this Agreement, “short selling” shall include any sale, any trade in any option or other derivative security, any hedging transaction relating to the
securities of the Company or any transaction intended to affect the price of the Company’s common stock. 
 5. Transfer of
Registration Rights. The rights to cause the Company to register securities granted to any party hereto may be assigned by a Holder to a transferee or assignee, provided that the Company is given written notice at the time of or
within a reasonable time after said assignment, stating the name and address of the transferee or assignee and identifying the securities with respect to which such registration rights are being assigned, and, provided further, that the
assignee of such rights assumes in writing the obligations of such Holder hereunder. 
 6. Governing Law; Jurisdiction. This
Agreement shall be governed as to validity, interpretation, construction, effect and in all other respects by the laws of the State of New York. To the fullest extent permitted by applicable law, each party hereto hereby irrevocably submit to the
non-exclusive jurisdiction of any New York State court or federal court sitting in the Borough of Manhattan in respect of any suit, action or proceeding arising out of or relating to the provisions of this Agreement and irrevocably agree that all
claims in respect of any such suit, action or proceeding may be heard and determined in any such court. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter have to the
laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The parties hereto hereby waive, to the
fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or relating to this Agreement. 
  

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 7. Amendment. No amendment, modification or termination of any provision of this Agreement
shall be effective unless signed in writing by or on behalf of the Company and a majority in interest of the Holders; provided, however, that no amendment, modification or termination of any provision of this Agreement shall be effective with
respect to a Holder if such amendment, modification or termination disproportionately effects such Holder, unless signed in writing by such Holder. 
 8. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written,
with respect to the subject matter hereof. 
 9. Execution in Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. 
 10.
Notices. All communications hereunder shall be in writing and shall be hand delivered, mailed by first-class mail, couriered by next-day air courier or by facsimile at the addresses set forth below. 
  

			
	If to the Holders,	  	M.A.G. Capital, LLC
		  	555 South Flower Street, Suite 4200
		  	Los Angeles, CA 90071
		  	Telephone No.: (213) 533-8288
		  	Facsimile: (213) 533-8285
		  	Attention: David Firestone
		
	with a copy to:	  	Latham & Watkins LLP
		  	633 West Fifth Street, Suite 4000
		  	Los Angeles, CA 90071-2007
		  	Telephone No.: (213) 485-1234
		  	Facsimile No.: (213) 891-8763
		  	Attention: Paul Tosetti
		
	If to the Company,	  	SunFuels, Inc.
		  	1400 W. 122nd Avenue, Suite 110
		  	Attention: Jeffrey Probst
		  	Telephone No.: 303-865-7700
		  	Facsimile No.: 303-865-7705
		
	with a copy to:	  	James H. Carroll
		  	Faegre & Benson LLP
		  	1900 15th Street
		  	Boulder, CO 80302
		  	Telephone No.: 303-447-7748
		  	Facsimile No.: 303-447-7800

  

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 All such notices and communications shall be deemed to have been duly given: (i) when delivered by hand, if
personally delivered; (ii) five business days after being deposited in the mail, postage prepaid, if mailed certified mail, return receipt requested; (iii) one business day after being timely delivered to a next-day air courier
guaranteeing overnight delivery; (iv) the date of transmission if sent via facsimile to the facsimile number as set forth in this Section or the signature page hereof prior to 6:00 p.m. (New York Time) on a business day, or (v) the
business day following the date of transmission if sent via facsimile at a facsimile number set forth in this Section or on the signature page hereof after 6:00 p.m. (New York Time) or on a date that is not a business day. Change of a party’s
address or facsimile number may be designated hereunder by giving notice to all of the other parties hereto in accordance with this Section. 
 11. Binding Effect; Benefits. Any Holder may assign its rights hereunder and the term “Holder” as used herein shall be deemed to include any such subsequent assignee. This Agreement shall inure to the benefit of, and
be binding upon, the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. Nothing herein contained, express or implied, is intended to confer upon any person other than the parties hereto and their
respective heirs, legal representatives and successors, any rights or remedies under or by reason of this Agreement. 
 12.
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. 
 13. Severability. Any provision of this Agreement which is held by a court of competent jurisdiction to be prohibited or unenforceable in
any jurisdiction(s) shall be, as to such jurisdiction(s), ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision
in any other jurisdiction. 
 14. Attorneys’ Fees and Disbursements. If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party or parties shall be entitled to receive from the other party or parties reasonable attorneys’ fees and disbursements in addition to any other relief to which the prevailing
party or parties may be entitled. 
  

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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the date first
above written. 
  

			
	SUNFUELS, INC.
		
	 By:
	 	  

	 Name:
	 	 Jeffrey Probst

	 Its:
	 	 Chief Executive Officer

	
	HOLDERS:
	
	MONARCH POINTE FUND, LTD.
		
	 By:
	 	 M.A.G. CAPITAL, LLC

	 Its:
	 	 General Partner

		
	 By:
	 	  

	 Name:
	 	 Harry Aharonian

	 Its:
	 	 Portfolio Administrator

		
	 By:
	 	  

	 Name:
	 	 Todd Bomberg

	 Its:
	 	 Chief Investment Officer

	
	MERCATOR MOMENTUM FUND, L.P.
		
	 By:
	 	 M.A.G. CAPITAL, LLC

	 Its:
	 	 General Partner

		
	 By:
	 	  

	 Name:
	 	 Harry Aharonian

	 Its:
	 	 Portfolio Administrator

		
	 By:
	 	  

	 Name:
	 	 Todd Bomberg

	 Its:
	 	 Chief Investment Officer

  

 -11- 

			
	MERCATOR MOMENTUM FUND III, L.P.
		
	By:	 	M.A.G. CAPITAL, LLC
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	Harry Aharonian
	Its:	 	Portfolio Administrator
		
	By:	 	  

	Name:	 	Todd Bomberg
	Its:	 	Chief Investment Officer
	
	 ASSET MANAGERS INTERNATIONAL LIMITED

		
	By:	 	  

	Name:	 	
	Its:	 	
	
	[ACCREDITED INVESTOR]
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	[ACCREDITED INVESTOR]
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	[ACCREDITED INVESTOR]
		
	By:	 	  

	Name:	 	
	Its:	 	

  

 -12-Warrant issued by SunFuels, Inc. to Monarch Pointe Fund, L.P.

 Exhibit 10.40 
 WARRANT TO PURCHASE COMMON STOCK 
 THIS WARRANT AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	Number of Shares:	  	564,815 Shares (subject to adjustment)
		
	Warrant Price:	  	$22.75 per Share
		
	Issuance Date:	  	January 26, 2007
		
	Expiration Date:	  	January 25, 2010

 THIS WARRANT CERTIFIES THAT for value received, Monarch Pointe Fund, Ltd, or its registered assigns
(hereinafter called the “Holder”) is entitled to purchase from SunFuels, Inc., a Colorado corporation (hereinafter called the “Company”), the above referenced number of fully paid and nonassessable
shares (the “Shares”) of common stock, no par value (the “Common Stock”) of Company, at the Warrant Price per Share referenced above; the number of shares purchasable upon exercise of this Warrant
referenced above being subject to adjustment from time to time as described herein. This Warrant is issued in connection with that certain Subscription Agreement dated as of January 26, 2007, by and among the Company and M.A.G. Capital, LLC,
Mercator Momentum Fund, LP, Mercator Momentum Fund III, LP, the accredited investors signatories thereto, and Holder. The exercise of this Warrant shall be subject to the provisions, limitations and restrictions contained herein. 
 Term and Exercise. 
 Term. This Warrant is
exercisable in whole or in part (but not as to any fractional share of Common Stock), at any time and from time to time after the date that is six months after the Issuance Date but prior to 6:00 p.m. (New York Time) on the Expiration Date set forth
above. 
 Warrant Price. The Warrant shall be exercisable at the Warrant Price referenced above. 
 Maximum Number of Shares. The maximum number of Shares of Common Stock exercisable pursuant to this Warrant is 564,815 Shares, subject to adjustment as set
forth herein. Notwithstanding anything herein to the contrary, in no event shall the Holder be permitted to exercise this Warrant for a number of Shares greater than the number that would cause the aggregate beneficial ownership of the
Company’s Common Stock (calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of the Holder and all persons affiliated with the Holder to equal 9.99% or more of the Company’s Common Stock then outstanding;
provided that the Holder shall be responsible for any calculation required for compliance with such 9.99% limit. 
 Procedure for Exercise of
Warrant. Holder may exercise this Warrant by delivering the following to the principal office of the Company in accordance with Section 5.1 hereof: (i) a duly executed Notice of Exercise in substantially the form attached as
Schedule A, (ii) payment of the Warrant Price then in effect for each of the Shares being purchased, as designated in the Notice of Exercise, and (iii) this Warrant. Payment of the Warrant Price may be in cash, certified or official
bank check payable to the order of the Company, or wire transfer of funds to the Company’s account (or any combination of any of the foregoing) in the amount of the Warrant Price for each share being purchased. 
 Delivery of Certificate and New Warrant. In the event of any exercise of the rights represented by this Warrant, a certificate or certificates for the
shares of Common Stock so purchased, registered in the name of the Holder or such other name or names as may be designated by the Holder, together with any other securities or other property which the Holder is entitled to receive upon exercise of
this Warrant, shall be delivered to the Holder hereof, at the Company’s expense, within a reasonable time, not exceeding five (5) trading days, after the rights represented by this Warrant shall have been so exercised; and, unless this
Warrant has expired, a new Warrant representing the number of Shares (except a remaining fractional share), if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder hereof within such time. The
person in whose name any certificate for shares of Common Stock is issued upon exercise of this Warrant shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment
of the Warrant Price was received by the Company, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is on a date when the stock transfer books of the Company are closed, such person
shall be deemed to have become the holder of such Shares at the close of business on the next succeeding date on which the stock transfer books are open. 
 Restrictive Legend. Each certificate for Shares shall bear a restrictive legend in substantially the form as follows, together with any additional legend required by (i) any applicable state securities laws and
(ii) any securities exchange upon which such Shares may, at the time of such exercise, be listed: 
 “The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended and may not be sold, offered for sale, transferred or pledged in the absence of such registration or an exemption therefrom under such Act.” 
 Any certificate issued at any time in exchange or substitution for any certificate bearing such legend shall also bear such legend unless, in the opinion of counsel for
the Holder thereof (which counsel shall be reasonably satisfactory to the Company), the securities represented thereby are not, at such time, required by law to bear such legend. 
 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the Warrant. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company
shall round up the number of Shares to be issued to the nearest whole Share and the Holder shall increase the consideration due upon exercise by an amount computed by multiplying such fractional interest by the Warrant Price of a full Share then in
effect. 

 Representations, Warranties and Covenants. 
 Representations and Warranties. 
 The Company is a corporation duly organized, validly existing
and in good standing under the laws of its state of incorporation and has all necessary power and authority to perform its obligations under this Warrant; 
 The execution, delivery and performance of this Warrant has been duly authorized by all necessary actions on the part of the Company and constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms; and 
 This Warrant does not violate and is not in conflict with any of the provisions of
the Company’s Amended and Restated Articles of Incorporation, Certificate of Designations, Bylaws and any resolutions of the Company’s Board of Directors or stockholders, or any agreement of the Company, and no event has occurred and no
condition or circumstance exists that might (with or without notice or lapse of time) constitute or result directly or indirectly in such a violation or conflict. 
 Issuance of Shares. The Company covenants and agrees that all shares of Common Stock that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the issue thereof and shall be listed on any exchanges on which the Common Stock is then listed. The Company further covenants and agrees that it will pay when due and payable
any and all federal and state taxes which may be payable in respect of the issue of this Warrant or any Common Stock or certificates therefor issuable upon the exercise of this Warrant excluding the Holder’s income and other taxes not directly
relating to the issuance of the Warrant or Common Stock. The Company further covenants and agrees that the Company will at all times have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide
for the exercise in full of the rights represented by this Warrant. If at any time the number of authorized but unissued shares of Common Stock of the Company shall not be sufficient to effect the exercise of the Warrant in full, subject to the
limitations set forth in Section 1.3 hereto, then the Company will take all such corporate action as may, in the opinion of counsel to the Company, be necessary or advisable to increase the number of its authorized shares of Common Stock as
shall be sufficient to permit the exercise of the Warrant in full, subject to the limitations set forth in Section 1.3 hereto, including without limitation, using its best efforts to obtain any necessary stockholder approval of such increase.
The Company further covenants and agrees that if any shares of capital stock to be reserved for the purpose of the issuance of shares upon the exercise of this Warrant require registration with or approval of any governmental authority under any
federal or state law before such shares may be validly issued or delivered upon exercise, then the Company will in good faith and as expeditiously as possible endeavor to secure such registration or approval, as the case may be. If and so long as
the Common Stock issuable upon the exercise of this Warrant is listed on any national securities exchange or the Nasdaq Stock Market, the Company will, if permitted by the rules of such exchange or market, list and keep listed on such exchange or
market, upon official notice of issuance, all shares of such Common Stock issuable upon exercise of this Warrant. 
 Other Adjustments.

 Subdivision or Combination of Shares. In case the Company shall at any time subdivide its outstanding Common Stock into a greater number
of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced, and the number of Shares subject to this Warrant shall be proportionately increased, and conversely, in case the outstanding Common Stock
of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased, and the number of Shares subject to this Warrant shall be proportionately
decreased. 
 Dividends in Common Stock, Other Stock or Property. If at any time or from time to time the holders of Common Stock (or any
shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefor: 
 Common Stock, options or any shares or other securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise
acquire any of the foregoing by way of dividend or other distribution; 
 any cash paid or payable otherwise than as a regular cash dividend;
or 
 Common Stock or additional shares or other securities or property (including cash) by way of spin-off, split-up, reclassification,
combination of shares or similar corporate rearrangement (other than adjustments covered by the terms of Section 3.1 above or Section 3.3 below), 
 then and in each such case, the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash in the cases referred to in clause (b) above and this clause (c)) which such Holder would hold on the date of such exercise had such Holder been the holder of
record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 
 Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the share capital of the
Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its shares and/or assets or other transaction (including, without limitation, a sale of substantially all of its assets
followed by a liquidation) shall be effected in such a way that holders of Common Stock shall be entitled to receive shares, securities or other assets or property (a “Change”), then, as a condition of such Change, lawful and
adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented hereby) such shares, securities or other assets or property as may be issued or payable with respect to or in exchange for the number of outstanding shares of Common Stock which such Holder would have been entitled to receive
had such Holder exercised this Warrant immediately prior to the consummation of such Change. The Company or its successor shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to give effect to the adjustments provided for in this Section 3 including, without limitation, adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 3.3 shall similarly apply to successive Changes. 
 Ownership and
Transfer. 
 Ownership of This Warrant. The Company may deem and treat the person in whose name this Warrant is registered as the holder
and owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than the Company) for all purposes and shall not be affected by any notice to the contrary until presentation of this Warrant for registration of
transfer as provided in this Section 4. 
 Transfer and Replacement. This Warrant and all rights hereunder are transferable in whole or in
part upon the books of the Company by the Holder hereof in person or by duly authorized attorney, and a new Warrant or Warrants, of the same tenor as this Warrant but registered in the name of the transferee or transferees (and in the name of the
Holder, if a partial transfer is effected) shall be made and delivered by the Company upon surrender of this Warrant duly endorsed, at the office of the Company in accordance with Section 5.1 hereof. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft or 

  

 -2- 

 
destruction, and, in such case, of indemnity or security reasonably satisfactory to it, and upon surrender of this Warrant if mutilated, the Company will
make and deliver a new Warrant of like tenor, in lieu of this Warrant; provided that if the Holder hereof is an instrumentality of a state or local government or an institutional holder or a nominee for such an instrumentality or institutional
holder an irrevocable agreement of indemnity by such Holder shall be sufficient for all purposes of this Warrant, and no evidence of loss or theft or destruction shall be necessary. This Warrant shall be promptly cancelled by the Company upon the
surrender hereof in connection with any transfer or replacement. In the case of the loss, theft or destruction of a Warrant, the Holder shall pay all expenses, taxes and other charges payable in connection with any transfer or replacement of this
Warrant. Holder will not transfer this Warrant and the rights hereunder except in compliance with federal and state securities laws and except after providing evidence of such compliance reasonably satisfactory to the Company. 
 Miscellaneous Provisions. 
 Notices. Any notice or other document required or permitted to be given or delivered to the Holder shall be delivered or forwarded to the Holder c/o M.A.G. Capital, LLC, 555 South Flower Street, Suite
4200, Los Angeles, California 90071, Attention: David F. Firestone (Facsimile No. 213/553-8285), or to such other address or number as shall have been furnished to the Company in writing by the Holder, with a copy to Latham &
Watkins LLP, 633 West Fifth Street, Suite 4000, Los Angeles, California 90071-1448 Attention: Paul Tosetti (Facsimile No. 213/891-8763). Any notice or other document required or permitted to be given or delivered to the Company shall be
delivered or forwarded to the Company at 1400 W. 122nd Avenue, Suite 110, Westminster, CO 80234 (Facsimile
No. 303/865-7705), with a copy to Faegre & Benson LLP, 1900 15th Street, Boulder, CO 80302 Attention:
James H. Carroll (Facsimile No. 303/447-7800), or to such other address or number as shall have been furnished to Holder in writing by the Company or to the Company by Holder. 
 All notices, requests and approvals required by this Warrant shall be in writing and shall be conclusively deemed to be given (i) when hand-delivered to the other party, (ii) when received if sent by
facsimile at the address and number set forth above; provided that notices given by facsimile shall not be effective, unless either (a) a duplicate copy of such facsimile notice is promptly given by depositing the same in the mail, postage
prepaid and addressed to the party as set forth below or (b) the receiving party delivers a written confirmation of receipt for such notice by any other method permitted under this paragraph; and further provided that any notice given by
facsimile received after 5:00 p.m. (New York Time) or on a non-business day shall be deemed received on the next business day; (iii) five (5) business days after deposit in the United States mail, certified, return receipt requested,
postage prepaid, and addressed to the party as set forth below; or (iv) the next business day after deposit with an international overnight delivery service, postage prepaid, addressed to the party as set forth below with next business day
delivery guaranteed; provided that the sending party receives confirmation of delivery from the delivery service provider. 
 No Rights as Shareholder;
Limitation of Liability. This Warrant shall not entitle the Holder to any of the rights of a shareholder of the Company except upon exercise in accordance with the terms hereof. No provision hereof, in the absence of affirmative action by
the Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the Warrant Price hereunder or as a shareholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company. 
 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York. 
 Binding Effect on Successors. This Warrant shall be binding upon any corporation
succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets and/or securities. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of
the Holder. 
 Waiver, Amendments and Headings. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by both parties (either generally or in a particular instance and either retroactively or prospectively). The headings in this Warrant are for purposes of reference only and shall not affect the meaning or
construction of any of the provisions hereof. 
 Jurisdiction. Each of the parties irrevocably agrees that any and all suits or proceedings
based on or arising under this Agreement may be brought in the federal or state courts located in the City of New York, New York and consents to the jurisdiction of such courts for such purpose. Each of the parties irrevocably waives the defense of
an inconvenient forum to the maintenance of such suit or proceeding in any such court. Each of the parties further agrees that service of process upon such party mailed by first class mail to the address set forth in Section 5.1 shall be deemed
in every respect effective service of process upon such party in any such suit or proceeding. Nothing herein shall affect the right of a Holder to serve process in any other manner permitted by law. Each of the parties agrees that a final
non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. 
 Attorneys’ Fees and Disbursements. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party or parties shall be entitled to receive
from the other party or parties reasonable attorneys’ fees and disbursements in addition to any other relief to which the prevailing party or parties may be entitled. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer this
    th day of January, 2007. 
  

					
	COMPANY:	 	SUNFUELS, INC.
			
	 	 	By	 	  

			
	 	 	Print Name:	 	Jeffrey Probst
			
	 	 	Title:	 	Chief Executive Officer

  

 -3- 

 SCHEDULE A 
 FORM OF NOTICE OF EXERCISE 
 [To be signed only upon exercise of the Warrant]

 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO EXERCISE THE WITHIN WARRANT 
 The undersigned hereby elects to purchase
                 shares of Common Stock (the “Shares”) of SunFuels, Inc. under the Warrant to Purchase Common Stock dated January 26,
2007, which the undersigned is entitled to purchase pursuant to the terms of such Warrant. The undersigned has delivered
$                    , the aggregate Warrant Price for
                 Shares purchased herewith, in full in cash or by certified or official bank check or wire transfer. 
 Please issue a certificate or certificates representing such shares of Common Stock in the name of the undersigned or in such other name as is specified
below and in the denominations as is set forth below: 
  

	
	  

	[Type Name of Holder as it should appear on the stock certificate]
	
	  

	[Requested Denominations – if no denomination is specified, a single certificate will be issued]

 The initial address of such Holder to be entered on the books of Company shall be: 
  

			
	  
	 	
	  
	 	
	  
	 	

 The undersigned hereby represents and warrants that the undersigned is acquiring such shares for
his own account for investment purposes only, and not for resale or with a view to distribution of such shares or any part thereof. 
  

			
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

		
	Dated:	 	  

  

 -1- 

 FORM OF ASSIGNMENT 
 (ENTIRE) 
 [To be signed only upon transfer of entire Warrant] 
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                 hereby sells, assigns and transfers unto
                                        
all rights of the undersigned under and pursuant to the within Warrant, and the undersigned does hereby irrevocably constitute and appoint
                     Attorney to transfer the said Warrant on the books of SunFuels, Inc., with full power of substitution. 
  

			
	  

	[Type Name of Holder]
		
	By:	 	  

	Title:	 	  

		
	Dated:	 	  

 NOTICE 
 The
signature to the foregoing Assignment must correspond exactly to the name as written upon the face of the within Warrant, without alteration or enlargement or any change whatsoever. 
  

 -2- 

 FORM OF ASSIGNMENT 
 (PARTIAL) 
 [To be signed only upon partial transfer of Warrant] 
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                 hereby sells, assigns and transfers unto
                                 (i) the rights of the undersigned to
purchase                          shares of Common Stock under and pursuant to the within Warrant, and (ii) on a
non-exclusive basis, all other rights of the undersigned under and pursuant to the within Warrant, it being understood that the undersigned shall retain, severally (and not jointly) with the transferee(s) named herein, all rights assigned on such
non-exclusive basis. The undersigned does hereby irrevocably constitute and appoint
                                 Attorney to transfer the said Warrant on the
books of SunFuels, Inc., with full power of substitution. 
  

			
	  

	[Type Name of Holder]
		
	By:	 	  

	Title:	 	  

		
	Dated:	 	  

 NOTICE 
 The
signature to the foregoing Assignment must correspond exactly to the name as written upon the face of the within Warrant, without alteration or enlargement or any change whatsoever. 
  

 -3-

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