Document:

Exhibit 10.3

 

Vestal Professional Building Lease Agreement This Lease  made this 1 st  Day of May  2019,  by  and, between  Rose  Claudia  of the   Vestal  Professional Building,  300 Main  Street, Vestal  New  York  13850, (hereinafter   called  Landlord),  and  SolarWindow Technologies, Inc., located at 9375 East  Shea   Blvd, Suite 107 - B, Scottsdale, Arizona  85260 (hereinafter  called Tenant)  . Witnesseth, 1. Premises  and Title That for  and  in consideration of  the payment  of  the  rent  as  set forth herein,   and performance  of  the  covenants  and agreements  hereinafter set forth,   Landlord  leases to  Tenant  and  Tenant  accepts  from  Landlord, Suite Six   consisting of 2000  Square  feet  located  on  the first  floor of  the Vestal   Professional  Building at  300  Main Street, Vestal,  New  York  13850, together   with the nonexclusive  right  to use the parking areas and  other common  areas   in common  with the  Landlord  and  other Tenants. 2. Term 1. The initial  term  of  this lease  shall  be  for a  period  of Three  Years,  (Initial Term)   commencing on  May  1, 2019  and terminating May 1, 2022. 2. While this Lease is in full force  and  effect, provided the Tenant is not in default in the performance of any of the terms, covenants and conditions thereof, Tenant shall have the right or option to extend the original Term of this lease for Two Years . 3. The renewal  term  shall  be  on  the  same  terms,  covenants, conditions,  provisions   and agreements as  set forth herein for  the Initial  Term,  and the  renewal  term   shall commence immediately on  the  expiration of  the Initial  Term  and  shall   expire May 1, 2024. 4. The Tenant shall exercise its option to renew this lease by giving written notice to the Landlord of such election at least, Ninety, ( 90 ) days prior to the expiration of the term . 5. A  Security  deposit in  the amount  of $2,200 shall  be paid at the time  of  the  execution of  the contract. 3. Rental Tenant  agrees to pay  Landlord for  the use  of  the leased premises  during  the   Initial  Three  Year  Term  as follows: Year  1, commencing May  1, 2019, rent is payable at the annual rate of Twenty   Six  Thousand Four Hundred Dollars  ($26,400) payable  in equal monthly installments of $2200.00.  Rent  is  payable  on  the  First of every calendar month. Year two,  commencing  May  1, 2020  and  ending  April  30, 2021,  rent will   remain  the  same  as Year One (1).

     

     

    

Year Three,  Commencing  May 1, 2021 rent is payable at the  annual  rate of   Twenty  Seven Thousand One  Hundred Ninety Two, payable in  equal monthly   installments  of $2266.00. Rent is payable on the First of every calendar month.   The  Tenant  will have the option to extend for Two Years at an  annual  rate of   Twenty Eight  Thousand  Eight Dollars, ($28,008), payable in  equal monthly   installments  of $2334.00. 4. Utilities Landlord  shall, at his expense,  furnish  and make available to the Tenant all   utility services, and  Tenant  shall pay all expenses  in connection  with  its   consumption  and  utilization  of said  utilities,  i.e. telephone, gas, and electricity. 5. Alterations, Replacements  and Improvements Tenants shall make no alterations, additions or  improvements such  as   climate  regulation,  air conditioning, cooling, heating or sprinkler  systems,   television or radio antennas, heavy  equipment, apparatus  and  fixtures,  nor   shall same be installed in or attached to the leased  premises without  the prior   written consent of the Landlord, which consent shall not  be  unreasonably   withheld. Unless otherwise provided in writing, at the expiration of this lease,   and  any additional optioned terms,  the Tenant shall restore the leased   premises  to its original condition, and Tenant shall  remove  any and all   temporary or transient items form the  premises  at their expense.  Any  and all   permanently affixed, alterations, systems or  equipment  shall thereafter   become the property of the Landlord. 6. Repair  and Maintenance The Landlord shall, at this expense, maintain the  subject building  in good   order and repair  (including without limitation  all necessary  replacements)  the   common  facilities and landscaped areas, stairs,  common restrooms,  all paving,   curbing  and walkways), the  supporting  walls  structural members, supporting   columns,  exterior portions of the  building  within which the  premises  are   located, the base  building mechanical, plumbing  and  electrical  systems of the   building.  The Tenant shall maintain  throughout  the term of the Lease, take   good care of the leased  premises  and the  fixtures  and  appurtenances  therein.   Tenant shall maintain the  premises  to the same condition that it is provided to   the Tenant. Normal wear and tear is accepted. Tenant shall be responsible for   all damage or  injury  to the leased  premises  or any part of the  buildings  and the   systems and  equipment  thereof whether  requiring structural  or  non - structural   repairs caused  by or  resulting  from carelessness, employees, invitees, or   licensees. Tenant shall also repair all damage to the  buildings caused  by the   moving  of Tenant’s  fixtures, furniture  and equipment. 7. Insurance During  the term of this Lease, Tenant shall maintain  insurance  covering   contents. Lessor agrees to carry and maintain in effect at all  times during the

     

     

    

term of this Lease the following  insurance  coverage:  (A).  Fire and extended   coverage  insurance  in  such amounts  as may from time to time be  required  by   its  mortgagees,  if any,  but  in any event, in an  amount equal  to not less than One   Hundred  Percent  (100%)  of the  replacement  cost of the  Building  and  common   facilities, and (B).  Commercial  general liability  insurance  with respect to the   ownership  and operation of the  Building  and  common  facilities,  including   personal  injuries,  deaths and property damage, with  contractual  liability   endorsement,  in the  amount  of One Million Dollars ($1,000,000) total per year.   To the extent of the  insurance required  to be maintained by Lessor  (but  in no   event in excess of the  fullest  extent  permitted under  applicable law), the   indemnities by Lessee set forth in this Lease shall not apply to, and Lessor   hereby releases Lessee, its agents and employees from any  liability  for damage   to property or  injury  to persons, regardless of the  cause  of  such  damage or   injury. Lessee shall have the right to  terminate  this lease (a) in the event the   Premises  are damaged or destroyed by fire or other  casualty  and cannot be   repaired or  rebuilt  within Ninety (90) days following  such  damage or   destruction,  or (b) in the event the  premises  are damaged by fire or other   casualty  and the  Premises  are not repaired or  rebuilt  within Ninety (90) days   following  such  damage or  destruction. Such termination  option of the Lease   under  (a)  to be exercised by giving written  notice of cancellation  to Lessor  on   or before the date sixty days after  such  damage or  destruction,  and  such   termination  option of Lessee  under  (b) to be exercised by giving written  notice   of cancellation to Lessor on or before the date the  Premises  are repaired or   rebuilt. **  If for any period of time tenant is  unable  to  occupy  the space, or the   space  is  unsuitable  for  tenants intended  use,  tenants  rental  obligation shall  be   prorated on a per diem or  monthly  basis as appropriate. 8. Tenant’s Indemnity and Landlord Liability Tenant agrees to and shall save, hold and keep harmless and indemnify   Landlord from and for any and all  payments,  expenses, costs, reasonable   attorneys fees  stemming  from and for any and all claims and liability for   losses or damage to property or  injuries  to persons occasioned by Tenant or   Tenant’s agents, employees,  guests,  licensees, invitees,  subtenants,  assignees   or successors, or for  any  cause or reason whatsoever  arising  out of  Tenant’s   business.. **Indemnity  provision shall no apply in the case where any loss or   damages are occasioned wholly or in part by or  resulting  from any acts or   omissions  by Landlord’s agents, employees,  guests, licensees,  invitees,   subtenants,  assignees or  successors,  or for  any cause  or reason  whatsoever   arising out of or by reason by the Landlord  and  the conduct of the Landlord’s   business. 9. Public Liability Insurance During  the term of this lease, Tenant shall maintain in  full  force and effect   insurance  covering the risks  generally included  in  public  liability and

     

     

    

property damage  insurance  policies in the  sum  of not less than Fifty   Thousand  Dollars ($50,000) on  account  of bodily injury, death or  property   damage as a  result  of any one  occurrence,  to protect Landlord and Tenant to   that extent from any  suits  arising  out  of accidents or  injuries  to persons or   property that may  occur  on the leased  premises. 10. Access  to Leased  Premises Landlord shall have  the right to enter the leased  premises  at all reasonable   hours  for the  purpose  of making and repairs, alterations, additions or   improvements  to the leased  premises. All such  repairs, alterations, additions   and  improvements  shall be done in a manner so as  not to unreasonable   interfere with Tenant’s  use  of the leased  premises. During  the repair period   Tenant’s liability for rent and other  sums  payable  hereunder  shall be  reduced   by a percentage  equal  to that  amount  of the floor space of the  building portion   of the leased  premises,  which is rendered  unsuitable  for the normal operation   of  Tenant’s business. 11. Default By Tenant 1. The following shall be  deemed  a  default  by Tenant  under  the terms of   this Lease (Event or Default): a. The  failure  by Tenant to pay any rent or other  sum  of  money due hereunder within Thirty ( 30 ) days after written notice form Landlord that such payment has not been made ; b. The  failure  by Tenant to perform any other of the  terms,  conditions or,   covenants of this lease to be observed, or  performed  by Tenant for more than Thirty (30) days after written notice from Landlord of  such default, unless such default is of an a nature that it cannot practically be cured within such Thirty( 30 ) day period and Tenant is proceeding with due diligence to cure such default ; c. The making by Tenant of an  assignment  for the benefit of creditors; d. The filing of a  petition  by or  against Tenant  for adjudication as a  bankrupt   under the Bankruptcy code, as  now or hereafter  amended  or  supplemented,   or for reorganization within the  meaning  of Chapter 11 of the  bankruptcy   code, or the  commencement  of any action or proceeding for the  dissolution   or liquidation of  Tenant,  whether  instituted  by or  against Tenant  or  for  the   appointment  of a receiver or  trustee  of the property of Tenant, provided   that  no  such filing or proceeding instituted  by a  third party shall  be   regarded as a  default hereunder  if Tenant shall promptly  move  to have the   same  dismissed,  rescinded or  rendered inoperative and  Tenant  prosecutes   such  action with  due  diligence and  continues  to perform and discharge all of   the covenants and obligations on its part to be  performed  or discharged   under this Lease during the pendency  of  such proceedings.

     

     

    

2. Upon the occurrence of  any Event  or Default, Landlord shall have  the right  to  terminate  this Lease by giving written notice of  such  election to Tenant  and  Tenant shall then  quit  and  surrender  the leased  premises  to Landlord,  but   Tenant  shall remain liable for all rents  and other obligations  as set forth herein for  the  entire term of the lease, and Landlord may  remove  the Tenant by  summary   proceedings for a holding over of the leased  premises  after the  termination  of the   terms of the Lease, or by another  action or proceeding, or otherwise, without   being liable for any damages therefor. 3. In cases  of  such default,  re - entry,  expiration and/or  dispossess by   summary  proceeding or otherwise, (i) the rent shall become  due thereupon  and be  paid  up to  the tie  of  such re - entry,  dispossess  and/or expiration,  together with such  expenses  as the Landlord may  incur  for legal expenses, reasonable attorneys fees,  brokerage,  and /or  putting  the leased  premises  in good order, or for preparing the  same for re - rental;  (ii) Landlord  may  re - let  the leased  premises  or any part or parts  thereof,  either in the name of the Landlord or otherwise, for a term or terms which  may at  Landlord’s option be less than or exceed the term of this Lease; (iii) Tenant  shall  also pay  Landlord  as  liquidated  damages for the  failure  of Tenant to observe  and  perform said Tenant’s covenants herein contained, any deficiency between the  rent  hereby reserved and/or covenanted to be paid and the  amount,  if any, of the  rents  collected on account  of the Lessee of the leased  premises  for each  month  of  the  period which  would  otherwise have  constituted  the balance of the term of this   lease. In  computing such liquidated  damages, there shall be added to the deficiency   such  expenses as Landlord may  incur  in  connection with the re - letting, such  as   legal  expenses, reasonable attorneys fees, brokerage  and  for keeping the leased  premises  in good order or for preparing the same for re - letting.  Any such  liquidated  damages  shall be paid in  monthly installments  by Tenant on  the rent day   specified in the  Lease and any  suit brought  to collect the  amount  of the deficiency  for any  month  shall not  prejudice  in any way the rights of the Landlord to collect  the deficiency for  any  subsequent month  by a  similar  proceeding. Landlord at  its   option, may make  such  alterations repairs,  replacements  and/or decorations in the  leased  premises  as Landlord, in its sole  judgment  considers advisable and   necessary  for  the purpose  of re - letting the leased  premises;  and the making of  such  alterations and/or  decorations shall  not operate  or be  construed  or  release  the  Tenant from liability  hereunder  as aforesaid. Landlord shall in no event be liable in   any way whatsoever  for failure to  re - let the leased  premises,  or in the event that  the Leased  premise  are  re - let, for failure  to  collect the rent thereof under such  re - letting. 4. If the Tenant shall fail or  refuse  to comply with and, perform any conditions  and  covenants of the within Lease, the Landlord may, if the Landlord so elects,  carry  out  and  perform  such  conditions and covenants, at the cost and expense of  the  Tenant, and the said cost and expense shall be payable on demand or at the   option of the Landlord shall be added to the  installment  of rent  due immediately   thereafter but in  no  case  later than one  month  after  such  demand, whichever   occurs  sooner, and shall be  due  and payable as  such.  This  remedy  shall be in

     

     

    

addition to  such  other  remedies  as the Landlord may have  hereunder  by reason of   the breach  by  the Tenant of  any  of the covenants  and  conditions in this Lease   contained. 12 Default By Landlord In the event of the  failure  by the Landlord to perform any of its obligations   under  this Lease or to make any  payments required  to be made by Landlord   hereunder  or to make any  payments  arising out of or with respect to  any   encumbrances  on the leased  premises,  then Tenant may,  but  shall not be   obligated to at its election, perform  such  obligations or make  such payments   and in  default  of prompt  reimbursement  for the cost thereof by Landlord,   Tenant  may  deduct  the  amount  of  such expenditures  form the next  maturing   installment  or  installments  of rent or other  sums  payable  hereunder  by   Tenant. Tenant, at its election, shall have the right to recover the  amount  of   such  advances, in any  court  of  competent jurisdiction. Such remedy  shall be in   addition to any and all other rights and  remedies  provided at law or in  equity   or otherwise specifically  provided  for herein. 13 Remedies Cumulative Tenant agrees  that  any  such  action  brought by the  Landlord  due to  Tenant’s   violation of the lease will be  brought  in Broome  County.  No  mention  in this   lease of any specific right or  remedy  shall  preclude  either party fro exercising   any other right or from having any other  remedy  or from maintaining any   action to  which it may be otherwise entitled wither at law or in equity. 14 Waiver The  failure  of either party to insist in any one or  more  instances  upon  a strict   performance of any covenant of this Lease or the waiver by either party of any   breach of any term, covenant or condition herein contained shall not be   deemed  to be a waiver or  relinquishment  of  such  term, covenant or condition   or any  subsequent  breach of the same or any other term, covenant or condition   herein contained. No covenant, term or condition of this lease shall be  deemed   waived  by  either party unless  waived by written  instrument. 15 Holding Over Any  holding over by Tenant of the leased  premises  after the expiration of this   Lease shall operate and be  construed  as a hold over Tenant on the same terms,   covenants, conditions, provisions and  agreements  and for the same rent as set   forth in this Lease  calculated  on a  monthly basis. 16 Miscellaneous Provisions 16.1 No change or  modification  of this Lease shall be valid  unless  the same is   in writing and signed by the parties. This Lease contains the entire agreement   between the parties and there are no  promises, agreements,  conditions,   undertakings, warranties  or  representations, oral  or  written, expressed or

     

     

    

implied  between the  other  than  herein set forth. This  lease  is intended  by the   parties to be an integration  of  all prior  or contemporaneous  promises,   agreements,  conditions  and undertakings. 2. This  lease and  the  covenants and conditions  herein  contained  shall  inure   to  the benefit of  and be  binding upon Landlord, its successors  and  assigns,  and   shall  inure  to  the benefit of  and be  binding upon Tenant, its successors  and   assigns. 3. This Lease  and the terms and provisions  hereof shall  be  construed  and   determined in  accordance with the laws  of New York. 16 Applicable Law The  parties  hereto  agree  that the  situs  of this is New York  State, and  should   any  conflict  arise  from  this lease, the laws  of New  York State  shall control. IN  WITNESS WHEREOF, the parties hereto  have executed  and  sealed this Lease  as  of   the day  and  year first above written,  and  for the purposes hereof, such date shall  be   last date  any  of the parties hereto executes this Lease. Rose  L  Claudia, Vestal Professional Building John  A. Conklin, President  &  CEO, SolarWindow Technologies, Inc. Executed  on  March  18, 2019

     

     

    

implied  between  the  other  than  herein  set  forth.  This  lease  is  intended  by  the   parties  to  be  an  integration  of  all  prior  or contemporaneous  promises,   agreements,  conditions and  undertakings  . 2. This  lease  and the covenants and  conditions  herein  contained  shall  inure   to  the  benefit  of  and  be  binding  upon  Landlord,  its successors and  assigns, and shall inure to the  benefit of and be binding upon Tenant, its successors and assigns. 3. This  Lease  and the  terms  and provisions  hereof shall  be  construed  and   determined  in  accordance  with  the  laws  of New York. 16 Applicable Law The parties hereto agree that the situs of this is New York State, and should   any conflict arise from this lease, the laws of New York State shall control. IN  WITNESS  WHEREOF,  the  parties hereto  have  executed  and sealed this  Lease  as of the  day  and  year  first  above  written,  and  for  the  purposes  hereof,  such  date shall  be last  date any  of  the  parties  hereto  executes  this Lease. Bl']_ cf?. Rose  L  Claudia, Vestal  Professional Building I" CJL Digitally signed by John A. Conklin ON: cn=John  A .  Conklin,  o:: S olarW  i ndow  Technologies , Inc ., ou=Executive  Office, email=john @ solarwindow.com,c:::::US Date: 2019 . 03 . 18 06:52 : 46 - 04' 00' Adobe  Acrobat  version : 2019 . 010 . 20098 John  A  Conklin,  President  &  CEO,  SolarWindow Technologies,  Inc.   Executed  on  March  18, 2019grif_Ex10_67

		
			Exhibit 10.67
		

		
			 
		

		
			June 7, 2019
		

		
			 
		

		
			Frederick M. Danziger
		

		
			Griffin Industrial Realty, Inc. 
		

		
			641 Lexington Avenue, 26th floor
		

		
			New York, NY  10022
		

		
			 
		

		
			 
		

		
			Dear Mr. Danziger,
		

		
			 
		

		
			This letter is an agreement as to the services and compensation of Frederick M. Danziger (“you”) for the period beginning June 8, 2019 (the “Transition Date”) and ending when terminated by either Griffin Industrial Realty, Inc. (the “Company”) or you at any time after May 15, 2020 (such period, the “Term”).  Termination of this letter after May 15, 2020 shall result in no liability of either party to the other.  
		

		
			 
		

		
			For the Term, you shall serve as non-executive Chairman of the Board of the Company (the “Board”).  Your responsibilities shall be those of a regular Board member, and also:  (i) to approve the agenda for meetings of the Board;  (ii) to preside at Board meetings; and (iii) from time to time, between Board meetings, to be consulted as to corporate policies. You and the Company acknowledge and agree that the level of bona fide services you will perform after the Transition Date will permanently decrease to no more than 20 percent of the average level of bona fide services performed by you over the 36-month period immediately preceding the Transition Date.  The activities as non-executive Chairman of the Board specified above are not included in the 20% calculation of services for purposes of the Company’s Deferred Salary and Supplemental Retirement Plan (the “Deferred Compensation Plan”).
		

		
			 
		

		
			For your services during the Term, you shall receive the regular Board meeting and retainer fees paid to other non-employee Board members, including the grant options in accordance with the Company’s 2009 Stock Option Plan, and a retainer fee of $15,000 per year, the fee for the position paid to the prior non-executive Chairman of the Board.
		

		
			 
		

		
			In addition: 
		

		
			 
		

			
	
			
				 (I)
			

			
	
			
			You may have an office and online communications and services made available to you at the Company’s New York office without charge so long as such space is available. 

		
			 
		

			
	
			
				 (II)
			

			
	
			
			Consistent with the Deferred Compensation Plan, you shall receive payment of your deferred compensation account on or within 30 days following December 8, 2019.  

		
			 
		

			
	
			
				 (III)
			

			
	
			
			You shall, to the extent provided by applicable law, be eligible for the benefit of participation in the group health plans of the Company relating to New York office employees pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), 

		 

	provided you shall be billed, and pay, for the full cost to the Company of such insurance (including any administrative fee) in accordance with COBRA.

		
			 
		

		
			All other benefits shall cease effective June 7, 2019.
		

		
			 
		

		
			This agreement is intended to comply with Section 409A and shall be interpreted consistent with such intent.  This agreement has been approved by the Board of Directors of the Company.  
		

		
			If the foregoing accurately reflects your understanding, please sign and return one copy of this letter. 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Sincerely,

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/Anthony Galici

					
					
						 

				
	
					
						Anthony Galici

					
					
						 

				
	
					
						Vice President, Chief Financial Officer

					
					
						 

				
	
					
						and Secretary

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Accepted

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/Frederick M. Danziger

					
					
						 

				
	
					
						Frederick M. Danziger

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]