Document:

EX-10.1

 Exhibit 10.1 

TSR PERFORMANCE STOCK UNIT GRANT AGREEMENT 

*  *  *  *  *   

Participant: [                    ] 

Grant Date: February 22, 2016 
  

			
	2018 Target Number of Performance Stock Units (the “Target PSUs”)	  	[                    ]

 Maximum Number of Shares of Common Stock that may be issued pursuant to this Agreement (the “Maximum
Shares”): [                    ] 

*  *  *  *  * 

THIS TSR PERFORMANCE STOCK UNIT GRANT AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered
into by and between Inteliquent, Inc., a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Neutral Tandem, Inc. (n/k/a Inteliquent, Inc.) Amended and Restated 2007
Equity Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee. 
 WHEREAS, it
has been determined under the Plan that it would be in the best interests of the Company to grant Performance Stock Units (“PSUs”) to the Participant. 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto
hereby mutually covenant and agree as follows: 
 1. Incorporation By Reference; Plan Document Receipt. This Agreement is
subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the PSUs provided
hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. The definitions in the Plan will apply to any term used but not defined in this Agreement. For
purposes of this Agreement and the Plan, the term “Disability” as it applies to the PSUs and their treatment under the Plan means a disability that would entitle an eligible participant to payment of monthly disability payments
under the Company’s long term disability 

 
plan or as otherwise determined by the Committee. The Participant hereby acknowledges receipt of a copy of the Plan and that the Participant has read the Plan carefully and fully understands
its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 

2. Grant of Performance Stock Unit. The Company hereby grants to the Participant, as of the Grant Date specified above, the
number of Target PSUs specified above, with the actual number of shares of Common Stock to be issued and delivered pursuant to this grant contingent upon satisfaction of the vesting and performance conditions described in Section 3 hereof,
subject to Sections 4 through 6, which may not exceed the Maximum Shares. Such grant is intended to constitute a Performance Award for purposes of the Plan. Except as otherwise provided by the Plan, the Participant agrees and
understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments
shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the PSUs, except as otherwise specifically provided for in the Plan or this Agreement. 

3. Performance Goals and Vesting of PSUs 

(a) The “Performance Period” for the Target PSUs granted hereunder will be a three-year period beginning on
January 1, 2016 and ending on December 31, 2018. 
 (b) PSUs shall vest following the conclusion of the Performance Period
based on the Company’s total shareholder return (“TSR Ranking” or the “Performance Goal”) percentile rank, relative to the TSR of each company in the S&P 500 Index (“S&P 500”) and each
company in the S&P Small Cap 600 Telecommunications Services Index (“S&P 600”) (collectively, the “Comparator Group”) computed during the Performance Period with the company having the lowest TSR given a
rank of 0% and the company with the highest TSR given a rank of 100%. After the Company’s relative ranking against each company in the applicable index has been determined during the Performance Period, the Company’s relative ranking
against each company in the S&P 500 shall be weighted as two thirds (2/3) of the Comparator Group TSR and the Company’s relative ranking against each company in the S&P 600 shall be weighted as one third (1/3) of the Comparator Group
TSR in order to determine the Company’s weighted average percentile rank, which shall constitute the Company’s TSR Ranking for purposes of this Agreement. The number of PSUs that become vested based upon the level of satisfaction of the
Performance Goal are referred to herein as “Vested PSUs.” 
 (c) For purposes of this Agreement,
“TSR” for the Company shall mean the sum of (i) the cumulative dividends paid during the Performance Period plus (ii) the cumulative change in stock price from the beginning to the end of the Performance Period expressed as a
percentage return over the stock price at the beginning of such Performance Period. “TSR” for the Comparator Group shall mean the sum of (i) the cumulative dividends paid during the Performance Period for each company in the
Comparator Group plus (ii) the cumulative change in stock price from the beginning to 

  
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the end of the Performance Period of each company in the Comparator Group expressed as a percentage return over the applicable stock price at the beginning of such Performance Period, as
determined by the Committee in its reasonable discretion. 
 (i) When computing TSR for the Company and the Comparator Group
companies for the Performance Periods, the average stock price at the beginning of the Performance Period will be the average closing stock price for the Company and each company within the Comparator Group over each day in the last month of the
calendar year immediately preceding the year in which the Performance Period occurs, and the average stock price at the end of the Performance Period will be the average closing stock price over each day in the last month of the Performance Period.
TSR will also include the total cumulative dividends paid during the Performance Period for the Company and each company in the Comparator Group. 

(ii) If the stock of a company within the Comparator Group ceases to trade on a major exchange during the Performance Period,
the TSR for that company will be excluded from the calculation of TSR. If the stock of a company within the Comparator Group(s) is removed from the Comparator Group(s) during the Performance Period but otherwise continues to trade on any exchange,
the TSR for that company will continue to be included in the calculation of the TSR for the applicable Comparator Group(s). 

(d) The Committee shall certify the level of TSR Ranking following the end of the Performance Period and prior to settlement of
the Vested PSUs. No PSUs will be considered Vested PSUs if the Company’s TSR Ranking during the Performance Period is below the 25th percentile. The Participant must remain continuously employed by the Company or any of its Subsidiaries through
the end of the Performance Period to be eligible to fully vest in and receive any payment of the Vested PSUs, except as otherwise specifically provided for under this Agreement, by the Committee or in the Plan; provided, however, the terms related
to accelerated vesting in the Plan in the event of a Participant’s Retirement do not apply. Notwithstanding the forgoing, the Committee may, in its discretion, adjust the level at which the Performance Goal is satisfied based upon changes in
accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) or any other similar type events or circumstances. 

(e) The amount of Vested PSUs, if any, for the Performance Period shall be determined in accordance with the chart below
corresponding to the Company’s TSR Ranking (the “Vested PSU Payout Percent”). The Vested PSU Payout Percent shall be multiplied by the Target PSUs set forth in this Agreement for the Performance Period in order to determine the
number of Vested PSUs. Linear interpolation shall be used to determine Vested PSUs earned between goal points listed in the chart below rounded to the nearest whole number of PSUs, except when the Company’s TSR Ranking is in the “At least
75th Percentile - and less than 90th Percentile” tier. When the Company’s TSR Ranking is in the “At least 75th Percentile - and less than 90th Percentile” tier, the Vested PSU payout percent will be 150% as reflected in the
following chart. For the 

  
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avoidance of doubt, (i) if the Company’s TSR Ranking is not at least at the 25th percentile, the Vested PSU Payout Percentage shall be 0%, and (ii) in no event shall the Vested PSU Payout
Percent exceed 200%. 
  

					
	 Goal

Performance
	  	 Company’s TSR Ranking
	  	 Vested PSUs

Payout Percent

		  	Lower than 25th Percentile	  	0%
	Threshold Performance	  	At least 25th Percentile - and less than 30th Percentile	  	50%
		  	At least 30th Percentile - and less than 35th Percentile	  	60%
		  	At least 35th Percentile - and less than 40th Percentile	  	70%
		  	At least 40th Percentile - and less than 45th Percentile	  	80%
		  	At least 45th Percentile - and less than 50th Percentile	  	90%
	Target Performance	  	At least 50th Percentile - and less than 55th Percentile	  	100%
		  	At least 55th Percentile - and less than 60th Percentile	  	110%
		  	At least 60th Percentile - and less than 65th Percentile	  	120%
		  	At least 65th Percentile - and less than 70th Percentile	  	130%
		  	At least 70th Percentile - and less than 75th Percentile	  	140%
	Outstanding Performance	  	At least 75th Percentile - and less than 90th Percentile	  	150%
	Maximum Performance	  	At least 90th Percentile and Higher	  	200%

 For example, at “Target Performance” percentile rank, 100% of the Target PSUs granted to the
Participant for the Performance Period under this Agreement would become Vested PSUs. At the “Maximum Performance” percentile rank, 200% of the Target PSUs granted to the Participant under this Agreement would become Vested PSUs. 

4. Termination without Cause Prior to Vesting. The Participant’s right to vest in any of the PSUs shall terminate in full
and be immediately forfeited upon the Participant’s termination of employment for any reason. Notwithstanding the foregoing, unless the Committee elects otherwise, if the Participant’s employment with the Company is terminated without
Cause after 50% of the Performance Period has past, the Participant’s number of Target PSUs for such Performance Period shall be adjusted by multiplying the number of such Target PSUs by a fraction, the numerator of which is the number of days
of service from the Grant Date through the date of such termination without Cause, and the denominator of which is the total 

  
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number of days in the such Performance Period. Such adjusted number of Target PSUs shall remain outstanding and will become Vested PSUs subject to the level of satisfaction of the
Performance Goals for such Performance Period, as determined in accordance with this Section 4. The number of Vested PSUs to be settled (if any) shall then be calculated by multiplying such adjusted number of Target PSUs by the Vested
PSUs Payout Percentage determined following completion of the Performance Period in accordance with Section 3 hereof. 
 5.
Change in Control Prior to Vesting. The Participant’s right to vest in any PSUs following a Change in Control shall depend on (i) whether the PSUs are assumed, converted or replaced by the continuing entity, and (ii) the timing of
the Change in Control within the Performance Period, in each case as follows: 
 (a) In the event that the PSUs are
not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Participant’s number of Target PSUs shall be adjusted by multiplying the number of such Target PSUs by a
fraction, the numerator of which is the number of days from the commencement of the Performance Period through the date of such Change in Control, and the denominator of which is the total number of days in such Performance Period. The number of
Vested PSUs to be settled (if any) shall then be calculated by multiplying such adjusted number of Target PSUs by the Vested PSUs Payout Percentage determined as of the date of such Change in Control in accordance with Section 3 hereof. 

(b) In the event that the PSUs are assumed, converted, or replaced by the continuing entity following the Change in
Control (as determined by the Committee), the number of Target PSUs that become Vested PSUs shall be determined following the conclusion of the Performance Period in accordance with the level at which the Performance Goals are satisfied, determined
in accordance with Section 3, subject to the terms of this Agreement. 
 6. Rights as a Stockholder. The
Participant shall have no rights as a stockholder (including having no right to vote or to receive dividends) with respect to the Common Stock subject to the PSUs prior to the date the Common Stock is delivered to the Participant on account of the
Vested PSUs in accordance with the settlement provisions of Section 7 of this Agreement. Notwithstanding the foregoing, if any dividends are paid with respect to the Common Stock of the Company during the Performance Period, additional shares
of Common Stock will be issued to the Participant at the same time that the Vested PSUs are settled in Common Stock in accordance with the terms of this Agreement. The amount of such additional shares of Common Stock will be determined by
multiplying (i) the total amount of dividends actually paid on a share of Common Stock prior to the date that the Vested PSUs are settled in accordance with the terms of this Agreement, by (ii) the number of Vested PSU, and then dividing such total
by the Fair Market Value of the Common Stock on the last day of the Performance Period, as determined by the Committee. 
 7.
Settlement of Vested PSUs. Vested PSUs, rounded to the nearest whole unit, shall be delivered to Participant in the form of an equal number of shares of Common Stock, no later than March 15 of the calendar year following the
calendar year in which the PSUs become 

  
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Vested PSUs in accordance with the terms of this Agreement. PSUs that do not become Vested PSUs (a) as of the last day of the Performance Period or (b) as of the Participant’s termination of
employment (except as specifically provided herein) shall be immediately forfeited and the Participant shall have no further rights thereto. 

8. Non-Transferability. Unless the Committee determines otherwise, no portion of the PSUs may be sold, assigned,
transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the PSUs as provided herein, unless and until settlement is made in respect of vested PSUs in accordance with the provisions
hereof and the Participant has become the holder of record of the vested shares of Common Stock issuable hereunder. 
 9. Governing
Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles
thereof. 
 10. Securities Representations. This Agreement is being entered into by the Company in reliance upon the
following express representations and warranties of the Participant. The Participant hereby acknowledges, represents and warrants that: 

(a) The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under
the Securities Act of 1933, as amended (the “Securities Act”) and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 10. 

(b) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock
issuable hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of
Common Stock and the Company is under no obligation to register such shares of Common Stock (or to file a “re-offer prospectus”). 

(c) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands
that (i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Common Stock of the Company, (B) adequate information concerning the Company is then available to the public, and
(C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144
or any exemption therefrom. 
 11. Withholding of Tax. Unless a Participant elects otherwise at least 15 days in advance of
the date any shares of Common Stock are delivered to the Participant, the Company shall have the power and the right to deduct or withhold a sufficient number of shares of Common Stock in order to satisfy any federal, state, local and foreign taxes
of any kind (including, but not limited to, the Participant’s FICA and SDI obligations). The Company will determine the precise amount to withhold based upon the market value of the Shares on the date

  
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of vesting (i.e., closing price on the business day prior to the date of vesting) at required withholding tax rates, which the Company, in its sole discretion, deems necessary to be withheld or
remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the PSUs. 
 12. Entire
Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings,
whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the
Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as
practicable after the adoption thereof. 
 13. Notices. Any notice hereunder by the Participant shall be given to the
Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Senior Vice President of Human Resources, or any other person designated by the Committee. Any notice hereunder by the Company
shall be given to the Participant in writing and such notice shall be deemed duly given upon receipt at such address as the Participant has on file with the Company. 

14. No Right to Service. Nothing in this Agreement modifies in any way the right of the Company or its Subsidiaries to terminate
the Participant’s employment at any time, for any reason and with or without Cause. 
 15. Transfer of Personal
Data. The Participant authorizes and consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the PSUs awarded under this Agreement for legitimate business purposes. This
authorization and consent is freely given by the Participant. 
 16. Compliance with Laws. The grant of PSUs and the
issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of
the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the
PSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to the settlement of the PSUs, the Company may require the Participant to satisfy any qualifications that may
be necessary or appropriate to evidence compliance with any applicable law or regulation. 
 17. Section
409A. Notwithstanding anything herein or in the Plan to the contrary, the PSUs are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with
such intent as is reasonable under the circumstances. 

  
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 18. Certain Adjustments. The Participant’s rights with respect to the PSUs
shall in all events be subject to any right that the Company may have under any Company recoupment policy or other similar agreement or arrangement with a Participant. In addition, and notwithstanding any other provision in this Agreement to the
contrary, any incentive-based compensation, or any other compensation, paid to the Participant pursuant to this Agreement or any other agreement or arrangement with the Company that is subject to recovery under any law, government regulation or
stock exchange listing requirement, will be subject to such deduction or clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any
such law, government regulation or stock exchange listing requirement). The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation. 

19. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the
Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 8 hereof) any part of this Agreement without the prior express written consent of the Company. 

20. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement. 
 21. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. 

22. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further
acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the
consummation of the transactions contemplated thereunder. 
 23. Severability. The invalidity or unenforceability of any
provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any
other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

24. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time,
subject to the limitations contained in the Plan or this Agreement; (b) the grant of PSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards
(including, without limitation, the PSUs granted hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary,
and shall not be considered as part of such salary in the event of severance, redundancy or resignation. 

*  *  *  *  * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

 

			
	INTELIQUENT, INC.
		
	 By:
	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	PARTICIPANT
		
	Name:	 	  

 Signature Page to TSR Performance Stock Unit Agreementwndw_ex41.htm

EXHIBIT 4.1
 
NEITHER THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.
 
SOLARWINDOW TECHNOLOGIES, INC.
 
SERIES O STOCK PURCHASE WARRANT
 
	No. O-000[●]
	[DATE]

 
SolarWindow Technologies, Inc., a Nevada corporation (the "Company"), hereby certifies that [NAME], its permissible transferees, designees, successors and assigns (collectively, the "Holder"), for value received, is entitled to purchase from the Company at any time and from time to time commencing on the date first appearing above (the "Issuance Date"), up to and through 12:01 a.m. (EST) on October 31, 2017 (the "Termination Date") up to [# of Shares] shares (each, a "Share" and collectively the "Shares") of the Company's common stock, par value $0.001 (the "Common Stock"), at an exercise price per Share of $3.10 (the "Exercise Price"). The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section 4 hereof.
 
This Series O Stock Purchase Warrant (this "Warrant") is issued pursuant to the Subscription Agreement between the Holder and the Company (the "Subscription Agreement"), which Subscription Agreement was executed and delivered in accordance with the terms and conditions of the Company's Offering conducted pursuant to a Private Placement Memorandum dated February 16, 2016, and is one of the Warrants being issued in connection with the issuance of the Company's securities in the Offering. Capitalized terms used herein, but not otherwise defined, shall have the meanings ascribed to such terms in the Subscription Agreement.
 
1. Method of Exercise; Payment.
 
(a) Exercise. The purchase rights represented by this Warrant may be exercised for cash, by the Holder, in whole or in part, at any time, or from time to time, by the surrender of this Warrant (with the notice of exercise form (the "Notice of Exercise") attached hereto as Exhibit A duly executed) at the principal office of the Company, and by paymentto the Company of an amount equal to the Exercise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election of the Holder, by wire transfer or certified check payable to the order of the Company. The person or persons in whose name(s) any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised.
 
(b) Stock Certificates. In the event of any exercise of the rights represented by this Warrant, as promptly as practicable after this Warrant is surrendered and delivered to the Company along with all other appropriate documentation on or after the date of exercise and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of Shares issuable upon such exercise. In the event this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Shares for which this Warrant may then be exercised.
 
	 
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(c) Taxes. The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments representing such Shares, shall be made without charge to the Holder for any tax or other charge in respect of such issuance.
 
2. Warrant.
 
(a) Transfer and Replacement. Subject to compliance with applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. The Holder consents that the Company may, if it desires, permit the transfer of this Warrant out of the Holder's name only when the Holder's request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither the sale nor the proposed transfer results in a violation of the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state "blue sky" laws. At any time prior to the exercise hereof, this Warrant may be exchanged upon presentation and surrender to the Company, alone or with other warrants of like tenor of different denominations registered in the name of the same Holder, for another warrant or warrants of like tenor in the name of such Holder exercisable for the aggregate number of Shares as the warrant or warrants surrendered.
 
(b) Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.
 
(c) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange or replacement as provided in this Section 2, this Warrant shall be promptly canceled by the Company. The Holder shall pay all taxes and all other expenses (including legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution and delivery of Warrants pursuant to this Section 2.
 
(d) Warrant Register. The Company shall maintain, at its principal executive offices (or at the offices of the transfer agent for the Warrant or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant (the "Warrant Register"), in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.
 
3. Rights and Obligations of Holders of this Warrant.
 
The Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or in equity; provided, however, that in the event any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise of this Warrant, such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the date on which this Warrant, together with a duly executed Notice of Exercise, was surrendered and payment of the aggregate Exercise Price was made, irrespective of the date of delivery of such Common Stock certificate.
 
	 
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4. Adjustments.
 
During the Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 4.
 
(a) Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased.
 
(b) Adjustment in Number of Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.
 
(c) Consolidation, Merger or Sale. In case of any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby the holder of this Warrant will have the right to acquire and receive upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation, merger or sale or conveyance not taken place. In any such case, the Company will make appropriate provision to insure that the provisions of this Section 4 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The Company will not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof, the successor corporation (if other than the Company) assumes by written instrument the obligations under this Section 4 and the obligations to deliver to the holder of this Warrant such shares of stock, securities or assets as, in accordance with the foregoing provisions, the holder may be entitled to acquire.
 
(d) Distribution of Assets. In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.
 
(e) Notice of Adjustment. Upon the occurrence of any event which requires any adjustment of the Exercise Price, then, and in each such case, the Company shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Such calculation shall be certified by the Chief Financial Officer of the Company.
 
(f) Minimum Adjustment of Exercise Price. No adjustment of the Exercise Price shall be made in an amount of less than 1% of the Exercise Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to not less than 1% of such Exercise Price.
 
(g) No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall round up the number of shares to the issued.
 
	 
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(h) Other Notices. In case at any time:
 
		(i) 	the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions payable in cash out of retained earnings) to the holders of the Common Stock;

		 	
		(ii) 	the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;

		 	
		(iii) 	there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all or substantially all its assets to, another corporation or entity; or

		 	
		(iv) 	there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 
then, in each such case, the Company shall give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the Company's books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
 
(i) Certain Events. If any event occurs of the type contemplated by the adjustment provisions of this Section 4 but not expressly provided for by such provisions, the Company will give notice of such event as provided in Section 8 hereof, and the Company's Board of Directors will make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon exercise of this Warrant so that the rights of the holder shall be neither enhanced nor diminished by such event.
 
5. Legends.
 
Prior to issuance of the shares of Common Stock underlying this Warrant, all such certificates representing such shares shall bear a restrictive legend to the effect that the Shares represented by such certificate have not been registered under the Securities Act, and that the Shares may not be sold or transferred in the absence of such registration or an exemption therefrom, such legend to be substantially in the form of the bold-face language appearing at the top of Page 1 of this Warrant.
 
6. Disposition of Warrants or Shares.
 
The Holder of this Warrant, each transferee hereof and any holder and transferee of any Shares, by his or its acceptance thereof, agrees that no public distribution of Warrants or Shares will be made in violation of the provisions of the Securities Act. Furthermore, it shall be a condition to the transfer of this Warrant that any transferee thereof deliver to the Company his or its written agreement to accept and be bound by all of the terms and conditions contained in this Warrant.
 
	 
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7. Merger or Consolidation.
 
The Company will not merge or consolidate with or into any other corporation, or sell or otherwise transfer its property, assets and business substantially as an entirety to another corporation, unless the corporation resulting from such merger or consolidation (if not the Company), or such transferee corporation, as the case may be, shall expressly assume, by supplemental agreement reasonably satisfactory in form and substance to the Holder, the due and punctual performance and observance of each and every covenant and condition of this Warrant to be performed and observed by the Company.
 
8. Notices.
 
Except as otherwise specified herein to the contrary, all notices, requests, demands and other communications required or desired to be given hereunder shall only be effective if given in writing by certified or registered U.S. mail with return receipt requested and postage prepaid; by private overnight delivery service (e.g. Federal Express); by facsimile transmission (if no original documents or instruments must accompany the notice); or by personal delivery. Any such notice shall be deemed to have been given (a) on the business day immediately following the mailing thereof, if mailed by certified or registered U.S. mail as specified above; (b) on the business day immediately following deposit with a private overnight delivery service if sent by said service; (c) upon receipt of confirmation of transmission if sent by facsimile transmission; or (d) upon personal delivery of the notice. All such notices shall be sent to the following addresses (or to such other address or addresses as a party may have advised the other in the manner provided in this Section 8):
 
If to the Company:
 
SolarWindow Technologies, Inc.
10632 Little Patuxent Parkway
Suite 406 
Columbia, Maryland 21044
President and Chief Executive Officer
 
If to the Holder, at the address set forth on the signature page of the Subscription Agreement.
 
Notwithstanding the time of effectiveness of notices set forth in this Section 8, a Notice of Exercise shall not be deemed effectively given until it has been duly completed and submitted to the Company together with this original Warrant and payment of the Exercise Price in a manner set forth in this Section 8.
 
9. Governing Law.
 
This Agreement shall be governed by and construed solely and exclusively in accordance with and pursuant to the internal laws of the State of New York without regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or state court located in the City of New York. By its execution hereof, the parties hereby covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City of New York, New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of all of its reasonable counsel fees and disbursements.
 
	 
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10. Successors and Assigns.
 
This Warrant shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
 
11. Headings.
 
The headings of various sections of this Warrant have been inserted for reference only and shall not affect the meaning or construction of any of the provisions hereof.
 
12. Severability.
 
If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be excluded from this Warrant, and the balance hereof shall be interpreted as if such provision were so excluded.
 
13. Modification and Waiver.
 
This Warrant and any provision hereof may be amended, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.
 
14. Specific Enforcement.
 
The Company and the Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which either of them may be entitled by law or equity.
 
15. Assignment.
 
This Warrant may be transferred or assigned, in whole or in part, at any time and from time to time by the then Holder by submitting this Warrant to the Company together with a duly executed Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant as Exhibit B hereto, and, upon the Company's receipt thereof, and in any event, within five (5) business days thereafter, the Company shall issue a Warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred or assigned.
 
[SIGNATURE PAGE FOLLOWS]  

 
	 
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IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by one of its officers thereunto duly authorized.
    	 
	SOLARWINDOW TECHNOLOGIES, INC.	 

	 	 	 	 
		By:	/s/ John Conklin	 

	 
	Name:
	John Conklin
	 

	 
	Title: 
	President & Chief Executive Officer
	 

 
	 
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EXHIBIT A
 
NOTICE OF EXERCISE
 
To Be Executed by the Holder in Order to Exercise the Series O Warrant
 
The undersigned Holder hereby elects to purchase _____________ Shares pursuant to the attached Series O Stock Purchase Warrant, and requests that certificates for securities be issued in the name of:
 
__________________________________________________________
 
__________________________________________________________
 
__________________________________________________________ 
(Please type or print name and address)
 
__________________________________________________________ 
(Social Security or Tax Identification Number)
 
and to be delivered to:
 
__________________________________________________________
 
__________________________________________________________
 
__________________________________________________________ 
(Please type or print name and address if different from above)
 
If such number of Shares being purchased hereby shall not be all the Shares that may be purchased pursuant to the attached Warrant, a new Warrant for the balance of such Shares shall be registered in the name of, and delivered to, the Holder at the address set forth below:
 
__________________________________________________________
 
__________________________________________________________
 
__________________________________________________________ 
(Please type or print name and address)
 
In full payment of the purchase price with respect to the Shares purchased and transfer taxes, if any, the undersigned hereby tenders payment of $__________ by check, money order or wire transfer payable in United States currency.
 
	HOLDER:	 

	 	 	 
	By:		 

	Name:
		 

	Title:
		 

	Address:
	 
	 

	 
	 
	 

	Dated: 
	 
	 

 

	 
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EXHIBIT B
 
ASSIGNMENT FORM
 
(To assign the foregoing warrant, execute this form and supply required information.
Do not use this form to exercise the warrant.)
 
	TO: 	SolarWindow Technologies, Inc.

		10632 Little Patuxent Parkway
Suite 406 
Columbia, Maryland 21044

 
FOR VALUE RECEIVED, ______________ shares of the foregoing Series O Stock Purchase Warrant of SolarWindow Technologies, Inc. and all rights evidenced thereby are hereby assigned to:
 
_______________________________________________ whose address is:
(Print Name)
 
_______________________________________________________________
(Address)
 
_______________________________________________________________ 
(City, State, Zip)
 
	 
	 
	Dated: _____________, 20___
	 

	 
	 
	 
	 

	 
	Holder's Signature: 
	 
	 

	 
	 
	 
	 

	 
	Holder's Address: 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

 
Signature Guaranteed: ___________________________________________
 
NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Series O Stock Purchase Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Series O Stock Purchase Warrant.
 
 
9

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