Document:

Blueprint

Exhibit 10.2

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT (hereinafter the “Agreement”) is made by and between Sugarmill Woods, Inc., whose mailing address is

 

212 South Central Avenue, Suite 100, Saint Louis, Missouri 63105 (“SELLER”), and the STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION, an executive agency of the State of Florida, whose mailing address is Turnpike Headquarters, Post Office Box 613069, Ocoee, Florida
34761 (“PURCHASER”).

 

WITNESSETH

 

For and in consideration of the Purchase Price hereinafter set forth, the mutual covenants and conditions herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the SELLER hereby agrees to sell and convey to PURCHASER, and PURCHASER hereby agrees to purchase from SELLER
the real property described in EXHIBIT “A”: (sometimes referred to herein as the “property”), upon the following terms and conditions:

Purchase Price

 

	
Real Property

	
Land
	
  $6,000,000.00  

	
Improvements
	
  $0.00  

	
Real Estate Damages
	
  $0.00  

	
Total Real Property
	
  $6,000,000.00  

	
Fees and Costs

	
Attorney Fees
	
  $300,000.00  

	
Total Fees and Costs
	
  $300,000.00  

	
Total Business Damages
	
  $0.00  

	
Total of Other Costs
	
  $0.00  

	
Total Purchase Price
	
  $6,300,000.00  

	
Portion of Total Purchase Price to be paid to Seller by Buyer at Closing
	
  $6,000,000.00  

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

 

(a)

Final Agency Acceptance. It is mutually understood that execution of this Agreement by PURCHASER constitutes conditional acceptance, and is subject to final agency acceptance by the PURCHASER. Final agency acceptance shall denote final approval of the purchase price and all terms and conditions contained in this Agreement, and constitute the effective date
of this Agreement. A closing on this contract shall not be transacted prior to final agency acceptance. Notice of final agency acceptance shall be evidenced by the signature of the PURCHASER on this Agreement at the place indicated for Final Agency Acceptance, and delivery to SELLER, not sooner than 30 days from the date of the conditional acceptance signature, but not later than 45 days from the date of the conditional acceptance signature. In the event PURCHASER does not furnish notice of final agency acceptance
on or before the 45 days following the date of the conditional acceptance signature, then in such event, this Agreement shall be terminated and the parties shall thereafter be relieved of any further obligation hereunder.

 

(b)

Closing Date. This transaction shall be closed and the instrument of conveyance, together with other closing documents, delivered to PURCHASER within 30 days of the date of final agency acceptance but not later than 60 days from the date of the conditional acceptance, unless otherwise extended by the mutual agreement of the parties.

 

(c)

Conveyance of Title. At closing, SELLER shall convey to PURCHASER good and marketable title, in fee simple, to the property, including limited access rights, and rights to air, light and view, as described in Exhibit “A” by Warranty Deed, free and clear of all liens and encumbrances. Any sums that PURCHASER must expend to clear liens and encumbrances
in order to make the title to the property good and marketable shall be deducted at closing from the purchase price. SELLER shall be liable for any existing liens and encumbrances, or any liens or encumbrances arising

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

 

after closing date as a result of actions or inactions of the SELLER. Prior to the closing, the PURCHASER shall have the right at any reasonable time to conduct any inspections, surveys, and tests of the property that PURCHASER determines to be necessary. The terms of this section shall survive the closing.

 

(d)

Closing Costs. SELLER is responsible for all taxes due and owing on the property as of the date of closing. SELLER shall be responsible for the payment of the prorated portion of the ad valorem real estate taxes from January 1 of the year of conveyance until the date of closing, the costs to clear any liens or encumbrances on the property, any documentary
stamps, and any real estate brokerage commission to be paid to real estate agent or broker representing the SELLER. PURCHASER shall be responsible to pay all other closing costs associated with this transaction (except those allocated to SELLER), including, but not limited to, cost of title commitment and Owner’s policy of title insurance, the boundary survey, and the recording fees for all documents necessary to convey the title to the property.

 

(e)

Withholding. The parties shall comply with the provisions of Internal Revenue Code Section 1445 and applicable Treasury Regulations issued thereunder. If the SELLER is a U.S. person for Internal Revenue Code Section 1445 purposes, then on demand of the PURCHASER and prior to closing the SELLER shall provide the PURCHASER with a certificate of non-foreign
status in the manner provided in Treasury Regulations Section 1.1445-2. If the SELLER provides the PURCHASER with such certificate, and if the PURCHASER is otherwise permitted to rely on such certificate under those Regulations, the PURCHASER shall not withhold under Internal Revenue Code Section 1445.

 

(f)

DUE DILIGENCE: At the PURCHASER’s sole discretion, any or all of the following conditions of a due diligence investigation shall be satisfactorily completed prior to acceptance of the Agreement:

 

Title Search: The PURCHASER, at its expense, shall complete a full title search to evaluate outstanding encumbrances, if any, on the property. If a title search reveals any encumbrances or other pertinent information that cannot be satisfactorily cleared prior to closing, then the PURCHASER reserves
the right to withdraw from the Agreement.

 

Survey: The PURCHASER, at its expense, shall complete a survey of the property. If a survey reveals anything that would prohibit the use of the property or that encumbers the property or that exposes a fatal flaw, then the PURCHASER reserves the right to withdraw from the Agreement.

 

(g)

Environmental. SELLER represents and warrants, to the best of its knowledge and belief, that the property is free and clear of hazardous materials and pollutants, defined as any substances, contaminant, noise, or manmade or human-induced impairment of soil, air or waters on the property, or alteration of the chemical, physical, biological, or radiological
integrity of the soil, air, or water on the property in quantities or at levels which are or may be harmful or injurious to human health or welfare, animal or plant life, or property or which unreasonably interferes with the enjoyment of life or property, all as defined by any federal, state, local or other applicable governmental law, rule, guideline, standard, regulation or ordinance (“Environmental Laws”).

 

(i)

SECTION 73.013, FLORIDA STATUTES: SELLER hereby waives any rights afforded under Section 73.013, Florida Statutes and subsequent statutory provisions and hereby consents to PURCHASER’S subsequent disposition of any part of the subject property.

 

(j)

Complete Compensation. The parties hereby acknowledge that the acquisition of the subject property is being made pursuant to Section 338.223 (2) (b), Florida Statutes, and is not made under the threat of condemnation. SELLER agrees that

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

 

the purchase price will, when paid to SELLER, be in full compensation for the property, including all of SELLER’S attorneys’ fees and all other fees and costs, and any business damage claims, and for any severance damages to the SELLER’S remaining property; and the SELLER agrees that, subject to closing of the sale of the property as provided herein,
the SELLER will release PURCHASER from the aforementioned claims and seek no further compensation and will forego any litigation for any further compensation related to the acquisition of the property, including but not limited to, any additional compensation pertaining to any damages to its remaining property. The parties agree that the terms of this Agreement, including the purchase price, were freely negotiated by the parties, and that each of the parties has had the advice of counsel, or the opportunity to
obtain the advice of counsel, and fully understand the terms, and that no force or duress was exerted upon either party to induce that party to enter into this Agreement.

 

(k)

Extended Occupancy. Any extension of occupancy of the property by SELLER beyond the date of closing must be authorized by the PURCHASER in writing. During the period from the date of closing until the SELLER surrenders possession to the PURCHASER, the SELLER shall exercise diligent care in protecting the property from theft and vandalism, and shall hold PURCHASER
harmless therefrom. All property, whether real or personal, included in this Agreement shall be delivered to PURCHASER in the same condition existing as of the effective date of this Agreement, less any reasonable wear and tear.

 

(l)

Exhibits. All exhibits attached hereto are made a part hereof as if fully set forth herein.

 

(m)

Entire Agreement. This Agreement represents the entire understanding and agreement between and among the parties hereto with regard to all matters involved in the transaction contemplated in this Agreement, and supersedes any and all prior or contemporaneous agreements, whether written or oral except for the provisions set forth in the Addendum attached hereto
and made a parts hereof, which shall supercede any conflicting provisions in the body of this agreement.                       

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

  

(n)

Survival. Except as provided otherwise in this Agreement, all covenants, representations and warranties set forth in this Agreement shall survive the closing and shall survive the execution or delivery of the deed and other documents at any time executed or delivered under, pursuant to or by reason of this Agreement, and shall survive the payment of all monies
made under, pursuant to or by reason of this Agreement.

 

(o)

Assignment. SELLER may not assign this contract in whole or in part without the written consent of the PURCHASER.

 

(p)

Radon Gas. Pursuant to the provisions of Section 404.056(5), Florida Statutes, SELLER hereby notifies PURCHASER as follows with respect to the property: “Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon
that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit.”

 

In Witness Whereof, the SELLER and PURCHASER have caused these presents to be executed in their respective names.

 

	
 SELLER:
	
 
	
 
	
 
	
ACCEPTANCE BY PURCHASER:
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 SUGARMILL WOODS, INC.

	
 
	
 
	
 
	
 STATE OF FLORIDA,
	
 

	
  

	
 
	
 
	
 
	
 DEPARTMENT OF TRANSPORTATION FLORIDA TURNPIKE ENTERPRISE
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 /s/ Laurence A. Schiffer
	
 3/25/16
	
 
	
 
	
 /s/ Nick Bowman
	
 4/27/16

	
 Signature
	
 Date
	
 
	
 
	
 Signature
	
 Date

	
 
	
 
	
 
	
 
	
 
	
 

	
 Laurence A. Schiffer, President
	
 
	
 
	
 
	
 BY: Nick Bowman, Deputy RW Manager
	
 

	
 Print/Type Name
	
 
	
 
	
 
	
 Print Name & Title
	
 

 
  

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
 

  

 

	
 
	
 Approved as to form and legality:

	
 
	
   

	
 
	[Illegible signature]

	
 
	
 Office of the Turnpike General Counsel

 

SELLER’S FEDERAL TAX ID. NO.:

☐☐☐☐☐☐☐☐☐☐☐

 

 

 

FINAL AGENCY ACCEPTANCE

 

In Witness Whereof, the PURCHASER has caused these presents to be accepted this

 
 day of   

 

 

 /s/ Joseph D. Jeffers

Signature

Joseph D. Jeffers Right of Way Manager

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

 

EXHIBIT “A”

 

 

FEE SIMPLE

 

A portion of SUGARMILL WOODS PALM VILLAGE, as recorded in Plat Book 14, Pages 1-102, of the Public Records of Hernando County, Florida, lying in Section 3, Township 21 South, Range 18 East, Hernando County, Florida, being a portion of those lands as described and recorded in Official Records Book 353, Page 330 of said Public Records,
lying Northeasterly of State Road 700 – U.S. 98, as shown on Florida Department of Transportation right of way maps, Section 97080-2302, and lying West of those lands as described and recorded in Official Records Book 835, Page 130 of the Public Records of Hernando County, Florida, and known as World Woods Golf Club.

Containing 323 acres, more or less.

 

 

 

 

 

 

 

 

	
ITEM/SEGMENT NO.:
	
4052701

	
STATE ROAD NO.:
	
589

	
COUNTY:
	
Hernando

	
PARCEL NO.:
	
104

  

ADDENDUM

 

 

The Purchaser and Seller agree to the following:

 

 

1.

Purchaser and Seller are parties to that certain Purchase Agreement for real property of Seller identified as Item Segment No. 405270-1 in District 8, Parcel 101. It shall be a condition precedent to Seller's obligation to proceed to closing on the transaction contemplated by this agreement that there shall be a simultaneous closing of the transaction contemplated by the Purchase Agreement for parcel 101.
Should the transaction contemplated by the Purchase Agreement for Parcel 101 fail to proceed to closing in accordance with the terms thereof for any reason, Seller shall be entitled to terminate this agreement upon notice to Purchaser, whereupon this agreement shall terminate and the parties shall have no further rights or obligations hereunder, except those which by their express terms are intended to survive such termination.

 

2.

Paragraph (c) of this agreement is hereby amended by the language set forth in paragraphs 3 and 4 below.

 

3.

Seller shall have no obligation to cure title defects objectionable to Purchaser.

 

4.

Purchaser shall notify Seller of title defects unacceptable to Purchaser in writing and within ten (10) days thereafter, Seller shall advise Purchaser whether or not Seller shall attempt cure thereof.

 

a.

If Seller elects to attempt cure, Seller shall have a period of forty-five (45) days within which to attempt cure.

 

b.

If Seller does not elect to cure or if having so elected Seller shall be unable to effectuate such cure in a commercially reasonable manner (as determined by Seller in its sole and absolute discretion), Seller shall notify Purchaser of the same, whereupon Purchaser may within ten (10) days thereafter elect either:

 

(i)

terminate this agreement upon written notice to Seller, in which event this agreement and the Purchase Agreement for parcel 101 shall both terminate and the parties shall have no further rights or obligations hereunder, except those which by their express terms are intended to survive such termination; or

 

(ii)

to accept such title as Seller is able to convey and proceed to Closing without reduction in the Purchase Price for the uncured title defects.

 

 

 

 

In the event Purchaser does not timely provide notice of termination pursuant to paragraph (i) above, Purchaser will conclusively be deemed to have elected to proceed pursuant to paragraph (ii) above.

 

5.

Seller has advised that the sale of the subject property together with the lands subject to the Purchase Agreement for parcel 101 requires approval of the shareholder(s) of the Seller. Accordingly, Seller's obligations under this agreement are expressly conditioned upon the approval of both this agreement and of the Purchase Agreement for parcel 101 by Seller's shareholders (“Shareholder Consent”)
in accordance with the terms of Seller's organizational documents. Seller shall make all disclosures to Seller's shareholder(s), shall make any filings, and shall take all commercially reasonable efforts to obtain Shareholder Consent in a timely manner from and after the Effective Date of this agreement.

 

6.

The Closing Date shall not occur until Seller has obtained and delivered to Purchaser reasonable evidence that Seller has obtained of Shareholder Consent. Buyer shall obtain Shareholder Consent within seventy-five (75) days of the day of Final Agency acceptance of both this agreement and the Purchase Agreement for parcel 101. Provided, however, in the event Seller has not obtained Shareholder Consent on
or before May 31, 2016, either party may terminate both this agreement and the Purchase Agreement for parcel 101 upon written notice to the other party given prior to Seller obtaining Shareholder Consent, whereupon this agreement and the Purchase Agreement for parcel 101 shall both terminate and the parties shall have no further rights or obligations hereunder, except those which by their express terms are intended to survive such termination.

 

 Signed and dated this  26th  day of  April,
2016, by and between:

 

 

	
 Seller
	
 
	
 
	
 
	
 Purchaser
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 Sugarmill Woods, Inc.
	
 
	
 
	
 
	
 State of Florida Department of Transportation
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 /s/ Laurence A. Schiffer
	
 3/25/16
	
 
	
 
	
 /s/ Nick Bowman
	
 4/27/16

	
 Signature
	
 Date
	
 
	
 
	
 Signature
	
 Date

	
 
	
 
	
 
	
 
	
 
	
 

	
 Laurence A. Schiffer, President
	
 
	
 
	
 
	
 BY: Nick Bowman, Deputy RW Manager
	
 

	
 Type or print name
	
 
	
 
	
 
	
 Type or print namewndw_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 Q STOCK PURCHASE WARRANT
 
	No. Q-0001
	 
	June 20, 2016

 
SolarWindow Technologies, Inc., a Nevada corporation (the "Company"), hereby certifies that [], 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 12:01a.m. (EST) on the date three (3) years from the Issuance Date (the "Termination Date") up to [] 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 $3.20 (the "Exercise Price"). The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section 4 hereof.
 
1. Method of Exercise; Payment.
 
(a) Exercise. The purchase rights represented by this Warrant may be exercised, either for cash or on a cashless basis, 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.
 
In the event Holder wishes to exercise this Warrant by means of a "cashless exercise" in which Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
 
(A) equals the closing price of the Company's Common Stock, as reported (in order of priority) on the trading market on which the Company's Common Stock is then listed or quoted for trading on the trading date preceding the date of the election to exercise; or, if the Company's Common Stock is not then listed or traded on a trading market, then the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Recipient and the Company;
 
(B) equals the Exercise Price of the Warrant, as adjusted from time to time in accordance herewith; and
 
(X) equals the number of Warrant Shares Holder wishes to exercise in accordance with the terms of this Warrant by means of a cashless exercise.
 
	 
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(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.
 
(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 3, 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 3.
 
(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.
 
	 
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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.
 
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 5 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.
 
	 
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(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.
 
(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 9 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.
 
	 
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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.
 
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 9):
 
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:
 
[]
 
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.
 
	 
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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.
 
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 and Chief Executive Officer	

 
 
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