Document:

Exhibit
10.7

 

STOCK
PURCHASE AND BUSINESS SALE AGREEMENT

 

THIS
STOCK PURCHASE AND BUSINESS SALE AGREEMENT (this “Agreement”), dated as of December 31, 2015, is entered into
by and

 

AMONG:

 

Kirin
International Holding, Inc., a corporation formed under the laws of the State of Nevada with its principal
office at 1528 Brookhollow Drive, Suite 100, Santa Ana, California 92705, and is publicly traded on the OTC Markets under
the symbol KIRI (the “Seller”),

  

AND

 

Kirin
Global Enterprises Inc., a corporation formed under the laws of the State of California with its principal office at 1528
Brookhollow Drive, Suite 100, Santa Ana, California 92705, and is held solely by Mr. Jianfeng Guo (the “Purchaser”).

 

AND

 

Jasper Lake Holdings Limited, a limited
liability company formed under the laws of the British Virgin Islands with its principal office at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands (the “Lender”)

 

(Collectively
referred to as the “Parties” and each individually a “Party”)

  

RECITALS

 

WHEREAS, the Seller
owns 100% of the issued and outstanding membership interest (the “Membership Interests”) of HHC-6055 Centre
Drive LLC., a limited liability company duly incorporated under the laws of the State of California (the “Company”),
with Membership Interests valued at Nine Million Eighteen Thousand and Nine Hundred Fifty Nine U.S. Dollars (U.S$9,018,959.00)
as of September 30, 2015 (based on the total stockholders’ equity of the Company as of September 30, 2015), and Seller desires
to sell the Membership Interests and all of its interest in the Company to the Purchaser.

 

WHEREAS, the
Seller desires to sell and the Purchaser desires to buy the Membership Interests and all of Seller’s interest in the
Company, and both the Seller and Purchaser desire to set forth the terms and conditions governing the purchase and sale
of the Membership Interests.

 

WHEREAS, the
Seller issued to the Lender a certain 8% convertible promissory note dated December 19, 2015 in the principal amount of One
Hundred Fifty Million U.S. Dollars (U.S. $150,000,000.00) (the “Note”) as part of certain acquisition consummated
on December 19, 2015 by the Seller.

 

WHEREAS, the Lender desires to finance the Purchaser Ten Million and Five Hundred
Thousand U.S. Dollars (U.S.$10,500,000.00) being the purchase price for the purchase of the Company (the “Purchase
Price”), and both the Lender and Purchaser desire to set forth the terms and conditions governing the loan in
connection with the purchase and sale of the Membership Interests. 

 

     

     

    

 

Accordingly,
the parties hereto agree as follows:

 

1.            Purchase
and Sale of Membership Interests.

 

(a)        Agreement
to Sell and Purchase the Membership Interests. In consideration of, and in express reliance upon, the representations
and warranties of the Seller and the Purchaser in this Agreement, the Seller hereby agrees to irrevocably transfer and convey
the Membership Interests to the Purchaser, and the Purchaser hereby agrees to pay the Purchase Price for the Membership
Interests at the Closing (as defined below).

 

(b)        Financing by the Lender. The Lender hereby agrees to lend to the
Buyer an amount equivalent to the Purchase Price by reducing Seller’s financial obligations under the Note by the
Purchase Price.

 

(c)        Closing.
Subject to the terms and conditions of this Agreement, the closing of the transactions contemplated in this Agreement (the “Closing”)
shall take place at Szaferman Lakind Blumstein & Blader, P.C. on December 31, 2015 at 10am (the “Closing Date”),
or at such time and location to be mutually agreed upon by the parties.

 

2.           Closing.

 

(a)        Transfer
of Membership Interests. At the Closing, Seller shall deliver to Purchaser certificate or certificates representing the Membership
Interests, duly endorsed to Purchaser or as directed by Purchaser, which delivery shall vest Purchaser with good and marketable
title to all of the issued and outstanding shares of capital stock of the Company, free and clear of all liens and encumbrances.

 

(b)        Payment
of Purchase Price. At the Closing, Lender shall reduce the Note issued by the Seller by an amount equivalent to the Purchase
Price.

 

3.            Representations
and Warranties of Seller. Seller represents and warrants to the Purchaser as of the date hereof as follows:

 

(a)        Corporate
Authorization; Enforceability. The execution, delivery and performance by Seller of this Agreement are within the corporate
powers and have been, duly authorized by all necessary corporate action on the part of Seller. This Agreement has been duly executed
and delivered by Seller and constitutes the valid and binding agreement of Seller, enforceable against Seller in accordance with
its terms, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium
and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles.

 

(b)        Governmental
Authorization. The execution, delivery and performance by Seller of this Agreement requires no consent, approval, Order, authorization
or action by or in respect of, or filing with, any governmental authority.

 

    	 	- 2 -	 

     

    

 

(c)        Non-Contravention;
Consents. The execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated
hereby do not (i) violate the articles of incorporation or bylaws of Seller or (ii) violate any applicable Law or Order.

 

4.            Representations
and Warranties of Purchaser. Purchaser represents and warrants to Seller as of the date hereof as follows:

 

(a)        Enforceability.
The execution, delivery and performance by Purchaser of this Agreement are within Purchaser’s powers. This Agreement has
been duly executed and delivered by Purchaser and constitutes the valid and binding agreement of Purchaser, enforceable against
Purchaser in accordance with its terms, except to the extent that its enforceability may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors' rights generally and by general
equitable principles.

 

(b)        Governmental
Authorization. The execution, delivery and performance by Purchaser of this Agreement require no consent, approval, Order,
authorization or action by or in respect of, or filing with, any governmental authority.

 

(c)        Non-Contravention;
Consents. The execution, delivery and performance by Purchaser of this Agreement, and the consummation of the transactions
contemplated hereby do not violate any applicable Law or Order.

 

(d)        Purchase
for Investment. Purchaser are financially able to bear the economic risks of acquiring an interest in the Company and the
other transactions contemplated hereby, and have no need for liquidity in this investment. Purchaser have such knowledge and experience
in financial and business matters in general, and with respect to businesses of a nature similar to the business of the Company,
so as to be capable of evaluating the merits and risks of, and making an informed business decision with regard to, the acquisition
of the Membership Interests. Purchaser are acquiring the Membership Interests solely for their own account and not with a view
to or for resale in connection with any distribution or public offering thereof, within the meaning of any applicable securities
laws and regulations, unless such distribution or offering is registered under the Securities Act of 1933, as amended (the “Securities
Act”), or an exemption from such registration is available. Purchaser have (i) received all the information they have
deemed necessary to make an informed investment decision with respect to the acquisition of the Membership Interests, (ii) had
an opportunity to make such investigation as they have desired pertaining to the Company and the acquisition of an interest therein,
and to verify the information which is, and has been, made available to them and (iii) had the opportunity to ask questions of
Seller concerning the Company. Purchaser has received no public solicitation or advertisement with respect to the offer or sale
of the Membership Interests. Purchaser realizes that the Membership Interests are “restricted securities” as that
term is defined in Rule 144 promulgated by the Securities and Exchange Commission under the Securities Act, the resale of the
Membership Interests is restricted by federal and state securities laws and, accordingly, the Membership Interests must be held
indefinitely unless their resale is subsequently registered under the Securities Act or an exemption from such registration is
available for their resale. Purchaser understand that any resale of the Membership Interests by them must be registered under
the Securities Act (and any applicable state securities law) or be effected in circumstances that, in the opinion of counsel for
the Company at the time, create an exemption or otherwise do not require registration under the Securities Act (or applicable
state securities laws). Purchaser acknowledges and consents that certificates now or hereafter issued for the Membership Interests
will bear a legend substantially as follows:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR INVESTMENT
AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING,
IN THE CASE OF THE SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(2) OF THE SECURITIES ACT AND RULE 144 THEREUNDER). AS
A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO
THE AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO
THAT ANY SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES LAWS.

 

    	 	- 3 -	 

     

    

  

Purchaser
understand that the Membership Interests are being sold to them pursuant to the exemption from registration contained in Section
4(2) of the Securities Act and that Seller is relying upon the representations made herein as one of the bases for claiming the
Section 4(2) exemption.

 

(e)        Liabilities.
Following the Closing, to the best knowledge of the Seller. there will be no debts, liabilities or obligations relating to the
Company or its business or activities, whether before or after the Closing, and there are no outstanding guaranties, performance
or payment bonds, letters of credit or other contingent contractual obligations that have been undertaken by Seller directly or
indirectly in relation to the Company or its business and that may survive the Closing.

 

(f)        Title
to Membership Interests. At Closing, Purchaser will have good and marketable title to the Membership Interests, which at the
Closing will be, free and clear of all options, warrants, pledges, claims, liens and encumbrances, and any restrictions or limitations
prohibiting or restricting transfer to the Purchaser, except for restrictions on transfer as contemplated by applicable securities
laws.

 

(g)        Capitalization.
As of the date hereof, Seller owns the Membership Interests, which shares represent 100% of the authorized, issued and outstanding
capital stock of the Company. The Membership Interests are duly authorized, validly issued, fully-paid, non-assessable and free
and clear of any liens.

 

    	 	- 4 -	 

     

    

 

5.            Indemnification
and Release.

 

(a)        Indemnification.
Purchaser covenants and agrees to indemnify, defend, protect and hold harmless Seller, and its officers, directors, employees,
stockholders, agents, representatives and Affiliates (collectively, together with Seller, the “Seller Indemnified Parties”)
at all times from and after the date of this Agreement from and against all losses, liabilities, damages, claims, actions, suits,
proceedings, demands, assessments, adjustments, costs and expenses (including specifically, but without limitation, reasonable
attorneys’ fees and expenses of investigation), whether or not involving a third party claim and regardless of any negligence
of any Seller Indemnified Party (collectively, “Losses”), incurred by any Seller Indemnified Party as a result of
or arising from (i) any breach of the representations and warranties of Purchaser set forth herein or in certificates delivered
in connection herewith, (ii) any breach or nonfulfillment of any covenant or agreement on the part of Purchaser under this Agreement,
(iii) any debt, liability or obligation of the Company, whether incurred or arising prior to the date hereof or after, (iv) the
conduct and operations of the business of the Company whether before or after the Closing Date, or (v) claims asserted against
the Company whether arising before or after the Closing Date and whether in connection with the transactions contemplated hereunder
or otherwise.

  

(b)        Third
Party Claims.

 

(i)        If
any claim or liability (a “Third-Party Claim”) should be asserted against any of the Seller Indemnified Parties (the
“Indemnitee”) by a third party after the Closing for which Purchaser has an indemnification obligation under the terms
of Section 5(a), then the Indemnitee shall notify Purchaser (the “Indemnitor”) within 20 days after the Third-Party
Claim is asserted by a third party (said notification being referred to as a “Claim Notice”) and give the Indemnitor
a reasonable opportunity to take part in any examination of the books and records of the Indemnitee relating to such Third-Party
Claim and to assume the defense of such Third-Party Claim and in connection therewith and to conduct any proceedings or negotiations
relating thereto and necessary or appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The expenses (including
reasonable attorneys’ fees) of all negotiations, proceedings, contests, lawsuits or settlements with respect to any Third-Party
Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume the defense of any Third-Party Claim in writing within
20 days after the Claim Notice of such Third-Party Claim has been delivered, through counsel reasonably satisfactory to Indemnitee,
then the Indemnitor shall be entitled to control the conduct of such defense, and shall be responsible for any expenses of the
Indemnitee in connection with the defense of such Third-Party Claim so long as the Indemnitor continues such defense until the
final resolution of such Third-Party Claim. The Indemnitor shall be responsible for paying all settlements made or judgments entered
with respect to any Third-Party Claim the defense of which has been assumed by the Indemnitor. Except as provided in subsection
(ii) below, both the Indemnitor and the Indemnitee must approve any settlement of a Third-Party Claim. A failure by the Indemnitee
to timely give the Claim Notice shall not excuse Indemnitor from any indemnification liability except only to the extent that
the Indemnitor is materially and adversely prejudiced by such failure.

 

(ii)        If
the Indemnitor shall not agree to assume the defense of any Third-Party Claim in writing within 20 days after the Claim Notice
of such Third-Party Claim has been delivered, or shall fail to continue such defense until the final resolution of such Third-Party
Claim, then the Indemnitee may defend against such Third-Party Claim in such manner as it may deem appropriate and the Indemnitee
may settle such Third-Party Claim, in its sole discretion, on such terms as it may deem appropriate. The Indemnitor shall promptly
reimburse the Indemnitee for the amount of all settlement payments and expenses, legal and otherwise, incurred by the Indemnitee
in connection with the defense or settlement of such Third-Party Claim. If no settlement of such Third-Party Claim is made, then
the Indemnitor shall satisfy any judgment rendered with respect to such Third-Party Claim before the Indemnitee is required to
do so, and pay all expenses, legal or otherwise, incurred by the Indemnitee in the defense against such Third-Party Claim.

 

    	 	- 5 -	 

     

    

 

(c)        Non-Third-Party
Claims. Upon discovery of any claim for which Purchaser have an indemnification obligation under the terms of this Section
5 which does not involve a claim by a third party against the Indemnitee, the Indemnitee shall give prompt notice to Purchaser
of such claim and, in any case, shall give Purchaser such notice within 30 days of such discovery. A failure by Indemnitee to
timely give the foregoing notice to Purchaser shall not excuse Purchaser from any indemnification liability except to the extent
that Purchaser is materially and adversely prejudiced by such failure.

  

(d)        Release.
Purchaser, on behalf of itself and its Related Parties as defined below, hereby release and forever discharge Seller and its individual,
joint or mutual, past and present representatives, Affiliates, officers, directors, employees, agents, attorneys, stockholders,
controlling persons, subsidiaries, successors and assigns (individually, a “Releasee” and collectively, “Releasees”)
from any and all claims, demands, proceedings, causes of action, orders, obligations, contracts, agreements, debts and liabilities
whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which Purchaser or any of its Related
Parties now have or have ever had against any Releasee. Purchaser hereby irrevocably covenant to refrain from, directly or indirectly,
asserting any claim or demand, or commencing, instituting or causing to be commenced, any proceeding of any kind against any Releasee,
based upon any matter released hereby. “Related Parties” shall mean, with respect to Purchaser, (i) any Person that
directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control with
Purchaser, (ii) any Person in which Purchaser hold a Material Interest or (iii) any Person with respect to which any Purchaser
serves as a general partner or a trustee (or in a similar capacity). For purposes of this definition, “Material Interest”
shall mean direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended)
of voting securities or other voting interests representing at least ten percent (10%) of the outstanding voting power of a Person
or equity securities or other equity interests representing at least ten percent (10%) of the outstanding equity securities or
equity interests in a Person.

 

6.           Definitions.
As used in this Agreement the following terms shall have the following respective meanings:

 

(a)        “Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control
with the first Person. For the purposes of this definition, “Control,” when used with respect to any Person,
means the possession, directly or indirectly, of the power to (i) vote 10% or more of the securities having ordinary voting power
for the election of directors (or comparable positions) of such Person or (ii) direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing;

 

    	 	- 6 -	 

     

    

 

(b)        “Closing”
shall have the meaning set forth in the Preamble;

 

(c)        “Company”
shall have the meaning set forth in the Preamble;

 

(d)        “Governmental
Authority” shall mean any domestic or foreign governmental or regulatory authority;

 

(e)        “Indemnitee”
shall have the meaning set forth in the Preamble;

 

(f)        “Indemnitor”
shall have the meaning set forth in the Preamble;

 

(g)        “Law”
shall mean any federal, state or local statute, law, rule, regulation, ordinance, code, Permit, license, policy or rule of common
law;

 

(h)        “Lien”
shall mean, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest, encumbrance or other
adverse claim of any kind in respect of such property or asset. For purposes of this Agreement, a Person will be deemed to own,
subject to a Lien, any property or asset which it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement relating to such property or asset;

  

(i)        “Losses”
shall have the meaning set forth in the Preamble;

 

(j)        “Order”
shall mean any judgment, injunction, judicial or administrative order or decree;

 

(k)        “Permit”
shall mean any government or regulatory license, authorization, permit, franchise, consent or approval;

 

(l)        “Person”
shall mean an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof;

 

(m)        “Purchaser”
shall have the meaning set forth in the Preamble;

 

(n)        “Releasees”
shall have the meaning set forth in Section 5(d);

 

(o)        “Securities
Act” shall have the meaning set forth in the Preamble;

 

(p)        “Seller”
shall have the meaning set forth in the Preamble.

 

7.            Miscellaneous.

 

(a)        Counterparts.
This Agreement may be signed in any number of counterparts, each of which will be deemed an original but all of which together
shall constitute one and the same instrument.

 

    	 	- 7 -	 

     

    

 

(b)        Amendments
and Waivers.

 

(i)        Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in
the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is
to be effective.

 

(ii)        No
failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. The rights and remedies herein provided will be cumulative and not exclusive of any rights or remedies provided
by Law.

 

(c)        Successors
and Assigns. The provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided that no party may assign, delegate or otherwise transfer (including by operation
of Law) any of its rights or obligations under this Agreement without the consent of each other party hereto.

 

(d)        No
Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted successors and
assigns and nothing herein expressed or implied will give or be construed to give to any Person, other than the parties hereto,
those referenced in Section 5 above, and such permitted successors and assigns, any legal or equitable rights hereunder.

 

(e)        Governing
Law. This Agreement will be governed by, and construed in accordance with, the internal substantive law of the State of New
York..

 

(f)        Headings.
The headings in this Agreement are for convenience of reference only and will not control or affect the meaning or construction
of any provisions hereof.

 

(g)        Entire
Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter of this Agreement.
This Agreement supersedes all prior agreements and understandings, both oral and written, between the parties with respect to
the subject matter hereof of this Agreement.

 

(h)        Severability.
If any provision of this Agreement or the application of any such provision to any Person or circumstance is held invalid, illegal
or unenforceable in any respect by a court of competent jurisdiction, the remainder of the provisions of this Agreement (or the
application of such provision in other jurisdictions or to Persons or circumstances other than those to which it was held invalid,
illegal or unenforceable) will in no way be affected, impaired or invalidated, and to the extent permitted by applicable Law,
any such provision will be restricted in applicability or reformed to the minimum extent required for such provision to be enforceable.
This provision will be interpreted and enforced to give effect to the original written intent of the parties prior to the determination
of such invalidity or unenforceability.

 

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[REMAINDER
OF PAGE LEFT BLANK INTENTIONALLY]

 

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[SIGNATURE
PAGE TO STOCK PURCHASE AGREEMENT]

 

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

 

	 	KIRIN INTERNATIONAL HOLDING, INC. 
	 	 	 
	 	By:	/s/
    Xiangyao Liu
	 	 	Name: Xiangyao
    Liu
	 	 	Title: Chief
    Executive Officer

 

	 	KIRIN GLOBAL ENTERPRISES, INC.
	 	 	 
	 	By:	/s/
    Jianfeng Guo
	 	 	Name: Jianfeng
    Guo
	 	 	Title: Chief
    Executive Officer

 

	 	JASPER LAKE HOLDINGS LIMITED.
	 	 	 
	 	By:	/s/
    Xiangyao Liu
	 	 	Name: Xiangyao
    Liu
	 	 	Title: Directorwndw_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.
 
FORM OF SERIES N STOCK PURCHASE WARRANT
 
	No. N-0001  
	 December 31, 2015

 
SolarWindow Technologies, Inc., a Nevada corporation (the "Company"), hereby certifies that Kalen Capital Corporation, 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 five (5) years from the Issuance Date (the "Termination Date") up to 767,000 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 $3.38 (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.
 
	 
	1

	

	 

 
(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.
 
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 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.
 
(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.
 
	 
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(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.
 
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.
 
	 
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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:
 
Kalen Capital Corporation
688 West Hastings St.
Suite 700 
Vancouver, BC V6B 1P1 
Canada 
Attention: President
 
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 & Chief Executive Officer	 

 
	 
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EXHIBIT A
 
NOTICE OF EXERCISE
 
To Be Executed by the Holder in Order to Exercise the Warrant
 
The undersigned Holder hereby elects to purchase _______ Shares pursuant to the attached 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.
 
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 to the order of [________________].
 
OR
 
If permitted, the cancellation of such number of Shares as is necessary, in accordance with the formula set forth in Section 1(a) of the Warrant with respect to the maximum number of Shares purchasable pursuant to the cashless exercise procedure set forth Section 1(a).
   	HOLDER:	 

	 	 	 
	By:		 

	Name: 
		 

	Title: 
		 

	Address: 
	 
	 

	 
	 
	 

	Dated: 
	 
	 

 
 
 
8

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