SEC Contract Filing

Filing Date: 2021-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>ex_235792.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: right;"><b>Exhibit 10.4</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;), OR ANY STATE SECURITIES LAW. THIS WARRANT AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE PLEDGED, TRANSFERRED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR DELIVERY OF AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE WITH THE ACT.</p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b>XsunX, Inc. </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Warrant for the Purchase of </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>500,000,000 Shares of Common Stock</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For Value Received, XsunX, Inc., a Colorado corporation (the &#8220;<i>Company</i>&#8221;), hereby grants to [Director] (the &#8220;<i>Holder</i>&#8221;) warrants to purchase from the Company 500,000,000 fully paid and non-assessable shares of common stock, no par value, of the Company for a purchase price per share of $0.00001.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The purpose of this Warrant is to compensate Holder for serving on the board of directors of the Company without compensation in fiscal 2019. The Company estimates the value of the services provided by Holder during 2019 to be $2,500 and assigns a value of $2,500 to this Warrant.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In this Warrant, (i) the common stock, no par value, of the Company is referred to as the &#8220;<i>Common Stock</i>;&#8221; (ii) the shares of the Common Stock purchasable under this Warrant are referred to as the &#8220;<i>Warrant Shares</i>;&#8221; (iii) the aggregate purchase price payable for the Warrant Shares purchasable under this Warrant is referred to as the &#8220;<i>Aggregate Warrant Price</i>;&#8221; (iv) the price payable for each of the Warrant Shares is referred to as the &#8220;<i>Per Share Warrant Price</i>;&#8221; (v) June 1, 2020 is referred to as the &#8220;<i>Issuance Date</i>;&#8221; and (vi) and the Company&#8217;s planned 1-for-1000 reverse stock split is referred to as the &#8220;<i>Stock Split</i>.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Exercise of Warrant</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Warrant may be exercised by the Holder in whole at any time, or in part from time to time, commencing on the Issuance Date and prior to 5:00 P.M., Cleveland time, on the tenth anniversary of the date that the Company completes the Stock Split, by the surrender of this Warrant (with the exercise notice, in the attached form (the &#8220;<i>Exercise Notice</i>&#8221;), duly executed) at the address set forth in Section 8, together with proper payment of the Aggregate Warrant Price, or the proportionate part thereof if this Warrant is exercised in part, to the Company.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Warrant is exercised in part, this Warrant must be exercised for a number of whole shares of Common Stock and the Holder is entitled to receive a new Warrant covering the Warrant Shares that have not been exercised and setting forth the proportionate part of the Aggregate Warrant Price applicable to such Warrant Shares. Upon surrender of this Warrant in</p>

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