SEC Contract Filing

Filing Date: 2020-05-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_186680.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;text-transform:uppercase;"><b>Exhibit 10.1</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>STOCK Purchase Agreement</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Stock Purchase Agreement (the &#8220;Agreement&#8221;) is made and entered into as of the March 18, 2020 by XsunX, Inc., a Colorado corporation (&#8220;XsunX&#8221;), which has a mailing address of 65 Enterprise, Aliso Viejo, California 92656, Tom Djokovich, an individual that owns 100% of XsunX&#8217;s outstanding Series A Preferred Stock (&#8220;Djokovich&#8221; or &#8220;Seller&#8221;), and TN3, LLC, a Wyoming limited liability company (the &#8220;Buyer&#8221; or &#8220;Company&#8221;), with respect to the following facts:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>R E C I T A L S</b></p>

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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">A.</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Seller owns 5,000 shares of XsunX&#8217;s outstanding Series A Preferred Stock, which represents 100% of the total issued and outstanding shares of Series A Preferred Stock of XsunX (the &#8220;XsunX Stock&#8221;).</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">B.</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The XsunX Stock represents the number of votes equal to the number of voting common shares representing not less than 60% of the total outstanding vote, which may be applied toward approval or disapproval of any action that Colorado law provides is subject to the vote or consent of the holders of any other series of voting preferred shares, the holders of voting common shares, and the holders of other securities entitled to vote, if any.</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">C.</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">XsunX is engaged in the business of selling, designing, and installing solar photovoltaic power generation, energy storage in the form of managed battery systems, and energy use management technologies (&#8220;XsunX Business&#8221;). Under this Agreement, XsunX will acquire a new business owned by an affiliate of the Buyer known as Innovest Global, Inc. (&#8220;Innovest&#8221;), and thereafter will cease to conduct the XsunX Business. Seller will resign as an officer and director of XsunX upon the closing of the transactions contemplated by this Agreement.</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">D.</p>
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