What changed in this filing

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Item 1. Business

2022-03-09 compared with 2021-03-11 · 1148 added, 1262 removed, 302 unchanged (89% of the section changed)

Forward-Looking

included in this Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995.

Forward-looking statements are not statements of historical facts, but rather reflect our current

expectations concerning future events and results.

We generally use the words “believes,”

“expects,”

“intends,”

“plans,”

“anticipates,”

“likely,”

“will”

and similar expressions to identify forward-looking

Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other

factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results,

to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

These risks, uncertainties and factors include, but are not limited to, those factors set forth in this Annual Report on Form

10-K under “Item 1A.

– Risk Factors”

Except as required by applicable law, including the securities laws

of the United States, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result

of new information, future events or otherwise.

You are cautioned not to unduly rely on such forward-looking statements when evaluating

the information presented in this Annual Report on Form 10-K.

used herein, “we,”

“us,”

“our,”

the “Company”

or “Research Frontiers”

means Research Frontiers Incorporated unless otherwise indicated.

Research Frontiers operates in a single business segment which

is engaged in the development and marketing of technology and devices to control the flow of light (see Note 1 to the Consolidated

Financial Statements).

We develop and license our patented suspended particle device (“SPD-Smart”) light-control technology

to other companies that manufacture and/or market the:

(i) SPD-Smart chemical emulsion, (ii) light-control film made from the

chemical emulsion, (iii) the light-control panels made by laminating the film, (iv) electronics to power end-products incorporating

the film, or (v) lamination services for, and the end-products themselves such as “smart”

windows, skylights and sunroofs.

Research Frontiers currently has over 40 companies that, in the aggregate, are licensed to primarily serve five major SPD-Smart

application areas (aerospace, architectural, automotive, marine and display products) in every country of the world.

included in this Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities Litigation

Reform Act of 1995.

Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning

future events and results.

We generally use the words “believes,” “expects,” “intends,” “plans,”

“anticipates,” “likely,” “will” and similar expressions to identify forward-looking statements.

forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which

are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different

from any future results, performance or achievements expressed or implied by such forward-looking statements.

These risks, uncertainties

and factors include, but are not limited to, those factors set forth in this Annual Report on Form 10-K under “Item 1A.

Risk Factors” below.

Except as required by applicable law, including the securities laws of the United States, we undertake no

obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this Annual Report

on Form 10-K.

used herein, “we,” “us,” “our,” the “Company” or “Research Frontiers” means

Research Frontiers Incorporated unless otherwise indicated.

Research Frontiers operates in a single business segment which is engaged

in the development and marketing of technology and devices to control the flow of light (see Note 1 to the Consolidated Financial Statements).

We develop and license our patented suspended particle device (“SPD-Smart”) light-control technology to other companies that

manufacture and/or market the:

(i) SPD-Smart chemical emulsion, (ii) light-control film made from the chemical emulsion, (iii) the light-control

panels made by laminating the film, (iv) electronics to power end-products incorporating the film, or (v) lamination services for, and

the end-products themselves such as “smart” windows, skylights and sunroofs.

Research Frontiers currently has over 40 companies

that, in the aggregate, are licensed to primarily serve five major SPD-Smart application areas (aerospace, architectural, automotive,

marine and display products) in every country of the world.

Company has entered into a number of license agreements covering its light control technology.

During 2020, five licensees accounted

for 18%, 16%, 12%, 12%, and 12%, respectively, of fee income recognized during the year.

During 2019, three licensees accounted

for 38%, 12% and 10%, respectively, of fee income recognized for the year.

During 2021, four licensees accounted

for 20%, 18%, 18% and 12%, of fee income recognized during the year.

During 2020, five licensees accounted for 18%,

16%, 12%, 12%, and 12% of fee income recognized during the year.

Frontiers was incorporated in New York in 1965 to continue early work that Dr.

Edwin Land, founder of Polaroid Corporation, and

others had done in the area of light-control beginning in the 1930s.

Edwin Land, founder of Polaroid Corporation, and others

had done in the area of light-control beginning in the 1930s.

Research Frontiers was reincorporated in Delaware in 1989.

Since 1965, Research Frontiers has actively worked to develop and license its own SPD technology, which it protects using patents,

trade secrets and know-how.

Although patent and trade secret protection is not a guarantee of commercial success, Research Frontiers

currently has 246 patents that have been issued worldwide.

In addition, the Company has current patent applications in the US

and other countries that if granted, would add a significant number of additional patents to its portfolio.

The Company has and

continues to devote significant resources to develop, license and protect its intellectual property position.

Research Frontiers has actively worked to develop and license its own SPD technology, which it protects using patents, trade secrets

and know-how.

Although patent and trade secret protection is not a guarantee of commercial success, Research Frontiers currently has

219 patents that have been issued worldwide.

In addition, the Company has current patent applications in the US and other countries that,

if granted, would add a significant number of additional patents to its portfolio.

The Company has and continues to devote significant

resources to develop, license and protect its intellectual property position.

products use microscopic light-absorbing nanoparticles that are typically suspended in a film.

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voltage is applied, thus permitting light to pass through the film.

Adjustment of the voltage to the SPD film gives users the

ability to quickly, precisely and consistently regulate the amount of light, glare and heat passing through the window, skylight,

sunroof, window shade or other SPD-Smart end-product.

This SPD film can be incorporated between two layers of glass or plastic,

or combinations of both, to produce a laminate that has enhanced energy efficiency, light-control and security performance properties.

Adjustment of the voltage to the SPD film gives users the ability

to quickly, precisely and consistently regulate the amount of light, glare and heat passing through the window, skylight, sunroof, window

shade or other SPD-Smart end-product.

This SPD film can be incorporated between two layers of glass or plastic, or combinations of both,

to produce a laminate that has enhanced energy efficiency, light-control and security performance properties.

Frontiers believes that the SPD industry is in the initial phase of growth.

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in many products where variable light-control is desired.

Some existing product applications for SPD-Smart glass or plastic include

the following:

Some existing product applications for SPD-Smart glass or plastic include the

sun visors, side windows and rear windows;

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and residential windows, doors, skylights, and partitions for new construction, replacement, and retrofit applications.

addition to the product applications listed above, SPD-SmartGlass technology may also offer potential benefits in the development

of new flat panel displays, light conservation panels, neonatal and other incubators, consumer electronics, eyewear, self-dimming

automotive rear-view mirrors and other reflective information displays.

However, such products need additional product design,

engineering or testing before the commercial potential of such SPD-SmartGlass products can be determined.

addition to the product applications listed above, SPD-SmartGlass technology may also offer potential benefits in the development of

new flat panel displays, light conservation panels, neonatal and other incubators, consumer electronics, eyewear, self-dimming automotive

rear-view mirrors and other reflective information displays.

However, such products need additional product design, engineering or testing

before the commercial potential of such SPD-SmartGlass products can be determined.

of our licensees consider the stage of development, product introduction strategies and timetables, and other plans to be proprietary

Unless required to disclose such information, the Company may limit its disclosure of licensees’

activities until

such licensees, or their customers, make their own public announcements of planned or actual product launches.

of the early sales and uses of SPD technology were to low volume commercial installations and some have involved concept and test

installations by licensees and their customers.

Recent progress with regard to market development and commercialization activity

has been the result of focused and active efforts by Research Frontiers and its key licensees who have invested in product development

and improvements, production facilities, increased production capacity, durability, performance testing, quality control and assurance,

and marketing programs.

in late 2011, higher volume sales of SPD products commenced with the launch by Daimler AG of the Magic Sky Control™ all

glass roof option on their Mercedes-Benz SLK (subsequently renamed SLC).

In early 2012, sales of the Magic Sky Control™

all glass roof option commenced on their Mercedes-Benz SL.

In mid-2014, sales of the Magic Sky Control™ all glass roof option

commenced on the new S-Class Coupe with other Mercedes-Benz S-Class variants began offering the Magic Sky Control™ all glass

roof option in 2015 and 2016.

These vehicles are reaching the latter part of their model lifecycle.

In some cases, such as the

SLC and S-Class Coupe, there has been indications that these models may be discontinued completely at the end of their current

model lifecycle.

In the case of the SL roadster, it is expected that the next version of the SL roadster might use a canvas roof

instead of the current switchable and static tint glass roofs.

It has not been announced whether plans for the next models of

the S-Class and Maybach vehicles will include any switchable glass technology in the sunroofs or windows.

Unless required to disclose such information, the Company may limit its disclosure of licensees’ activities until such

licensees, or their customers, make their own public announcements of planned or actual product launches.

of the early sales and uses of SPD technology were to low volume commercial installations and some have involved concept and test installations

by licensees and their customers.

Recent progress with regard to market development and commercialization activity has been the result

of focused and active efforts by Research Frontiers and its key licensees who have invested in product development and improvements,

production facilities, increased production capacity, durability, performance testing, quality control and assurance, and marketing programs.

in late 2011, higher volume sales of SPD products commenced with the launch by Daimler AG of the Magic Sky Control™ all glass roof

option on their Mercedes-Benz SLK (subsequently renamed SLC).

In early 2012, sales of the Magic Sky Control™ all glass roof option

commenced on their Mercedes-Benz SL.

In mid-2014, sales of the Magic Sky Control™ all glass roof option commenced on the new S-Class

Coupe with other Mercedes-Benz S-Class variants began offering the Magic Sky Control™ all glass roof option in 2015 and 2016.

vehicles are reaching the latter part of their model lifecycle.

In some cases, such as the SLC and S-Class Coupe, there has been indications

that these models may be discontinued completely at the end of their current model lifecycle.

In the case of the SL roadster, it is expected

that the next version of the SL roadster might use a canvas roof instead of the current switchable and static tint glass roofs.

not been announced whether plans for the next models of the S-Class and Maybach vehicles will include any switchable glass technology

in the sunroofs or windows.

Frontiers believes that with the normal progression of product and manufacturing improvements, and as licensees become more experienced

at the lamination, fabrication and installation of SPD-Smart products for various applications, the adoption rates for SPD-Smart

products will grow and accelerate, which we expect will increase the stream of royalty income for the Company.

Research Frontiers

believes the largest and most predictable near and intermediate term market for its technology will be automotive glass.

part of their marketing and branding programs, many of our licensees have developed their own trademarks for SPD-Smart emulsion,

film, and end-products and these are listed in their respective press releases, product brochures, advertising and other promotional

at the lamination, fabrication and installation of SPD-Smart products for various applications, the adoption rates for SPD-Smart products

will grow and accelerate, which we expect will increase the stream of royalty income for the Company.

Research Frontiers believes the

largest and most predictable near and intermediate term market for its technology will be automotive glass.

part of their marketing and branding programs, many of our licensees have developed their own trademarks for SPD-Smart emulsion, film,

and end-products and these are listed in their respective press releases, product brochures, advertising and other promotional materials.

Research Frontiers uses the following trademarks:

SPD-Smart™, SPD-SmartGlass™, VaryFast™, SPD-CleanTech™,

SPD Clean Technology™, SmartGlass™, The View of the Future - Everywhere you Look™, Powered by SPD™, Powered

by SPD-CleanTech™, Powered by SPD Clean Technology™, SG Enabled™, SPD Green and Clean™, SPD On-Board™,

Speed Matters™ and Visit SmartGlass.com - to change your view of the world™.

each of the last three fiscal years the Company devoted substantially all of its time to the development of one class of products,

namely SPD-Smart light-control technology, and therefore revenue analysis by class is not provided herein.

Information about our

operations and those of our licensees is included below and in our financial statements and notes thereto.

SPD-Smart™, SPD-SmartGlass™, VaryFast™, SPD-CleanTech™, SPD

Clean Technology™, SmartGlass™, The View of the Future - Everywhere you Look™, Powered by SPD™, Powered by SPD-CleanTech™,

Visit SmartGlass.com - to change your view of the world™.

each of the last three fiscal years the Company devoted substantially all of its time to the development of one class of products, namely

SPD-Smart light-control technology, and therefore revenue analysis by class is not provided herein.

Information about our operations

and those of our licensees is included below and in our financial statements and notes thereto.

Company does not believe that future sales will be seasonal in any material respect.

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products on its own but rather depends on activities of its licensees and vendors.

Due to the nature of the Company’s business

operations and the fact that the Company is not presently a manufacturer, there is no backlog of orders for the Company’s

Due to the nature of the Company’s business

operations and the fact that the Company is not presently a manufacturer, there is no backlog of orders for the Company’s products.

Company believes that compliance with federal, state and local provisions which have been enacted or adopted regulating the discharge

of materials into the environment, or otherwise relating to the protection of the environment, will not have a material effect

upon the capital expenditures, earnings and competitive position of the Company.

The Company has no material capital expenditures

for environmental control facilities planned for the remainder of its current fiscal year or its next succeeding fiscal year.

of materials into the environment, or otherwise relating to the protection of the environment, will not have a material effect upon the

capital expenditures, earnings and competitive position of the Company.

The Company has no material capital expenditures for environmental

control facilities planned for the remainder of its current fiscal year or its next succeeding fiscal year.

March 9, 2022, the Company had six full-time employees, two of whom are technical personnel, and the rest of whom perform legal,

finance, marketing, investor relations, and administrative functions.

Of these employees, one has obtained a doctorate in chemistry

and one has extensive industrial experience in electronics and electrical engineering.

One employee also has a postgraduate degree

in business administration, and one has a doctorate in jurisprudence.

Also, the Company’s suppliers and licensees have people

on their teams with advanced degrees in a number of areas relevant to the commercial development of products using the Company’s

The success of the Company is dependent upon, among other things, the services of its senior management, the loss

of which could have a material adverse effect upon the prospects of the Company.

Of these employees, one has obtained a doctorate in chemistry and

one has extensive industrial experience in electronics and electrical engineering.

One employee also has a postgraduate degree in business

administration, and one has a doctorate in jurisprudence.

Also, the Company’s suppliers and licensees have people on their teams

with advanced degrees in a number of areas relevant to the commercial development of products using the Company’s technology.

success of the Company is dependent upon, among other things, the services of its senior management, the loss of which could have a material

adverse effect upon the prospects of the Company.

Glass Industry Trends:

are favorable converging global trends in the major near-term markets for smart glass and SPD-Smart products.

The potential for

smart glass products is significant and is expected to attain economies of scale with increasing high-volume production.

increased production is also expected to bring down end product costs and expand market opportunities.

both public and private sectors across the world, there are substantial efforts targeted toward the promotion and use of energy

efficient smart glass materials, including those used in automobiles, windows and other architectural glazings, aircraft and boats.

Products using SPD-Smart technology continue to be exhibited at trade shows, conferences, and industry events, with such products

not only being exhibited by our licensees but also by their customers and by OEMs.

While there can be no assurance that these

trends will continue, to the extent that they do continue, each is expected to have a beneficial effect on future interest in

SPD-Smart technology.

October 2019, MarketsandMarkets issued Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid

Crystal, Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), and Geography - Global

Forecast to 2023.

This market research report concludes that the smart glass market is expected to grow from USD $2.8 billion

in 2016 to reach USD $8.35 billion by 2023, with a growth rate of 16.6% between 2017 and 2023.

Key conclusions in this report

The potential for smart

glass products is significant and is expected to attain economies of scale with increasing high-volume production.

This increased production

is also expected to bring down end product costs and expand market opportunities.

both public and private sectors across the world, there are substantial efforts targeted toward the promotion and use of energy efficient

smart glass materials, including those used in automobiles, windows and other architectural glazings, aircraft and boats.

Products using

SPD-Smart technology continue to be exhibited at trade shows, conferences, and industry events, with such products not only being exhibited

by our licensees but also by their customers and by OEMs.

While there can be no assurance that these trends will continue, to the extent

that they do continue, each is expected to have a beneficial effect on future interest in SPD-Smart technology.

October 2019, MarketsandMarkets issued Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal,

Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), and Geography - Global Forecast to 2023.

This market research report concludes that the smart glass market is expected to grow from USD $2.8 billion in 2016 to reach USD $8.35

billion by 2023, with a growth rate of 16.6% between 2017 and 2023.

Key conclusions in this report included:

glass, especially active glass, provides a higher control over heat and light at the will of the user, thereby providing considerable

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innovation in raw materials and technologies and the possibility for new applications across various sectors.

North America

and Europe have been at the forefront of this trend.

Smart glass demand is growing in the Asia Pacific region on account of

its growing building and construction, electronics, and transportation sectors.

North America and Europe

have been at the forefront of this trend.

Smart glass demand is growing in the Asia Pacific region on account of its growing building

and construction, electronics, and transportation sectors.

of the biggest hindrances to the growth of smart glass industry demand is its higher cost.

The higher cost of raw material

and its limited availability is undermining its penetration at a larger scale.

Constant innovations are happening in terms

of raw material, product design, and work capacity, which will simultaneously attract new users and provide opportunity to

manufacturers to rationalize the product cost over the forecast period.

The higher cost of raw material and its

limited availability is undermining its penetration at a larger scale.

Constant innovations are happening in terms of raw material,

product design, and work capacity, which will simultaneously attract new users and provide opportunity to manufacturers to rationalize

the product cost over the forecast period.

June 2019, Grand View Research issued Smart Glass Market Size, Share & Trends Analysis (SPD, PDLC, Liquid Crystal, Electrochromic),

By Application (Consumer Electronics, Architectural Transportation), And Segments Forecast, 2019-2025.

This market research

report concludes that the smart glass market is expected to grow from USD $3.7 billion in 2018 to reach USD $8.6 billion by 2025

reflecting a growth rate of 15.2%.

This market research report

concludes that the smart glass market is expected to grow from USD $3.7 billion in 2018 to reach USD $8.6 billion by 2025 reflecting

a growth rate of 15.2%.

Key conclusions in this report include:

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3D designer proposition.

automotive and residential applications have witnessed a dynamic phase change in functionalities from legacy weather protection

features to seclusion apparatus and advanced energy-conserving.

automotive and residential applications have witnessed a dynamic phase change in functionalities from legacy weather protection features

to seclusion apparatus and advanced energy-conserving.

Architecturally

advanced construction philosophies incorporating the installation of large windows in the majority of buildings are projected

to drive demand in Europe.

advanced construction philosophies incorporating the installation of large windows in the majority of buildings are projected to

drive demand in Europe.

transportation segment accounted for the highest market share in 2018 and is projected to retain its leading position throughout

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technology provides protection from UV rays and controls heat inside the vehicles by limiting energy consumption.

for reducing CO2 emissions and minimizing energy consumption are encouraging manufacturers to develop anti-heat glass

and glazing solutions.

for reducing CO2 emissions and minimizing energy consumption are encouraging manufacturers to develop anti-heat glass and glazing

demand for luxury automobiles, especially in Asia Pacific, is driving the market growth.

aerospace manufacturers, such as The Boeing Company, Beechcraft Corporation, Airbus SA, Bombardier Inc., and Embraer S.A.,

are shifting towards electronically dimmable windows.

the automotive industry, global trends include the introduction of larger sunroofs and panoramic roof panels in transportation

vehicles, and a higher percentage of these vehicles having a sunroof or using more glass in the roof.

aerospace manufacturers, such as The Boeing Company, Beechcraft Corporation, Airbus SA, Bombardier Inc., and Embraer S.A., are shifting

towards electronically dimmable windows.

the automotive industry, global trends include the introduction of larger sunroofs and panoramic roof panels in transportation vehicles,

and a higher percentage of these vehicles having a sunroof or using more glass in the roof.

SPD-SmartGlass

has also been shown in armored automotive glass applications, recreational vehicles, and a new market is also beginning to develop

for personalized custom conversions of automobiles for owners who wish to express themselves through the design of the cars they

own and/or drive.

the aircraft industry, there is a trend towards larger windows with more passenger control and functionality, and an increased

investment in improving the passenger experience.

In the “transport category”

(primarily large commercial passenger

aircraft) segment, the world’s two largest aircraft manufacturers are both promoting the size of the windows in new aircraft

platforms already being delivered (e.g.

has also been shown in armored automotive glass applications, recreational vehicles, and a new market is also beginning to develop for

personalized custom conversions of automobiles for owners who wish to express themselves through the design of the cars they own and/or

the aircraft industry, there is a trend towards larger windows with more passenger control and functionality, and an increased investment

in improving the passenger experience.

In the “transport category” (primarily large commercial passenger aircraft) segment,

the world’s two largest aircraft manufacturers are both promoting the size of the windows in new aircraft platforms already being

delivered (e.g.

Boeing 787 and Airbus A350).

In the “general aviation”

category (primarily

business jets, private or chartered smaller aircraft) this trend is true as well.

For example, Gulfstream is promoting the size

of the windows on their G650 platform as well as their upcoming G700 flagship aircraft, and Bombardier highlights the size of

the cabin window on the Global 7000 and 8000 platforms.

Several OEMs either already offer, or have announced their interest to

include, electronically dimmable windows in their aircraft – including Boeing, Airbus, Bombardier, Embraer, Textron-Beechcraft,

HondaJet, Airbus Helicopters, Airbus Corporate Jets, Bell Helicopter, Dassault, Epic and One Aviation.

Electronically dimmable

windows for aircraft may use SPD technology, or may use other smart window technologies such as liquid crystal or electrochromic

A window system using electrochromic technology was introduced in the Boeing 787.

There have been concerns raised

that this aircraft’s electronically dimmable windows are not dark enough for long haul flights, transmit

too much heat into the cabin, and have a switching speed that is too slow.

Company believes its SPD technology offers important performance advantages over other technologies including faster, more uniform

response time, superior heat-rejection when the aircraft is parked on the ramp, superior acoustic insulation, an automated dimming

system to continuously maintain a constant level of light in the cabin in real-time, and weight-savings.

Leading companies manufacturing

electromechanical pleated window shades have products that incorporate SPD-Smart windows into their designs, and Tier 1 suppliers

of other cabin systems (e.g.

cabin management systems) are featuring SPD-Smart electronically dimmable windows in mockups.

technology is also the only commercially available light-control smart window technology known to have passed the stringent safety

and durability tests required by the aviation industry and to have received a Supplemental Type Certificate (STC) from the Federal

Aviation Administration.

Today, SPD-Smart electronically dimmable windows are flying on over 40 models of various aircraft including

those used in commercial aviation, general aviation and military aviation.

SPD-Smart products have been selected by aircraft manufacturers

as standard equipment on new production platforms including the Honda Aircraft HondaJet, Textron-Beechcraft King Air 250, 350i

and C90GTx, Epic Aircraft E1000, and One Aviation Eclipse 700.

In the “general aviation” category (primarily business jets, private or chartered

smaller aircraft) this trend is true as well.

For example, Gulfstream is promoting the size of the windows on their G650 platform as

well as their upcoming G700 flagship aircraft, and Bombardier highlights the size of the cabin window on the Global 7000 and 8000 platforms.

Several OEMs either already offer, or have announced their interest to include, electronically dimmable windows in their aircraft –

including Boeing, Airbus, Bombardier, Embraer, Textron-Beechcraft, HondaJet, Airbus Helicopters, Airbus Corporate Jets, Bell Helicopter,

Dassault, Epic Aircraft and One Aviation.

Electronically dimmable windows for aircraft may use SPD technology or may use other smart

window technologies such as liquid crystal or electrochromic technology.

A window system using electrochromic technology was introduced

in the Boeing 787.

There have been concerns raised that this aircraft’s electronically dimmable windows are not dark enough for

long haul flights, transmit too much heat into the cabin, and have a switching speed that is too slow.

Company believes its SPD technology offers important performance advantages over other technologies including faster, more uniform response

time, superior heat-rejection when the aircraft is parked on the ramp, superior acoustic insulation, an automated dimming system to continuously

maintain a constant level of light in the cabin in real-time, weight-savings, and the use of scratch-resistant, lightweight (saving fuel)

chemically strengthened glass.

Leading companies manufacturing electromechanical pleated window shades have products that incorporate

SPD-Smart windows into their designs, and Tier 1 suppliers of other cabin systems (e.g.

cabin management systems) are featuring SPD-Smart

electronically dimmable windows in mockups.

technology is also the only commercially available light-control smart window technology known to have passed the stringent safety and

durability tests required by the aviation industry and to have received a Supplemental Type Certificate (STC) from the Federal Aviation

Administration.

Today, SPD-Smart electronically dimmable windows are flying on over 40 models of various aircraft including those used

in commercial aviation, general aviation and military aviation.

SPD-Smart products have been selected by aircraft manufacturers as standard

equipment on new production platforms including the Honda Aircraft HondaJet, Textron-Beechcraft King Air 250, 350i and C90GTx, Epic Aircraft

E1000, and One Aviation Eclipse 700.

Architectural

architectural community is actively increasing the use of daylight harvesting, green building technologies and building automation

systems to more effectively capture and control natural light as part of energy reduction strategies to offset cooling/heating

costs and electricity used by artificial lighting.

In addition to design, aesthetic and other benefits, the expanded use of glass

also supports a growing body of research which finds that the presence of and control over incoming natural light improves an

individual’s well-being and productivity.

Products using SPD-Smart light-control technology – sunroofs, windows, skylights,

partitions and others – can play an important role in supporting these converging global trends.

architectural applications, various market forces and the distinctive features of SPD-SmartGlass are having a positive influence

on interest for SPD-Smart products.

Many architects are specifying more glass in their designs to satisfy building occupants’

desire for greater connectedness with the outside environment.

In addition, there is increasing interest in improving energy efficiency

in both commercial and residential buildings.

Various studies indicate that buildings in the United States and Europe now account

for an estimated 39-40% of total energy use and upwards of 70% or more of electricity consumption.

Many architects and building

owners are striving for sustainable, “green”

buildings that are highly energy-efficient, reduce environmental impact,

and improve occupant health and well-being.

In addition, the design community is increasingly interested in advanced daylighting

systems in buildings that lower electrical lighting usage and reduce heating and cooling loads.

Because of this, the ability to

control light, glare and heat in these building applications is very important and advanced solutions often are needed to optimize

operating efficiencies.

SPD-Smart architectural products instantly and precisely provide shading, glare control and heat management

solutions for offices and homes, especially when these products are available for new construction, replacement and retrofit projects.

These products include insulated glass units, single-panel retrofits, unusually shaped glazings, and products with advanced fabrications

such as those with ballistic- and blast-resistant capabilities.

2015, Research Frontiers’

patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA Pavilion

at the World’s Fair, Expo Milano 2015.

The USA Pavilion featured 312 large panels of SPD-SmartGlass manufactured under license

from Research Frontiers by Isoclima S.p.A.

Each panel measures approximately 1 meter by 3 meters, making the total surface area

in the roof more than 10,000 square feet.

This is the largest known installation of smart glass in the world for a roof application

and was seen by over 6 million people.

the marine application, where light-control needs are especially important, many yacht manufacturers currently employ less than

ideal glazing solutions as they try to satisfy various shading and solar control objectives.

For example, some report having to

use as many as five different types of glass in a typical yacht to satisfy diverse glazing needs.

SPD-Smart marine products can

reduce the number of different types of glass used in these yachts because of their increased functionality, superior performance

and versatility.

SPD-Smart marine products provide an innovation that allows these operators to manage incoming light, glare and

heat while achieving privacy or maintaining one’s view as desired.

architectural community is actively increasing the use of daylight harvesting, green building technologies and building automation systems

to more effectively capture and control natural light as part of energy reduction strategies to offset cooling/heating costs and electricity

used by artificial lighting.

In addition to design, aesthetic and other benefits, the expanded use of glass also supports a growing body

of research which finds that the presence of and control over incoming natural light improves an individual’s well-being and productivity.

Products using SPD-Smart light-control technology – sunroofs, windows, skylights, partitions and others – can play an important

role in supporting these converging global trends.

architectural applications, various market forces and the distinctive features of SPD-SmartGlass are having a positive influence on interest

for SPD-Smart products.

Many architects are specifying more glass in their designs to satisfy building occupants’ desire for greater

connectedness with the outside environment.

In addition, there is increasing interest in improving energy efficiency in both commercial

and residential buildings.

Various studies indicate that buildings in the United States and Europe now account for an estimated 39-40%

of total energy use and upwards of 70% or more of electricity consumption.

Many architects and building owners are striving for sustainable,

“green” buildings that are highly energy-efficient, reduce environmental impact, and improve occupant health and well-being.

In addition, the design community is increasingly interested in advanced daylighting systems in buildings that lower electrical lighting

usage and reduce heating and cooling loads.

Because of this, the ability to control light, glare and heat in these building applications

is very important and advanced solutions often are needed to optimize operating efficiencies.

SPD-Smart architectural products instantly

and precisely provide shading, glare control and heat management solutions for offices and homes, especially when these products are

available for new construction, replacement and retrofit projects.

These products include insulated glass units, single-panel retrofits,

unusually shaped glazings, and products with advanced fabrications such as those with ballistic- and blast-resistant capabilities.

2015, Research Frontiers’ patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA Pavilion at

the World’s Fair, Expo Milano 2015.

The USA Pavilion featured 312 large panels of SPD-SmartGlass manufactured under license from

Research Frontiers by Isoclima S.p.A.

Each panel measures approximately 1 meter by 3 meters, making the total surface area in the roof

more than 10,000 square feet.

This is the largest known installation of smart glass in the world for a roof application and was seen

by over 6 million people.

the marine application, where light-control needs are especially important, many yacht manufacturers currently employ less than ideal

glazing solutions as they try to satisfy various shading and solar control objectives.

For example, some report having to use as many

as five different types of glass in a typical yacht to satisfy diverse glazing needs.

SPD-Smart marine products can reduce the number

of different types of glass used in these yachts because of their increased functionality, superior performance and versatility.

marine products provide an innovation that allows these operators to manage incoming light, glare and heat while achieving privacy or

maintaining one’s view as desired.

Background and Recent Developments:

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important material used in SPD-Smart end-products is SPD light-control film that varies the tint of glass or plastic.

In early 2007,

our licensee Hitachi Chemical began producing its initial SPD-Smart light-control film on its first factory line.

the second half of 2009, Hitachi Chemical announced that it had begun mass production on its new, larger capacity production line

and expanded its annual production capacity to 400,000 square meters (over 4.3 million square feet).

Chemical’s production line is dedicated exclusively to the production of SPD-Smart film.

In July 2009, Hitachi Chemical

launched its website dedicated to its SPD-Smart light control film and during 2009, Hitachi Chemical outlined in its press releases

and public presentations that it plans to “accelerate the use of SPD film, which holds significant potential for growth”

and noted that “SPD film is positioned as one of the key emerging products promoted by Hitachi Chemical to become a future

leading product for the company.”

Chemical expanded its SPD film product portfolio by initiating commercial production of a “lighter”

version of its

Both the SPD “dark”

and “light”

versions of the films provide a high range of visible light transmission.

The best-selling SPD “dark”

film has a range of approximately 0.5% to 55.0%.

This leads to contrast ratios (the ratio

of clear to dark light transmission) of up to 110:1.

The commercialization of both “dark”

and “light”

versions of SPD-film provides greater design and performance options for end-product applications.

During the second half

of 2009, Hitachi Chemical announced that it had begun mass production on its new, larger capacity production line and expanded its annual

production capacity to 400,000 square meters (over 4.3 million square feet).

Chemical’s production line is dedicated exclusively to the production of SPD-Smart film.

In July 2009, Hitachi Chemical launched

its website dedicated to its SPD-Smart light control film and during 2009, Hitachi Chemical outlined in its press releases and public

presentations that it plans to “accelerate the use of SPD film, which holds significant potential for growth” and noted that

“SPD film is positioned as one of the key emerging products promoted by Hitachi Chemical to become a future leading product for

the company.”

Chemical expanded its SPD film product portfolio by initiating commercial production of a “lighter” version of its film.

Both the SPD “dark” and “light” versions of the films provide a high range of visible light transmission.

best-selling SPD “dark” film has a range of approximately 0.5% to 55.0%.

This leads to contrast ratios (the ratio of clear

to dark light transmission) of up to 110:1.

The commercialization of both “dark” and “light” versions of SPD-film

provides greater design and performance options for end-product applications.

October 2018, Gauzy Ltd.

announced that it will be producing SPD-Smart light control film for the entire SPD-SmartGlass industry.

The announcement came at a ceremony to celebrate the inauguration of Gauzy’s production line to produce SPD-Smart light

control film in Tel Aviv-Jaffo.

initially announced that its Tel-Aviv film production line has a capacity to produce up to 364,000 square meters of film per year

per shift, and that its initial production will be 1.2 meters wide, and in 2019 it planned on expanding its SPD film coating capabilities

announcement came at a ceremony to celebrate the inauguration of Gauzy’s production line to produce SPD-Smart light control film

in Tel Aviv-Jaffa.

initially announced that its Tel-Aviv film production line has a capacity to produce up to 364,000 square meters of film per year per

shift, and that its initial production will be 1.2 meters wide, and in 2019 it planned on expanding its SPD film coating capabilities

to 1.5 meters wide rolls, and in 2020 to 1.8 meters wide rolls.

In February 2019 Gauzy announced that it would be expanding its

SPD film production capacity by having SPD emulsion produced in Tel Aviv and that this emulsion would be coated into SPD-Smart

light control film in a new dedicated factory being built by Gauzy in Stuttgart, Germany.

In February 2019 Gauzy announced that it would be expanding its SPD film

production capacity by having SPD emulsion produced in Tel Aviv and that this emulsion would be coated into SPD-Smart light control film

in a new dedicated factory being built by Gauzy in Stuttgart, Germany.

December 2019, Gauzy Ltd.

celebrated the opening of its second production facility in Stuttgart, Germany to produce SPD-Smart

light control film for the entire SPD-SmartGlass industry.

This state-of-the-art facility, with specially designed coating and

curing areas, will give Gauzy the capacity to coat over one million square meters of SPD film per year in widths of up to 1.8

celebrated the opening of its second production facility in Stuttgart, Germany to produce SPD-Smart light control

film for the entire SPD-SmartGlass industry.

This state-of-the-art facility, with specially designed coating and curing areas, will give

Gauzy the capacity to coat over one million square meters of SPD film per year in widths of up to 1.8 meters.

January 2020, Research Frontiers, Gauzy Ltd.

and their customers showed 175 thousand attendees at this year’s CES new ways

to benefit from SPD-SmartGlass.

and their customers showed 175 thousand attendees at this year’s CES new ways to benefit

from SPD-SmartGlass.

April 2020, Gauzy Ltd.

announced that it secured Series C investments from Hyundai Motor Company, Blue Red Partners VC, and Avery

This strategic investment marks the first known equity investment by an automotive OEM in Research Frontiers’

entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis

facility in Israel, and its custom SPD production line strategically located in Germany, are currently operating and producing

SPD emulsion and light control film for the automotive, aircraft, and architectural industries, with modified staffing and procedures

to protect Gauzy’s employees during the COVID-19 pandemic.

for Hitachi Chemical’s and Gauzy’s SPD-Smart film are end-product licensees of Research Frontiers.

These licensees

receive the film, laminate it between glass or plastic substrates, and then fabricate end-products which are sold into various

Most end-product licensees pay Research Frontiers a royalty on the sale of these end-products that typically range

announced that it secured Series C investments from Hyundai Motor Company, Blue Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in Research Frontiers’ entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility in Israel, and

its custom SPD production line strategically located in Germany, are currently operating and producing SPD emulsion and light control

film for the automotive, aircraft, and architectural industries, with modified staffing and procedures to protect Gauzy’s employees

during the COVID-19 pandemic.

for Hitachi Chemical’s and Gauzy’s SPD-Smart film are end-product licensees of Research Frontiers.

These licensees receive

the film, laminate it between glass or plastic substrates, and then fabricate end-products which are sold into various industries.

end-product licensees pay Research Frontiers a royalty on the sale of these end-products that typically range from 10-15%.

companies are currently licensed by Research Frontiers to sell SPD-Smart light-control film to licensees of Research Frontiers.

None of these other companies has yet announced commercial SPD film for sale.

of these other companies has yet announced commercial SPD film for sale.

Automotive Products:

Frontiers and its licensees are currently working with multiple automotive manufacturers to introduce SPD-Smart windows, sunroofs

and roof systems on both concept and production vehicles.

Research Frontiers’

end-product licensees in this sector include

industry leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, Pilkington Glass, Pittsburgh Glass

Works, Saint-Gobain, SER, and Vision Systems.

The Company’s automotive glass licensees account for the majority of all glass

produced for the automotive market throughout the world.

2011, Daimler AG began using SPD-SmartGlass technology in its Magic Sky Control™ panoramic glass roof as an option on its

new Mercedes-Benz 2012 SLK.

In 2012, Daimler AG began offering its Magic Sky Control™ panoramic glass roof as an option

on its new Mercedes-Benz 2013 SL.

These SPD products allow drivers and passengers to change the tint of the car roof from dark

to clear quickly with a touch of a button.

Frontiers and its licensees are currently working with multiple automotive manufacturers to introduce SPD-Smart windows, sunroofs and

roof systems on both concept and production vehicles.

Research Frontiers’ end-product licensees in this sector include industry

leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, Pilkington Glass, Saint-Gobain,

SER, and Vision Systems.

The Company’s automotive glass licensees account for the majority of all glass produced for the automotive

market throughout the world.

2011, Daimler AG began using SPD-SmartGlass technology in its Magic Sky Control™ panoramic glass roof as an option on its new Mercedes-Benz

In 2012, Daimler AG began offering its Magic Sky Control™ panoramic glass roof as an option on its new Mercedes-Benz

These SPD products allow drivers and passengers to change the tint of the car roof from dark to clear quickly with a touch of

The SLK and SL are the first large-scale series production vehicles to offer SPD-SmartGlass.

The Research Frontiers licensees involved with the production of the Magic Sky Control™ roof for the SLK and SL include

Hitachi Chemical, which manufactures the SPD-Smart light-control film in Japan.

Automotive glass companies Nippon Sheet Glass

in Japan and its subsidiary, Pilkington, in the UK and Germany then process and laminates Hitachi’s SPD film into the glass

for the Magic Sky Control™ roof.

The Research Frontiers licensees

involved with the production of the Magic Sky Control™ roof for the SLK and SL include Hitachi Chemical, which manufactures the

SPD-Smart light-control film in Japan.

Automotive glass companies Nippon Sheet Glass in Japan and its subsidiary, Pilkington, in the

UK and Germany then process and laminates Hitachi’s SPD film into the glass for the Magic Sky Control™ roof.

late 2014, Daimler AG began offering its Magic Sky Control™ as an option on the new Mercedes-Benz S-Class Coupe.

other S-Class variants (i.e.

Standard Wheel base W222, Long Wheel Base V222, Maybach S600 X222 and the Maybach Pullman Limousine)

began offering Magic Sky Control™ as an option.

The current Mercedes-Benz S-Class is the third large-scale serial production

vehicle to offer Magic Sky Control™ using SPD-Smart technology.

In 2015, other

S-Class variants (i.e.

Standard Wheel base W222, Long Wheel Base V222, Maybach S600 X222 and the Maybach Pullman Limousine) began offering

Magic Sky Control™ as an option.

The current Mercedes-Benz S-Class is the third large-scale serial production vehicle to offer

Magic Sky Control™ using SPD-Smart technology.

S-Class Coupe offers the largest panoramic Magic Sky Control™ roof ever put into serial production.

The surface area of

the panoramic roof using SPD-SmartGlass technology on the S-Class is approximately three times the size of the roof glass used

on the current SLC and SL roadster.

With the addition of the new 2018 S450 and S450 4MATIC S-Class Sedans, a total of 14 Mercedes-Benz

model variants have now offered this remarkable panoramic smart glass roof:

The surface area of the panoramic

roof using SPD-SmartGlass technology on the S-Class is approximately three times the size of the roof glass used on the current SLC and

With the addition of the new 2018 S450 and S450 4MATIC S-Class Sedans, a total of 14 Mercedes-Benz model variants have now

offered this remarkable panoramic smart glass roof:

450 S-Class Sedan

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products decreases as production volumes increase.

The price per square foot of SPD-SmartGlass reported by our licensees has gone

down over time in the automotive market.

Royalties from the Magic Sky Control panoramic roofs generate a royalty of 10% of the

selling price of these roofs by our licensees to Daimler.

The roofs on the S-Class are approximately two to three times the surface

area of the roofs on the SLC and SL vehicles.

Frontiers believes that the addition of the S-Class car model is also significant because it applies our SPD-Smart light-control

technology to the broader class of vehicles by moving beyond roadsters to coupes and passenger sedans.

Historically, since its

debut over 40 years ago, the S-Class represents the premier platform to introduce new technologies to the customer, which in many

cases expand to the other less expensive model lines within the Mercedes-Benz brand.

The price per square foot of SPD-SmartGlass reported by our licensees has gone down

over time in the automotive market.

Royalties from the Magic Sky Control panoramic roofs generate a royalty of 10% of the selling price

of these roofs by our licensees to Daimler.

The roofs on the S-Class are approximately two to three times the surface area of the roofs

on the SLC and SL vehicles.

Frontiers believes that the addition of the S-Class car model is also significant because it applies our SPD-Smart light-control technology

to the broader class of vehicles by moving beyond roadsters to coupes and passenger sedans.

Historically, since its debut over 40 years

ago, the S-Class represents the premier platform to introduce new technologies to the customer, which in many cases expand to the other

less expensive model lines within the Mercedes-Benz brand.

November 2015 at the Los Angeles Auto Show, Mercedes-Benz launched a refreshed Mercedes-Benz SL.

The press release from Mercedes-Benz

stated, “Another feature which has been retained is the unique optional extra MAGIC SKY CONTROL:

when closed, the panoramic

vario-roof automatically changes from dark to transparent or vice-versa within just a few seconds.”

The MAGIC SKY CONTROL

feature is a carry-over from the previous model.

Other new features include a new front end, new headlamps, more powerful engines,

and a new transmission, among many others.

stated, “Another feature which has been retained is the unique optional extra MAGIC SKY CONTROL:

when closed, the panoramic vario-roof

automatically changes from dark to transparent or vice-versa within just a few seconds.” The MAGIC SKY CONTROL feature is a carry-over

from the previous model.

Other new features include a new front end, new headlamps, more powerful engines, and a new transmission, among

January 2016 at the North American International Auto Show in Detroit, Mercedes-Benz premiered the new Mercedes-Benz SLC.

press release from Mercedes-Benz when the SLC was first announced stated, “A feature that continues to be unique to the

SLC is the panoramic vario-roof with Magic Sky Control – this glass roof is lightened or darkened at the touch of a button.

This means that it provides an open-air feeling at any time, but when required gives welcome shade under a hot sun.”

Magic Sky Control feature, using Research Frontiers SPD-SmartGlass technology, is a carry-over from the SLC’s predecessor

model, the SLK roadster.

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive

The press release

from Mercedes-Benz when the SLC was first announced stated, “A feature that continues to be unique to the SLC is the panoramic

vario-roof with Magic Sky Control – this glass roof is lightened or darkened at the touch of a button.

This means that it provides

an open-air feeling at any time, but when required gives welcome shade under a hot sun.” The Magic Sky Control feature, using Research

Frontiers SPD-SmartGlass technology, is a carry-over from the SLC’s predecessor model, the SLK roadster.

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive market.

The following new production cars by McLaren Automotive featured SPD-SmartGlass technology in their roofs:

GT, McLaren 720S Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in

sun visor and also other areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the

McLaren Speedtail was first delivered to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional

production models.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their

new electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants

control over individual segments of the sunroof above them to better customize and enhance the driving experience in terms of

comfort, security, and the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was

launched at CES 2021in January 2021.

in terms of new product development in the automotive industry, in August 2020, Daimay, the world’s largest supplier of

automotive sun visors, licensed Research Frontiers’

SPD-Smart light-control film technology for use in automotive sun visors.

SPD-Smart light-control film technology will enable Daimay to develop products that automatically and dynamically adjust the sun

visor to manage changing light and glare conditions.

Daimay is developing this product in conjunction with a specific automotive

manufacturer customer.

the McLaren GT, McLaren 720S

Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in sun visor and also other

areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the McLaren Speedtail was first delivered

to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional production models.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their new

electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants control over

individual segments of the sunroof above them to better customize and enhance the driving experience in terms of comfort, security, and

the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was launched at CES 2021in January

in terms of new product development in the automotive industry, in August 2020, Daimay, the world’s largest supplier of automotive

sun visors, licensed Research Frontiers’ SPD-Smart light-control film technology for use in automotive sun visors.

SPD-Smart light-control

film technology will enable Daimay to develop products that automatically and dynamically adjust the sun visor to manage changing light

and glare conditions.

Daimay is developing this product in conjunction with a specific automotive manufacturer customer.

the Asian automotive market, in April 2020, Gauzy Ltd.

announced that it secured Series C investments from Hyundai Motor Company,

Blue Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM

in Research Frontiers’

entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art

material synthesis facility in Israel, and its custom SPD production line strategically located in Germany, are currently operating

and producing SPD emulsion and light control film for the automotive, aircraft, and architectural industries.

announced that it secured Series C investments from Hyundai Motor Company, Blue

Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in Research

Frontiers’ entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material

synthesis facility in Israel, and its custom SPD production line strategically located in Germany, are currently operating and producing

SPD emulsion and light control film for the automotive, aircraft, and architectural industries.

January 2020, Research Frontiers, Gauzy Ltd.

and their customers showed 175 thousand attendees at the CES new ways to benefit

from SPD-SmartGlass, including some unique automotive information displays with improved readability and performance.

and their customers showed 175 thousand attendees at the CES new ways to benefit from SPD-SmartGlass,

including some unique automotive information displays with improved readability and performance.

CES was not held in person in 2021 due

to concerns about the global pandemic.

In January 2022 Gauzy exhibited in the Smart City pavilion at CES various commercial applications

for SPD-Smart film produced by Gauzy including electronically dimmable aircraft windows, dual-zone panoramic sunroofs, smart projection

systems, and information displays that combine transparent OLED and SPD technology to turn windows into high definition information or

entertainment displays that can operate in bright environments and instantly and automatically adjust to changing light conditions to

produce a vibrant high-contrast display.

September 2021, Research Frontiers licensee Gauzy Ltd.

and their customers showed at the Munich Auto Show (AIA 2021) SPD-SmartGlass,

including two new products using SPD light control technology:

in collaboration with LG Display, a unique automotive information displays

with improved readability and performance, and a SPD-SmartGlass headlight by BMW for its BMWi Vision Circular Showcar.

This vehicle utilized

SPD-Smart light-control film that is laminated into automotive thin glazed curved glass.

As the all-electric car starts, the SPD glass

in the dynamic shading headlights switches from dark to transparent, revealing headlights that illuminate surroundings.

Gauzy also presented

an SPD sunroof with and without invisible segmentation.

automakers continue to develop and evaluate the use of SPD technology in their windows systems.

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with some of these concept vehicles being exhibited at major auto shows:

the 2019 Geneva Auto Show, Mercedes-Benz SLC roadster, SL roadster, S-Class Sedan and Maybach vehicles in serial production

were presented using the Company’s SPD-SmartGlass technology

the 2019 Geneva Auto Show, Mercedes-Benz SLC roadster, SL roadster, S-Class Sedan and Maybach vehicles in serial production were

presented using the Company’s SPD-SmartGlass technology

least four different companies showcased SPD-Smart products at CES 2019 in the automotive and consumer electronics industries.

concept electric vehicles debuted at the 2018 Los Angeles Auto Show featured SPD-SmartGlass and were also showcased at various

automotive and other major industry trade shows during 2019 and early 2020.

These two vehicles are scheduled to be in production

concept electric vehicles debuted at the 2018 Los Angeles Auto Show featured SPD-SmartGlass and were also showcased at various automotive

and other major industry trade shows during 2019 and early 2020.

These two vehicles are scheduled to be in production in 2020.

various trade shows beginning with electronics 2018 in Munich in November, Texas Instruments demonstrated a control unit reference

design (TIDA-020013) created to more intelligently and efficiently power SPD-SmartGlass electronically dimmable glass using

a standard 12-volt automotive battery.

The interactive demonstration is paired with gesture control to lighten or tint glass

with the SPD-SmartGlass technology.

SPD-SmartGlass sunroof application gives occupants more control over the lighting in their car, removes unwanted heat, light

and glare, and increases the driving range of electric vehicles.

It also miniaturizes the electronics package and reduces

the cost of the entire system to the auto maker, while also improving power efficiency.

Engineers can use the TI reference

design to accelerate their own designs using electronically dimmable glass.

The design includes TI’s highly efficient

power management circuits and a 32-bit C2000™ real-time MCU to help generate the necessary signal to drive and control

substantial surface areas.

design (TIDA-020013) created to more intelligently and efficiently power SPD-SmartGlass electronically dimmable glass using a standard

12-volt automotive battery.

The interactive demonstration is paired with gesture control to lighten or tint glass with the SPD-SmartGlass

SPD-SmartGlass sunroof application gives occupants more control over the lighting in their car, removes unwanted heat, light and

glare, and increases the driving range of electric vehicles.

It also miniaturizes the electronics package and reduces the cost of

the entire system to the auto maker, while also improving power efficiency.

Engineers can use the TI reference design to accelerate

their own designs using electronically dimmable glass.

The design includes TI’s highly efficient power management circuits

and a 32-bit C2000™ real-time MCU to help generate the necessary signal to drive and control substantial surface areas.

number of different companies showcased SPD-Smart products at CES 2018.

In the automotive industry, Fisker debuted its new

Fisker E-Motion with a unique and innovative four-segment SPD SmartGlass roof.

In addition to use in its large curved panoramic

roof, Fisker says that it plans to offer SPD-SmartGlass technology on the side windows of this new electric vehicle.

Corporation (“Continental”) also showcased its Intelligent Glass Control system using SPD technology at CES 2018

to demonstrate how it makes cars safer, more private and comfortable, lighter and more energy-efficient.

In the automotive industry, Fisker debuted its new Fisker

E-Motion with a unique and innovative four-segment SPD SmartGlass roof.

In addition to use in its large curved panoramic roof, Fisker

says that it plans to offer SPD-SmartGlass technology on the side windows of this new electric vehicle.

Corporation (“Continental”) also showcased its Intelligent Glass Control system using SPD technology at CES 2018 to demonstrate

how it makes cars safer, more private and comfortable, lighter and more energy-efficient.

introduced a concept car that features an SPD-SmartGlass panoramic roof and rear glass at the 2017 Consumer Electronics Show.

This large roof and curved rear glass is made using SPD-SmartGlass light-control film laminated between Corning’s Gorilla®

Glass, a special chemically-strengthened thin and lightweight glass.

the 2017 Consumer Electronics Show, Continental Corporation (“Continental”) showcased an advanced version of its SPD-equipped

roof and curved rear glass is made using SPD-SmartGlass light-control film laminated between Corning’s Gorilla® Glass, a special

chemically-strengthened thin and lightweight glass.

the 2017 Consumer Electronics Show, Continental Corporation (“Continental”) showcased an advanced version of its SPD-equipped

vehicle that it originally showcased at the 2016 Consumer Electronics Show.

This vehicle has enhanced and more sophisticated electronics,

Continental indicated that its Intelligent Glass Control system increases passenger comfort and lowers CO2 emissions by keeping

the interior of the vehicle cooler.

Continental indicated that its Intelligent Glass Control system increases passenger comfort and lowers CO2 emissions by keeping the interior

of the vehicle cooler.

As a result, smaller, more efficient and lighter air conditioning units could be used.

showed a reduction in CO2 emissions of four grams per kilometer.

Continental also estimates that its Intelligent Glass Control

system can increase the driving range of electric vehicles by 5.5%

Corporation showcased its “Intelligent Glass Control”

system on a demonstration vehicle at a special event at

the Consumer Electronics Show (CES) in Las Vegas.

This vehicle, a Ford Mondeo station wagon, used SPD-SmartGlass technology

to enable the glass in all eleven side and rear windows and in the top sun visor portion of the windshield to change its transparency

and darken instantly through electric control signals.

Lincoln Motor Company, the luxury automotive brand of the Ford Motor Company, introduced the Lincoln Continental Concept car

using an SPD-SmartGlass electronically tinting sunroof.

This Lincoln Continental Concept car featuring SPD-SmartGlass also

made its Asian debut at Auto Shanghai in April 2015.

Calculations showed a reduction

in CO2 emissions of four grams per kilometer.

Continental also estimates that its Intelligent Glass Control system can increase the driving

range of electric vehicles by 5.5%.

Corporation showcased its “Intelligent Glass Control” system on a demonstration vehicle at a special event at the Consumer

Electronics Show (CES) in Las Vegas.

This vehicle, a Ford Mondeo station wagon, used SPD-SmartGlass technology to enable the glass

in all eleven side and rear windows and in the top sun visor portion of the windshield to change its transparency and darken instantly

through electric control signals.

Lincoln Motor Company, the luxury automotive brand of the Ford Motor Company, introduced the Lincoln Continental Concept car using

an SPD-SmartGlass electronically tinting sunroof.

This Lincoln Continental Concept car featuring SPD-SmartGlass also made its Asian

debut at Auto Shanghai in April 2015.

debuted at the Paris Motor Show its new BMW Concept Active Tourer.

This vehicle’s entire composite glass roof uses patented

SPD-SmartGlass technology.

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debuted at the Geneva International Motor Show its public evaluation of the Limited Edition Viano Pearl.

This vehicle displays

the capabilities and conceptual use of SPD-SmartGlass on the side glass of vehicles from Mercedes-Benz.

This vehicle displays the

capabilities and conceptual use of SPD-SmartGlass on the side glass of vehicles from Mercedes-Benz.

debuted its FS Hybrid Concept at the 2011 Tokyo Motor Show in Tokyo, Japan.

The FS Hybrid Concept demonstrated the use of

SPD-Smart™ technology in side glass.

The FS Hybrid Concept demonstrated the use of SPD-Smart™

technology in side glass.

debuted its A2 concept car at the Frankfurt International Auto Show in Frankfurt, Germany.

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car equipped with a large SPD-Smart™ panoramic glass roof.

the highest volume market for which SPD-Smart technology is being developed is new car production by the world’s automakers,

the aftermarket upgrade market also presents opportunities in the automotive market.

Research Frontiers licensee American Glass

Products (AGP) is offering its Vario Plus Sky SPD-SmartGlass to the automotive aftermarket as well as to the automotive OEM market

for serial production.

In March of 2013, Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech,

both of whom are targeting the automotive aftermarket in Russia.

the highest volume market for which SPD-Smart technology is being developed is new car production by the world’s automakers, the

aftermarket upgrade market also presents opportunities in the automotive market.

Research Frontiers licensee American Glass Products

(AGP) is offering its Vario Plus Sky SPD-SmartGlass to the automotive aftermarket as well as to the automotive OEM market for serial

In March of 2013, Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech, both of

whom are targeting the automotive aftermarket in Russia.

In May of 2017, Hanamac International Ltd.

acquired a license

from Research Frontiers to produce and sell SPD-SmartGlass automotive windows for the South Korean aftermarket.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

acquired a license from Research

Frontiers to produce and sell SPD-SmartGlass automotive windows for the South Korean aftermarket.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

armored glass aftermarket in Brazil.

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cars in the protection and security sector.

Vehicles//Motor Homes/Busses and Motorcoaches:

Vehicles//Motor Homes/Buses and Motorcoaches:

motorcoach windows use heavily tinted windows to manage excessive light, glare or heat.

While this reduces somewhat the time the

shade has to be down, it remains ineffective for many conditions.

Also, it limits passengers’

experience of views during

dusk, nighttime and dawn hours.

This is due to the fact that when outside light levels are low, a heavily tinted window blocks

or degrades elements of the scene outside.

During these hours, the high optical clarity of SPD-SmartGlass in the “clear”

state eliminates this problem.

of SPD-SmartGlass electronically dimmable windows (“EDWs”) for motorcoaches include:

While this reduces somewhat the time the shade

has to be down, it remains ineffective for many conditions.

Also, it limits passengers’ experience of views during dusk, nighttime

and dawn hours.

This is due to the fact that when outside light levels are low, a heavily tinted window blocks or degrades elements of

the scene outside.

During these hours, the high optical clarity of SPD-SmartGlass in the “clear” state eliminates this problem.

of SPD-SmartGlass electronically dimmable windows (“EDWs”) for motorcoaches include:

zones of an EDW can be independently controlled.

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level of noise in the motorcoach is reduced.

EDWs automatically turn to the darkest state when the motorcoach engine is off, keeping

the interior cooler and offering lower air-conditioning consumption and greater energy

EDWs automatically turn to the darkest state when the motorcoach engine is off, keeping the interior cooler and offering lower air-conditioning

consumption and greater energy savings.

ergonomic SPD-Smart dimmable motorcoach sun visor increases safety.

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Systems exhibited its SPD-SmartGlass technology for the coach marketplace at the UMA Motorcoach Expo in Nashville, TN.

Systems showcased an EDW with integrated information display that provides travel information such as time, temperature, remaining

distance to the next stop, or service availability.

Also at the show, Vision Systems’

unveiled an SPD-SmartGlass solution

for the driver environment with an ergonomic SPD-Smart dimmable sun visor integrated into the upper part of the windshield, avoiding

the need for the driver to handle a shade, which partially blocks the view.

Vision Systems

showcased an EDW with integrated information display that provides travel information such as time, temperature, remaining distance to

the next stop, or service availability.

Also at the show, Vision Systems’ unveiled an SPD-SmartGlass solution for the driver environment

with an ergonomic SPD-Smart dimmable sun visor integrated into the upper part of the windshield, avoiding the need for the driver to

handle a shade, which partially blocks the view.

Systems also exhibited its SPD-SmartGlass technology solutions for the coach marketplace at the UMA Motorcoach Expo.

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of leisure vehicles in Europe, both featured the world premiere of dimmable windows using SPD-SmartGlass technology.

electronically dimmable smart windows, which dramatically improve the recreational vehicle passenger experience, were supplied

by Vision Systems, a licensee of Research Frontiers.

These electronically

dimmable smart windows, which dramatically improve the recreational vehicle passenger experience, were supplied by Vision Systems,

a licensee of Research Frontiers.

Caravan Technologies, Inc.

unveiled the CR-1 Carbon which features the MagicView™ roof and MagicView™ windshield

with SPD-SmartGlass.

This special glass, which totals 28 square feet, was jointly developed with Research Frontiers’

licensee Vision Systems.

SPD nanotechnology on this vehicle allows infinitely variable control of privacy between blackout

and clear and can be controlled by any smart-phone or other smart-devices.

In addition to controlling the level of light and

glare coming into the RV, the MagicView™ SPD-SmartGlass on RVs offers many other advantages.

This technology provides

unsurpassed thermal insulation:

SPD-SmartGlass substantially rejects solar heat from entering RVs through windows.

The SPD-SmartGlass

achieves its maximum dark state when the RV is parked/turned off and no power is consumed.

Systems announced that Notin, manufacturer of motorhomes and campers, selected Visions Systems’

Nuance brand of SPD-SmartGlass

for the skylight of Notin’s Angara luxury motorhome.

In October 2013 at Busworld 2013, Vision Systems showcased a new

sun visor using SPD-Smart light-control film technology and a light sensor to automatically and dynamically adjust the sun

visor to deal with changing light and glare conditions.

Vision Systems indicated that it has been working for almost two years

with a major automotive OEM to test the ease of installation, reliability, design and performance of its new sun visor in

real world conditions.

It further indicated that customer reaction regarding the effectiveness and ease of use of this product

has been excellent.

The fact that this feature can be installed in the aftermarket should bring these benefits to a wider

range of drivers.

February 2020, Vision Systems presented its SPD-SmartGlass marine products at the Middle East Rail show in Dubai, UAE, including

a multi-zone SPD-SmartGlass dimmable window, and a dimmable divider with an integrated information display, and a concept of glass

partition playing videos.

The multi-zone solution exhibited is an SPD-SmartGlass panel that resembles a digital shade, providing

tinting control of a chosen zone to protect from unwanted light and glare, for improving the passenger experience.

Vision Systems

also exhibited an SPD-SmartGlass dimmable divider with an integrated information display that gives travel information such as

time, temperature, remaining distance to next stop, or service availability.

the leading international trade fair for transport technology, was the stage for the world premier of new EDW solutions using

SPD-SmartGlass technology.

AGC and Vision Systems launched their respective latest generations of SPD-SmartGlass EDWs for the

rail industry.

In addition, Continental also new electronic control products for SPD-SmartGlass EDWs at the show.

unveiled the CR-1 Carbon which features the MagicView™ roof and MagicView™ windshield with

SPD-SmartGlass.

This special glass, which totals 28 square feet, was jointly developed with Research Frontiers’ licensee Vision

SPD nanotechnology on this vehicle allows infinitely variable control of privacy between blackout and clear and can be controlled

by any smart-phone or other smart-devices.

In addition to controlling the level of light and glare coming into the RV, the MagicView™

SPD-SmartGlass on RVs offers many other advantages.

This technology provides unsurpassed thermal insulation:

SPD-SmartGlass substantially

rejects solar heat from entering RVs through windows.

The SPD-SmartGlass achieves its maximum dark state when the RV is parked/turned

off and no power is consumed.

Systems announced that Notin, manufacturer of motorhomes and campers, selected Visions Systems’ Nuance brand of SPD-SmartGlass

for the skylight of Notin’s Angara luxury motorhome.

In October 2013 at Busworld 2013, Vision Systems showcased a new sun visor

using SPD-Smart light-control film technology and a light sensor to automatically and dynamically adjust the sun visor to deal with

changing light and glare conditions.

Vision Systems indicated that it has been working for almost two years with a major automotive

OEM to test the ease of installation, reliability, design and performance of its new sun visor in real world conditions.

indicated that customer reaction regarding the effectiveness and ease of use of this product has been excellent.

The fact that this

feature can be installed in the aftermarket should bring these benefits to a wider range of drivers.

February 2020, Vision Systems presented its SPD-SmartGlass marine products at the Middle East Rail show in Dubai, UAE, including a multi-zone

SPD-SmartGlass dimmable window, and a dimmable divider with an integrated information display, and a concept of glass partition playing

The multi-zone solution exhibited is an SPD-SmartGlass panel that resembles a digital shade, providing tinting control of a chosen

zone to protect from unwanted light and glare, for improving the passenger experience.

Vision Systems also exhibited an SPD-SmartGlass

dimmable divider with an integrated information display that gives travel information such as time, temperature, remaining distance to

next stop, or service availability.

the leading international trade fair for transport technology, was the stage for the world premier of new EDW solutions using SPD-SmartGlass

AGC and Vision Systems launched their respective latest generations of SPD-SmartGlass EDWs for the rail industry.

Continental also new electronic control products for SPD-SmartGlass EDWs at the show.

Systems at InnoTrans

of the products using SPD-SmartGlass for the train industry being showcased this week in Berlin include:

with integrated control system electronics (on the passenger window EDW itself), for rapid installation in both new train

car production, and retrofitting existing train cars.

with integrated control system electronics (on the passenger window EDW itself), for rapid installation in both new train car production,

and retrofitting existing train cars.

SPD-SmartGlass

solutions for the driver cabin, to eliminate glare on the dashboard with side and back window EDWs, and/or SPD sun visors

integrated into the windshield.

“Info-Vision”

solutions for the driver cabin, to eliminate glare on the dashboard with side and back window EDWs, and/or SPD sun visors integrated

into the windshield.

“Info-Vision”

window, which integrates an electroluminescent display into SPD-SmartGlass windows.

This combines the benefits of the EDW

with information available directly on the window, such as time to destination, remaining distance, temperature, service options,

and train schedules.

addition to the above information, Vision Systems confirmed at Innotrans that it was working on other high-volume train projects

with major commuter train manufacturers and operators.

a leading Tier 1 supplier of transparencies to the rail industry for over 50 years, is also prominently featuring SPD-SmartGlass

In a recent article entitled AGC at Innotrans with smart glass for transportation, it was noted, “AGC’s booth

will feature AGC’s smart glasses for transportation… Wonderlite light control glazing, that switches from clear to

dark at the simple touch of a button.”

Wonderlite is AGC’s brand name for its SPD-SmartGlass EDWs.

Rail News published an article about Continental at Innotrans, noting, “The level of transparency… of the glass can

be adjusted via a control system, which can be programmed to respond to external conditions, such as sensor data on sunlight intensity.”

unveiled a number of new innovations, including an intelligent technology for darkening glass panes and a range of individual

surface designs….

The ‘Intelligent Glass Control’

(IGC) system by Continental provides passengers with the flexibility

to adjust the amount of light and the color of their window or other glazed areas to suit their needs.

The technology, which was

originally developed for the automotive industry, relies on a film sandwiched between two panes of glass and connected to an electronic

control unit (ECU).

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new

proposed special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

This combines the benefits of the EDW with information

available directly on the window, such as time to destination, remaining distance, temperature, service options, and train schedules.

addition to the above information, Vision Systems confirmed at Innotrans that it was working on other high-volume train projects with

major commuter train manufacturers and operators.

a leading Tier 1 supplier of transparencies to the rail industry for over 50 years, is also prominently featuring SPD-SmartGlass EDWs.

In a recent article entitled AGC at Innotrans with smart glass for transportation, it was noted, “AGC’s booth will feature

AGC’s smart glasses for transportation… Wonderlite light control glazing, that switches from clear to dark at the simple

touch of a button.” Wonderlite is AGC’s brand name for its SPD-SmartGlass EDWs.

Rail News published an article about Continental at Innotrans, noting, “The level of transparency… of the glass can be adjusted

via a control system, which can be programmed to respond to external conditions, such as sensor data on sunlight intensity.”

unveiled a number of new innovations, including an intelligent technology for darkening glass panes and a range of individual surface

The ‘Intelligent Glass Control’ (IGC) system by Continental provides passengers with the flexibility to adjust

the amount of light and the color of their window or other glazed areas to suit their needs.

The technology, which was originally developed

for the automotive industry, relies on a film sandwiched between two panes of glass and connected to an electronic control unit (ECU).

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new proposed

special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

Asahi Glass announced its light control glass, WONDERLITETM, was adopted for JR East luxury sleeper train, Train Suite Shiki-shima

(“Shiki-shima”), which began service on May 1.

JR East’s luxury sleeper train Shiki-shima, conceptualized

as a train for ‘enjoying changes in time and space’, has been designed with individualized themes for each compartment.

Of particular note, the front carriage, containing a special area for enjoying panoramic views of Japan’s landscape,

has been outfitted with WONDERLITETM light control glass, which makes it possible to adjust passing sunlight simply with a

(“Shiki-shima”), which began service on May 1.

JR East’s luxury sleeper train Shiki-shima, conceptualized as a

train for ‘enjoying changes in time and space’, has been designed with individualized themes for each compartment.

particular note, the front carriage, containing a special area for enjoying panoramic views of Japan’s landscape, has been

outfitted with WONDERLITETM light control glass, which makes it possible to adjust passing sunlight simply with a switch.

Systems, with its customers/strategic partners, exhibited many different types of SPD-Smart products at InnoTrans 2016.

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September 2014, Poma (a leading supplier of cable transport systems) showcased at Innotrans 2014 its Cabine H2 cable car.

The windows in this cable transport vehicle used Research Frontiers licensee Vision Systems’

“Nuance”

Innotrans 2014 is the largest international trade fair for rail transport technology with over 160,000 visitors

and is held every two years in Berlin, Germany.

At this fair, Bombardier featured its “FLEXITY 2”

tram platform

using an electronically dimmable window produced by Vision Systems.

In addition, AGC, one of the largest producers of flat

glass in the world, featured its “WONDERLITE”

in this cable transport vehicle used Research Frontiers licensee Vision Systems’ “Nuance” SPD solution.

2014 is the largest international trade fair for rail transport technology with over 160,000 visitors and is held every two years

in Berlin, Germany.

At this fair, Bombardier featured its “FLEXITY 2” tram platform using an electronically dimmable

window produced by Vision Systems.

In addition, AGC, one of the largest producers of flat glass in the world, featured its “WONDERLITE”

SPD-SmartGlass train window.

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the automotive market, a potentially additional sector is the armored glass market.

Armored glass (sometimes referred to as “transparent

and “bullet-resistant glass”) encompasses the military, non-military government, and civilian markets.

In addition, SPD-Smart technology in this market not only provides the benefits of light-control and UV blockage, it also enhances

security by introducing darker tints and privacy.

A number of the Company’s licensees including American Glass Products,

GKN, Isoclima, SER and Pittsburgh Glass Works are recognized industry leaders in the armored glass market.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

Armored glass (sometimes referred to as “transparent

armor” and “bullet-resistant glass”) encompasses the military, non-military government, and civilian markets.

SPD-Smart technology in this market not only provides the benefits of light-control and UV blockage, it also enhances security by introducing

darker tints and privacy.

A number of the Company’s licensees including American Glass Products, Isoclima, and SER are recognized industry leaders in the armored glass market.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

armored glass aftermarket in Brazil.

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Aircraft Products:

aircraft manufacturers have announced that they have selected SPD-Smart dimmable window products as standard or optional equipment

for their production aircraft:

aircraft manufacturers have announced that they have selected SPD-Smart dimmable window products as standard or optional equipment for

their production aircraft:

Aircraft Company:

HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on

all passenger windows.

HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on all passenger

Textron-Beechcraft

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Aviation announced the selection of SPD-Smart electronically dimmable windows for its upcoming Eclipse 700 platform.

Aircraft has selected SPD-Smart electronically dimmable windows for its upcoming Epic E1000 aircraft.

Aircraft’s E1000, with first delivery in February 2020, comes with SPD-Smart electronically dimmable windows as standard equipment

on all passenger windows.

Falcon 5X was scheduled to come with SPD-Smart electronically dimmable skylights as standard equipment.

Subsequently, however,

Dassault announced in December 2017 that it was terminating the Falcon 5X program and announced the launch of a new Falcon program

featuring the same skylight as the Falcon 5X.

Subsequently, however, Dassault

announced in December 2017 that it was terminating the Falcon 5X program and announced the launch of a new Falcon program featuring the

same skylight as the Falcon 5X.

This aircraft, the Falcon 6X is scheduled to enter into service in 2022.

aircraft manufacturers and their suppliers continue to develop and evaluate the use of SPD technology in their window systems.

Aircraft manufacturers and SPD product suppliers have incorporated SPD-Smart electronically dimmable windows in mockups, with

some of these mockups being exhibited at major aviation shows:

manufacturers and SPD product suppliers have incorporated SPD-Smart electronically dimmable windows in mockups, with some of these mockups

being exhibited at major aviation shows:

launched the ACJ TwoTwenty business jet, a clean-sheet design aircraft based on Airbus’ A220-100, featuring advanced materials

and state-of-the-art technologies that include electronically dimmable windows.

Systems unveiled its aircraft and helicopter SPD-Smart solutions at the Dubai Airshow in Dubai, UAE.

Among the products presented

at the show were an SPD-Smart electronically dimmable helicopter window, and a multizone SPD-Smart dimmable aircraft window with

an integrated control panel.

Vision Systems also unveiled an SPD-Smart partition combining an electronically dimmable system with

an information display based on electroluminescent technology.

Whether on windows or dividers, this solution can either be set

in transparent or dark mode when no information is displayed, or show short travel information.

The background opacity can then

adjust automatically for perfect contrast and readability.

Among the products presented at

the show were an SPD-Smart electronically dimmable helicopter window, and a multizone SPD-Smart dimmable aircraft window with an integrated

control panel.

Vision Systems also unveiled an SPD-Smart partition combining an electronically dimmable system with an information display

based on electroluminescent technology.

Whether on windows or dividers, this solution can either be set in transparent or dark mode when

no information is displayed, or show short travel information.

The background opacity can then adjust automatically for perfect contrast

and readability.

Systems presented its SPD-Smart EDWs at the Aircraft Interiors Expo (AIX) in Hamburg, Germany.

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experience benefits including a cooler and quieter cabin due to remarkable thermal and acoustic insulation.

The following chart

summarizes some of the performance advantages highlighted at the show that Vision Systems’

SPD-Smart EDWs have over electrochromic

The following chart summarizes

some of the performance advantages highlighted at the show that Vision Systems’ SPD-Smart EDWs have over electrochromic EDWs:

Electrochromic

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aviation show.

The solutions on display at Vision Systems’

NBAA included:

This Nuance V2 solution allows independent control of light and glare through different “zones”

of an SPD-Smart

EDW, to any level of tint.

The solutions on display at Vision Systems’ NBAA included:

This Nuance V2 solution allows independent control of light and glare through different “zones” of an SPD-Smart EDW,

to any level of tint.

light control with diffused light / privacy control:

This SPD-Smart solution enables instant and precise dimming from clear

to very dark, plus an opaque white or dark feature for privacy and enjoying soft, diffused daylight through the EDW.

Vision System’s Info-Vision is the first smart information window integrating SPD-Smart and electroluminescent technologies.

This economical innovation, for use in windows and cabin dividers, provides passengers with travel and other information right

on the window.

This SPD-Smart solution enables instant and precise dimming from clear to very

dark, plus an opaque white or dark feature for privacy and enjoying soft, diffused daylight through the EDW.

Vision System’s Info-Vision is the first smart information window integrating SPD-Smart and electroluminescent technologies.

This economical innovation, for use in windows and cabin dividers, provides passengers with travel and other information right on

The tint of the Info-Vision EDW can automatically adjust in real-time, providing optimal contrast and readability.

The Nuance V2 cabin divider enables adjustable levels of privacy between classes and allows flight attendants the

ability to view multiple cabins whenever needed.

Services, in partnership with InspecTech Aero Service, featured their Element EDW brand of SPD-Smart EDWs at the AIX commercial

aviation show in Hamburg, Germany:

The Nuance V2 cabin divider enables adjustable levels of privacy between classes and allows flight attendants the ability

to view multiple cabins whenever needed.

Services, in partnership with InspecTech Aero Service, featured their Element EDW brand of SPD-Smart EDWs at the AIX commercial aviation

show in Hamburg, Germany:

Airbus A320 mockup was demonstrated, which includes two Element EDWs integrated into a sidewall.

The EDWs replace the inboard

“scratch lens”

(the surface closest to the passenger), resulting in benefits including improved optical clarity,

and the perception of larger windows as the scratch lens panel has a larger surface area than the structural window.

The EDWs replace the inboard “scratch

lens” (the surface closest to the passenger), resulting in benefits including improved optical clarity, and the perception

of larger windows as the scratch lens panel has a larger surface area than the structural window.

showcased a Boeing 737 cabin mockup which includes Element EDWs.

the AIX show in Hamburg, Vision Systems unveiled the world premiere of Vision System’s Info-Vision, the first smart information

window integrating both SPD-Smart and electroluminescent technologies.

This economical innovation, for use in windows and cabin

dividers, provides passengers with travel information right on the panel.

The tint of the Info-Vision window or divider can automatically

adjust in real-time, providing optimal contrast and readability.

Other SPD-Smart EDW solutions from Vision Systems featured at

AIX in Hamburg include:

This economical innovation, for use in windows and cabin dividers,

provides passengers with travel information right on the panel.

The tint of the Info-Vision window or divider can automatically adjust

in real-time, providing optimal contrast and readability.

Other SPD-Smart EDW solutions from Vision Systems featured at AIX in Hamburg

Second-generation

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a dimmable sun visor integrating a transparent photovoltaic film for self-power.

Aerospace, in partnership with Vision Systems, launched a new product at the National Business Aviation Association Convention

and Exhibition in Las Vegas, Nevada.

Nuance V2 Ultra Clear is a new product responding to the industry requests for aircraft cabin

shading systems that allow for brighter cabin interiors, while providing for more effective shading.

This Electronically Dimmable

Window (EDW) solution uses patented SPD-Smart light control technology developed by Research Frontiers.

Aerospace, in partnership with Vision Systems, launched a new product at the National Business Aviation Association Convention and Exhibition

in Las Vegas, Nevada.

Nuance V2 Ultra Clear is a new product responding to the industry requests for aircraft cabin shading systems that

allow for brighter cabin interiors, while providing for more effective shading.

This Electronically Dimmable Window (EDW) solution uses

patented SPD-Smart light control technology developed by Research Frontiers.

Aviation announced the selection of the ALTEOS EDW by PPG for its new Eclipse 700 aircraft.

The Eclipse 700 aircraft is an upgraded

version of its Eclipse 500/550.

The Alteos EDW utilizes the NUANCE V2 shading product by Vision Systems that uses SPD-Smart light-control

technology from Research Frontiers.

As ONE Aviation stated in the announcement, “A priority at ONE Aviation is to maximize

ease of use and passenger comfort.

The PPG ALTEOS system provides both with simple and effective control of window shading.”

Systems and PPG Aerospace announced that they have reached a commercial agreement to work together on developing new applications

utilizing Vision Systems’

EDW shading solutions for aircraft.

These solutions use Research Frontiers’

SPD-Smart EDW

technology and also combine the considerable experience that both PPG Aerospace and Vision Systems have in supplying the aircraft

industry with EDW systems.

As stated in their press release, “The agreement provides a framework for PPG and Vision Systems

to pursue opportunities in commercial, regional, military and general aviation applications that capitalize on each company’s

expertise.”

the MRO Europe conference Fokker Services, a division of GKN Aerospace, launched “Element EDW,”

a new electronically

dimmable window system for commercial airliners.

Developed in collaboration with Research Frontiers licensee InspecTech Aero Service,

this “smart transparency”

controls and manages both beneficial and undesirable outside elements coming into aircraft

cabins through passenger windows.

Systems exhibited SPD-Smart EDWs at Aircraft Interiors Expo Asia and at the National Business Aviation Association (NBAA) Business

Aviation Convention & Exhibition.

These products improve the airline passenger experience by controlling light, glare, heat

and noise entering the cabin.

SPD-Smart EDW control switches from InspecTech Aero Service were featured at the EBACE aircraft show on the newly redesigned King

Air 350i and 250 that were on display by Textron-Beechcraft.

Also, at EBACE it was reported that the King Air C90GTx (the third

King Air to offer SPD-Smart EDWs as standard equipment) has received FAA certification, and Textron highlighted the improved EDWs

on its newly redesigned aircraft as an important cabin enhancement.

Systems debuted an Acti-Vision interactive aircraft window at the EBACE aircraft show that not only dims but brings the passenger

important information such as flight status, moving map, satellite imagery, and even tourist information about what the passenger

is looking at out the window via a transparent video touchscreen built into the window.

Systems introduced a solution for the light and glare issues commonly experienced in aircraft cockpits at the Aircraft Interiors

Vision Systems’

Nuance Smart Shell, using Research Frontiers SPD-Smart EDW technology, is designed for lateral cockpit

windows, which account for a large percentage of light and glare entering cockpits, and are extremely difficult to shade.

Nuance Smart Shell EDW covers the entire window surface area and brings dynamic solar control to aircraft cockpits – providing

automated management of intense high-altitude light and glare, and protection from harmful UV radiation.

The Eclipse 700 aircraft is an upgraded version

of its Eclipse 500/550.

The Alteos EDW utilizes the NUANCE V2 shading product by Vision Systems that uses SPD-Smart light-control technology

from Research Frontiers.

As ONE Aviation stated in the announcement, “A priority at ONE Aviation is to maximize ease of use and

passenger comfort.

The PPG ALTEOS system provides both with simple and effective control of window shading.”

Systems and PPG Aerospace announced that they have reached a commercial agreement to work together on developing new applications utilizing

Vision Systems’ EDW shading solutions for aircraft.

These solutions use Research Frontiers’ SPD-Smart EDW technology and

also combine the considerable experience that both PPG Aerospace and Vision Systems have in supplying the aircraft industry with EDW

As stated in their press release, “The agreement provides a framework for PPG and Vision Systems to pursue opportunities

in commercial, regional, military and general aviation applications that capitalize on each company’s expertise.”

the MRO Europe conference Fokker Services, a division of GKN Aerospace, launched “Element EDW,” a new electronically dimmable

window system for commercial airliners.

Developed in collaboration with Research Frontiers licensee InspecTech Aero Service, this “smart

transparency” controls and manages both beneficial and undesirable outside elements coming into aircraft cabins through passenger

Systems exhibited SPD-Smart EDWs at Aircraft Interiors Expo Asia and at the National Business Aviation Association (NBAA) Business Aviation

Convention & Exhibition.

These products improve the airline passenger experience by controlling light, glare, heat and noise entering

SPD-Smart EDW control switches from InspecTech Aero Service were featured at the EBACE aircraft show on the newly redesigned King Air

350i and 250 that were on display by Textron-Beechcraft.

Also, at EBACE it was reported that the King Air C90GTx (the third King Air

to offer SPD-Smart EDWs as standard equipment) has received FAA certification, and Textron highlighted the improved EDWs on its newly

redesigned aircraft as an important cabin enhancement.

Systems debuted an Acti-Vision interactive aircraft window at the EBACE aircraft show that not only dims but brings the passenger important

information such as flight status, moving map, satellite imagery, and even tourist information about what the passenger is looking at

out the window via a transparent video touchscreen built into the window.

Systems introduced a solution for the light and glare issues commonly experienced in aircraft cockpits at the Aircraft Interiors Expo.

Vision Systems’ Nuance Smart Shell, using Research Frontiers SPD-Smart EDW technology, is designed for lateral cockpit windows,

which account for a large percentage of light and glare entering cockpits, and are extremely difficult to shade.

The Nuance Smart Shell

EDW covers the entire window surface area and brings dynamic solar control to aircraft cockpits – providing automated management

of intense high-altitude light and glare, and protection from harmful UV radiation.

Systems demonstrated its Nuance Touchless SPD-Smart EDW at the 2015 Aircraft Interiors Expo in Hamburg, Germany.

The new system

allows passengers to use gestures, much like those used to operate a smart phone, to control the tint of their aircraft windows,

but without ever having to touch the window or any other aircraft interior component.

The new system allows

passengers to use gestures, much like those used to operate a smart phone, to control the tint of their aircraft windows, but without

ever having to touch the window or any other aircraft interior component.

showcased its CromaLite brand of SPD-Smart electronically dimmable windows at the Aircraft Interiors Expo in Hamburg, Germany.

Systems unveiled its SPD-Smart Opti-Visor electronically dimmable sun visor for the aircraft market at the Helicopter Association

International Heli-Expo in Orlando, Florida.

the 2014 MEBA show in Dubai, U.A.E., Vision Systems unveiled a new generation of its Energia photovoltaic autonomous SPD-Smart

dimmable window – the new product is capable of producing more energy than the prior generation.

Systems unveiled its SPD-Smart Opti-Visor electronically dimmable sun visor for the aircraft market at the Helicopter Association International

Heli-Expo in Orlando, Florida.

the 2014 MEBA show in Dubai, U.A.E., Vision Systems unveiled a new generation of its Energia photovoltaic autonomous SPD-Smart dimmable

window – the new product is capable of producing more energy than the prior generation.

Aircraft featured SPD-Smart windows in the mock-up of its upcoming E1000 aircraft.

The mock-up was unveiled at 2014 NBAA in Orlando,

the 2014 EBACE show in Geneva, Switzerland, Vision Systems unveiled a new SPD-Smart dimmable window product that offers passengers

the ability to independently control the tint of different “zones”

within the same window.

At the same show, Vision

Systems announced an improvement in the optical performance of its Nuance SPD-Smart dimmable windows – a product offering

wider amplitude between clear and dark.

the 2014 EBACE show in Geneva, Switzerland, Vision Systems unveiled a new SPD-Smart dimmable window product that offers passengers the

ability to independently control the tint of different “zones” within the same window.

At the same show, Vision Systems announced

an improvement in the optical performance of its Nuance SPD-Smart dimmable windows – a product offering wider amplitude between

clear and dark.

Systems featured SPD-Smart electronically dimmable windows in its cabin management system mock-up at the 2014 Hamburg Airshow.

The windows can be controlled by the BAE system.

can be controlled by the BAE system.

featured an SPD-Smart electronically dimmable window in its commercial airliner window assembly at the 2014 Hamburg Airshow.

the 2013 AIX Americas show, Vision Systems’

strategic partner Vaupell announced they are offering the industry a complete

SPD-Smart light-control window system – Vision Systems’

SPD-Smart Noctis window and control system, integrated with

Vaupell’s window assembly.

This product offering was showcased at Vaupell’s AIX Americas booth.

Vision Systems and

Vaupell entered into a strategic partnership to develop and offer SPD-Smart Noctis and Nuance windows to OEMs, including Vaupell’s

longstanding customer Boeing.

the 2013 NBAA, Vision Systems unveiled Energia – the world’s first self-powered dimmable window for aircraft cabins.

Energia adds the many practical, technical, and financial benefits of solar power to the instant switching speed, wide range of

light transmission, and relief from light, glare and heat that SPD-Smart aircraft windows already provide.

Energia operates without

using the aircraft’s electrical system because it integrates a transparent photovoltaic layer that is capable of producing

its own energy – from the sun, or from artificial light sources.

Energia facilitates the installation of dimmable windows

on new production and aftermarket aircraft.

It is completely independent of the cabin’s wiring, and no modifications to

the aircraft’s existing electrical system are required.

Energia was developed in collaboration with Sunpartner Technologies,

Vision Systems partner and the inventor and manufacturer of the transparent photovoltaic panel.

In March 2014, Vision Systems

announced that Energia had been selected as a finalist in the prestigious 2014 Crystal Cabin Award.

a press release at the 2013 NBAA in Las Vegas, GKN stated:

“In addition to the Global 7000/8000, the aircraft transparencies

operation equips the Beechcraft KingAir, the Lear 35/45 and 60 – and the complete Embraer aircraft family.

The company’s

latest passenger windows are the largest and most effective on the market and GKN Aerospace is developing new dimmable cabin management

technology that will include full cabin blackout – providing passengers with new levels of comfort and environmental control

during their journey.”

the 2013 AIX Americas show, Vision Systems’ strategic partner Vaupell announced they are offering the industry a complete SPD-Smart

light-control window system – Vision Systems’ SPD-Smart Noctis window and control system, integrated with Vaupell’s

window assembly.

This product offering was showcased at Vaupell’s AIX Americas booth.

Vision Systems and Vaupellentered into a

strategic partnership to develop and offer SPD-Smart Noctis and Nuance windows to OEMs, including Vaupell’s longstanding customer

the 2013 NBAA, Vision Systems unveiled Energia – the world’s first self-powered dimmable window for aircraft cabins.

adds the many practical, technical, and financial benefits of solar power to the instant switching speed, wide range of light transmission,

and relief from light, glare and heat that SPD-Smart aircraft windows already provide.

Energia operates without using the aircraft’s

electrical system because it integrates a transparent photovoltaic layer that is capable of producing its own energy – from the

sun, or from artificial light sources.

Energia facilitates the installation of dimmable windows on new production and aftermarket aircraft.

It is completely independent of the cabin’s wiring, and no modifications to the aircraft’s existing electrical system are

Energia was developed in collaboration with Sunpartner Technologies, Vision Systems partner and the inventor and manufacturer

of the transparent photovoltaic panel.

In March 2014, Vision Systems announced that Energia had been selected as a finalist in the prestigious

2014 Crystal Cabin Award.

the Paris Air Show, Vision Systems announced it will open its first-ever U.S.

SPD-SmartGlass factory, investing nearly $1.2 million

in capital expenditures to serve customers with strong U.S.

The new factory was highlighted by Florida Governor Rick

Scott and Vision Systems President and CEO Carl Putman, with Research Frontiers President and CEO Joseph M.

Harary and others

in attendance for this special announcement.

This announcement of a further expansion to the United States indicates an acceleration

of existing and projected business in North and South America where major aircraft OEMs and customers of Vision Systems are located,

including HondaJet and Gulfstream.

SPD-SmartGlass factory, investing nearly $1.2 million in

capital expenditures to serve customers with strong U.S.

The new factory was highlighted by Florida Governor Rick Scott and

Vision Systems President and CEO Carl Putman, with Research Frontiers President and CEO Joseph M.

Harary and others in attendance for

this special announcement.

This announcement of a further expansion to the United States indicates an acceleration of existing and projected

business in North and South America where major aircraft OEMs and customers of Vision Systems are located, including HondaJet and Gulfstream.

featured SPD-Smart windows, and SPD-Smart cabin partitions, in the mock-up of its EC175 helicopter.

The mock-up was unveiled at

EBACE 2013 in Geneva, Switzerland.

Systems debuted its new SPD-Smart window with integrated electronics and controls directly on the window at the 2013 Hamburg Air

Developed with strategic partner Vaupell, a world leader in the production of aircraft interior subassemblies for commercial

aerospace applications, it became the first dimmable window with integrated electronics and control panel directly on the aesthetically

attractive window reveal.

The mock-up was unveiled at EBACE

2013 in Geneva, Switzerland.

Systems debuted its new SPD-Smart window with integrated electronics and controls directly on the window at the 2013 Hamburg Air Show.

Developed with strategic partner Vaupell, a world leader in the production of aircraft interior subassemblies for commercial aerospace

applications, it became the first dimmable window with integrated electronics and control panel directly on the aesthetically attractive

window reveal.

Aircraft Company featured HondaJet SPD-Smart cabin windows at the 2012 National Business Aviation Association (NBAA) Annual Meeting &

& Convention.

The HondaJet’s passenger windows will use SPD technology as standard equipment.

SPD-Smart Nuance windows

for the HondaJet went into production at Vision Systems’

new Melbourne, Florida factory.

announced enhancements to its electronics architecture used to control its iShade to enable the SPD-Smart electronically dimmable

windows to switch to their clearest state in the event of a power loss – that was a request made by certain OEMs.

InspecTech’s

iShades now offer “the best of both worlds”

- when unpowered on the ramp, the windows automatically switch to their

darkest, maximum heat-rejecting state, and when in the air, they instantly switch to the clear state in the event of a loss of

announced improvements to its iShade iQ including a higher light transmission, greater contrast ratio, unprecedented optical clarity,

The HondaJet’s passenger windows will use SPD technology as standard equipment.

SPD-Smart Nuance windows for the HondaJet

went into production at Vision Systems’ new Melbourne, Florida factory.

announced enhancements to its electronics architecture used to control its iShade to enable the SPD-Smart electronically dimmable windows

to switch to their clearest state in the event of a power loss – that was a request made by certain OEMs.

InspecTech’siShades

now offer “the best of both worlds” - when unpowered on the ramp, the windows automatically switch to their darkest, maximum

heat-rejecting state, and when in the air, they instantly switch to the clear state in the event of a loss of power.

announced improvements to its iShadeiQ including a higher light transmission, greater contrast ratio, unprecedented optical clarity,

superior acoustic and thermal insulation properties, and lighter weight.

the 2012 Aircraft Interiors Expo in Hamburg, Germany, Isoclima S.p.A.

announced that Isoclima’s CromaLite brand of SPD-Smart

aerospace windows made its world premiere.

CromaLite is Isoclima’s SPD-Smart solar control glazing product and enables users

to efficiently control the transmitted solar radiation in both the visible and the solar range.

Alberto Bertolini, Executive

Director of Isoclima, commented:

“Our CromaLite brand of SPD-Smart window offers many valuable light-control benefits:

shading, glare control, UV rejection, the desire for passenger comfort, and keeping aircraft cool when they are on the ground.

We are very excited by the reactions we have received from OEMs and cabin designers who are here at the Aircraft Interiors Expo

and are excited about our growing portfolio of SPD-Smart CromaLite solutions for the transportation and architectural markets.”

Systems announced that the company has invested over $750,000 to expand its existing factory in France to add a production facility

dedicated to the manufacture of its SPD-Smart Nuance and Noctis aerospace and transportation windows and cabin dividers.

announced that Isoclima’sCromaLite brand of SPD-Smart aerospace

windows made its world premiere.

CromaLite is Isoclima’s SPD-Smart solar control glazing product and enables users to efficiently

control the transmitted solar radiation in both the visible and the solar range.

Alberto Bertolini, Executive Director of Isoclima,

“Our CromaLite brand of SPD-Smart window offers many valuable light-control benefits:

instant shading, glare control,

UV rejection, the desire for passenger comfort, and keeping aircraft cool when they are on the ground.

We are very excited by the reactions

we have received from OEMs and cabin designers who are here at the Aircraft Interiors Expo and are excited about our growing portfolio

of SPD-Smart CromaLite solutions for the transportation and architectural markets.”

Systems announced that the company has invested over $750,000 to expand its existing factory in France to add a production facility dedicated

to the manufacture of its SPD-Smart Nuance and Noctis aerospace and transportation windows and cabin dividers.

Aerospace featured SPD-Smart aircraft windows in its CSeries aircraft cabin mock-up at the 2011 Dubai Airshow, equipping the business

class windows in its mock-up with SPD-Smart aerospace windows.

Systems exhibited its Nuance and Noctis brands of SPD-Smart aircraft cabin windows at the Dubai Airshow in Dubai, United Arab

Nuance and Noctis SPD-Smart aerospace windows offer instant and precise light-control at every level which provides

OEMs and private aircraft owners a solar protection solution that enhances flying comfort and supports fuel efficiency.

electronically dimmable aircraft and helicopter window shades and cabin dividers are impact-resistant, completely silent, available

in flat and curved surfaces, and can be controlled by the cabin management system or by passengers.

Vision Systems’

SPD-Smart product line offers enhanced blackout solar protection and complete privacy.

Also, at the November 2011 Dubai Airshow,

Vision Systems announced that Bombardier Aerospace was featuring Vision Systems’

SPD-Smart aircraft windows in Bombardier’s

CSeries aircraft cabin mock-up.

Bombardier equipped the business class windows in its mock-up with Vision Systems’

Noctis aerospace windows.

Developed for the 100- to 149-seat market segment, the CSeries family of aircraft is Bombardier’s

all new mainline transport solution.

announced a new model of its SPD-Smart iShade window, branded iShade iQ.

This model, in addition to the light, glare and heat

control, also reduces noise levels in the cabin.

Frontiers and GKN Aerospace Transparency Systems publicly announced the expansion of the scope of the former license agreement

to include the sale of SPD-Smart windows, window shades, interior partitions, cabin dividers and other products for aircraft.

The earlier license agreement with GKN focused on SPD-Smart products for armored transportation applications.

GKN Aerospace is

the world-leading supplier of cockpit transparencies and passenger cabin windows.

Systems exhibited its Nuance and Noctis brands of SPD-Smart aircraft cabin windows at the Dubai Airshow in Dubai, United Arab Emirates.

Nuance and Noctis SPD-Smart aerospace windows offer instant and precise light-control at every level which provides OEMs and private

aircraft owners a solar protection solution that enhances flying comfort and supports fuel efficiency.

These electronically dimmable

aircraft and helicopter window shades and cabin dividers are impact-resistant, completely silent, available in flat and curved surfaces,

and can be controlled by the cabin management system or by passengers.

Vision Systems’ Noctis SPD-Smart product line offers enhanced

blackout solar protection and complete privacy.

Also, at the November 2011 Dubai Airshow, Vision Systems announced that Bombardier Aerospace

was featuring Vision Systems’ SPD-Smart aircraft windows in Bombardier’s CSeries aircraft cabin mock-up.

Bombardier equipped

the business class windows in its mock-up with Vision Systems’ SPD-Smart Noctis aerospace windows.

Developed for the 100- to 149-seat

market segment, the CSeries family of aircraft is Bombardier’s all new mainline transport solution.

announced a new model of its SPD-Smart iShade window, branded iShadeiQ.

This model, in addition to the light, glare and heat control,

also reduces noise levels in the cabin.

performance requirements for aircraft light-control windows:

radiation onboard aircraft is extreme and requires a dimmable window that creates an environment dark enough for passengers

to sleep, even during daylight hours.

Research Frontiers licensees now offer SPD-Smart windows that can be set to block over

99.96% of incoming light, to meet the needs of OEMs and their customers.

radiation onboard aircraft is extreme and requires a dimmable window that creates an environment dark enough for passengers to sleep,

even during daylight hours.

Research Frontiers licensees now offer SPD-Smart windows that can be set to block over 99.96% of incoming

light, to meet the needs of OEMs and their customers.

a passenger wants relief from glare, SPD-Smart aircraft windows offer immediate response.

Due to instant switching, an infinite

number of light-transmission states can be selected by the passenger or flight crew, from clear to blackout, and any level

of view-preserving tint in between.

Due to instant switching, an infinite number

of light-transmission states can be selected by the passenger or flight crew, from clear to blackout, and any level of view-preserving

tint in between.

Heat-blocking:

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warm cabin upon boarding or the need to use jet fuel or auxiliary power units before boarding to cool down the cabin.

aircraft windows automatically switch to their maximum heat-blocking state, even when the aircraft is parked unpowered, and

the cabin remains cool.

SPD-Smart aircraft

windows automatically switch to their maximum heat-blocking state, even when the aircraft is parked unpowered, and the cabin remains

challenges stated by OEMs and their customers that have been successfully met by SPD-Smart dimmable aircraft windows include:

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Architectural Products:

Frontiers and its licensees are currently working with multiple architectural customers to introduce SPD-Smart products including

windows, skylights, partitions and doors.

The architectural markets for these products are highly fragmented and in general have

a high sensitivity to price.

In the near term, the Company expects SPD-SmartGlass products primarily will be commercialized in

specialty applications and/or sectors that value its distinctive performance attributes including fast switching speed regardless

of window size, a very wide range of visible light transmission, infinite light-control between its dark and clear states, and

availability in unusual shapes and sizes.

Research Frontiers’

end-product licensees in this sector include industry leaders

American Glass Products (AGP), Asahi Glass, Cricursa Cristales Curvados, Gauzy, Glatic, Innovative Glass, Isoclima, LTI

SmartGlass, NSG UMU Products Co., Ltd Prelco, Isoclima, Smartglass International and Traco (a business unit of Alcoa).

Frontiers and its licensees are currently working with multiple architectural customers to introduce SPD-Smart products including windows,

skylights, partitions and doors.

The architectural markets for these products are highly fragmented and in general have a high sensitivity

In the near term, the Company expects SPD-SmartGlass products primarily will be commercialized in specialty applications and/or

sectors that value its distinctive performance attributes including fast switching speed regardless of window size, a very wide range

of visible light transmission, infinite light-control between its dark and clear states, and availability in unusual shapes and sizes.

Research Frontiers’ end-product licensees in this sector include industry leaders such as:

American Glass Products (AGP), Asahi

Glass, CricursaCristalesCurvados, Gauzy, Glatic, Innovative Glass, Isoclima, LTI SmartGlass, NSG UMU Products Co., Ltd Prelco, Isoclima,

Smartglass International and Traco (a business unit of Alcoa).

December 2019, Research Frontiers licensed Seoul, South Korea based Glatic Co., Ltd.

to produce and sell SPD-SmartGlass smart

windows for the South Korean architectural market.

to produce and sell SPD-SmartGlass smart windows

for the South Korean architectural market.

January 2017, Research Frontiers and NSG UMU Products Co., Ltd.

announced that UMU Products has acquired a license from Research

Frontiers to produce and sell SPD-SmartGlass architectural intelligent products throughout the United States, Canada, Mexico,

Japan, the People’s Republic of China and Taiwan.

The non-exclusive license grants UMU Products, a subsidiary of world-leading

glass manufacturer Nippon Sheet Glass, the right to manufacture and sell SPD-SmartGlass products including windows, doors, solar

shading screens, curtainwalls, skylights and other intelligent smart glass architectural products.

September 2016, Smartglass International announced that its Solar SmartGlass brand of SPD-SmartGlass has been selected for both

new construction and retrofit projects.

An example of a retrofit project is the University of Edinburgh’s historic McEwan

The interior of this hall, built in 1897, is being refurbished.

In an article on the Smartglass International website, the

company indicates that its Solar SmartGlass “…will be retrofitted to the internal building walls to protect the beautiful

paintings and features for many more years to come.

The glass will increase the functionality of the space by allowing instant

control over the amount of light entering the hall.

Smartglass International will create bespoke solar switchable panels that

will be fitted inside each of the 13 circular oculi, each more than 2 metres in diameter.”

announced that UMU Products has acquired a license from Research Frontiers

to produce and sell SPD-SmartGlass architectural intelligent products throughout the United States, Canada, Mexico, Japan, the People’s

Republic of China and Taiwan.

The non-exclusive license grants UMU Products, a subsidiary of world-leading glass manufacturer Nippon

Sheet Glass, the right to manufacture and sell SPD-SmartGlass products including windows, doors, solar shading screens, curtainwalls,

skylights and other intelligent smart glass architectural products.

September 2016, Smartglass International announced that its Solar SmartGlass brand of SPD-SmartGlass has been selected for both new construction

and retrofit projects.

An example of a retrofit project is the University of Edinburgh’s historic McEwan Hall.

The interior of

this hall, built in 1897, is being refurbished.

In an article on the Smartglass International website, the company indicates that its

Solar SmartGlass “…will be retrofitted to the internal building walls to protect the beautiful paintings and features for

many more years to come.

The glass will increase the functionality of the space by allowing instant control over the amount of light

entering the hall.

Smartglass International will create bespoke solar switchable panels that will be fitted inside each of the 13 circular

oculi, each more than 2 metres in diameter.”

its annual stockholders meeting in June 2015, Research Frontiers announced a small strategic investment in Zuli Inc.

a manufacturer

of smartplugs.

At this meeting, Joseph Harary demonstrated how the Zuli Smartplug integrates with SPD SmartGlass products.

Harary indicated that “Using a Zuli Smartplug, you can walk into a room with your smartphone, and have the lights automatically

turn on, temperature adjust, and the glass in your windows instantly go from an energy-saving dark tint, to clear so you can see

the magnificent views outside your home.

Now, walk into another room and have those lights and windows adjust too, while the Zuli

Smartplug automatically shuts off your devices in the room you left to save energy.”

March 2015, Research Frontiers’

patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA

Pavilion at this year’s World’s Fair, Expo Milano 2015 from May through October 2015.

The USA Pavilion 312 large panels

of SPD-SmartGlass manufactured under license from Research Frontiers by Isoclima S.p.A.

Each panel measures approximately 1 meter

by 3 meters, making the total surface area in the roof more than 10,000 square feet.

This is the largest known installation of

smart glass in the world for a roof application and was seen by over six million people.

a manufacturer of

At this meeting, Joseph Harary demonstrated how the ZuliSmartplug integrates with SPD SmartGlass products.

Harary indicated

that “Using a ZuliSmartplug, you can walk into a room with your smartphone, and have the lights automatically turn on, temperature

adjust, and the glass in your windows instantly go from an energy-saving dark tint, to clear so you can see the magnificent views outside

Now, walk into another room and have those lights and windows adjust too, while the ZuliSmartplug automatically shuts off

your devices in the room you left to save energy.”

March 2015, Research Frontiers’ patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA Pavilion

at this year’s World’s Fair, Expo Milano 2015 from May through October 2015.

The USA Pavilion 312 large panels of SPD-SmartGlass

manufactured under license from Research Frontiers by Isoclima S.p.A.

Each panel measures approximately 1 meter by 3 meters, making the

total surface area in the roof more than 10,000 square feet.

This is the largest known installation of smart glass in the world for a

roof application and was seen by over six million people.

windows, skylights, doors and partitions offer various benefits in architectural applications.

During 2009, independent tests

were conducted by DSET Laboratories, a division of Atlas Material Testing Technology, in accordance with ASTM and ASHRAE testing

and calculation protocols.

These test results demonstrate that SPD-Smart windows have excellent solar heat rejection and control

capabilities.

In January 2011 a study published by the Department of Engineering at the University of Cambridge concluded that

SPD-Smart light-control windows are exceptionally energy efficient, reducing solar heat gain by as much as 90%.

The Cambridge

study indicated that the real-world testing “confirms theoretical predictions that SPD glass holds great energy saving potential

and is a technology that can really help to reduce energy wastage of glass facades.”

In addition to SPD-Smart technology,

the Cambridge study discussed alternative dynamic glazing technologies that could be used in windows (e.g.

electrochromics) and

reported that SPD-Smart technology did not have the disadvantages that limited the potential of these alternative technologies.

For example, the study cited that an electrochromic window that is 2.4 square meters can take up to 30 minutes to change from

clear to dark.

November 2011, Research Frontiers’

licensee Innovative Glass Corporation was awarded two 2010 Crystal Achievement Awards

for its smart window product line using our SPD-Smart light-control technology.

In October 2010, its SPD-SmartGlass product was

awarded WFX’s (Worship Facilities Conference & Expo) New Product award for Best Building System Material Product/Window.

Innovative Glass has completed or is working on a variety of SPD-SmartGlass projects in the commercial, residential and institutional

Innovative Glass also periodically exhibits its SPD-SmartGlass architectural products at Glass Expo Northeast in Hauppauge,

Glass Expo Northeast is the region’s largest conference and trade show dedicated to the architectural glass and

metal industry.

During 2009, independent tests were conducted

by DSET Laboratories, a division of Atlas Material Testing Technology, in accordance with ASTM and ASHRAE testing and calculation protocols.

These test results demonstrate that SPD-Smart windows have excellent solar heat rejection and control capabilities.

In January 2011 a

study published by the Department of Engineering at the University of Cambridge concluded that SPD-Smart light-control windows are exceptionally

energy efficient, reducing solar heat gain by as much as 90%.

The Cambridge study indicated that the real-world testing “confirms

theoretical predictions that SPD glass holds great energy saving potential and is a technology that can really help to reduce energy

wastage of glass facades.” In addition to SPD-Smart technology, the Cambridge study discussed alternative dynamic glazing technologies

that could be used in windows (e.g.electrochromics) and reported that SPD-Smart technology did not have the disadvantages that limited

the potential of these alternative technologies.

For example, the study cited that an electrochromic window that is 2.4 square meters

can take up to 30 minutes to change from clear to dark.

November 2011, Research Frontiers’ licensee Innovative Glass Corporation was awarded two 2010 Crystal Achievement Awards for its

smart window product line using our SPD-Smart light-control technology.

In October 2010, its SPD-SmartGlass product was awarded WFX’s

(Worship Facilities Conference & Expo) New Product award for Best Building System Material Product/Window.

Innovative Glass has completed

or is working on a variety of SPD-SmartGlass projects in the commercial, residential and institutional markets.

Innovative Glass also

periodically exhibits its SPD-SmartGlass architectural products at Glass Expo Northeast in Hauppauge, New York.

Glass Expo Northeast

is the region’s largest conference and trade show dedicated to the architectural glass and metal industry.

Frontiers licensee SmartGlass International has announced completion of several high visibility SPD-SmartGlass installations.

During February 2012, the company announced installation of SPD-SmartGlass at CERN, the European Organization for Nuclear Research,

which is one of the world’s largest and most respected centers for scientific research.

SmartGlass International installed

SPD-SmartGlass in CERN’s Globe of Science and Innovation that will house a permanent exhibition and is intended to serve

as a venue for a wide range of activities, conferences and other events, In February 2011, SmartGlass International announced

it supplied retrofit SPD-SmartGlass to five London television studios of the Associated Press.

The SPD-SmartGlass used in these

projects harvests daylight when it’s needed, improves occupant comfort by providing controllable solar shading during peak

light conditions, and preserves views.

Just prior to this installation, it was announced that SmartGlass International installed

retrofit SPD-SmartGlass panels at the set of “Daybreak,”

the breakfast anchor program from ITV, one of the UK’s

largest commercial television networks.

February 2012, the company announced installation of SPD-SmartGlass at CERN, the European Organization for Nuclear Research, which is

one of the world’s largest and most respected centers for scientific research.

SmartGlass International installed SPD-SmartGlass

in CERN’s Globe of Science and Innovation that will house a permanent exhibition and is intended to serve as a venue for a wide

range of activities, conferences and other events, In February 2011, SmartGlass International announced it supplied retrofit SPD-SmartGlass

to five London television studios of the Associated Press.

The SPD-SmartGlass used in these projects harvests daylight when it’s

needed, improves occupant comfort by providing controllable solar shading during peak light conditions, and preserves views.

to this installation, it was announced that SmartGlass International installed retrofit SPD-SmartGlass panels at the set of “Daybreak,”

the breakfast anchor program from ITV, one of the UK’s largest commercial television networks.

2014, Research Frontiers added Teknoglass Solutions LLP and Diamond Glass.

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to make and sell SPD-SmartGlass architectural smart window products in the United Kingdom and Republic of Ireland.

Diamond Glass acquired a license from Research Frontiers Inc.

to make and sell SPD-SmartGlass architectural smart window products

throughout Europe.

In November of 2013 Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural

market in Brazil.

In March of 2013 Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech,

both of whom are targeting the architectural market (in addition to the automotive aftermarket discussed previously) in Russia.

Glass acquired a license from Research Frontiers Inc.

to make and sell SPD-SmartGlass architectural smart window products throughout

In November of 2013 Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural market in

In March of 2013 Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech, both of whom

are targeting the architectural market (in addition to the automotive aftermarket discussed previously) in Russia.

Marine Products:

Frontiers and its licensees are currently working with marine customers to introduce SPD-Smart products including windows, doors

and partitions.

When our patented SPD-Smart light-control technology is used in yacht windows and other products, users can quickly

and precisely control and “tune”

the amount of light, glare and heat coming through their windows, while preserving

Diamond Sea Glaze Manufacturing commenced marketing activities for products using SPD technology during the second

quarter of 2011 but did not renew its license for SPD-SmartGlass technology for the marine market which terminated at the end

of December 2017.

Frontiers and its licensees are currently working with marine customers to introduce SPD-Smart products including windows, doors and

When our patented SPD-Smart light-control technology is used in yacht windows and other products, users can quickly and precisely

control and “tune” the amount of light, glare and heat coming through their windows, while preserving their view.

Sea Glaze Manufacturing commenced marketing activities for products using SPD technology during the second quarter of 2011 but did not

renew its license for SPD-SmartGlass technology for the marine market which terminated at the end of December 2017.

June 2019, Vision Systems exhibited at the Cruise Ship Interiors Expo in Miami, Florida.

Building upon its expertise in dimmable

shading systems, Vision Systems exhibited its Electronically Dimmable Windows (EDWs) for solar protection and privacy, including

a curved dimmable solution, a complete privacy solution, and a multizone Electronically Dimmable Window with integrated information

Vision Systems’

innovative solutions make it possible to eliminate shades that clutter up the space, block the

view and require regular maintenance.

They also allow for a solar protection on windows where shades could not, or be difficult,

to be installed.

Building upon its expertise in dimmable shading

systems, Vision Systems exhibited its Electronically Dimmable Windows (EDWs) for solar protection and privacy, including a curved dimmable

solution, a complete privacy solution, and a multizone Electronically Dimmable Window with integrated information display.

Vision Systems’

innovative solutions make it possible to eliminate shades that clutter up the space, block the view and require regular maintenance.

They also allow for a solar protection on windows where shades could not, or be difficult, to be installed.

October 2016, Vision Systems announced at the Monaco Yacht Show and 2016 IBEX new relationships for offering SPD-SmartGlass products

with Taylor Made Systems, ProCurve Glass, and Yachtglass.

In addition, the Monaco Yacht Show hosted the world premiere of the

“Edition 1”

model of the “ARROW460 – Granturismo,”

which has SPD-Smart dimmable glazing products

throughout the Silver Arrows Marine motor yacht supplied by Vision Systems and designed by Mercedes-Benz Design.

November 2015, Silver Arrows Marine in conjunction with Mercedes-Benz Style (a design arm of Mercedes-Benz) unveiled a new yacht

called the ARROW460 – Granturismo featuring an SPD-SmartGlass electronically dimmable roof.

The roof, which is supplied

by licensee Vision Systems, will be able to be electrically risen, creating a “glass pergola”

effect on the yacht.

First customer deliveries of this production yacht are planned to start in early 2016.

Vision Systems presented its products at

the 2015 Marine Equipment Trade Show in Amsterdam in November 2015 and at the Monaco Yacht Show in September 2015.

November 2013, Hatteras Yachts unveiled its new flagship motor yacht, the 100 Raised Pilothouse with dual SPD-SmartGlass skylights

in the galley as standard equipment at the 2013 Fort Lauderdale Boat Show.

In addition, the Monaco Yacht Show hosted the world premiere of the “Edition

1” model of the “ARROW460 – Granturismo,” which has SPD-Smart dimmable glazing products throughout the Silver

Arrows Marine motor yacht supplied by Vision Systems and designed by Mercedes-Benz Design.

November 2015, Silver Arrows Marine in conjunction with Mercedes-Benz Style (a design arm of Mercedes-Benz) unveiled a new yacht called

the ARROW460 – Granturismo featuring an SPD-SmartGlass electronically dimmable roof.

The roof, which is supplied by licensee Vision

Systems, will be able to be electrically risen, creating a “glass pergola” effect on the yacht.

First customer deliveries

of this production yacht are planned to start in early 2016.

Vision Systems presented its products at the 2015 Marine Equipment Trade

Show in Amsterdam in November 2015 and at the Monaco Yacht Show in September 2015.

November 2013, Hatteras Yachts unveiled its new flagship motor yacht, the 100 Raised Pilothouse with dual SPD-SmartGlass skylights in

the galley as standard equipment at the 2013 Fort Lauderdale Boat Show.

February 2013, licensee Isoclima demonstrated its VebLite brand of SPD-SmartGlass for marine applications at SEATEC 2013 in Italy.

SEATEC is a leading international exhibition of technology and design for boats, megayachts and ships.

November 2012, licensee Isoclima exhibited its VebLite brand of SPD-SmartGlass for marine applications at the Marine Equipment

Trade (METS) Show 2012 in The Netherlands.

VebLite is Isoclima’s SPD-Smart solar control and privacy glazing product that

functions like a venetian blind.

It has multiple segments that provide instantly customizable shading fully controlled by the

passenger that can be operated individually to create the effect of a shade being raised or lowered or moved to the side.

precisely controls where incoming heat and glare enter a yacht or boat through a window or rooflite, and also controls privacy

addition to exhibiting its SPD-Smart marine products at METS 2012, licensee Vision Systems’

SPD-Smart Nuance dimmable marine

window was named the category winner in the prestigious METS 2012 Design Award METS (DAME) competition for interior equipment,

furnishing, materials and electrical fittings used in cabins.

DAME is considered the world’s most prestigious design competition

for new marine equipment and accessories.

In METS’

news release about the DAME award, it was noted “The Jury felt

that Nuance is a major innovation that will benefit designers and owners greatly - with comparatively little increase in cost.”

October 2011, Cheoy Lee Shipyards unveiled the Alpha 76 Express, its most advanced production yacht, which is fully equipped with

the latest yacht design features including SPD-SmartGlass supplied by Research Frontiers licensee Diamond Sea Glaze.

has approximately 150 square feet of SPD-SmartGlass at various places throughout the vessel and it is the first large-scale production

yacht to make such extensive use of SPD-SmartGlass.

In October 2012, Cheoy Lee Shipyards exhibited two yachts – the Alpha

76 Express and the Alpha 76 Flybridge – at the 2012 Fort Lauderdale International Boat Show with SPD-SmartGlass.

is a leading international exhibition of technology and design for boats, megayachts and ships.

November 2012, licensee Isoclima exhibited its VebLite brand of SPD-SmartGlass for marine applications at the Marine Equipment Trade

(METS) Show 2012 in The Netherlands.

VebLite is Isoclima’s SPD-Smart solar control and privacy glazing product that functions like

a venetian blind.

It has multiple segments that provide instantly customizable shading fully controlled by the passenger that can be

operated individually to create the effect of a shade being raised or lowered or moved to the side.

This precisely controls where incoming

heat and glare enter a yacht or boat through a window or rooflite, and also controls privacy levels.

addition to exhibiting its SPD-Smart marine products at METS 2012, licensee Vision Systems’ SPD-Smart Nuance dimmable marine window

was named the category winner in the prestigious METS 2012 Design Award METS (DAME) competition for interior equipment, furnishing, materials

and electrical fittings used in cabins.

DAME is considered the world’s most prestigious design competition for new marine equipment

and accessories.

In METS’ news release about the DAME award, it was noted “The Jury felt that Nuance is a major innovation

that will benefit designers and owners greatly - with comparatively little increase in cost.”

October 2011, Cheoy Lee Shipyards unveiled the Alpha 76 Express, its most advanced production yacht, which is fully equipped with the

latest yacht design features including SPD-SmartGlass supplied by Research Frontiers licensee Diamond Sea Glaze.

The Alpha has approximately

150 square feet of SPD-SmartGlass at various places throughout the vessel and it is the first large-scale production yacht to make such

extensive use of SPD-SmartGlass.

In October 2012, Cheoy Lee Shipyards exhibited two yachts – the Alpha 76 Express and the Alpha

76 Flybridge – at the 2012 Fort Lauderdale International Boat Show with SPD-SmartGlass.

May 2013, Research Frontiers announced the formation of its VariGuard SmartGlass business unit.

This business unit allowed the

Company to directly address market opportunities for SPD technology outside the scope of its current license agreements or the

focus of its licensees.

VariGuard SmartGlass was a developmental activity for the Company and its revenues are currently immaterial

relative to the Company’s licensing activities.

This business unit allowed the Company

to directly address market opportunities for SPD technology outside the scope of its current license agreements or the focus of its licensees.

VariGuard SmartGlass was a developmental activity for the Company and its revenues are currently immaterial relative to the Company’s

licensing activities.

VariGuard SmartGlass business unit marketed and sold SPD-Smart products directly to customers for specialty uses such as the protection

of artwork and light-sensitive documents in museums and private collections.

The business uses an optimized fabrication designed

specifically for its exhibition panels.

The production of these panels is outsourced to current licensees that have experience

producing SPD laminates.

The business uses an optimized fabrication designed specifically

for its exhibition panels.

The production of these panels is outsourced to current licensees that have experience producing SPD laminates.

light-exposure is a leading cause of irreversible damage to many precious objects, particularly works on paper, textiles and watercolor.

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VariGuard SmartGlass

provides the world’s first and only display panels that limit an artifact’s light-exposure only to when the artifact

is being viewed.

This provides unequalled protection for light-sensitive artifacts by substantially reducing an artifact’s

overall lux-hour exposure when compared to conventional display panels.

provides the world’s first and only display panels that limit an artifact’s light-exposure only to when the artifact is being

This provides unequalled protection for light-sensitive artifacts by substantially reducing an artifact’s overall lux-hour

exposure when compared to conventional display panels.

SmartGlass marketing and exhibition activities include:

In an inauguration ceremony presided over by the King and Queen of Sweden, the country’s Nationalmuseum reopened

after a five-year $132 million renovation.

The Nationalmuseum selected ArtRatio’s display case, engineered using VariGuard

SmartGlass, to allow visitors to experience these objects while at the same time providing unprecedented protection against

irreversible damage from exposure to light.

In an inauguration ceremony presided over by the King and Queen of Sweden, the country’s Nationalmuseum reopened after

a five-year $132 million renovation.

The Nationalmuseum selected ArtRatio’s display case, engineered using VariGuard SmartGlass,

to allow visitors to experience these objects while at the same time providing unprecedented protection against irreversible damage

from exposure to light.

of the works being protected by the ArtRatio display case include:

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Death Carrying a Scythe;

1500-1525, Watercolour, gold on parchment,

objects in the collection date from the Middle Ages and are highly susceptible to permanent damage from exposure to UV, visible

and infrared light.

1500-1525, Watercolour, gold on parchment, Italy.

objects in the collection date from the Middle Ages and are highly susceptible to permanent damage from exposure to UV, visible and infrared

Nationalmuseum

ArtRatio smart glass table works wonderfully, does its job of protecting our manuscripts and looks great in the room as well!”

Carina Pia Fryklund –

Curator, Department of Prints and Drawings, Nationalmuseum

VariGuard SmartGlass we can now show very light sensitive illuminations in a gallery where we also let daylight coming in.”

Joakim Werning –

Exhibition Designer, Nationalmuseum

VariGuard SmartGlass showcased its SPD-SmartGlass products at the West Coast Art

and Framing Expo at Omega Moulding’s booth #431.

ArtRatio smart glass table works wonderfully, does its job of protecting our manuscripts and looks great in the room as well!”

Carina Pia Fryklund – Curator, Department of Prints and Drawings, Nationalmuseum

VariGuard SmartGlass we can now show very light sensitive illuminations in a gallery where we also let daylight coming in.” Joakim

Werning – Exhibition Designer, Nationalmuseum

VariGuard SmartGlass showcased its SPD-SmartGlass products at the West Coast Art and

Framing Expo at Omega Moulding’s booth #431.

To raise awareness of the unprecedented benefits of VariGuard SmartGlass, the Company has launched an advertising campaign

targeting the display case and custom framing industries.

The first phase of the campaign utilizes publications from leading

conservation institutions in the US (Journal of the American Institute of Conservation) and the UK (Institute of Conservation)

as well the leading institution for the picture framing industry (Picture Framing Magazine).

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45th annual meeting of the American Institute for

Conservation of Historic and Artistic Works (AIC) in Chicago at booth #107.

The first phase of the campaign utilizes publications from leading conservation

institutions in the US (Journal of the American Institute of Conservation) and the UK (Institute of Conservation) as well the leading

institution for the picture framing industry (Picture Framing Magazine).

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45th annual meeting of the American Institute for Conservation

of Historic and Artistic Works (AIC) in Chicago at booth #107.

The Church History Museum, operated by The Church of Jesus Christ of Latter-day Saints, installed 22 exhibit cases containing

VariGuard SmartGlass panels to protect light sensitive documents and artifacts.

VariGuard panels provide a better viewing

experience (by allowing substantially higher gallery illumination levels), while simultaneously reducing damaging visible

light-exposure to artifacts.

The Smithsonian’s National Postal Museum selected VariGuard SmartGlass panels to protect the 1856 British Guiana

One Cent Magenta, the world’s most famous rare postage stamp.

VariGuard SmartGlass exhibited its products at the American Institute for Conservation of Historic and Artistic Works

(“AIC”) 43rd annual meeting in Miami, FL.

Seth Van Voorhees, President of the VariGuard SmartGlass business unit

“Our display panels offer the highest level of protection against UV and visible light damage in the industry

and they are being used in cases, frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits of VariGuard panels and how they limit light exposure, the Smithsonian National Postal Museum presented

a paper at this meeting entitled “(Year of Light) Lighten Up:

Enhancing Visitor Experiences,”

which will discuss

the positive impact that VariGuard panels have in protecting valuable artifacts and enhancing the visitor experience.

VariGuard SmartGlass exhibited its display panels at a Washington Conservation Guild meeting focused on innovative new

conservation technologies at the Smithsonian Institution’s S.

VariGuard panels provide a better viewing experience

(by allowing substantially higher gallery illumination levels), while simultaneously reducing damaging visible light-exposure to

The Smithsonian’s National Postal Museum selected VariGuard SmartGlass panels to protect the 1856 British Guiana One

Cent Magenta, the world’s most famous rare postage stamp.

VariGuard SmartGlass exhibited its products at the American Institute for Conservation of Historic and Artistic Works (“AIC”)

43rd annual meeting in Miami, FL.

Seth Van Voorhees, President of the VariGuard SmartGlass business unit commented:

panels offer the highest level of protection against UV and visible light damage in the industry and they are being used in cases,

frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits of VariGuard

panels and how they limit light exposure, the Smithsonian National Postal Museum presented a paper at this meeting entitled “(Year

of Light) Lighten Up:

Enhancing Visitor Experiences,” which will discuss the positive impact that VariGuard panels have in

protecting valuable artifacts and enhancing the visitor experience.

VariGuard SmartGlass exhibited its display panels at a Washington Conservation Guild meeting focused on innovative new conservation

technologies at the Smithsonian Institution’s S.

Dillon Ripley Center in Washington, DC.

VariGuard SmartGlass was invited to present at a meeting of the Washington Conservation Guild which was entitled:

“Outsmarting

SmartGlass Technology in Exhibitions”.

At this meeting, results of the light conservation benefits of its light

control panels at the National Postal Museum were reported.

This study quantified the dramatic reduction (>86%) in light

exposure that artifacts experienced in cases using VariGuard SmartGlass display panels versus traditional glass display panels.

VariGuard SmartGlass business unit announced that the Smithsonian’s National Postal Museum will use VariGuard

SmartGlass panels based on SPD-SmartGlass technology at the “Behind the Badge”

exhibition in Washington, DC.

exhibit showcases the work of one of the nation’s oldest federal law enforcement agencies and VariGuard panels are featured

in display cases that showcase historic light-sensitive artifacts.

VariGuard SmartGlass announced that Omega Moulding will distribute its patented light control SmartGlass products for

frames and display cases in the United States and Canada.

That month Omega Moulding showcased the benefits of VariGuard SmartGlass

products at the 15th Annual West Coast Art and Frame Expo and National Conference in Las Vegas, NV.

VariGuard SmartGlass featured its panels in several framing applications at Museum Expo 2013 at the Baltimore Convention

Center in Baltimore, MD.

SmartGlass Technology in Exhibitions”.

At this meeting, results of the light conservation benefits of its light control

panels at the National Postal Museum were reported.

This study quantified the dramatic reduction (>86%) in light exposure that

artifacts experienced in cases using VariGuard SmartGlass display panels versus traditional glass display panels.

VariGuard SmartGlass business unit announced that the Smithsonian’s National Postal Museum will use VariGuard SmartGlass

panels based on SPD-SmartGlass technology at the “Behind the Badge” exhibition in Washington, DC.

This exhibit showcases

the work of one of the nation’s oldest federal law enforcement agencies and VariGuard panels are featured in display cases

that showcase historic light-sensitive artifacts.

VariGuard SmartGlass announced that Omega Moulding will distribute its patented light control SmartGlass products for frames

and display cases in the United States and Canada.

That month Omega Moulding showcased the benefits of VariGuard SmartGlass products

at the 15th Annual West Coast Art and Frame Expo and National Conference in Las Vegas, NV.

VariGuard SmartGlass featured its panels in several framing applications at Museum Expo 2013 at the Baltimore Convention Center

in Baltimore, MD.

March 14, 2019, the Company suspended its VariGuard SmartGlass business unit activities.

Instead, the Company licensed a new entity

to pursue the business opportunities previously pursued by the Company’s VariGuard SmartGlass business unit.

This new licensee

continues to use the VariGuard SmartGlass name.

The non-exclusive license grants this new licensee the right to manufacture and

(i) SPD-SmartGlass products used in panels, frames, cases, wall cases, appliances or other similar products to protect light-sensitive

documents, artwork or other objects, (ii) SPD-SmartGlass products used in panels, frames, cases, wall cases, appliances or other

similar products to provide “hide and reveal”

functionality, and (iii) SPD-SmartGlass products used in a medical device

to provide control and management of visible light.

Instead, the Company licensed a new entity to

pursue the business opportunities previously pursued by the Company’s VariGuard SmartGlass business unit.

This new licensee continues

to use the VariGuard SmartGlass name.

The non-exclusive license grants this new licensee the right to manufacture and sell:

(i) SPD-SmartGlass

products used in panels, frames, cases, wall cases, appliances or other similar products to protect light-sensitive documents, artwork

or other objects, (ii) SPD-SmartGlass products used in panels, frames, cases, wall cases, appliances or other similar products to provide

“hide and reveal” functionality, and (iii) SPD-SmartGlass products used in a medical device to provide control and management

of visible light.

information about VariGuard SmartGlass can be found on its independent website at www.VariGuard.com.

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addition to supporting the efforts of its licensees, the Company also recognizes the need to develop the SPD industry as a whole.

As such, the Company continues to plan and execute complementary programs that build awareness and interest in smart glass generally

and demand for SPD-Smart products specifically.

In the last several years, these programs included presentations at various general

industry conferences, participation in panel presentations and discussions hosted by academia, development of trade association

educational materials, and presentations to architects, designers, and other influential specifiers.

such, the Company continues to plan and execute complementary programs that build awareness and interest in smart glass generally and

demand for SPD-Smart products specifically.

In the last several years, these programs included presentations at various general industry

conferences, participation in panel presentations and discussions hosted by academia, development of trade association educational materials,

and presentations to architects, designers, and other influential specifiers.

January 2020, the Company and Gauzy presented at the CES in Las Vegas the benefits of SPD-SmartGlass for the automotive, architectural

and consumer electronics industries.

Some examples on display were automotive sunroofs that could be controlled electronically

with a variety of control systems including smart speakers, high definition and projection displays.

The use of SPD-SmartGlass

technology enhances the clarity and vibrancy of displayed images, and when used to control the tint of automotive windows, sunroofs

and sun visors, reduces heat, light or glare on demand or automatically.

This can increase the driving range of electric vehicles

by up to 5.5% and reduce CO2 emissions by up to four grams per kilometer and reduce air conditioner compressor sizes by 40%.

Some examples on display were automotive sunroofs that could be controlled electronically with a

variety of control systems including smart speakers, high definition and projection displays.

The use of SPD-SmartGlass technology enhances

the clarity and vibrancy of displayed images, and when used to control the tint of automotive windows, sunroofs and sun visors, reduces

heat, light or glare on demand or automatically.

This can increase the driving range of electric vehicles by up to 5.5% and reduce CO2

emissions by up to four grams per kilometer and reduce air conditioner compressor sizes by 40%.

February 2019, Research Frontiers and its licensee Gauzy rang the opening bell at the Nasdaq Market Site in Times Square to announce

Gauzy’s new SPD-Smart light control film factory in Stuttgart, Germany.

In early December 2019, Research Frontiers, Gauzy

and executives from the automotive and architectural smart glass industries, invited guests and government officials, celebrated

the opening of Gauzy’s new state-of-the-art production facility in Stuttgart, Germany.

In May 2019, Research Frontiers presented

the benefits of SPD-SmartGlass to the Automotive Industry at the 5th International CTI Automotive Glazing USA conference in Novi,

In March 2019, the Company presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing

Summit in Berlin, Germany.

Both of these presentations focused on a real-world analysis of the use, benefits and reliability of

SPD-SmartGlass in automotive and other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass

or plastic, is currently being used in the automotive, aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12th International CTI Conference –

Automotive Glazing Europe and at the 3rd

Annual 2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

In 2017 and 2016,

the Company participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company

presented at the Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker,

and event chairman, at the annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

Company’s market development department has a number of other initiatives in place.

Gauzy’s new SPD-Smart light control film factory in Stuttgart, Germany.

In early December 2019, Research Frontiers, Gauzy and executives

from the automotive and architectural smart glass industries, invited guests and government officials, celebrated the opening of Gauzy’s

new state-of-the-art production facility in Stuttgart, Germany.

In May 2019, Research Frontiers presented the benefits of SPD-SmartGlass

to the Automotive Industry at the 5th International CTI Automotive Glazing USA conference in Novi, Michigan.

In March 2019, the Company

presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing Summit in Berlin, Germany.

Both of these

presentations focused on a real-world analysis of the use, benefits and reliability of SPD-SmartGlass in automotive and other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass or plastic, is currently being used in the automotive,

aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12th International CTI Conference – Automotive Glazing Europe and at the 3rd Annual

2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

In 2017 and 2016, the Company

participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company presented at the

Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker, and event chairman, at the

annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

Company’s market development department has a number of other initiatives in place.

To help guide and prioritize its technical

and marketing investments, the Company periodically retains outside strategic marketing and other consultants to help generate

increased short- and medium-term market penetrations for each of the major markets for the Company’s light-control technology,

and to provide support and guidance to the Company’s licensees worldwide.

and marketing investments, the Company periodically retains outside strategic marketing and other consultants to help generate increased

short- and medium-term market penetrations for each of the major markets for the Company’s light-control technology, and to provide

support and guidance to the Company’s licensees worldwide.

Company has emerged as a leading resource for market research information on the subject of smart glass.

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The Company has published

independent test data about SPD-SmartGlass, shared the results of its research studies and test data with industry and the media,

posted various reference materials to the Company’s website for global dissemination, and published presentations, data

and bylined articles.

Frontiers maintains an active role with various standards-setting organizations, including ASTM International, which has an active

committee developing standards for smartglass.

addition to Research Frontiers providing overarching support of licensees’

sales efforts by developing the SPD industry

as a whole, leveraging its prominence as a leading resource on the topic of smart glass, and maintaining an active role with standards

organizations, Research Frontiers also supports licensees’

marketing and sales efforts directly.

Activities include advising

and assisting with branding strategies and advertising campaigns, website development and other marketing materials, joint presentations

to prospective customers, and additional support.

As a focal point of interest in smart glass, resulting in many consumer and

business inquiries, Research Frontiers has an active referral program to generate customer leads for its licensees.

part of this mission to develop the industry and to support our licensees’

acquiring SPD projects, Research Frontiers completed

independent test data about SPD-SmartGlass, shared the results of its research studies and test data with industry and the media, posted

various reference materials to the Company’s website for global dissemination, and published presentations, data and bylined articles.

Frontiers maintains an active role with various standards-setting organizations, including ASTM International, which has an active committee

developing standards for smartglass.

addition to Research Frontiers providing overarching support of licensees’ sales efforts by developing the SPD industry as a whole,

leveraging its prominence as a leading resource on the topic of smart glass, and maintaining an active role with standards organizations,

Research Frontiers also supports licensees’ marketing and sales efforts directly.

Activities include advising and assisting with

branding strategies and advertising campaigns, website development and other marketing materials, joint presentations to prospective

customers, and additional support.

As a focal point of interest in smart glass, resulting in many consumer and business inquiries, Research

Frontiers has an active referral program to generate customer leads for its licensees.

part of this mission to develop the industry and to support our licensees’ acquiring SPD projects, Research Frontiers completed

the construction of the SPD-SmartGlass Design Center.

This Center is also configured as an interactive and energy-efficient “smart”

executive office and conference room and is located at the Company’s corporate headquarters in Woodbury, New York.

This Center is also configured as an interactive and energy-efficient “smart”

executive office and conference room and is located at the Company’s corporate headquarters in Woodbury, New York.

The SPD-SmartGlass

Design Center features leading-edge SPD-Smart windows of different sizes (some floor-to-ceiling) and framing materials.

a multi-functional electronic controller system for manual, remote, and automatic SPD-SmartGlass switching, and windows that can

be controlled remotely over the internet or using a smart phone.

This interactive area also contains other types of smart glass,

such as those using liquid crystal and electrochromic technologies, allowing users to operate and experience first-hand the differences

in performance characteristics of different types of smart glass.

Additional showcases of SPD-SmartGlass are being established

in other geographic locations to make it convenient for even more people to experience the benefits of SPD-SmartGlass technology.

Frontiers’

Design Center is the only known public forum where designers, specifiers and end-users can compare performance

between SPD-Smart technology and products using other light-control technologies.

Research Frontiers believes that the growth

of the smart glass industry will accelerate as more information is made available through direct comparisons.

It has a multi-functional

electronic controller system for manual, remote, and automatic SPD-SmartGlass switching, and windows that can be controlled remotely

over the internet or using a smart phone.

This interactive area also contains other types of smart glass, such as those using liquid

crystal and electrochromic technologies, allowing users to operate and experience first-hand the differences in performance characteristics

of different types of smart glass.

Additional showcases of SPD-SmartGlass are being established in other geographic locations to make

it convenient for even more people to experience the benefits of SPD-SmartGlass technology.

Frontiers’ Design Center is the only known public forum where designers, specifiers and end-users can compare performance between

SPD-Smart technology and products using other light-control technologies.

Research Frontiers believes that the growth of the smart glass

industry will accelerate as more information is made available through direct comparisons.

Research Frontiers believes that SPD products

will be strongly preferred over competing technologies once a direct comparison is available to potential buyers.

Research Frontiers

believes that SPD products will be strongly preferred over competing technologies once a direct comparison is available to potential

Research Frontiers continues to encourage its competitors to participate in public forums where consumers of electronically

tintable products can see the relative performance of products that are available.

continues to encourage its competitors to participate in public forums where consumers of electronically tintable products can see the

relative performance of products that are available.

of Research Frontiers:

Company’s licensees are currently categorized into four main areas:

materials for making films (emulsions), film, lamination

of film to glass or plastic, and end-products.

Company’s licensees are currently categorized into four main areas:

materials for making films (emulsions), film, lamination of

film to glass or plastic, and end-products.

Emulsion makers produce and combine the necessary materials (i.e.

SPD particles

and various liquids and special polymers) from which SPD-Smart films are made.

The film makers coat a thin layer of emulsion between

two sheets of plastic film, each of which has a transparent conductive coating.

This emulsion is then partly solidified to form

an SPD film that allows users to control the amount of light, glare and heat passing through this film.

The end-product licensees

then integrate this film into a variety of SPD-Smart products or make electronic systems to control such SPD-Smart products.

of these end-product licensees do their own lamination of the SPD light-control film to glass or plastic, and some outsource this

lamination to other companies.

The names of Research Frontiers’

licensees, and the year that their license agreements were

entered into, are available on the Company’s SmartGlass.com website and with its filings with the Securities and Exchange

of Research Frontiers that incorporate SPD technology into end-products will pay Research Frontiers a royalty of 5-15% of net

sales of licensed products under license agreements currently in effect and may also be required to pay Research Frontiers fees

and minimum annual royalties.

Licensees that sell components (such as SPD emulsion or film) or lamination services to other licensees

of Research Frontiers do not pay a royalty on such sale or service, and Research Frontiers will collect a royalty from the licensee

incorporating these components into their own SPD-Smart end-products.

Research Frontiers’

license agreements typically allow

the licensee to terminate the license after some period of time and give Research Frontiers only limited rights to terminate before

the license expires.

The licenses granted by the Company are non-exclusive and generally last as long as Research Frontiers’

patents remain in effect.

Due to their bankruptcy filings or other termination of their general business activities or for other

reasons, the Company does not believe that Polaroid Corporation, Kerros Limited, ThermoView Industries, BRG Group, MDV, Hanamac,

SPD Technologies, SPD Systems, and Film Technologies International are pursuing business activities with respect to SPD technology.

The Company and SPD Control Systems agreed to terminate their license agreement in December 2014 which resulted in a grant back

to Research Frontiers of certain rights in SPD Control Systems’

intellectual property.

Some of the Company’s other

licensees are currently inactive with respect to SPD technology, but may hereafter become active again.

To date, the Company has

not generated sufficient revenue from its licensees to profitably fund its operations.

SPD particles and various

liquids and special polymers) from which SPD-Smart films are made.

The film makers coat a thin layer of emulsion between two sheets of

plastic film, each of which has a transparent conductive coating.

This emulsion is then partly solidified to form an SPD film that allows

users to control the amount of light, glare and heat passing through this film.

The end-product licensees then integrate this film into

a variety of SPD-Smart products or make electronic systems to control such SPD-Smart products.

Some of these end-product licensees do

their own lamination of the SPD light-control film to glass or plastic, and some outsource this lamination to other companies.

of Research Frontiers’ licensees, and the year that their license agreements were entered into, are available on the Company’s

SmartGlass.com website and with its filings with the Securities and Exchange Commission.

of Research Frontiers that incorporate SPD technology into end-products will pay Research Frontiers a royalty of 5-15% of net sales of

licensed products under license agreements currently in effect and may also be required to pay Research Frontiers fees and minimum annual

Licensees that sell components (such as SPD emulsion or film) or lamination services to other licensees of Research Frontiers

do not pay a royalty on such sale or service, and Research Frontiers will collect a royalty from the licensee incorporating these components

into their own SPD-Smart end-products.

Research Frontiers’ license agreements typically allow the licensee to terminate the license

after some period of time and give Research Frontiers only limited rights to terminate before the license expires.

The licenses granted

by the Company are non-exclusive and generally last as long as Research Frontiers’ patents remain in effect.

Due to their bankruptcy

filings or other termination of their general business activities or for other reasons, the Company does not believe that Polaroid Corporation,

Kerros Limited, ThermoView Industries, BRG Group, MDV, Hanamac, SPD Technologies, SPD Systems, and Film Technologies International are

pursuing business activities with respect to SPD technology.

The Company and SPD Control Systems agreed to terminate their license agreement

in December 2014 which resulted in a grant back to Research Frontiers of certain rights in SPD Control Systems’ intellectual property.

Some of the Company’s other licensees are currently inactive with respect to SPD technology, but may hereafter become active again.

To date, the Company has not generated sufficient revenue from its licensees to profitably fund its operations other than a profit reported

for the third quarter of 2021.

Company plans to continue to exploit its SPD-Smart light-control technology by entering into additional license and other agreements

with end-product manufacturers such as manufacturers of flat glass, flat panel displays and automotive products, and with other

interested companies who may wish to acquire rights to manufacture and sell the Company’s proprietary emulsions and films.

Although the Company believes based upon the status of current negotiations that additional license agreements with third parties

will be entered into, there can be no assurance that any such additional license agreements will be consummated, or of the extent

to which any current or future licensee of the Company will produce or sell commercial products using the Company’s technology

or generate meaningful revenue from sales of such licensed products.

Company’s plans also call for further development of its technology and the provision of additional technological and marketing

with end-product manufacturers such as manufacturers of flat glass, flat panel displays and automotive products, and with other interested

companies who may wish to acquire rights to manufacture and sell the Company’s proprietary emulsions and films.

Although the Company

believes based upon the status of current negotiations that additional license agreements with third parties will be entered into, there

can be no assurance that any such additional license agreements will be consummated, or of the extent to which any current or future

licensee of the Company will produce or sell commercial products using the Company’s technology or generate meaningful revenue

from sales of such licensed products.

Company’s plans also call for further development of its technology and the provision of additional technological and marketing

assistance to its licensees to develop commercially viable SPD-Smart products and expand the markets for such products.

cannot predict when or if new license agreements will be entered into or the extent to which commercial products will result from

its existing or future licensees because of general economic conditions and the risks inherent in the developmental process and

because commercialization is dependent upon the efforts of its licensees as well as on the continuing research and development

efforts of the Company.

Technologies:

Company believes that SPD light-control technology, in which particles move under the influence of an electric field, has certain

performance advantages over other “smart glass”

The Company cannot

predict when or if new license agreements will be entered into or the extent to which commercial products will result from its existing

or future licensees because of general economic conditions and the risks inherent in the developmental process and because commercialization

is dependent upon the efforts of its licensees as well as on the continuing research and development efforts of the Company.

February 2022, Research Frontiers, and its licensee and strategic investor Gauzy Ltd.

announced that, following successfully raising

$60 million in a Series D financing, Gauzy has acquired Research Frontiers licensee, Vision Systems.

With the consolidation of the two

companies, the combined entity now has international subsidiaries on six continents, product availability through direct fulfillment

and a distribution channel of over 70 certified industrial partners, five dedicated manufacturing sites, 14 global offices.

entity reports revenues of approximately $50 million in 2021, and holding over 60 patents, offering 20 unique product categories, and

employing 480 people globally serving customers in over 50 countries.

Technologies:

Company believes that SPD light-control technology, in which particles move under the influence of an electric field, has certain performance

advantages over other “smart glass” technologies.

Company believes that pricing and product performance are the two main factors critical to the adoption of smart glass products.

Because the non-SPD smart glass technologies listed below do not have published, consistent pricing or cost data that can be relied

upon, the Company cannot accurately report its price position relative to these other technologies.

In terms of product performance,

the Company believes that SPD-SmartGlass technology offers numerous advantages over other smart glass technologies as discussed

the non-SPD smart glass technologies listed below do not have published, consistent pricing or cost data that can be relied upon, the

Company cannot accurately report its price position relative to these other technologies.

In terms of product performance, the Company

believes that SPD-SmartGlass technology offers numerous advantages over other smart glass technologies as discussed below.

light transmission technologies can be classified into two basic types:

“active”

technologies that can be controlled

electrically by the user either automatically or manually, and “passive”

technologies that can only react to ambient

environmental conditions such as changes in lighting or temperature.

One type of passive variable light transmission technology

is photochromic technology;

such devices change their level of transparency in reaction to external ultra-violet radiation.

compared to photochromic technology, the Company’s SPD technology permits the user to adjust the amount of light passing

through the viewing area of the device, rather than the viewing area of the photochromic device merely reacting to external radiation

without control by the user.

In addition, the reaction time necessary to change from light to dark with SPD-Smart technology can

be almost instantaneous, as compared to the much slower reaction time for photochromic devices.

Also, unlike SPD technology, photochromic

technology does not function well at the high and low ends of the temperature range in which smart windows and other devices are

normally expected to operate, nor does photochromic technology perform well in vehicles or other enclosed settings where existing

glass is blocking incoming ultra-violet light which is required for photochromic devices to operate.

thermochromic smart windows are passive systems which change their light transmission properties as sunlight heats or cools the

Because the light transmission properties of thermochromic systems are not controlled by the user, their ability to adapt

to the specific needs of occupants is very limited.

For example, thermochromic glazings will remain tinted on hot days even when

occupants desire more daylight to enter the building or when they want to preserve their views.

SPD-Smart windows, which require

very low amounts of power to operate, allow for much greater control of incoming light, glare and heat and can be adjusted to

any level of light transmission from dark to clear at any time.

In addition, SPD-Smart windows can block up to 99.5% of incoming

light, a level many times darker than thermochromic systems.

The added advantage offers much higher levels of privacy and control

over incoming solar energy.

Companies involved in thermochromic technology include Pleotint, Suntek and Ravenbrick.

user-controllable technologies, sometimes referred to as “smart”

technologies, are generally more useful than passive

technologies because they allow the user to actually control the state of the window.

This control is achieved with a manual adjustment,

or automatically when coupled with a timer or sensing device such as a photocell, motion detector, thermostat or other intelligent

building system.

“active” technologies that can be controlled electrically

by the user either automatically or manually, and “passive” technologies that can only react to ambient environmental conditions

such as changes in lighting or temperature.

One type of passive variable light transmission technology is photochromic technology;

devices change their level of transparency in reaction to external ultra-violet radiation.

As compared to photochromic technology, the

Company’s SPD technology permits the user to adjust the amount of light passing through the viewing area of the device, rather

than the viewing area of the photochromic device merely reacting to external radiation without control by the user.

In addition, the

reaction time necessary to change from light to dark with SPD-Smart technology can be almost instantaneous, as compared to the much slower

reaction time for photochromic devices.

Also, unlike SPD technology, photochromic technology does not function well at the high and low

ends of the temperature range in which smart windows and other devices are normally expected to operate, nor does photochromic technology

perform well in vehicles or other enclosed settings where existing glass is blocking incoming ultra-violet light which is required for

photochromic devices to operate.

thermochromic smart windows are passive systems which change their light transmission properties as sunlight heats or cools the glass.

Because the light transmission properties of thermochromic systems are not controlled by the user, their ability to adapt to the specific

needs of occupants is very limited.

For example, thermochromic glazings will remain tinted on hot days even when occupants desire more

daylight to enter the building or when they want to preserve their views.

SPD-Smart windows, which require very low amounts of power

to operate, allow for much greater control of incoming light, glare and heat and can be adjusted to any level of light transmission from

dark to clear at any time.

In addition, SPD-Smart windows can block up to 99.5% of incoming light, a level many times darker than thermochromic

The added advantage offers much higher levels of privacy and control over incoming solar energy.

Companies involved in thermochromic

technology include Pleotint, Suntek and Ravenbrick.

user-controllable technologies, sometimes referred to as “smart” technologies, are generally more useful than passive technologies

because they allow the user to actually control the state of the window.

This control is achieved with a manual adjustment, or automatically

when coupled with a timer or sensing device such as a photocell, motion detector, thermostat or other intelligent building system.

are three main types of active devices which are compared below:

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Electrochromic

windows and rear-view mirrors use a direct current voltage to alter the molecular structure of electrochromic materials (which

can be in the form of either a liquid, gel or solid film) causing the material to darken.

When compared to electrochromic devices,

SPD technology is expected to have numerous potential performance and manufacturing advantages, including some or all of the following:

windows and rear-view mirrors use a direct current voltage to alter the molecular structure of electrochromic materials (which can be

in the form of either a liquid, gel or solid film) causing the material to darken.

When compared to electrochromic devices, SPD technology

is expected to have numerous potential performance and manufacturing advantages, including some or all of the following:

significantly

faster response time, especially compared to larger electrochromic glazings

to precisely “tune”

an infinite number of intermediate light-transmission states

to precisely “tune” an infinite number of intermediate light-transmission states

and uniform switching speed regardless of size of glazing area

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estimated battery life in applications where batteries are used

“iris effect”

(where light transmission changes first occur at the outer edges of a window or mirror and then

work their way toward the center) when changing from clear to dark and back again

technology is a film-based technology that can be applied to plastic, acrylic, and chemically strengthened glass as well as

glass, and which can be applied to curved as well as flat surfaces

“iris effect” (where light transmission changes first occur at the outer edges of a window or mirror and then work their

way toward the center) when changing from clear to dark and back again

technology is a film-based technology that can be applied to plastic, acrylic, and chemically strengthened glass as well as glass,

and which can be applied to curved as well as flat surfaces

in single panels for retrofitting existing windows, skylights and doors

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and other large corporations have pursued or are pursuing projects in the electrochromic area.

While some of these companies have

reportedly discontinued or substantially curtailed their work on electrochromics due to technical problems and issues relating

to the expense of these technologies, at least four companies (Gentex, PPG Industries, View (formerly known as Soladigm), and

Sage Electrochromics) are currently working to commercialize electrochromic window products.

In May 2012, Saint-Gobain acquired

Sage Electrochromics and combined all of their respective electrochromic manufacturing and developmental efforts.

In late 2020,

View announced that it was trying to become a public company by merging with a Special Purpose Acquisition Company (“SPAC”)

CF Finance Acquisition Corp.

While some of these companies have reportedly

discontinued or substantially curtailed their work on electrochromics due to technical problems and issues relating to the expense of

these technologies, at least four companies (Gentex, PPG Industries, View (formerly known as Soladigm), and Sage Electrochromics) are

currently working to commercialize electrochromic window products.

In May 2012, Saint-Gobain acquired Sage Electrochromics and combined

all of their respective electrochromic manufacturing and developmental efforts.

In late 2020, View announced that it was trying to become

a public company by merging with a Special Purpose Acquisition Company (“SPAC”) CF Finance Acquisition Corp.

Crystal Technology:

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(a subsidiary of Raychem Corp.

since discontinued its liquid crystal operations and licensed its technology to others), Asahi Glass Co., Gauzy, Nippon Sheet

Glass, Saint-Gobain Glass, iGlass Projects Pty Limited, Polytronix, Inc., DMDisplays, and 3M (which has also reportedly discontinued

its liquid crystal film making operations).

which has since

discontinued its liquid crystal operations and licensed its technology to others), Asahi Glass Co., Gauzy, Nippon Sheet Glass, Saint-Gobain

Glass, iGlass Projects Pty Limited, Polytronix, Inc., DMDisplays, and 3M (which has also reportedly discontinued its liquid crystal film

making operations).

The first four companies listed above are also licensees of Research Frontiers Inc.

for SPD-Smart technology.

Liquid crystal windows only change from a cloudy, opaque milky-white to a clear state, are hazy when

viewed at an angle and have no useful intermediate states.

As compared to liquid crystal windows, SPD smart windows are expected

to have some or all of the following advantages:

crystal windows only change from a cloudy, opaque milky-white to a clear state, are hazy when viewed at an angle and have no useful intermediate

As compared to liquid crystal windows, SPD smart windows are expected to have some or all of the following advantages:

less direct and off-angle haze

its intermediate tinted states provides shading without loss of view

its intermediate tinted states provides shading

without loss of view

over a wider temperature range

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in the amount of light transmitted rather than simply scatter it

an infinite number of intermediate states between a transparent state and a dark blue state, rather than typically just two

an infinite number of intermediate states between a transparent state and a dark blue state, rather than typically just two states

superior solar heat gain control

the flat panel display market, further development (such as the achievement of faster switching speeds sufficient for full-motion

video applications) is required if the Company expects to compete against display technologies that are currently being used commercially

such as liquid crystal displays (“LCDs”) and organic light-emitting diodes (“OLEDs”).

Some of the advantages

that SPD displays might have include the ability to make displays without using sheet polarizers or alignment layers, and lower

light loss and a corresponding reduction in backlighting requirements.

However, such products need additional product design,

engineering or testing before an evaluation of the commercial potential of such SPD-SmartGlass products can be determined and

when, or if, its licensees may begin to penetrate the flat panel display market.

and other types of displays, liquid crystal windows, as well as electrochromic self-dimmable rear-view mirrors, are already on

the market, whereas products incorporating SPD technology (as well as electrochromic windows) have only begun to appear in the

Therefore, the long-term durability and performance of SPD-Smart displays have not yet been fully ascertained.

companies that manufacture LCD and other display devices, liquid crystal windows, and electrochromic self-dimmable rear-view mirrors

and windows, have substantially greater financial resources and manufacturing experience than the Company.

There is no assurance

that comparable systems having the same advantages of the Company’s SPD technology could not be developed by competitors

at a lower cost or that other products could not be developed which would render the Company’s products difficult to market

or otherwise render our products obsolete.

the flat panel display market, further development (such as the achievement of faster switching speeds sufficient for full-motion video

applications) is required if the Company expects to compete against display technologies that are currently being used commercially such

as liquid crystal displays (“LCDs”) and organic light-emitting diodes (“OLEDs”).

Some of the advantages that

SPD displays might have include the ability to make displays without using sheet polarizers or alignment layers, and lower light loss

and a corresponding reduction in backlighting requirements.

However, such products need additional product design, engineering or testing

before an evaluation of the commercial potential of such SPD-SmartGlass products can be determined and when, or if, its licensees may

begin to penetrate the flat panel display market.

and other types of displays, liquid crystal windows, as well as electrochromic self-dimmable rear-view mirrors, are already on the market,

whereas products incorporating SPD technology (as well as electrochromic windows) have only begun to appear in the marketplace.

the long-term durability and performance of SPD-Smart displays have not yet been fully ascertained.

The companies that manufacture LCD

and other display devices, liquid crystal windows, and electrochromic self-dimmable rear-view mirrors and windows, have substantially

greater financial resources and manufacturing experience than the Company.

There is no assurance that comparable systems having the same

advantages of the Company’s SPD technology could not be developed by competitors at a lower cost or that other products could not

be developed which would render the Company’s products difficult to market or otherwise render our products obsolete.

and Development:

a result of the Company’s research and development efforts, the Company believes that its SPD technology is now, or with

additional development will become, usable in a number of commercial products.

Such products may include one or more of the following

“smart”

a result of the Company’s research and development efforts, the Company believes that its SPD technology is now, or with additional

development will become, usable in a number of commercial products.

Such products may include one or more of the following fields:

windows, doors, skylights and partitions;

variable light transmission eyewear such as sunglasses and

self-dimmable automotive sunroofs, windows, sun visors, and mirrors;

variable light transmission eyewear such as sunglasses and goggles;

self-dimmable automotive

sunroofs, windows, sun visors, and mirrors;

display cases/frames;

and instruments and other

information displays that use digits, letters, graphic images, or other symbols to supply information, including scientific instruments,

aviation instruments, automobile dashboard displays and, if certain improvements can be made in various features of the Company’s

SPD technology that increases switching speed to the levels needed for video applications, portable computer displays and flat

panel television displays.

though the Company’s SPD technology has much faster switching speeds than electrochromic technology, current switching speeds

are not fast enough for such video applications.

and instruments and other information displays that use digits, letters,

graphic images, or other symbols to supply information, including scientific instruments, aviation instruments, automobile dashboard

displays and, if certain improvements can be made in various features of the Company’s SPD technology that increases switching

speed to the levels needed for video applications, portable computer displays and flat panel television displays.

though the Company’s SPD technology has much faster switching speeds than electrochromic technology, current switching speeds are

not fast enough for such video applications.

The Company believes that most of its research and development efforts have applicability

to products that may incorporate the Company’s technology.

At its current state of development, the Company’s technology

has been judged sufficiently advanced by various of its licensees and their customers for them to proceed with the development,

introduction and sale of SPD-Smart products.

However, the Company is continuously investing in research and development because

it believes that further improvements will result in accelerated and increased market penetration.

The Company intends to continue

its research and development efforts for the foreseeable future to improve its SPD light-control technology and thereby assist

our licensees in the product development, sales and marketing of various existing and new SPD-Smart products.

the past few years, the Company and/or its licensees have made significant advances relating to materials to enable (1) improved

stability of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion and (4) increased

durability of SPD films/laminates, and (5) cost reductions.

These advances have resulted in 50 patents being issued to the Company

by the US Patent Office and by foreign patent offices between 2018-2020 in addition to other patents and patent applications that

are pending worldwide.

to products that may incorporate the Company’s technology.

At its current state of development, the Company’s technology

has been judged sufficiently advanced by various of its licensees and their customers for them to proceed with the development, introduction

and sale of SPD-Smart products.

However, the Company is continuously investing in research and development because it believes that further

improvements will result in accelerated and increased market penetration.

The Company intends to continue its research and development

efforts for the foreseeable future to improve its SPD light-control technology and thereby assist our licensees in the product development,

sales and marketing of various existing and new SPD-Smart products.

the past few years, the Company and/or its licensees have made significant advances relating to materials to enable (1) improved stability

of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion and (4) increased durability of SPD

films/laminates, and (5) cost reductions.

These advances have resulted in patents being issued to the Company by the US Patent Office

and by foreign patent offices between 2018-2022 in addition to other patents and patent applications that are pending worldwide.

Company has devoted most of the resources it has heretofore expended to research and development activities with the goal of producing

commercially viable SPD products and has developed working prototypes of SPD-Smart products for several different applications,

with primary emphasis on smart windows for various industries.

In addition to working with the Company’s licensees, Research

Frontiers has also expanded its efforts to also work directly with some of our licensees’

major customers.

Frontiers’

main goals in its research and development include:

commercially viable SPD products and has developed working prototypes of SPD-Smart products for several different applications, with

primary emphasis on smart windows for various industries.

In addition to working with the Company’s licensees, Research Frontiers

has also expanded its efforts to also work directly with some of our licensees’ major customers.

Frontiers’ main goals in its research and development include:

wider ranges of light transmission and quicker switching speeds

2 unchanged sentences

data and developing improved materials regarding environmental stability and longevity

the degree of energy savings expected by users of the Company’s technology including the degree that SPD technology

can control heat and its contribution to energy savings directly and through daylight harvesting strategies in sustainable

building designs

the degree of energy savings expected by users of the Company’s technology including the degree that SPD technology can control

heat and its contribution to energy savings directly and through daylight harvesting strategies in sustainable building designs

striving to improve the performance and reducing material/production costs associated with making SPD-Smart products

non-cash expenses of approximately $17,000 and $143,000, associated with the grant of stock options to the Company’s technical

personnel, Research Frontiers incurred approximately $611,000 and $892,000 during the years ended December 31, 2020 and 2019,

respectively, for research and development costs.

Research Frontiers plans to engage in substantial continuing research and development

activities to invest in future improvements in SPD light-control technology and to expand for its licensees the capabilities of

SPD-Smart technology and the markets for SPD-Smart products.

non-cash expenses of approximately $10,000 and $17,000, associated with the grant of stock options to the Company’s technical personnel,

Research Frontiers incurred approximately $570,000 and $611,000 during the years ended December 31, 2021 and 2020, respectively, for

research and development costs.

Research Frontiers plans to engage in substantial continuing research and development activities to invest

in future improvements in SPD light-control technology and to expand for its licensees the capabilities of SPD-Smart technology and the

markets for SPD-Smart products.

and Proprietary Information:

Frontiers continues to make substantial investments to develop, license and protect its intellectual property position.

has 17 United States and 229 foreign patents in force.

The Company’s United States patents expire at various dates from

2021 through 2037, while its foreign patents expire at various dates from 2021 through 2037.

The Company has

15 United States and 204 foreign patents in force.

The Company’s United States patents expire at various dates from 2022 through

2037, while its foreign patents expire at various dates from 2022 through 2037.

Company has current US and foreign patent applications that, if granted, would add a number of additional patents to its portfolio.

The Company believes that its SPD light-control technology is adequately protected by its patent position and by its proprietary

technological know-how.

However, the validity of the Company’s patents has never been contested in any litigation.

also possesses know-how and relies on trade secrets and nondisclosure agreements to protect its technology.

The Company generally

requires any employee, consultant, or licensee having access to its confidential information to execute an agreement whereby such

person agrees to keep such information confidential.

February 2013, the Company’s Board of Directors adopted a Stockholders’

Rights Plan (the “Rights Plan”)

and declared a dividend distribution of one right (a “Right”) for each outstanding share of Company common stock to

stockholders of record at the close of business on March 3, 2003 (“Record Time”) and authorized the issuance of one

Right in respect of each share of Common Stock issued after the Record Time and prior to the Separation Time.

“Separation

shall mean the earlier of the Close of Business on the tenth Business Day (or such later date as the Board of Directors

may from time to time fix by resolution adopted prior to the Separation Time that otherwise would have occurred) following but

not including (i) the date on which any Person commences a tender or exchange offer that, if consummated, would result in such

Person’s becoming an Acquiring Person, and (ii) the date of the first event causing a Flip-in Date to occur;

provided that

if any tender or exchange offer referred to in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior

to the Separation Time without the purchase of any shares of Common Stock pursuant thereto, such offer shall be deemed, for purposes

of this paragraph, never to have been made.

to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender

or exchange offer for, 15% or more of the Company’s common stock, unless redeemed by the Company’s Board of Directors,

each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40.

If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will

also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40.

The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company’s

Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right.

The Rights are not

exercisable during the time when they are redeemable by the Company.

above description highlights some of the features of the Company’s Rights Plan and is not a complete description of the

A more detailed description and copy of the Rights Plan has been filed with the SEC and is available from the Company

upon request.

Company believes that its SPD light-control technology is adequately protected by its patent position and by its proprietary technological

However, the validity of the Company’s patents has never been contested in any litigation.

The Company also possesses

know-how and relies on trade secrets and nondisclosure agreements to protect its technology.

The Company generally requires any employee,

consultant, or licensee having access to its confidential information to execute an agreement whereby such person agrees to keep such

information confidential.

February 2013, the Company’s Board of Directors adopted a Stockholders’ Rights Plan (the “Rights Plan”) and declared

a dividend distribution of one right (a “Right”) for each outstanding share of Company common stock to stockholders of record

at the close of business on March 3, 2003 (“Record Time”) and authorized the issuance of one Right in respect of each share

of Common Stock issued after the Record Time and prior to the Separation Time.

Time” shall mean the earlier of the Close of Business on the tenth Business Day (or such later date as the Board of Directors may

from time to time fix by resolution adopted prior to the Separation Time that otherwise would have occurred) following but not including

(i) the date on which any Person commences a tender or exchange offer that, if consummated, would result in such Person’s becoming

an Acquiring Person, and (ii) the date of the first event causing a Flip-in Date to occur;

provided that if any tender or exchange offer

referred to in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the

purchase of any shares of Common Stock pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been

to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or

exchange offer for, 15% or more of the Company’s common stock, unless redeemed by the Company’s Board of Directors, each

Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40.

If the Company

is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder

(other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40.

The Rights will expire at the

close of business on February 11, 2023, unless the Rights Plan is extended by the Company’s Board of Directors or unless the Rights

are earlier redeemed by the Company at a price of $.0001 per Right.

The Rights are not exercisable during the time when they are redeemable

by the Company.

above description highlights some of the features of the Company’s Rights Plan and is not a complete description of the Rights

A more detailed description and copy of the Rights Plan has been filed with the SEC and is available from the Company upon request.

principal executive offices are located at 240 Crossways Park Drive, Woodbury, New York 11797, our telephone number is (516) 364-1902,

and our Internet website address is www.SmartGlass.com.

We make available free of charge on or through our Internet website our

annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedule 14A, and

amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon

as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.

We make available free of charge on or through our Internet website our annual

report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedule 14A, and amendments to

those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable

after we electronically file such materials with, or furnish them to, the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business