Exhibit 10.63


                         EXECUTIVE EMPLOYMENT AGREEMENT

      THIS AGREEMENT is made and entered into as of February 19, 1998 between
Iris M. Ovshinsky (the "Executive") and Energy Conversion Devices, Inc., a 
Delaware corporation (the "Company").

      For good and valuable consideration,  the receipt and sufficiency of which
are hereby  acknowledged,  the  Company  and the  Executive  do hereby  agree as
follows:

      Section  1.  Employment  and  Duties.  On the  terms  and  subject  to the
conditions  set forth in this  Agreement,  the  Company  agrees  to  employ  the
Executive  as  its  Vice  President,  and  the  Executive  hereby  accepts  such
employment  and agrees to perform such  services as would be customary  for such
position or as otherwise reasonably requested from time to time by the Company's
Board of  Directors.  Except in  connection  with normal  business  travel,  the
Executive  shall not be required to perform her duties under this Agreement at a
location other than the Detroit Metropolitan area.

      Section 2. Term. The term of active  employment  under this Agreement (the
"Employment  Period")  shall  commence as of the date hereof and shall remain in
effect  until  September  2,  1999  unless  earlier  terminated  as  hereinafter
provided.  The Employment  Period shall be automatically  renewed for successive
one-year  periods  after the  initial  term  unless  terminated  by  either  the
Executive or the Company by giving  written  notice of  termination  120 days in
advance of the renewal date.

      Section 3.  Consulting.  In the event of the termination of the Employment
Period for any reason other than death or termination by the Company with cause,
Executive  shall serve as a consultant  to the Company  until the  retirement of
Executive (the "Consulting  Period").  Consulting  services shall be rendered at
times and places reasonably  convenient to Executive at the request of the Chief
Executive  Officer of the Company.  During the  Consulting  Period and until the
retirement of Executive, Executive

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shall receive  consulting  fees equal to 50% of the salary payable under Section
5.1 of this  Agreement  at the date of  termination  of the  Employment  Period,
payable in the same manner as salary under  Section 5.1. So long as Executive is
receiving  consulting  fees,  the  Consulting  Period  shall  be  deemed  to  be
employment  by the  Company  for  purposes  of  Sections  7.4  and  7.5 of  this
Agreement.

      Section  4.  Retirement.  Executive  shall have the right to retire at any
time  during  the  Consulting  Period.  In the event of the  termination  of the
Consulting  Period  for any  reason  including  retirement,  other than death or
termination  by the  Company  with cause,  Executive  shall  receive  retirement
benefits for the remainder of the life of Executive (the  ARetirement  Period@).
During the Retirement Period,  Executive shall receive retirement benefits equal
to 50% of the salary  payable under Section 5.1 of this Agreement at the date of
termination of the Employment Period, payable in the same manner as salary under
Section 5.1.

      Section 5. Compensation.
      5.1.  Salary.  For  all  the  services  to be  rendered  by the  Executive
hereunder,  the Company agrees to pay, during the Employment Period, a salary at
the rate of not less than Two Hundred Fifty Thousand  Dollars No/100  ($250,000)
per annum  payable  every  two weeks or  otherwise  according  to the  Company's
regular pay schedule for salaried employees. The Company and the Executive agree
that the  salary  provided  herein  shall be subject  to an annual  increase  to
reflect  increases  in the  cost of  living,  determined  with  reference  to an
inflation  index to be agreed upon by the Company and the Executive from time to
time,  and  discretionary  annual  increases,  as  determined  by the  Board  of
Directors of the Company,  based on the individual  performance of the Executive
and the  financial  performance  of the Company.  In the event of the  permanent
mental or physical disability of the Executive,  the annual salary or consulting
fees payable by the Company  pursuant to this Agreement  shall be reduced by the
amount of any Company provided  disability  insurance benefits actually received
by the Executive.



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      5.2. Bonus.  During the Employment Period, the Executive shall be eligible
for such  bonuses as may be deemed  advisable  by the Board of  Directors of the
Company based on the  individual  performance of the Executive and the financial
performance of the Company.

      5.3. Other Benefits.  During the Employment  Period the Executive shall be
eligible  for all  non-wage  benefits,  including  health,  disability  and life
insurance,   pension  and  profit  sharing,  stock  option,  automobile  use  or
allowance,  and  organizational  membership  fees,  that  the  Company  provides
generally for its senior executive officers.

      Section 6. Business Expenses. Subject to policies established from time to
time  by the  Company,  the  Company  shall  reimburse  the  Executive  for  the
reasonable,  ordinary and necessary  expenses incurred by her in connection with
the performance of her duties hereunder, including ordinary and necessary travel
expenses and entertainment expenses.

      Section 7. Covenants of Executive.
      7.1.  Non-Competition.  During the Employment  Period, the Executive shall
not, without the Company's prior written  consent,  which may be withheld at the
Company's  sole  discretion,  engage in any other  business  activity  for gain,
profit or other pecuniary advantage (except the investment of funds in such form
or  manner  as  shall  not  require  any  material  services  on the part of the
Executive  in the  operation  of the  affairs  of the  companies  in which  such
investments  are made) or engage in or any  manner be  connected  or  concerned,
directly or indirectly, whether as an officer, director,  stockholder,  partner,
owner,  employee,  creditor or  otherwise,  with the  operation,  management  or
conduct of any business anywhere in the world that competes with business of the
Company or that utilizes  technology of a nature similar to that utilized by the
Company.

      7.2.  Confidentiality.  During the Employment Period and following the
termination thereof for any reason, the Executive shall not disclose or make any
use of, for her own benefit or for the benefit of any business or entity other
than the Company,

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any secret or confidential information or any other information of or pertaining
to  the  Company,  its  business,  products,  financial  affairs,  licensees  or
customers or services not  generally  known by the public and which was acquired
by her during her affiliation with the Company.

      7.3. Inventions and Secrecy.  Except as otherwise provided in this Section
7.3, the Executive shall (a) hold in a fiduciary capacity for the benefit of the
Company all secret or confidential  information,  knowledge,  data,  know-how or
trade  secrets of the  Company or its  business  or  operations  obtained by the
Executive  during her association  with the Company which shall not be generally
known to the public or recognized as standard practice (whether or not developed
by the Executive) and shall not,  during her employment by the Company and after
the  termination of such  employment for any reason,  communicate or divulge any
such information, knowledge, data, know-how or trade secrets to any person, firm
or  corporation  other  than the  Company  or  persons,  firms  or  corporations
designated by the Company,  (b) promptly disclose to the Company all inventions,
ideas, devices, processes, formulas,  compositions,  techniques and research and
development  information  (whether patentable or unpatentable and whether or not
reduced to practice)  made or conceived by her alone or jointly with others from
the time of entering the  Company's  employ until such  employment is terminated
for  any  reason,  relevant  or  pertinent  in  any  way,  whether  directly  or
indirectly,  to the  Company,  (c) at all times during her  employment  with the
Company, assist the Company (at the Company's expense) to obtain and develop for
the Company's  benefit patents on such inventions,  ideas,  devices,  processes,
formulas,  compositions,  techniques and research and development,  information,
and  (d) do all  such  acts  and  execute,  acknowledge  and  deliver  all  such
instruments  as may be  necessary  or desirable in the opinion of the Company to
vest in the Company  the entire  interest in such  inventions,  ideas,  devices,
processes,  formulas,  compositions,  techniques  and research  and  development
information.

      7.4.  Competition Following Termination.  If the employment of the 
Executive is terminated by the Company for Cause (as defined in Section 8.1) or
if the Executive voluntarily terminates her employment with the Company, then 
within the three-year

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period immediately following such termination of the Executive's employment with
the Company,  the Executive shall not,  without the prior written consent of the
Company,  which  consent may be withheld at the sole  discretion of the Company,
engage in or in any manner be connected or  concerned,  directly or  indirectly,
whether as an officer, director, stockholder, partner, owner, employee, creditor
or otherwise with the operation,  management or conduct of any business anywhere
in the world that  competes with the business of the Company at the time of such
termination or that utilizes  technology of a nature similar to that utilized by
the Company at the time of such termination.  Notwithstanding the foregoing,  in
no event shall the  restrictions  of this Section 7.4 continue beyond the period
that Executive receives salary or consulting fees under this Agreement.

      7.5. Solicitation of Employees and Customers Following Termination. Within
the three-year  period  immediately  following  termination  of the  Executive's
employment  with the  Company  for any reason  (other  than  termination  by the
Company  without Cause),  the Executive  shall not,  without the Company's prior
written  consent,  which  may be  withheld  at the  Company's  sole  discretion,
directly or  indirectly,  on her own behalf or on behalf of any other  person or
entity (a) solicit,  contact,  interfere with or divert any licensee or customer
of the Company,  or any prospective  customer  identified by or on behalf of the
Company,  during the Executive's  association with the Company or (b) solicit or
hire any person  then  employed by the Company or employed by the Company at any
time during the preceding 12-month period.

      7.6. Acknowledgment.  The Executive acknowledges that the restrictions set
forth in Section 7 are reasonable in scope and essential to the  preservation of
the  Company's  business and  proprietary  properties  and that the  enforcement
thereof  shall not in any manner  preclude  the  Executive,  in the event of the
Executive's  termination of employment with the Company, from becoming gainfully
employed  in such  manner and to such  extent as to provide a standard of living
for herself, the members of her family, and those dependent upon her of at least
the sort and  fashion  to which  she and they  have  become  accustomed  and may
expect.

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      7.7.  Severability.  The covenants of the Executive contained in Section 7
hereof  shall  each  be  construed  as an  agreement  independent  of any  other
provision in this  Agreement,  and the existence of any claim or cause of action
of the Executive  against the Company,  whether  predicated on this Agreement or
otherwise,  shall not constitute a defense to the  enforcement by the Company of
such covenants. Both parties hereby expressly agree that it is not the intention
of either party to violate any public policy,  statutory or common law, and that
if any sentence,  paragraph, clause or combination of the same of this Agreement
is in  violation  of the  law of any  state  where  applicable,  such  sentence,
paragraph,  clause or combination of the same shall be void in the jurisdictions
where it is unlawful,  and the remainder of such  paragraph  and this  Agreement
shall  remain  binding on the parties to make the  covenants  of this  Agreement
binding  only  to the  extent  that  it  may be  lawfully  done  under  existing
applicable laws. In the event that any part of any covenant of this Agreement is
determined  by a court of law to be overly  broad  thereby  making the  covenant
unenforceable, the parties hereto agree, and it is their desire, that such court
shall substitute a judicially  enforceable  limitation in its place, and that as
so modified the covenant  shall be binding upon the parties as if originally set
forth herein.

      Section 8. Termination.
      8.1. Termination for Cause; Voluntary Termination.  The Company shall have
the option to terminate the Employment  Period,  Consulting Period or Retirement
Period  for  cause  ("Cause")  in the  event  of (a) a  material  breach  by the
Executive  of the  covenants  provided in Section 7 of this  Agreement,  (b) the
commission  by the  Executive  of theft or  embezzlement  of  material  items of
Company  property,  (c) the conviction of the Executive of a crime  resulting in
material injury to the business,  property or reputation of the Company,  or (d)
the  Executive's  gross  dereliction or  malfeasance  in the  performance of her
duties hereunder  (other than as a result of the Executive's  mental or physical
disability), provided that such dereliction or malfeasance continues uncorrected
during  the  notice  period  described  in the next  sentence.  Any  termination
pursuant to this Section 8.1 shall be effective  only upon the  expiration  of a
120-day period  following  delivery by the Company to the Executive of a written
notice of such termination, setting forth in

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reasonable detail the grounds for such termination, if the circumstance or event
providing such grounds is not cured by the Executive during such 120-day period.
Neither the  Executive's  termination of her employment  with the Company due to
the Company's  breach of this  Agreement,  nor the  Executive's  election not to
renew the Employment Period pursuant to Section 2, shall be deemed to constitute
a voluntary  termination  of the  Executive's  employment  for  purposes of this
Agreement.

      8.2.  Survival of  Covenants.  The covenants of the Executive set forth in
Section 7 of this  Agreement  shall survive the  termination  of the  Employment
Period or Consulting Period or termination of this Agreement,  regardless of the
reason therefor.

      8.3. Continuation of Insurance. Following the termination or expiration of
the  Employment  Period for any  reason,  the  Company  shall,  at its  expense,
continue the medical,  disability and life  insurance  coverage of the Executive
and the  Executive's  spouse,  as in effect at such time,  during the Consulting
Period,  the  Retirement  Period  and  for the  remainder  of the  lives  of the
Executive  and the  Executive's  spouse or until the date the  Executive  or the
Executive's spouse secures comparable coverage provided by another employer.

      Section 9. General Provisions.
      9.1. Notice.  Any notice required or permitted  hereunder shall be made in
writing (a) either by actual  delivery of the notice into the hands of the party
thereunder  entitled,  or (b) by the mailing of the notice in the United  States
mail,  certified or  registered  mail,  return  receipt  requested,  all postage
prepaid  and  addressed  to the  party to whom the  notice is to be given at the
party's respective address set forth below, or such other address as the parties
may from time to time designate by written notice as herein provided.

As addressed to the Company:
            Energy Conversion Devices, Inc.
            1675 West Maple Road
            Troy, Michigan 48084
            Attention: Secretary of the Board of Directors


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With a copy (which shall not constitute notice) to:
            Chester T. Kamin, Esq.
            Jenner & Block
            One IBM Plaza
            Chicago, Illinois 60611

As addressed to the Executive:
            Iris M. Ovshinsky
            2700 Squirrel Road
            Bloomfield Hills, Michigan 48304

With a copy (which shall not constitute notice) to:
            Alan E. Schwartz, Esq.
            Honigman Miller Schwartz and Cohn
            2290 First National Building
            Detroit, Michigan 48226

The notice  shall be deemed to be received in case (a) on the date of its actual
receipt  by the party  entitled  thereto  and in case (b) on the third day after
date of its mailing.

      9.2.  Amendment and Waiver. No amendment or modification of this Agreement
shall be valid or binding upon the Company  unless made in writing and signed by
an officer of the Company duly  authorized by the Board of Directors or upon the
Executive  unless made in writing and signed by her.  The waiver by either party
of the breach of any  provision  of this  Agreement by the other party shall not
operate or be construed as a waiver of any subsequent breach.

      9.3.  Governing  Law. THE VALIDITY  AND EFFECT OF THIS  AGREEMENT  AND THE
RIGHTS AND  OBLIGATIONS  OF THE PARTIES HERETO SHALL BE CONSTRUED AND DETERMINED
IN ACCORDANCE WITH THE INTERNAL LAWS, AND NOT THE LAW OF CONFLICTS, OF THE STATE
OF MICHIGAN.

      9.4.  Entire Agreement.  This Agreement contains all of the terms agreed 
upon by the parties with respect to the subject matter hereof and supersedes all
prior

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agreements, arrangements  and  communications  between the parties dealing with 
such subject matter, whether oral or written.

      9.5. Binding Effect.  This Agreement shall be binding upon and shall inure
to the  benefit of the  transferees,  successors  and  assigns  of the  Company,
including  any  company  or  corporation  with  which the  Company  may merge or
consolidate, and shall be binding upon the Executive and shall inure the benefit
of  the  Executive  and  her  heirs,  executors,   personal  representative  and
beneficiaries.

      9.6. Remedies for Breach. The Executive specifically acknowledges that her
services under this Agreement are unique and  extraordinary and that irreparable
injury shall result to the Company and its business and property in the event of
a breach of the terms and  conditions  of this  Agreement to be performed by her
(including,  but not limited to, leaving the employment provided for hereunder).
The Executive,  therefore,  agrees that in the event of her breach of any of the
terms and  conditions of this Agreement to be performed by her  (including,  but
not limited to, leaving the employment provided for hereunder) the Company shall
be entitled,  if it so elects,  to institute  and prosecute  proceedings  in any
court of competent jurisdiction,  either at law or in equity and without posting
any bond or other security, to enjoin her from performing services for any other
person,  firm or corporation in violation of any of the terms of this Agreement,
and to obtain  damages  for any  breach of this  Agreement.  In the event of the
breach by the Company of any of the terms and conditions of this Agreement to be
performed  by  it,  the   Executive's   remedies  shall  be  similarly  free  of
limitations. The remedies provided herein shall be cumulative and in addition to
any and all other remedies which either party may have at law or in equity.

      9.7. Costs of  Enforcement.  In the event of any suit or proceeding by the
Executive  seeking  to enforce  the  terms,  covenants,  or  conditions  of this
Agreement,  the  Executive,  if she  prevails,  shall in  addition  to all other
remedies and relief that may be available under this Agreement or applicable law
recover her  reasonable  attorneys'  fees and costs as shall be  determined  and
awarded by the court.

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      9.8.  Headings.  Numbers and titles to paragraphs hereof are for 
information purposes only and, where inconsistent with the text, are to be 
disregarded.

      9.9.  Counterparts.  This  Agreement  may be  executed  in any  number  of
counterparts,  each of which shall be deemed an original,  but all of which when
taken together, shall be and constitute one and the same instrument.

                                  *  *  *  *  *
      IN WITNESS  WHEREOF,  the parties  hereto have caused this Agreement to be
duly executed on the date and year first written above.

                                          ENERGY CONVERSION DEVICES, INC.


                                          By /s/ R.C. Stempel
                                          -----------------------------------
                                                R.C. Stempel
                                                Chairman & Executive Director


                                          /s/ Iris M. Ovshinsky
                                          -------------------------------
                                               Iris M. Ovshinsky









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