Document:

Exhibit

EXHIBIT 10.1

AMENDMENT TO CONVERTIBLE PROMISSORY NOTE

This Amendment to Convertible Promissory Note (this “Amendment”) is entered into on May 1, 2018, but is effective for all purposes as of April 3, 2018, by and between ST. GEORGE INVESTMENTS LLC, a Utah limited liability company (“Lender”), and ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (“Borrower”). Capitalized terms used in this Amendment without definition shall have the meanings given to them in the Note (as defined below).

A.Borrower previously issued to Lender a Convertible Promissory Note dated September 8, 2017 in the principal amount of $1,725,000.00 (the “Note”).

B.The Note was issued pursuant to a Securities Purchase Agreement dated September 8, 2017 between Lender and Borrower.

C.Borrower and Lender have agreed to amend the Note as set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.Conversion Factor. The definition of the term “Conversion Factor” set forth in Section A4 of Attachment 1 to the Note is deleted in its entirety and replaced with the following:

“A4.    “Conversion Factor” means 60%.”

2.Market Price. The definition of the term “Market Price” set forth in Section A17 of Attachment 1 to the Note is deleted in its entirety and replaced with the following:

“A17.    “Market Price” means the lower of: (a) the Conversion Factor multiplied by the lowest VWAP during the five (5) Trading Days immediately preceding the applicable Conversion; and (b) the Closing Bid Price on the Trading Day immediately prior to the day the Redemption Notice is delivered.” 

3.Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be given by Lender to Borrower in connection with the amendments to the Note granted herein. Moreover, Lender agrees to forbear from enforcing its remedies under the Note with respect to all Events of Default that have occurred prior to the date hereof, provided that such forbearance shall cease, and Lender shall have no further obligations to refrain from enforcing its rights with respect to any such Events of Default, upon the occurrence of any Event of Default after the date hereof.

4.Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

BORROWER:

ASCENT SOLAR TECHNOLOGIES, INC.

 
By:  /s/Victor Lee                                                
Name: Victor Lee                                    
Title: CEO                                               

LENDER:

ST. GEORGE INVESTMENTS LLC

By: Fife Trading, Inc., its Manager

     By: /s/John M. Fife                             
      John M. Fife, President

[Signature page to Amendment to Convertible Promissory Note]wmg-ex105_93.htm

 

Exhibit 10.5

5.2.2018

WARNER MUSIC INC.

1633 Broadway

New York, NY  10019

May 2, 2018

Eric Levin

Dear Eric:

Please refer to the employment agreement between Warner Music Inc. (“Company”) and you dated September 30, 2014, as amended by letter agreement dated October 6, 2015, and as further amended by letter agreement dated December 2, 2016 (as amended, the “Agreement”).

This letter, when signed by you and countersigned by Company, shall constitute our agreement to amend the Agreement as set forth herein.  Unless otherwise indicated, capitalized terms shall have the meanings set forth in the Agreement.

1.Paragraph 2 of the Agreement is hereby amended to extend the Term through September 30, 2023.

2.Paragraph 3(a) of the Agreement is hereby amended to provide that your salary for the periods specified below shall be as follows:

 

			
	
Period of the Term 
	
 
	
Annual Rate of Salary

	
10/1/18 – 9/30/21
	
 
	
$850,000

	
10/1/21 – 9/30/23
	
 
	
$900,000

 

3.Paragraph 3(b) of the Agreement is hereby amended and restated in its entirety as follows:  

“(b)Annual Discretionary Bonus:  With respect to each fiscal year of the Term, commencing with the fiscal year that begins October 1, 2017 and ends September 30, 2018 (i.e., the  2018 fiscal year), Company shall consider granting to you an annual bonus (or a pro rata portion thereof for a portion of such fiscal year).  Your target bonus with respect to each fiscal year shall be as set forth below (or a pro rata portion of such amount for a portion of such fiscal year), and the amount of any annual bonus awarded to you shall be determined by Company in its sole discretion based on factors including the strength of your performance and the performance of Company and of Warner Music Group; provided that the amount of any annual bonus awarded to you may be higher or lower than the target amount.

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Fiscal Year
	
 
	
Target Bonus

	
2018
	
 
	
$500,000

	
2019, 2020, 2021
	
 
	
$850,000

	
2022, 2023
	
 
	
$900,000”

 

4.The following is hereby added to the Agreement as new Paragraph 3(e):

“(e)Equity Plan:  If, during the Term, Company establishes a new long-term incentive plan or program (a “new LTIP”) in which executives of Company at your level are eligible to participate, then Company shall, in good faith, consider offering you the opportunity to participate in such new LTIP in accordance with the terms and conditions of such plan or program.”

5.Paragraph 11(e)(ii) of the Agreement is hereby amended and restated in its entirety as follows:  “(ii) an amount equal to the per annum salary payable to you hereunder as of the Termination Date.”

6.Paragraph 11(g) of the Agreement is hereby amended and restated in its entirety as follows:  

“(g)The ‘Non-renewal Payments’ shall mean an amount equal to $600,000.” 

7.Paragraph 12 of the Agreement is hereby amended and restated in its entirety as follows:

“Confidential Matters:  You shall keep secret all confidential matters of Company and its affiliates (for purposes of Paragraphs 12 and 13 only, “Company”), and shall not disclose them to anyone outside of Company, either during or after your employment with Company, except (a) with Company’s prior written consent; (b) as required by law or judicial process or as permitted by law for the purpose of reporting a violation of law; or (c) to your professional advisors to the extent reasonable and necessary. Company hereby informs you, and you hereby acknowledge, in accordance with 18 U.S.C. Section 1833(b), that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret where the disclosure (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to any attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  You shall deliver promptly to Company upon termination of your employment, or at any time as Company may request, all confidential memoranda, notes, records, reports and other documents (and all copies thereof) relating to the business of Company which you may then possess or have under your control; provided that you may retain your personal files (i.e., your files not related to Company) and a copy of your address book.”

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Except as expressly amended herein, the terms and provisions of the Agreement shall remain in full force and effect.

If the foregoing correctly sets forth our understanding, please sign below and return this letter to Company.

 

		
	
WARNER MUSIC INC.

	
 
	
 

	
By:
	
/s/ Paul M. Robinson

	
Name:  Paul M. Robinson

 

	
	
Accepted and Agreed:

	
 

	
/s/ Eric Levin

	
Eric Levin

 

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HS 65899-1wmg-ex106_94.htm

 

Exhibit 10.6

5.2.2018

WARNER MUSIC INC.

1633 Broadway

New York, NY  10019

May 2, 2018

Paul M. Robinson

Dear Paul:

Please refer to the employment agreement between Warner Music Inc. (“Company”) and you dated August 4, 2015 (the “Agreement”).

This letter, when signed by you and countersigned by Company, shall constitute our agreement to amend the Agreement as set forth herein.  Unless otherwise indicated, capitalized terms shall have the meanings set forth in the Agreement.

1.Paragraph 1 of the Agreement is hereby amended and restated in its entirety as follows:  

“1.Position:  Executive Vice President, General Counsel & Secretary of Company, which is a direct wholly-owned subsidiary of WMG Acquisition Corp., and an indirect wholly-owned subsidiary of Warner Music Group Corp. (“Parent”).  You shall be the senior-most legal, business affairs and public policy executive of Company and of Parent (and their respective successors).”

2.Paragraph 2 of the Agreement is hereby amended to extend the Term through September 30, 2022.

3.Paragraph 3(a) of the Agreement is hereby amended to provide that effective as of October 1, 2018, your annual rate of salary shall be $850,000.

4.Paragraph 3(b) of the Agreement is hereby amended and restated in its entirety as follows:  

“(b)Annual Discretionary Bonus:  With respect to each fiscal year of the Term, commencing with the fiscal year that begins October 1, 2017 and ends September 30, 2018 (i.e., the  2018 fiscal year), Company shall consider granting to you an annual bonus (or a pro rata portion of such annual bonus for a portion of such fiscal year).  Your target bonus with respect to each fiscal year shall be as set forth below (or a pro rata portion of such amount for a portion of such fiscal year), and the amount of any annual bonus awarded to you shall be determined by Company in its sole discretion, which shall be exercised by Company in good faith, based on factors 

HS 65911-2

 

including, without limitation, the strength of your performance and the performance of Company and of Warner Music Group; provided that the amount of any annual bonus awarded to you may be higher or lower than the target amount.

 

			
	
Fiscal Year
	
 
	
Target Bonus

	
2018
	
 
	
$600,000

	
2019 & thereafter
	
 
	
$850,000”

 

5.The following is hereby added to the Agreement as new Paragraph 3(d):

“(d)Equity Plan:  If, during the Term, Company establishes a new long-term incentive plan or program (a “new LTIP”) in which executives of Company at your level are eligible to participate, then Company shall, in good faith, consider offering you the opportunity to participate in such new LTIP in accordance with the terms and conditions of such plan or program.”

6.Paragraph 11(e) of the Agreement is hereby amended and restated in its entirety as follows: 

“(e)“Special Termination Payments” shall mean the greater of (i) the Severance Amount (as defined below) and (ii) the sum of (A) $1,250,000 plus (B) a pro rata discretionary annual bonus with respect to the fiscal year in which the Termination Date occurs, the amount of which pro rata discretionary annual bonus shall be determined by Company in its sole discretion, which shall be exercised by Company in good faith.”

7.Paragraph 12 of the Agreement is hereby amended and restated in its entirety as follows:

“Confidential Matters:  You shall keep secret all confidential matters of Company and its affiliates (for purposes of Paragraphs 12 and 13 only, “Company”), and shall not disclose them to anyone outside of Company, either during or after your employment with Company, except (a) with Company’s prior written consent; (b) as required by law or judicial process or as permitted by law for the purpose of reporting a violation of law; or (c) to your professional advisors to the extent reasonable and necessary. Company hereby informs you, and you hereby acknowledge, in accordance with 18 U.S.C. Section 1833(b), that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret where the disclosure (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to any attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  You shall deliver promptly to Company upon termination of your employment, or at any time as Company may request, all confidential memoranda, notes, 

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records, reports and other documents (and all copies thereof) relating to the business of Company which you may then possess or have under your control; provided that you may retain your personal files (i.e., your files not related to Company) and a copy of your address book.”

Except as expressly amended herein, the terms and provisions of the Agreement shall remain in full force and effect.

If the foregoing correctly sets forth our understanding, please sign below and return this letter to Company.

 

		
	
WARNER MUSIC INC.

	
 
	
 

	
By:
	
/s/ Steve Cooper

	
Name:  Steve Cooper

 

	
	
Accepted and Agreed:

	
 

	
/s/ Paul M. Robinson

	
Paul M. Robinson

 

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