Document:

Exhibit
10.2

PROMISSORY NOTE

	
  Principal

  	
  Loan
  Date

  	
  Maturity

  	
  Loan
  No

  	
  Call
  / Coll

  	
  Account

  	
  Officer

  	
  Initials

  
	
  $30,000,000.00

  	
  04-30-2007

  	
  04-29-2008

  	
  8454545-10000

  	
   

  	
  00002551852

  	
  18181

  	
   

  
	
  References in
  the shaded area are for Lender’s use only and do not limit the applicability
  of this document to any particular loan or item.

  Any item above
  containing “***” has been omitted due to text length limitations.

  

 

	
  Borrower:

  	
   

  	
  Old Second Bancorp, Inc.

  	
   

  	
  Lender:

  	
   

  	
  M&I Marshall & Ilsley Bank

  
	
   

  	
   

  	
  37 South River Street

  	
   

  	
   

  	
   

  	
  Correspondent Banking

  
	
   

  	
   

  	
  Aurora, IL 60506-4173

  	
   

  	
   

  	
   

  	
  770 N. Water Street

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Milwaukee, WI 53202

  

 

	
  Principal Amount: $30,000,000.00

  	
  Initial Rate: 6.220%

  	
  Date of Note:  April 30, 2007

  

 

PROMISE TO PAY.  Old Second Bancorp, Inc. (“Borrower”) promises
to pay to M&I Marshall & Ilsley Bank (“Lender”), or order, in lawful
money of the United States of America, the principal amount of Thirty Million
& 00/100 Dollars ($30,000,000.00) or so much as may be outstanding,
together with interest on the unpaid outstanding principal balance of each
advance. Interest shall be calculated from the date of each advance until
repayment of each advance.

PAYMENT.  Borrower will pay this loan in one payment of
all outstanding principal plus all accrued unpaid interest on April 29, 2008.
In addition, Borrower will pay regular monthly payments of all accrued unpaid
interest due as of each payment date, beginning May 29, 2007, with all
subsequent interest payments to be due on the same day of each month after
that. Unless otherwise agreed or required by applicable law, payments will be
applied to accrued interest, principal, late charges, and escrow. The annual
interest rate for this Note is computed on a 365/360 basis; that is, by
applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding. Borrower will pay Lender
at Lender’s address shown above or at such other place as Lender may designate
in writing.

VARIABLE INTEREST RATE.  The interest rate on this Note is
subject to change from time to time based on changes in an independent index
which is the British Bankers Association (BBA) LIBOR and reported by a major
news service selected by Lender (such as Reuters, Bloomberg or Moneyline
Telerate). If BBA LIBOR for the one month period is not provided or reported on
the first day of a month because, for example, it is a weekend or holiday or for
another reason, the One Month LIBOR Rate shall be established as of the
preceding day on which a BBA LIBOR rate is provided for the one month period
and reported by the selected news service (the “Index”). The Index is not
necessarily the lowest rate charged by Lender on its loans. If the Index
becomes unavailable during the term of this loan, Lender may designate a
substitute index after notifying to Borrower. Lender will tell Borrower the
current Index rate upon Borrower’s request. The interest rate change will not
occur more often than each first day of each calendar month. Borrower
understands that Lender may make loans based on other rates as well. The Index
currently is 5.320% per annum. The interest rate to be applied to the unpaid
principal balance of this Note will be at a rate of 0.900 percentage points
over the Index, resulting in an initial rate of 6.220% per annum. NOTICE: Under
no circumstances will the interest rate on this Note be more than the maximum
rate allowed by applicable law.

PREPAYMENT.  Borrower may pay without penalty all or a
portion of the amount owed earlier than it is due. Early payments will not,
unless agreed to by Lender in writing, relieve Borrower of Borrower’s
obligation to continue to make payments of accrued unpaid interest. Rather,
early payments will reduce the principal balance due. Borrower agrees not to
send Lender payments marked “paid in full”, “without recourse”, or similar
language. If Borrower sends such a payment, Lender may accept it without losing
any of Lender’s rights under this Note, and Borrower will remain obligated to
pay any further amount owed to Lender. All written communications concerning
disputed amounts, including any check or other payment instrument that
indicates that the payment constitutes “payment in full” of the amount owed or
that is tendered with other conditions or limitations or as full satisfaction
of a disputed amount must be mailed or delivered to: M&I Marshall &
Ilsley Bank, P.O. 3114 Milwaukee, WI 53201-3114.

LATE CHARGE.  If a payment is 10 days or more late, Borrower
will be charged 5.000% of the unpaid portion of the regularly scheduled
payment.

INTEREST AFTER DEFAULT.  Upon default, including failure to pay
upon final maturity, the interest rate on this Note shall be increased by
adding a 3.000 percentage point margin (“Default Rate Margin”).  The Default Rate Margin shall also apply to
each succeeding interest rate change that would have applied had there been no
default.  However, in no event will the
interest rate exceed the maximum interest rate limitations under applicable
law.

DEFAULT.  Each of the following shall constitute an
event of default (“Event of Default”) under this Note:

Payment Default.  Borrower fails to make any payment when due
under this Note.

Other Defaults.  Borrower fails to comply
with or to perform any other term, obligation, covenant or condition contained
in this Note or in any of the related documents or to comply with or to perform
any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.

Default in Favor of Third Parties.  Borrower or any Grantor defaults under any
loan, extension of credit, security agreement, purchase or sales agreement, or
any other agreement, in favor of any other creditor or person that may
materially affect any of Borrower’s property or Borrower’s ability to repay
this Note or perform Borrower’s obligations under this Note or any of the
related documents.

False Statements.  Any warranty, representation or statement made
or furnished to Lender by Borrower or on Borrower’s behalf under this Note or
the related documents is false or misleading in any material respect, either
now or at the time made or furnished or becomes false or misleading at any time
thereafter.

Insolvency.  The dissolution or termination of Borrower’s
existence as a going business, the insolvency of Borrower, the appointment of a
receiver for any part of Borrower’s property, any assignment for the benefit of
creditors, any type of creditor workout, or the

commencement of any proceeding under any bankruptcy or
insolvency laws by or against Borrower.

Creditor or Forfeiture Proceedings.  Commencement of foreclosure
or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any
governmental agency against any collateral securing the loan. This includes a
garnishment of any of Borrower’s accounts, including deposit accounts, with
Lender. However, this Event of Default shall not apply if there is a good faith
dispute by Borrower as to the validity or reasonableness of the claim which is
the basis of the creditor or forfeiture proceeding and if Borrower gives Lender
written notice of the creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount
determined by Lender, in its sole discretion, as being an adequate reserve or
bond for the dispute.

Events Affecting Guarantor.  Any of the preceding events
occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the indebtedness or any guarantor, endorser, surety, or accommodation
party dies or becomes incompetent, or revokes or disputes the validity of, or
liability under, any guaranty of the indebtedness evidenced by this Note. In
the event of a death, Lender, at its option, may, but shall not be required to,
permit the guarantor’s estate to assume unconditionally the obligations arising
under the guaranty in a manner satisfactory to Lender, and, in doing so, cure
any Event of Default

Change In Ownership.  Any change in ownership of
twenty-five percent (25%) or more of the common stock of Borrower.

Adverse Change.  A material adverse change occurs in Borrower’s
financial condition, or Lender believes the prospect of payment or performance
of this Note is impaired.

Insecurity.  Lender in good faith believes itself insecure.

LENDER’S RIGHTS.  Upon default, Lender may declare the entire
unpaid principal balance on this Note and all accrued unpaid interest
immediately due, and then Borrower will pay that amount.

ATTORNEYS’ FEES; EXPENSES.  Lender may hire or pay someone else to
help collect this Note if Borrower does not pay. Borrower will pay Lender that
amount. This includes, subject to any limits under applicable law. Lender’s
attorneys’ fees and Lender’s legal expenses, whether or not there is a lawsuit,
including attorneys’ fees, expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), and appeals. If
not prohibited by applicable law, Borrower also will pay any court costs, in
addition to all other sums provided by law.

JURY WAIVER.  Lender and Borrower hereby
waive the right to any jury trial in any action, proceeding, or counterclaim
brought by either Lender or Borrower against the other.

GOVERNING LAW.  This Note will be governed
by federal law applicable to Lender and, to the extent not preempted by federal
law, the laws of the State of Wisconsin without regard to its conflicts of law
provisions. This Note has been accepted by Lender in the State of Wisconsin.

CHOICE OF VENUE.  If there is a lawsuit,
Borrower agrees upon Lender’s request to submit to the jurisdiction of the
courts of Milwaukee County, State of Wisconsin.

DISHONORED ITEM FEE.  Borrower will pay a fee to Lender of
$15.00 if Borrower makes a payment on Borrower’s loan and the check or
preauthorized charge with which Borrower pays is later dishonored.

RIGHT OF SETOFF.  To the extent permitted by applicable law,
Lender reserves a right of setoff in all Borrower’s accounts with Lender
(whether checking, savings, or some other account). This includes all accounts
Borrower holds jointly with someone else and all accounts Borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any
trust accounts for which setoff would be prohibited by law. Borrower authorizes
Lender, to the extent permitted by applicable law, to charge or setoff all sums
owing on the debt against any and all such accounts, and, at Lender’s option,
to administratively freeze all such accounts to allow Lender to protect Lender’s
charge and setoff rights provided in this paragraph.

LINE OF CREDIT.  This Note evidences a
revolving line of credit. Advances under this Note, as well as directions for
payment from Borrower’s accounts, may be requested orally or in writing by
Borrower or by an authorized person. Lender may, but need not, require that all
oral requests be confirmed in writing. Borrower agrees to be liable for all
sums either: (A) advanced in accordance with the instructions of an authorized
person or (B) credited to any of Borrower’s accounts with Lender. The unpaid
principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender’s internal records, including daily
computer print-outs. Lender will have no obligation to advance funds under this

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Note if: (A) Borrower or any guarantor is in default
under the terms of this Note or any agreement that Borrower or any guarantor
has with Lender, including any agreement made in connection with the signing of
this Note; (B) Borrower or any guarantor ceases doing business or is insolvent;
(C) any guarantor seeks, claims or otherwise attempts to limit, modify or
revoke such guarantor’s guarantee of this Note or any other loan with Lender;
(D) Borrower has applied funds provided pursuant to this Note for purposes
other than those authorized by Lender; or (E) Lender in good faith believes
itself insecure.

ISDA.  Obligations and indebtedness includes, without
limitation all obligations, indebtedness and liabilities arising pursuant to or
in connection with any interest rate swap transaction, basis swap, forward rate
transaction, interest rate option or any similar transaction between the
Borrower and Lender.

RATE OPTION.  The outstanding principal balance under this
Note shall bear interest rate at Libor plus .90% or Fed Funds plus 1.00%.

SUCCESSOR INTERESTS.  The terms of this Note shall be binding upon
Borrower, and upon Borrower’s heirs, personal representatives, successors and
assigns, and shall inure to the benefit of Lender and its successors and
assigns.

GENERAL PROVISIONS.  This Note benefits Lender and its
successors and assigns, and binds Borrower and Borrower’s heirs, successors,
assigns, and representatives. If any part of this Note cannot be enforced, this
fact will not affect the rest of the Note. Lender may delay or forgo enforcing
any of its rights or remedies under this Note without losing them. Borrower and
any other person who signs, guarantees or endorses this Note, to the extent
allowed by law, waive presentment, demand for payment, and notice of dishonor.
Upon any change in the terms of this Note, and unless otherwise expressly
stated in writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability. All such
parties agree that Lender may renew or extend (repeatedly and for any length of
time) this loan or release any party or guarantor or collateral; or impair,
fail to realize upon or perfect Lender’s security interest in the collateral;
and take any other action deemed necessary by Lender without the consent of or
notice to anyone. All such parties also agree that Lender may modify this loan
without the consent of or notice to anyone other than the party with whom the
modification is made. The obligations under this Note are Joint and several.

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PRIOR TO SIGNING THIS
NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING
THE VARIABLE INTEREST RATE PROVISIONS, BORROWER AGREES TO THE TERMS OF THE
NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF
THIS PROMISSORY NOTE.

BORROWER:

OLD SECOND BANCORP, INC.

	
  By:

  	
   /s/ William Skoglund

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signer for Old Second Bancorp, Inc.

  	
   

  	
   

  	
   

  

 

 32Exhibit 4.1

ASCENT
SOLAR TECHNOLOGIES, INC.

AMENDED AND
RESTATED

2005 STOCK OPTION
PLAN

1.             Purposes of the Plan.  The
purposes of this 2005 Stock Option Plan are:

· to attract and retain the best available
personnel;

· to provide additional incentive to
Employees, Directors and Consultants; and

· to promote the success of the Company’s
business.

Options granted under the
Plan may be Incentive Stock Options or Nonstatutory Stock Options, as
determined by the Administrator at the time of grant.

2.             Definitions.  As used herein, the following
definitions shall apply:

(a)           “Administrator” means the Board or any of its Committees as
shall be administering the Plan, in accordance with Section 4 of the Plan.

(b)           “Applicable Laws” means the requirements relating to the
administration of stock option plans under U. S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Options are, or will be, granted
under the Plan.

(c)           “Board” means the Board of Directors of the Company.

(d)           “Code” means the Internal Revenue Code of 1986, as amended.

(e)           “Committee” means a committee of Directors appointed by the
Board in accordance with Section 4 of the Plan.

(f)            “Common Stock” means the common stock
of the Company.

(g)           “Company” means Ascent Solar Technologies, Inc., a Delaware
corporation.

(h)           “Consultant” means any person, including an advisor, engaged by
the Company or a Parent or Subsidiary to render services to such entity.

(i)            “Director” means a member of the
Board.

(j)            “Disability” means total and permanent
disability as defined in Section 22(e)(3) of the Code.

(k)           “Employee” means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any
successor.  For purposes of Incentive
Stock Options, no such leave may exceed one hundred eighty (180) days, unless
reemployment upon expiration of such leave is guaranteed by statute or
contract.  If reemployment upon
expiration of a leave of absence approved by the 

 1
 

Company is not so guaranteed, on the one hundred
eighty-first (181st) day of such leave any Incentive Stock
Option held by the Optionee shall cease to be treated as an Incentive Stock
Option and shall be treated for tax purposes as a Nonstatutory Stock Option.
Neither service as a Director nor payment of a director’s fee by the Company
shall be sufficient to constitute “employment” by the Company.

(l)            “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

(m)          “Fair Market Value” means, as of any date, the value of Common
Stock determined as follows:

(i)            If the Common Stock is listed on any
established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq Capital Market, its Fair
Market Value shall be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such exchange or system for the last
market trading day prior to the time of determination, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable;

(ii)           If the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value of a Share of
Common Stock shall be the mean between the high bid and low asked prices for
the Common Stock on the last market trading day prior to the day of
determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; or

(iii)          In the absence of an established market for the Common Stock, the Fair
Market Value shall be determined in good faith by the Administrator.

(n)           “Incentive Stock Option” means an Option intended to qualify as
an incentive stock option within the meaning of Section 422 of the Code
and the regulations promulgated thereunder.

(o)           “Nonstatutory Stock Option” means an Option not intended to
qualify as an Incentive Stock Option.

(p)           “Notice of Grant” means a written or electronic notice
evidencing certain terms and conditions of an individual Option grant. The
Notice of Grant is part of the Option Agreement.

(q)           “Officer” means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.

(r)            “Option” means a stock option granted
pursuant to the Plan.

(s)           “Option Agreement” means an agreement between the Company and an
Optionee evidencing the terms and conditions of an individual Option grant. The
Option Agreement is subject to the terms and conditions of the Plan.

(t)            “Option Exchange Program” means a
program whereby outstanding Options are surrendered in exchange for Options
with a lower exercise price.

(u)           “Optioned Stock” means the Common Stock subject to an Option.

(v)           “Optionee” means the holder of an outstanding Option granted
under the Plan.

 2
 

(w)          “Parent” means a “parent corporation,” whether now or hereafter
existing, as defined in Section 424(e) of the Code.

(x)            “Plan” means this 2005 Stock Option
Plan, as amended.

(y)           “Rule 16b-3” means Rule 16b-3 of the Exchange Act or
any successor to Rule 16b-3, as in effect when discretion is being
exercised with respect to the Plan.

(z)            “Section 16(b)” means
Section 16(b) of the Exchange Act.

(aa)         “Service Provider” means an Employee, Director or Consultant.

(bb)         “Share” means a share of the Common Stock, as adjusted in
accordance with Section 12 of the Plan.

(cc)         “Subsidiary” means a “subsidiary corporation”, whether now or hereafter
existing, as defined in Section 424(f) of the Code.

3.             Stock Subject to the Plan. 
Subject to the provisions of Section 12 of the Plan, the maximum
aggregate number of Shares which may be optioned and sold under the Plan is one
million (1,000,000) Shares.  The Shares
may be authorized, but unissued, or reacquired Common Stock.

If an Option expires or
becomes unexercisable without having been exercised in full, or is surrendered
pursuant to an Option Exchange Program, the unpurchased Shares which were
subject thereto shall become available for future grant or sale under the Plan
(unless the Plan has terminated); provided, however, that Shares
that have actually been issued under the Plan shall not be returned to the Plan
and shall not become available for future distribution under the Plan.

4.             Administration of the Plan.

(a)           Procedure.

(i)            Multiple Administrative Bodies.  The
Plan may be administered by different Committees with respect to different
groups of Service Providers.

(ii)           Section 162(m).  To
the extent that the Administrator determines it to be desirable to qualify
Options granted hereunder as “performance-based compensation” within the
meaning of Section 162(m) of the Code, the Plan shall be administered by a
Committee of two or more “outside directors” within the meaning of
Section 162(m) of the Code.

(iii)          Rule 16b-3.  To
the extent desirable to qualify transactions hereunder as exempt under
Rule 16b-3, the transactions contemplated hereunder shall be structured to
satisfy the requirements for exemption under Rule 16b-3.

(iv)          Other Administration. 
Other than as provided above, the Plan shall be administered by
(A) the Board or (B) a Committee, which committee shall be
constituted to satisfy Applicable Laws.

(b)           Powers of the Administrator. 
Subject to the provisions of the Plan, and in the case of a Committee,
subject to the specific duties delegated by the Board to such Committee, the
Administrator shall have the authority, in its discretion:

 3
 

(i)            to determine the Fair Market Value;

(ii)           to select the Service Providers to whom Options may be granted
hereunder;

(iii)          to determine the number of shares of Common Stock to be covered by each
Option  granted hereunder;

(iv)          to approve forms of agreement for use under the Plan;

(v)           to determine the terms and conditions, not inconsistent with the terms
of the Plan, of any Option granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when
Options may be exercised (which may be based on performance criteria), any
vesting acceleration or waiver of forfeiture restrictions, and any restriction
or limitation regarding any Option or the shares of Common Stock relating
thereto, based in each case on such factors as the Administrator, in its sole discretion,
shall determine;

(vi)          to reduce the exercise price of any Option to the then current Fair
Market Value if the Fair Market Value of the Common Stock covered by such
Option shall have declined since the date the Option was granted;

(vii)         to institute an Option Exchange Program;

(viii)        to construe and interpret the terms of the Plan and awards granted
pursuant to the Plan;

(ix)           to prescribe, amend and rescind rules and regulations relating to the
Plan, including rules and regulations relating to sub-plans established for the
purpose of qualifying for preferred tax treatment under foreign tax laws;

(x)            to modify or amend each Option (subject to
Section 14(c) of the Plan), including the discretionary authority to
extend the post-termination exercisability period of Options longer than is
otherwise provided for in the Plan;

(xi)           to authorize any person to execute on behalf of the Company any
instrument required to effect the grant of an Option previously granted by the
Administrator;

(xii)          to make all other determinations deemed necessary or advisable for
administering the Plan.

(c)           Effect of Administrator’s Decision.  The
Administrator’s decisions, determinations and interpretations shall be final
and binding on all Optionees and any other holders of Options.

5.             Eligibility.  Nonstatutory Stock Options may
be granted to Service Providers. Incentive Stock Options may be granted only to
Employees.

6.             Limitations.

(a)           Each Option shall be designated in the Option Agreement as either an
Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding
such designation, to the extent that the aggregate Fair Market Value of the
Shares with respect to which Incentive Stock Options are exercisable for the
first time by the Optionee during any calendar year (under all plans of the
Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be
treated as Nonstatutory Stock Options. For purposes of this 

 4
 

Section 6(a), Incentive Stock Options shall be
taken into account in the order in which they were granted. The Fair Market
Value of the Shares shall be determined as of the time the Option with respect
to such Shares is granted.

(b)           Neither the Plan nor any Option shall confer upon an Optionee any right
with respect to continuing the Optionee’s relationship as a Service Provider
with the Company, nor shall they interfere in any way with the Optionee’s right
or the Company’s right to terminate such relationship at any time, with or
without cause.

(c)           No Employee shall be granted, in any one fiscal year of the Company,
Options to purchase more than one hundred thousand (100,000) Shares.

7.             Term of Plan. 
Subject to Section 18 of the Plan, the Plan shall become effective
upon its adoption by the Board. It shall continue in effect for a term of ten
(10) years unless terminated earlier under Section 14 of the Plan.

8.             Term of Option.  The
term of each Option shall be stated in the Option Agreement; provided, however,
that the term shall be no more than ten (10) years from the date of grant
thereof. In the case of an Incentive Stock Option, the term shall be ten
(10) years from the date of grant or such shorter term as may be provided
in the Option Agreement. Moreover, in the case of an Incentive Stock Option
granted to an Optionee who, at the time the Incentive Stock Option is granted,
owns stock representing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any Parent or
Subsidiary, the term of the Incentive Stock Option shall be five (5) years
from the date of grant or such shorter term as may be provided in the Option
Agreement.

9.             Option Exercise Price and Consideration.

(a)           Exercise Price.  The
per share exercise price for the Shares to be issued pursuant to exercise of an
Option shall be determined by the Administrator, subject to the following:

(i)            In the case of an Incentive Stock Option

(A)  granted to an Employee who, at the time the Incentive Stock Option is
granted, owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or Subsidiary, the
per Share exercise price shall be no less than 110% of the Fair Market Value
per Share on the date of grant.

(B)   granted to any Employee other than an Employee described in
paragraph (A) immediately above, the per Share exercise price shall be no
less than 100% of the Fair Market Value per Share on the date of grant.

(ii)           In the case of a Nonstatutory Stock Option

(A)  granted to a Service Provider who, at the time the Nonstatutory Stock
Option is granted, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or
Subsidiary, the per Share exercise price shall be no less than one hundred ten
percent (110%) of the Fair Market Value per Share on the date of grant.

(B)   intended to qualify as “performance-based compensation” within the
meaning of Section 162(m) of the Code, the per Share exercise price shall
be no less than 100% of the Fair Market Value per Share on the date of grant.

 5
 

(C)   Granted to any other Service Provider, the per Share exercise price
shall be no less than eighty-five percent (85%) of the Fair Market Value per
Share on the date of grant.

(iii)          Notwithstanding the foregoing, Options may be granted with a per Share
exercise price of less than one hundred percent (100%) of the Fair Market Value
per Share on the date of grant pursuant to a merger or other corporate
transaction.

(b)           Waiting Period and Exercise Dates.  At
the time an Option is granted, the Administrator shall fix the period within
which the Option may be exercised and shall determine any conditions which must
be satisfied before the Option may be exercised.

(c)           Form of Consideration.  The
Administrator shall determine the acceptable form of consideration for
exercising an Option, including the method of payment. In the case of an
Incentive Stock Option, the Administrator shall determine the acceptable form
of consideration at the time of grant. Such consideration may consist entirely
of:

(i)            cash;

(ii)           check;

(iii)          other Shares which (A) in the case of Shares acquired upon
exercise of an option, have been owned by the Optionee for more than six months
on the date of surrender, and (B) have a Fair Market Value on the date of
surrender equal to the aggregate exercise price of the Shares as to which said
Option shall be exercised;

(iv)          consideration received by the Company under a cashless exercise
program, if implemented by the Company in connection with the Plan;

(v)           a reduction in the amount of any Company liability to the Optionee,
including any liability attributable to the Optionee’s participation in any
Company-sponsored deferred compensation program or arrangement;

(vi)          any combination of the foregoing methods of payment; or

(vii)         such other consideration and method of payment for the issuance of
Shares to the extent permitted by Applicable Laws.

10.           Exercise
of Option.

(a)           Procedure for Exercise; Rights as a
Stockholder.  Any Option granted hereunder shall be
exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Administrator and set forth in the Option
Agreement. Unless otherwise stated in the Option Agreement, Options shall
become exercisable at a rate of twenty-five percent (25%) per year over four
(4) years from the date the Options are granted, with twenty-five percent (25%)
of the Shares under the Option vesting on each of the first, second, third and
fourth anniversaries of the date of grant. 
Unless the Administrator provides otherwise, vesting of Options granted
hereunder shall be suspended during any unpaid leave of absence. An Option may
not be exercised for a fraction of a Share.

An Option shall be deemed
exercised when the Company receives: (i) written or electronic notice of exercise
(in accordance with the Option Agreement) from the person entitled to exercise
the Option, and (ii) full payment for the Shares with respect to which the
Option is exercised. Full payment may consist of any consideration and method
of payment authorized by the Administrator and permitted by the Option 

 6
 

Agreement and the Plan. Shares issued upon exercise
of an Option shall be issued in the name of the Optionee or, if requested by
the Optionee, in the name of the Optionee and his or her spouse. Until the
Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to
vote or receive dividends or any other rights as a stockholder shall exist with
respect to the Optioned Stock, notwithstanding the exercise of the Option. The
Company shall issue (or cause to be issued) such Shares promptly after the
Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as
provided in Section 12 of the Plan.

Exercising an Option in any
manner shall decrease the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as
to which the Option is exercised.

(b)           Termination of Relationship as a Service
Provider.  If an Optionee ceases to be a Service
Provider, other than upon the Optionee’s death or Disability, the Optionee may
exercise his or her Option within ninety (90) days of termination, or such
longer period of time as specified in the Option Agreement, to the extent that
the Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Option Agreement).  If, on the date of termination, the Optionee
is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination,
the Optionee does not exercise his or her Option within the time specified by
the Administrator, the Option shall terminate, and the Shares covered by such
Option shall revert to the Plan.

(c)           Disability of Optionee.  If
an Optionee ceases to be a Service Provider as a result of the Optionee’s
Disability, the Optionee may exercise his or her Option within one (1)
year of termination, or such longer period of time as may be specified in the
Option Agreement, to the extent the Option is vested on the date of termination
(but in no event later than the expiration of the term of such Option as set
forth in the Option Agreement).  If, on
the date of termination, the Optionee is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option shall revert
to the Plan. If, after termination, the Optionee does not exercise his or her
Option within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan.

(d)           Death of Optionee.  If
an Optionee dies while a Service Provider, the Option may be exercised within
one (1) year following Optionee’s death, or such longer period of time as
may be specified in the Option Agreement, to the extent that the Option is
vested on the date of death (but in no event later than the expiration of the
term of such Option as set forth in the Notice of Grant), by the Optionee’s
designated beneficiary, provided such beneficiary has been designated prior to
Optionee’s death in a form acceptable to the Administrator. If no such
beneficiary has been designated by the Optionee, then such Option may be
exercised by the personal representative of the Optionee’s estate or by the
person(s) to whom the Option is transferred pursuant to the Optionee’s will or
in accordance with the laws of descent and distribution.  If, at the time of death, the Optionee is not
vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option shall immediately revert to the Plan. If the Option is
not so exercised within the time specified herein, the Option shall terminate,
and the Shares covered by such Option shall revert to the Plan.

(e)           Buyout Provisions.  The
Administrator may at any time offer to buy out for a payment in cash or Shares
an Option previously granted based on such terms and conditions as the
Administrator shall establish and communicate to the Optionee at the time that
such offer is made.

11.           Limited
Transferability of Options.  Unless determined otherwise by the
Administrator, Options may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or the laws of
descent and distribution, and may be exercised during the lifetime of the
Optionee, only by the Optionee. If the Administrator in its sole discretion
makes an Option transferable, such Option may only be 

 7
 

transferred (i) by will, (ii) by the laws
of descent and distribution, or (iii) as permitted by Rule 701 of the
Securities Act of 1933, as amended.

12.           Adjustments Upon Changes in Capitalization,
Dissolution, Merger or Asset Sale.

(a)           Changes in Capitalization. 
Subject to any required action by the stockholders of the Company, the
number of shares of Common Stock covered by each outstanding Option, and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but as to which no Options have yet been granted or which have been
returned to the Plan upon cancellation or expiration of an Option, as well as
the price per share of Common Stock covered by each such outstanding Option,
shall be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or
any other increase or decrease in the number of issued shares of Common Stock
effected without receipt of consideration by the Company; provided, however,
that conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration.” Such
adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an Option .

(b)           Dissolution or Liquidation.  In
the event of the proposed dissolution or liquidation of the Company, the
Administrator shall notify each Optionee as soon as practicable prior to the
effective date of such proposed transaction. The Administrator in its
discretion may provide for an Optionee to have the right to exercise his or her
Option until ten (10) days prior to such transaction as to all of the
Optioned Stock covered thereby, including Shares as to which the Option would
not otherwise be exercisable. In addition, the Administrator may provide that
any Company repurchase option applicable to any Shares purchased upon exercise
of an Option shall lapse as to all such Shares, provided the proposed
dissolution or liquidation takes place at the time and in the manner
contemplated. To the extent it has not been previously exercised, an Option
will terminate immediately prior to the consummation of such proposed action.

(c)           Merger or Asset Sale.  In
the event of a merger of the Company with or into another corporation, or the
sale of substantially all of the assets of the Company, each outstanding Option
may, at the discretion of the Administrator or the successor corporation, be
assumed or an equivalent option or right substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. In the
event that the successor corporation refuses to assume or substitute for the
Option, any Option or portions of Options outstanding as of the date of such
event that are not yet fully vested shall immediately become exercisable in
full.  In such event, the Administrator
or the successor corporation, as the case may be, shall promptly notify the
Optionee in writing or electronically of the qualifying merger or asset sale
and of the exercisability of the Option; the Option and any portion thereof,
whether vested or unvested, shall be exercisable by the Optionee for a period
of fifteen (15) calendar days from the date of such notice, and the Option
shall terminate upon the expiration of such period. For the purposes of this
paragraph, the Option shall be considered assumed if, following the merger or
sale of assets, the option or right confers the right to purchase or receive,
for each Share of Optioned Stock subject to the Option immediately prior to the
merger or sale of assets, the consideration (whether stock, cash, or other securities
or property) received in the merger or sale of assets by holders of Common
Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the merger or sale of
assets is not solely common stock of the successor corporation or its Parent,
the Administrator may, with the consent of the successor corporation, provide
for the consideration to be received upon the exercise of the Option, for each
Share of Optioned Stock subject to the Option, to be solely common stock of the
successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or sale of
assets.

 8
 

13.           Date
of Grant.  The date of grant of an Option shall be, for
all purposes, the date on which the Administrator makes the determination
granting such Option, or such other later date as is determined by the
Administrator. Notice of the determination shall be provided to each Optionee
within a reasonable time after the date of such grant.

14.           Amendment
and Termination of the Plan.

(a)           Amendment and Termination.  The
Board may at any time amend, alter, suspend or terminate the Plan.

(b)           Stockholder Approval.  The
Company shall obtain stockholder approval of any Plan amendment to the extent
necessary and desirable to comply with Applicable Laws.

(c)           Effect of Amendment or Termination.  No
amendment, alteration, suspension or termination of the Plan shall impair the
rights of any Optionee, unless mutually agreed otherwise between the Optionee
and the Administrator, which agreement must be in writing and signed by the
Optionee and the Company. Termination of the Plan shall not affect the
Administrator’s ability to exercise the powers granted to it hereunder with
respect to Options granted under the Plan prior to the date of such
termination.

15.           Conditions
Upon Issuance of Shares.

(a)           Legal Compliance. 
Shares shall not be issued pursuant to the exercise of an Option unless
the exercise of such Option and the issuance and delivery of such Shares shall
comply with Applicable Laws and shall be further subject to the approval of counsel
for the Company with respect to such compliance.

(b)           Investment Representations.  As a
condition to the exercise of an Option, the Company may require the person
exercising such Option to represent and warrant at the time of any such
exercise that the Shares are being purchased only for investment and without
any present intention to sell or distribute such Shares if, in the opinion of
counsel for the Company, such a representation is required.

16.           Inability
to Obtain Authority.  The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company’s counsel to be necessary to the lawful issuance and sale
of any Shares hereunder, shall relieve the Company of any liability in respect
of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

17.           Reservation
of Shares.  The Company, during the term of this Plan,
will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

18.           Stockholder
Approval.  The Plan shall be subject to approval by the
stockholders of the Company within twelve (12) months after the date the
Plan is adopted. Such stockholder approval shall be obtained in the manner and
to the degree required under Applicable Laws.

19.           Information
to Optionees.  The Company shall provide, or make available,
to each Optionee and to each individual who acquires Shares pursuant to the
Plan, not less frequently than annually during the period such participant has
one or more Options outstanding, and, in the case of an individual who acquires
Shares pursuant to the Plan, during the period such individual owns such
Shares, copies of annual financial statements. The Company shall not be
required to provide such statements to key employees whose duties in connection
with the Company assure their access to equivalent information.

 9

ASCENT
SOLAR TECHNOLOGIES, INC. 

2005 STOCK OPTION PLAN 

STOCK OPTION AGREEMENT

Unless otherwise defined
herein, the terms defined in the Plan shall have the same defined meanings in
this Option Agreement.

I. 
NOTICE OF STOCK OPTION GRANT

«NAME»

The undersigned Optionee has
been granted an Option to purchase Common Stock of the Company, subject to the
terms and conditions of the Plan and this Option Agreement, as follows: 

	
  Date of Grant:

  	
   

  	
   

  
	
  Vesting Commencement Date: 

  (same as Date of Grant, if left blank)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise Price per Share:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Number of Shares Granted:

  	
   

  	
   

  
	
  Type of Option:

  	
   

  	
           Incentive
  Stock Option 

           Nonstatutory Stock
  Option

  
	
   

  	
   

  	
   

  
	
  Expiration Date: 

  (10 years from Date of Grant, if left blank)

  	
   

  	
   

  

Vesting Schedule:

Twenty-five percent (25%) of
the Shares subject to the Option shall vest on each of the first, second, third
and fourth anniversaries of the Vesting Commencement Date, subject to Optionee
continuing as a Service Provider on such dates.

Termination Period:

This Option shall be
exercisable for ninety (90) days after Optionee ceases to be a Service
Provider. Upon Optionee’s death or disability, this Option may be exercised for
such longer period as provided in the Plan. In no event may Optionee exercise
this Option after the Term/Expiration Date as provided above.

II. 
AGREEMENT

1.  Grant of Option.  The Plan Administrator of the Company hereby
grants to the Optionee named in the Notice of Grant (the “Optionee”), an option
(the “Option”) to purchase the number of Shares set forth in the Notice of
Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise
Price”), and subject to the terms and conditions of the Plan, which is
incorporated herein by reference. Subject to Section 14(c) of the Plan, in
the event of a conflict between the terms and conditions of the Plan and this
Option Agreement, the terms and conditions of the Plan shall prevail.

 1
 

If designated in the Notice
of Grant as an Incentive Stock Option (“ISO”), this Option is intended to
qualify as an Incentive Stock Option as defined in Section 422 of the
Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code
Section 422(d), this Option shall be treated as a Nonstatutory Stock
Option (“NSO”).

2.  Exercise of Option.

(a)   Right to Exercise.  This Option shall be exercisable during its
term in accordance with the Vesting Schedule set out in the Notice of Grant and
with the applicable provisions of the Plan and this Option Agreement.

(b)   Method of Exercise.  This Option shall be exercisable by delivery
of an exercise notice in the form attached as Exhibit A
(the “Exercise Notice”) which shall state the election to exercise the Option,
the number of Shares with respect to which the Option is being exercised, and
such other representations and agreements as may be required by the Company.
The Exercise Notice shall be accompanied by payment of the aggregate Exercise
Price as to all Exercised Shares. This Option shall be deemed to be exercised
upon receipt by the Company of such fully executed Exercise Notice accompanied
by the aggregate Exercise Price.

No
Shares shall be issued pursuant to the exercise of an Option unless such
issuance and such exercise complies with Applicable Laws. Assuming such
compliance, for income tax purposes the Shares shall be considered transferred
to the Optionee on the date on which the Option is exercised with respect to
such Shares.

3.  Method of Payment.  Payment of the aggregate Exercise Price shall
be by any of the following, or a combination thereof, at the election of the
Optionee:

(a)   cash or check;

(b)   consideration received by the Company under a
formal cashless exercise program adopted by the Company in connection with the
Plan;

(c)   surrender of other Shares which, (i) in
the case of Shares acquired from the Company, either directly or indirectly,
have been owned by the Optionee for more than six (6) months on the date
of surrender, and (ii) have a Fair Market Value on the date of surrender
equal to the aggregate Exercise Price of the Exercised Shares; or

(d)   any other form or manner endorsed in the
Plan.

4.  Restrictions on Exercise.  This Option may not be exercised until such
time as the Plan has been approved by the shareholders of the Company, or if
the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any Applicable
Law.

5.  Non-Transferability of Option.  This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Optionee only by Optionee. The terms of the
Plan and this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee.

 2
 

6.  Term of Option.  This Option may be exercised only within the
term set out in the Notice of Grant, and may be exercised during such term only
in accordance with the Plan and the terms of this Option.

7.  Tax Obligations.

(a)  Taxes. 
Optionee acknowledges and agrees that Optionee is solely responsible for
the satisfaction of all federal, state, local and foreign income and other tax
arising from or applicable to the Option exercise and the acquisition or sale
of the Optioned Stock.  Optionee agrees
that Optionee shall indemnify the Company for any liability, including
attorneys’ fees and expenses, accrued by the Company as a result of the
Optionee’s failure to satisfy those taxes.

(b)  Notice of Disqualifying Disposition of ISO
Shares.  If the Option granted to
Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any
of the Shares acquired pursuant to the ISO on or before the later of
(1) the date two (2) years after the Date of Grant, or (2) the date
one year after the date of exercise, the Optionee shall immediately notify the
Company in writing of such disposition.

8.  Entire Agreement; Governing Law.  The Plan is incorporated herein by reference.
The Plan and this Option Agreement constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the
Optionee’s interest except by means of a writing signed by the Company and
Optionee. This agreement is governed by the internal substantive laws but not
the choice of law rules of Colorado.

9.  No Guarantee of Continued Service.  OPTIONEE ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY
CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE
ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER).
OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE
OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT
CAUSE.

Optionee acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with
the terms and provisions thereof, and hereby accepts this Option subject to all
of the terms and provisions thereof. Optionee has reviewed the Plan and this
Option in their entirety, has had an opportunity to obtain the advice of
counsel and other advisors prior to executing this Option and fully understands
all provisions of the Option. Optionee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Administrator upon
any questions arising under the Plan or this Option. Optionee further agrees to
notify the Company upon any change in the residence address indicated below.

 3
 

 

	
  OPTIONEE:

  	
   

  	
  ASCENT SOLAR TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  By

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  
	
  Residence Address

  	
   

  	
   

  

 

 4

EXHIBIT A

EXERCISE NOTICE AND AGREEMENT

Ascent Solar Technologies, Inc.

8120 Shaffer Parkway

Littleton, CO 80127
 Attention: Stock Option Plan
Administrator

Re: 
Exercise of Stock Option Pursuant to 2005 Stock Option Plan

	
  Name of Optionee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Optionee’s Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Optionee’s Social Security Number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of Option Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Shares Purchased are Incentive Stock Options:
  (circle one)

  	
   

  	
  Yes / No

  
	
   

  	
   

  	
   

  
	
  Number of Shares Purchased Pursuant to this Notice::

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise Price per Share:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Aggregate Exercise Price:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Amount of Payment Enclosed:

  	
   

  	
  $

  

1.  Exercise of Option.  Pursuant to the 2005 Stock Option Plan, as
amended (the “Plan”) of Ascent Solar Technologies, Inc., a Delaware
corporation (the “Company”) and the Stock Option Agreement (“Option Agreement”)
entered into as of the date set forth above between the undersigned Optionee
and the Company, Optionee hereby elects, effective as of the date of this
notice, to exercise Optionee’s option to purchase the number of shares of
common stock (the “Shares”) of the Company indicated above.

2.  Payment.  Enclosed is Optionee’s payment in the amount
indicated above, which is the full exercise price for the Shares.

3.  Deemed Date of Exercise.  The date of exercise shall be deemed to be
the first date after which this Notice is filed with Company upon which Shares
become eligible for issuance to Optionee under applicable state and federal
laws and regulatory requirements.

4.  Compliance with Laws.  Optionee understands and acknowledges that
the purchase and sale of the Shares may be subject to approval under the state
and federal securities laws and other laws and, 

 A - 1
 

notwithstanding any other provision of the Option
Agreement to the contrary, the exercise of any rights to purchase Shares is
expressly conditioned upon approval (if necessary) and compliance with all such
laws.

5.  Representations of Optionee.  Optionee represents and warrants to the
Company, as follows:

(a) 
Optionee has received, read, and understood the Plan and the Option
Agreement and agrees to abide by and be bound by their terms and conditions.

(b) 
The Options exercised herewith are exercisable only according to the
schedule in the Option Agreement.

(c) 
Optionee is aware of the business affairs and financial condition of the
Company and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Shares.

6.  Refusal to Transfer.  The Company shall not be required (a) to
transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement, the Option Agreement,
or the Plan or (b) to treat as owner of such Shares or to accord the right
to vote or receive dividends to any purchaser or other transferee to whom such
Shares shall have been so transferred.

7.  Tax Consultation.  Optionee understands that Optionee may suffer
adverse tax consequences as a result of Optionee’s purchase or disposition of
the Shares. Optionee represents that Optionee is not relying on the Company for
any tax advice.

8.  Entire Agreement.  The Plan and the Option Agreement are
incorporated herein by reference. This Agreement, the Plan, and the Option
Agreement constitute the entire agreement of the parties and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof.

	
  Submitted by:

  	
   

  	
  Accepted by:

  
	
  “OPTIONEE”:

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ascent Solar Technologies, Inc., 

  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  By

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  

 

 A - 2

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