Document:

Exhibit
10.1

SEPARATION LETTER
AND AGREEMENT

Winmark
Corporation and Mark T. Hooley have reached the following Agreement.  In this Agreement, “Employee” refers to Mark
T. Hooley.  “Company” refers to Winmark
Corporation.

I. 
Recitals

1.               Employment with Winmark
Corporation is voluntarily terminated effective April 27, 2007.

2.               The Company agrees
to a transitional consulting agreement for a period of eight (8) months at a
rate of $6,250.00 per month, provided Employee meets the following conditions:

Employee will remain
available to Company via phone and email in a consulting capacity, to assist
the Company in any aspect of the Business as requested by the Company’s
management from time to time.

3.               In addition,
Company will from May 1, 2007 through December 31, 2007, pay for Employee’s
health, dental, and life insurance under COBRA, pursuant to Employee’s rights
under the Consolidated Omnibus Budget Reconciliation Act, (“COBRA”).  Effective January 1, 2008, Employee will have
the option to continue his own benefit coverage under COBRA.  Information and rates will be mailed closer
to that time.

4.               Information related
to Employee’s participation in the Company’s 401(k) Plan will be forthcoming
via mail.

5.               Employee will be
reimbursed for reasonable and normal business expenses subject to approval
through December 31, 2007.

II. Release

In consideration
for the payments and benefits described herein, which Employee acknowledges are
above and beyond any compensation to which he is otherwise entitled, Employee
agrees for himself and his heirs and representatives to release the Company and
all of its affiliates, predecessors, successors, employees, officers,
directors, and all other persons, entities, and corporations from all claims or
demands, whether known or unknown, which Employee may have, including all
claims for costs, expenses, and attorneys’ fees, arising out of any acts or
omissions (occurring before execution of this Agreement) related to Employee’s
employment with the Company or termination from employment with the Company or
related to corporate offices Employee has held with the Company or termination
of any corporate office he has held with the Company.

Employee
understands that this Agreement is a full, final and complete settlement and
release of all his claims, including any claims or rights Employee may have for
breach of contract, wrongful discharge, discrimination, misrepresentation,
defamation, promissory estoppel, violation of privacy, breach of covenant of
good faith and fair dealing, for claims under the Employment Retirement Income
Security Act of 1974, the Minnesota Human Rights Act, Minn. Stat. Chapter 363,
Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e, et. seq.,
the Age Discrimination in Employment Act of 1967, 29 U.S.C. 626, the Americans
with Disabilities Act, 42 U.S.C. § 12101, et seq., The Family
and Medical Leave Act and any other federal, state, or local laws and
regulations governing employment.

III.  No Future Lawsuits

Employee
promises never to file a lawsuit asserting any claims that are released in this
Agreement.

IV.  Employee’s Right To Rescind
Agreement

Employee
may rescind this Agreement within fifteen (15) calendar days of its
execution.  To be effective, the
rescission must be in writing, and delivered to the Company either by hand or
mail within the 15-day period, and any payments received by Employee under this
Agreement must be repaid upon rescission. 
If delivered by mail, the rescission must be (1) postmarked within the 15-day
period; (2) properly addressed to Leah Goff, Winmark Corporation, 4200 Dahlberg
Drive, Suite 100, Minneapolis, Minnesota 55422; and (3) sent by certified mail
return receipt requested.

V. 
Non-Release of Claims Arising From Future Acts

This
Agreement does not waive or release any rights or claims under the Company’s
benefit plans, the Age Discrimination in Employment Act or any other claims
that arise 15 days after the date Employee signs this Agreement, nor does this
Agreement waive any claims under the Minnesota Human Rights Act that arise out
of acts or practices occurring 15 days after Employee signs this Agreement.

VI. 
Representation by Counsel

Employee
acknowledges he has been advised by Company to seek legal counsel and that he
has consulted with an attorney before executing this Agreement.

VII. 
Period for Review and Consideration

Employee
understands that he has been given a period of 21 days to review and consider
this Agreement before signing it. 
Employee further understands that he may use as much of this 21 day
period as Employee wishes prior to signing it.

IX. 
Confidential Information

“Confidential
Information” for the purposes of this Agreement means any information that
Employee learned or developed during the course of his employment with the
Company that derives independent economic value from being not generally known
or readily ascertainable by other persons who could obtain economic value from
its disclosure or use, and includes (without limitation) information related to
business strategy, communications, franchising, leasing, accounting, passwords,
methods of accessing the Company’s information systems, trade secrets, customer
lists, vendor lists, finances, pricing, research and development, management
systems, and sales and marketing techniques.

Employee
agrees not to directly or indirectly use or disclose any Confidential
Information for the benefit of anyone other than the Company both during the
period in which Employee is receiving separation under this Agreement and at
all times thereafter.  Employee
recognizes that Confidential Information constitutes a valuable asset of the
Company and agrees to act in such a manner as to prevent its disclosure and use
by any person unless such use is for the benefit of the Company.  Employee’s obligations under this paragraph
are unconditional and will not be excused by any conduct by the Company, except
prior voluntary disclosure by the Company of the information.

X. 
Consequences of Employee Violation of Promises

If
Employee breaks his promise in this Agreement, and initiates a claim based on
claims that Employee has released, Employee will pay for all costs incurred by
the Company, or by the directors, officers, or employees of the Company,
including reasonable attorneys’ fees, in defending against Employee’s claim.

XI. 
Confidentiality of Terms; Nondisparagement

Employee
agrees that this Agreement, and all the terms of Employee’s settlement terms
with the Company, will remain completely confidential, and that he will share
them with no one, except with 

governmental agencies, spouse and attorney, either
before or after he signs this Agreement, except that he may reveal the monetary
terms of the settlement to his accountants or other financial advisors.

Employee
and Company agree with respect to one another that they will not intentionally
criticize or speak negatively about the other or the Company’s officers or
directors, or their business policies or practices, to any of their respective
past, present or future employees, customers, vendors, competitors, lenders, or
any other business entity or person. 
This section shall not apply to any testimony given in any
administrative or judicial proceeding, and shall in no way limit the parties
from communicating factual information as deemed necessary.

XII 
Non-Admission of Liability

By
entering into this Agreement, the Company does not admit that is has done
anything wrong.

XIII. 
Cooperation

Employee
agrees that on or before December 31, 2007, he will disclose to the Company all
current critical information that may be useful to the Company in continuing
its business operations.  Should it be
necessary for Company operations, Employee further agrees that he will respond
to requests by the Company for disclosure of critical information Employee gained
while employed by the Company.  Such
disclosure of critical information will include disclosure of passwords, system
access, and information relating customers, business plans, personnel,
finances, purchase or sale arrangements, or other dealings of the Company.  Any out of pocket expenses that may be
associated with these requests will be eligible for reimbursement upon
approval.

Upon
the Company’s reasonable request, Employee agrees to make himself available to
and to cooperate with the Company respect to any legal matters the Company is involved
in or may become involved in and with respect to which Employee may have
knowledge.  This provision is not
intended to influence, however, the content of any testimony Employee may give
in such legal matters.

XIV. 
Entire Agreement

Except
as described in this Section, this Agreement, to which Employee and the
Company, represent the entire agreement between Employee and the Company.  The Company has made no promises to Employee
other than those in this Agreement.

XV.   
Enforcement

Employee understands
that his failure to comply with the terms of this Agreement would cause the
Company irreparable harm.  Therefore,
Employee and the Company agree that, in the event of a breach or threatened
breach of this Agreement by Employee, the Company may seek an injunction
restraining such breach or obtain a decree of specific performance, without
showing or proving actual damages, until such time as a final and binding
determination is made by a court of competent jurisdiction.  Employee stipulates that a preliminary
injunction restraining such breach or ordering specific performance will be
entered by, at the sole discretion of the Company, a court, without posting any
bond or security, until such time as a final and binding determination is made
by a judge.

Dated this 23rd
day of April 2007.

	
  

  	
  WINMARK CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ John L. Morgan

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
  Chief Executive Officer

  

 

ACCEPTED
AND AGREED.  By my signature below, I
acknowledge that I have been provided full opportunity to review and reflect on
the terms of this Agreement and that I fully understand and accept the terms of
this Agreement, and I represent and agree that my signature is freely,
voluntarily, and knowingly given.

Dated
this 23rd day of April 2007.

	
  

  	
  /s/ Mark T. Hooley

  
	
   

  	
  Mark T. Hooley, individuallyExhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”)  is entered into as of April 30, 2007 (the “Effective Date”), by and between Ascent Solar Technologies,
Inc., a Delaware corporation (the “Company”), and
Mohan S. Misra (the “Executive”).

RECITALS

A.            The Company
desires to employ and retain the unique experience, abilities, and services of
the Executive as Chief Strategy Officer.

B.            The Executive
agrees to perform the services of Chief Strategy Officer for the Company in
accordance with the terms and conditions of this Agreement.

AGREEMENT

NOW, THEREFORE, in
consideration of the respective covenants and agreements of the parties
contained in this Agreement, the Company and Executive agree as follows:

1.             Term.  The term of this Agreement is for three (3)
years, commencing on April 30, 2007 (the “Start Date”),
unless amended by agreement of the parties or terminated as set forth in
Section 5.

2.             Duties.  The Executive will devote
at least 16 hours per week and his energies and best efforts to the promotion
of the business and affairs of the Company, with responsibility to perform such
duties as are specified from time to time by the Board of Directors of the
Company (the “Board”) and/or the chief executive
officer of the Company (the “CEO”).  The Executive shall report to the Board.

3.             Compensation.

a)             Base Compensation.  In consideration of all services to be
rendered by the Executive to the Company, the Company will pay to the Executive
the base salary of $100,000 per year from the Start Date through the
termination of this Agreement and any extensions of it (“Base Salary”),
payable in accordance with the Company’s standard payroll practices.

b)             Bonus Compensation.  As further compensation,
the Company may pay to the Executive an annual bonus of up to fifty percent
(50%) of Base Salary, at such times and in such amounts as the Board and its
Compensation Committee may determine in their discretion based on the
Executive’s individual performance and the overall performance of the Company;

c)             Equity Compensation.  As further compensation, upon approval by the
Compensation Committee of the Board in its sole discretion, on or after June
15, 2007, the Company may grant the Executive options to purchase shares of the
Company’s common stock,

 1
 

 

vesting in co-equal
amounts (to the extent possible) over three (3) years from the date of grant,
at an exercise price equal to the closing price of the Company’s common stock
on the Nasdaq Capital Market on the date of grant.  If granted, the options shall be governed by
and issued under the Company’s 2005 Stock Option Plan, as amended.

d)             Vacation.  The Executive will receive
two (2) weeks of paid vacation for each contract year of this Agreement,
commencing on the Start Date.  Vacation
will be prorated in the event of termination pursuant to Section 5.  The Executive will not be entitled to carry
over accrued but unused vacation from one contract year to the next.

e)             Relocation Expenses.  None.

f)             Benefit Plans.  To the extent permitted by law and except as
otherwise may be determined by the Board, the Executive will be eligible to
participate in the Company’s standard benefit plans according to plan
provisions.

4.             Confidential
Information.

a)             Company Information.  Executive agrees at all times during the term
of his employment and thereafter, to hold in strictest confidence, and not to
use, except for the benefit of the Company, or to disclose to any person, firm
or corporation without written authorization of the Board of Directors of the
Company, any Confidential Information (as defined below) of the Company.  For purposes of this Agreement “Confidential Information” is defined as any Company
proprietary information, technical data, trade secrets or know-how, including,
but not limited to, research, product plans, products, services, customer lists
and customers, markets, software, developments, inventions, processes,
formulas, technology, designs, drawings, engineering, hardware configuration
information, marketing, finances or other business information disclosed to
Executive by the Company either directly or indirectly in writing, orally or by
drawings or observation of parts or equipment. Confidential Information does
not include any of the foregoing items which has become publicly known and made
generally available through no wrongful act of Executive or of others who were
under confidentiality obligations as to the item or items involved.

b)             Former Employer Information.  Executive agrees that he will not, during his
employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other
person or entity and that he will not bring onto the premises of the Company
any unpublished document or proprietary information belonging to any such
employer, person or entity unless consented to in writing by such employer,
person or entity.

c)             Third Party Information.  Executive recognizes that the Company has
received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes. Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any

 2
 

 

person, firm or
corporation or to use it except as necessary in carrying out his work for the
Company consistent with the Company’s agreement with such third party.

5.             Termination
of Employment.

a)             Termination for Cause.  Notwithstanding any
provision contained in this Agreement to the contrary, the Company may
immediately terminate this Agreement for Cause (as defined below) without
giving notice or compensation to the Executive. 
For purposes of this Agreement “Cause” includes
but is not limited to the following:  (i)
the conviction of the Executive or a pleading of guilty or nolo
contendere to any felony or misdemeanor, or any crime involving
moral turpitude, (ii) a material breach by Executive of his obligations under
this Agreement, which will include a failure to perform such duties as are
reasonably assigned to the Executive by the Board, (iii) any act by Executive
of disloyalty to the Company, or (iv) any violation of Executive’s fiduciary duties
to the Company.

b)             Termination Without Cause.  Either the Company or the
Executive may terminate this Agreement without Cause on giving not less than 30
days’ prior written notice to the other party.

c)             Disability.  Unless prohibited by
applicable law, this Agreement may be terminated if the Executive suffers a
Permanent Disability (as defined below). 
For purposes of this Agreement, “Permanent Disability”
is defined as the Executive’s inability, due to illness, accident, or other
cause, to perform the majority of his usual duties for a period of three (3)
months or more despite reasonable accommodation by the Company.

d)             Death.  If the Executive dies, this
Agreement will automatically terminate.

6.             Compensation
Upon Termination.

a)             Termination for Cause.  If the Executive is
terminated for Cause pursuant to Section 5(a), the Company will pay the
Executive only his Base Salary accrued through the date of termination.

b)             Termination Without Cause.  If the Executive is
terminated without Cause pursuant to Section 5(b), the Company will pay the
Executive his Base Salary for a period of twelve (12) months after the date of
termination.

c)             Disability.  During any period that the
Executive fails to perform his duties and responsibilities hereunder as a
result of incapacity due to physical or mental illness, the Executive will
continue to receive his Base Salary until the Executive’s employment is
terminated pursuant to Section 5(c) and thereafter the Executive will receive
any disability insurance benefits to which the Executive is entitled.

d)             Death.  If this Agreement
terminates due to the death of the Executive, then any interests that the
Executive may have under the provisions of this Agreement will be

 3
 

 

payable to the
Executive’s estate inclusive of Base Salary provided for in this Agreement as
if the Executive terminated his employment without Cause.

7.             Board
Approval.  No part
of this Agreement will be effective or binding upon the parties unless and
until approved or ratified by the Compensation Committee of the Board.

8.             Successors.  The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such
succession had taken place.

9.             Arbitration.  Any dispute or controversy arising under or
in connection with this Agreement will be settled exclusively by arbitration in
Denver, Colorado, in accordance with the rules of the American Arbitration
Association then in effect by an arbitrator selected by both parties within 10
days after either party has notified the other in writing that it desires a
dispute between them to be settled by arbitration. In the event the parties
cannot agree on such arbitrator within such 10-day period, each party will
select an arbitrator and inform the other party in writing of such arbitrator’s
name and address within 5 days after the end of such 10-day period and the two
arbitrators so selected will select a third arbitrator within 15 days
thereafter; provided, however, that in the event of a failure by either party
to select an arbitrator and notify the other party of such selection within the
time period provided above, the arbitrator selected by the other party will be
the sole arbitrator of the dispute. Each party will pay its own expenses
associated with such arbitration, including the expense of any arbitrator
selected by such party and the Company will pay the expenses of the jointly
selected arbitrator. The decision of the arbitrator or a majority of the panel
of arbitrators will be binding upon the parties and judgment in accordance with
that decision may be entered in any court having jurisdiction thereover.
Punitive damages will not be awarded.

10.          Absence
of Conflict.  The
Executive represents and warrants that his employment by the Company as
described herein will not conflict with and will not be constrained by any
prior employment or consulting agreement or relationship.

11.          Assignment.  This Agreement and all rights under this
Agreement will be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective personal or legal representatives,
executors, administrators, heirs, distributees, devisees, legatees, successors
and assigns. This Agreement is personal in nature, and neither of the parties
to this Agreement will, without the written consent of the other, assign or
transfer this Agreement or any right or obligation under this Agreement to any
other person or entity; except that the Company may assign this Agreement to
any of its affiliates or wholly-owned subsidiaries, provided, that such
assignment will not relieve the Company of its obligations hereunder.

12.          Integration.  This Agreement represents the entire
agreement and understanding between the parties as to the subject matter hereof
and supersede all prior or contemporaneous agreements whether written or oral.
No waiver, alteration, or modification of any of the

 4
 

 

provisions of this
Agreement will be binding unless in writing and signed by duly authorized
representatives of the parties hereto.

13.          Waiver.  Failure or delay on the part of either party
hereto to enforce any right, power, or privilege hereunder will not be deemed
to constitute a waiver thereof. Additionally, a waiver by either party or a
breach of any promise hereof by the other party will not operate as or be
construed to constitute a waiver of any subsequent waiver by such other party.

14.          Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

15.          Headings.  The headings of the paragraphs contained in
this Agreement are for reference purposes only and will not in any way affect
the meaning or interpretation of any provision of this Agreement.

16.          Applicable
Law.  This
Agreement will be governed by and construed in accordance with the internal
substantive laws, and not the choice of law rules, of the State of Colorado.

17.          Counterparts.  This Agreement may be executed in one or more
counterparts, none of which need contain the signature of more than one party
hereto, and each of which will be deemed to be an original, and all of which
together will constitute a single agreement.

[signature
page follows]

 5
 

 

IN WITNESS
WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the Effective Date.

	
  COMPANY:

  	
  ASCENT SOLAR TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTIVE:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mohan S. Misra

  

 

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]