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Exhibit 10.29  

	 	 	Invibio
 biomaterial solutions
	13 December 2004	 	 
	 	 	Building III
	 	 	Calendon Wood Professional Park
	[***]	 	3 Calendon Court
	Alphatec Manufacturing Inc	 	Greenville
	6110 Corte Del Cedro	 	SC29615
	Carlsbad	 	 
	CA 92009	 	 
	USA	 	 

Dear
[***] 

        Letter of Amendment in respect of Supply Agreement between Invibio Inc. and Alphatec Manufacturing Inc. dated October 18, 2004 (the
"Agreement")

        Following
discussions, we are writing to confirm that pursuant to section 4.1 of the Agreement, we have agreed to make the following amendments to the Agreement. 

	1.
	Supplier
agrees to supply and Buyer agrees to purchase the following additional grades of rod stock LT1R25 at a price of $[***] per meter, LT1R30 at a price of
$[***] per meter and LT1R40 at a price of $[***] per meter. For the first order only Buyer may order a minimum of 1 meter for all grades, any subsequent
orders shall be for not less than a minimum of 4 meters for LT1R25, 3 meters for LT1R30 and 1 meter for LT1R40, in accordance with the terms and conditions as set out in the Agreement.

	2.
	Exhibit 2
of the Agreement shall be amended to incorporate the Supply Manufacturing Definitions for the 25mm diameter rod stock (LT1R25) the 30mm diameter rod stock (LT1R30) and
the 40mm diameter rod stock (LT1R40), as per the attached Supply Manufacturing Definitions. 

        Except
as expressly provided in this letter of amendment, all other terms, conditions, and provisions of the Agreement shall continue in full force and effect as provided therein. 

        This
letter shall be governed by and construed in accordance with the laws of the state of Colorado without regard to the conflict of law provisions thereof. 

        IN
WITNESS WHEREOF, the parties have confirmed their acceptance of the contents of this letter. 

	 
	 	[***]

	For and on behalf of Invibio, Inc.	 	For and on behalf of Alphatec Manufacturing Inc.
	

 
	
 	

12-14-04

	Date	 	Date

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

  

	PEEK-OPTIMA®	 	GRADE: PEEK-OPTIMA LT1R25
	SPECIFICATION	 	Page 1 of 1
	MANUAL	 	Revision 3
	ISSUE 1	 	Date: 17th Spetember 2001

Supply Manufacturing Definition  

PEEK-OPTIMA LT1 Extruded Rod.

Grade LT1R25

Diameter 25mm +0.2mm/+1.2mm 

Sampling and testing:  

        The tests shown below shall be performed by supplier on material taken from the start and end of each production batch. The batch shall meet the requirements of
this Supply Manufacturing Definition when the results of these tests agree with the values shown below. 

	Property
 
	 	Test Method
	 	Units
	 	Value

	Tensile strength (at Yield)	 	[***]	 	[***]	 	[***]
	Tensile Elongation	 	[***]	 	[***]	 	[***]
	Flexural strength	 	[***]	 	[***]	 	[***]
	Flexural modulus	 	[***]	 	[***]	 	[***]
	Notched impact strength	 	[***]	 	[***]	 	[***]
	Density	 	[***]	 	[***]	 	[***]
	DSC

Tg (Onset)

Tc (Recrystallistion)

Tm (Melt)	 	

[***]	 	

[***]	 	

[***]

Notes:

[***]

	[***]	 	Date: 17th September 2001

Quality
Assurance and Laboratory Manager. 

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

1

 

PEEK-OPTIMA LT1 Extruded Rod.

Grade LT1R30

Diameter 30mm +0.2mm/+1.2mm 

Sampling and testing:  

        The tests shown below shall be performed by supplier on material taken from the start and end of each production batch. The batch shall meet the requirements of
this Supply Manufacturing Definition when the results of these tests agree with the values shown below. 

	Property
 
	 	Test Method
	 	Units
	 	Value

	Tensile strength (at Yield)	 	[***]	 	[***]	 	[***]
	Tensile Elongation	 	[***]	 	[***]	 	[***]
	Flexural strength	 	[***]	 	[***]	 	[***]
	Flexural modulus	 	[***]	 	[***]	 	[***]
	Notched impact strength	 	[***]	 	[***]	 	[***]
	Density	 	[***]	 	[***]	 	[***]
	DSC

Tg (Onset)

Tc (Recrystallistion)

Tm (Melt)	 	

[***]	 	

[***]	 	

[***]

Notes:

[***]

	[***]	 	Date: 17th September 2001

Quality
Assurance and Laboratory Manager. 

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

2

 

PEEK-OPTIMA LT1 Extruded Rod.

Grade LT1R40

Diameter 40mm +0.2mm/+1.2mm 

Sampling and testing:  

        The tests shown below shall be performed by supplier on material taken from the start and end of each production batch. The batch shall meet the requirements of
this Supply Manufacturing Definition when the results of these tests agree with the values shown below. 

	Property
 
	 	Test Method
	 	Units
	 	Value

	Tensile strength (at Yield)	 	[***]	 	[***]	 	[***]
	Tensile Elongation	 	[***]	 	[***]	 	[***]
	Flexural strength	 	[***]	 	[***]	 	[***]
	Flexural modulus	 	[***]	 	[***]	 	[***]
	Notched impact strength	 	[***]	 	[***]	 	[***]
	Density	 	[***]	 	[***]	 	[***]
	DSC

Tg (Onset)

Tc (Recrystallistion)

Tm (Melt)	 	

[***]	 	

[***]	 	

[***]

Notes:

[***]

	[***]	 	Date: 17th September 2001

Quality
Assurance and Laboratory Manager. 

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

3

   
        THIS AGREEMENT is entered into as of 10-18-04 (the "Effective
Date"), by and between Invibio, Inc., a Delaware corporation with offices at 3A Caledon Court, Greenville, South Carolina 29615
("Supplier"), and Alphatec [please complete corporate
details                        , a California
corporation with offices at 6110 CORETE DEL CEDRO, CARLSBAD, CA 92009 ("Buyer"). 

        WHEREAS,
Supplier is engaged in the manufacture and sale of Materials (as defined below). 

        WHEREAS,
Buyer wishes to purchase Materials from Supplier and Supplier is willing to supply Buyer with Materials, both on the terms and conditions set out in this Agreement. 

        NOW
THEREFORE, in consideration of the foregoing and the mutual promises set forth below and other good and valid consideration, the sufficiency of which is acknowledged by the parties,
Supplier and Buyer agree as follows: 

1.1   Definitions  

"Acting in Concert" shall mean acting or co-operating pursuant to an agreement or understanding (whether formal or informal); 

"Affiliate" of a party shall mean (a) its subsidiaries (as defined below), any Parent (as defined below) of a party and any other Subsidiaries of
any such Parent, or (b) any partnership, joint venture or other entity directly or indirectly controlled by, controlling, or under common control with such party, but in each case only for so
long as such ownership or control shall continue. Reference in this Agreement to "Buyer" shall encompass all Affiliates of Buyer; 

"Agreement" shall mean this Agreement, as it may be amended from time to time as permitted herein; 

"Biomaterials" shall mean Supplier's polyaryletherketone resin-based raw material; 

"Buyer Products" shall mean all Buyers human implantable devices which comprise polyaryletherketone; all Buyer Products shall be further described in
Exhibit A, as amended from time to time; 

"Confidential Information" shall mean all confidential information disclosed (whether in writing, orally or by another means and whether directly or
indirectly) by a party (the "Disclosing Party") to the other party (the "Receiving Party") whether
before or after the date of this Agreement including, without limitation, information relating to the financial arrangements set out in this Agreement, the Disclosing Party's products, operations,
processes, plans or intentions, product information, know-how, design rights, trade secrets, market opportunities and business affairs; 

"Group" shall mean Supplier, its Subsidiaries (as defined below), any Parent (as defined below) of Supplier and any other Subsidiaries of any such
Parent; 

"Materials" shall mean those polyaryletherketone materials supplied by Supplier to Buyer under the terms of this Agreement, either as Biomaterials or as
Stock Shape; 

"Parent" of a party shall mean a company which owns or controls in excess of 50% of such party's issued and outstanding voting capital stock, or
otherwise has the power to control such party's general activities; 

"Specifications" shall mean the specifications for the Biomaterials set forth in Exhibit B. Such specifications may be changed, modified, amended
or supplemented from time to time by agreement; 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

1

 

        "Standard Conditions" shall mean Supplier's standard conditions of sale set out in Exhibit D; 

        "Stock Shape" shall mean extruded rod stock composed of Biomaterials that have been melt processed so as to conform with the Supply
Manufacturing Definition; 

        "Subsidiary" of a party shall mean a company in respect of which such party owns or controls in excess of 50% of the issued and
outstanding voting capital stock, or otherwise has the power to control such company's general activities; 

        "Supply Manufacturing Definition" shall mean the dimensional, mechanical and physical properties of the Stock Shape, as set forth in
Exhibit C. Such Supply Manufacturing Definition may be changed or modified, amended or supplemented from time to time by Supplier upon giving not less than three months notice to Buyer; 

        "Year" shall mean each successive period of 12 months commencing on the Effective Date. 

1.1   Interpretation.  

        In this Agreement, unless the context requires otherwise, a reference to: 

        (a)   an
agreement (including this Agreement) is to such agreement as amended, supplemented or novated from time to time and includes a reference to any document which amends,
supplements or novates the relevant agreement; 

        (b)   any
statute or statutory provisions shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or
re-enacted; and 

        (c)   Sections
and Exhibits is a reference to a section of, or exhibit to, this Agreement. 

1.3   Exhibits.  

        The Exhibits form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this
Agreement shall include the Exhibits. 

1.4   Captions.  

        The captions in this Agreement are for convenience only and do not affect its interpretation. 

2.     SUPPLY OF MATERIALS  

        2.1   Supply. Buyer shall purchase from Supplier and Supplier shall sell to Buyer Materials pursuant to
an order placed by Buyer with Supplier in accordance with the terms of this Agreement. The Standard Conditions shall apply to all sales made under this Agreement. 

        2.2   Use. Buyer shall purchase Materials from Supplier and Supplier shall sell Materials to Buyer for
use solely in connection with the manufacture, distribution and sale by Buyer of Buyer Products to third parties. 

        2.3   Price. The initial price to be paid by Buyer to Supplier for all consignments of Materials
delivered in the first [***] after the Effective Date is US$[***] per kilogram for Suppliers grade of Biomaterials PEEK-OPTIMA LT1 and
US$[***] per meter for Suppliers grade of Stock Shape LT1R20. Buyer shall pay each invoice in full within 30 days of the date of the invoice in cleared funds in U.S.
dollars to the bank account notified from time to time by Supplier. Time shall be of the essence for payment of invoices. Interest is payable on overdue amounts at the rate of
[***]% over the US Prime Rate as published in the Wall Street Journal, Eastern Edition from time to time, to run from the due date for payment until receipt by Supplier of the
full amount (including any accrued interest) whether before or after judgment. Supplier may suspend the supply of Materials to Buyer where any amounts are overdue in respect of an order until all such
amounts have been paid. All sums payable in respect of an order shall be payable in full by Buyer without deduction of any kind, whether by way of set-off, counterclaim or otherwise
howsoever. Buyer shall not be entitled to set-off an amount owing or alleged to be owing to it by 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

2

 

Supplier
against amounts owing by it to Supplier. Supplier shall be entitled to increase the price per kilogram and/or meter for Materials, by no more than [***]%, once each
Year, after the initial [***] period, upon providing thirty (30) days written notice. 

        2.4   Milestone Payments. Subject to Standard Condition 3, in consideration for Supplier's provision of
[***], other information relating to the general performance and/or other general physical characteristics of the Biomaterials and the Stock Shape, and
[***], and in addition to any other payments required to be made to Supplier by Buyer under this Agreement, Buyer shall pay to Supplier the amount of U.S.
$[***] said amount to be paid in three (3) installments as follows: (a) U.S. $[***] shall be due and payable upon signing of the
agreement; (b) U.S. $[***] shall be due and payable by [***]; (c) U.S. $[***] shall be due and payable by
[***] (the "Milestone Payments"). 

        In
the event that this Agreement is terminated for any reason other than for material breach by Supplier, Buyer shall immediately pay to Supplier all Milestone Payments that would have
been due to Supplier under the full term of this Agreement as set forth in Section 3.1 

3.     TERM AND TERMINATION  

        3.1   Term. This Agreement has a term of ten (10) Years (the
"Term") from the Effective Date, unless terminated earlier in accordance with its terms. 

        3.2   Termination by Mutual Agreement. This Agreement may be terminated upon mutual written agreement
between the parties. In addition to any other rights of termination which Supplier may have under this Agreement, a party (the "Initiating Party") may
terminate this Agreement with immediate effect by written notice to the other party (the "Breaching Party") on or at any other time after the Breaching
Party being in breach of a material obligation under this Agreement and, if the breach is capable of remedy, failing to remedy the breach within 30 days starting on the day after receipt of
written notice from the Initiating Party. That written notice shall contain details of the breach and shall further require the Breaching Party to remedy the breach and state that a failure to remedy
the breach may give rise to termination under this Section 3.2. For the purposes of this Section 3.2 a breach is capable of remedy if time is not of the essence in performance of the
obligation and if the Breaching Party can comply with obligation within the 30 day period; 

3.3   Consequences of Termination.  

        (a)   Termination
of this Agreement does not affect a party's accrued rights and obligations at the date of termination. 

        (b)   In
the event of Supplier terminating this Agreement pursuant to any breach (whether pursuant to Section 3.2, 3.4 or otherwise) by Buyer of the terms of this
Agreement, or in the event of this Agreement terminating pursuant to Section 4.4 or under any of the Standard Conditions; Supplier shall be entitled to discontinue immediately the supply of
Materials and cancel any orders then already accepted from Buyer. 

        (c)   Each
party's further rights and obligations shall cease immediately on termination except that Buyer shall immediately pay all Milestone Payments that would otherwise
have been payable during the Term; and Sections 2 and 4, together with those of the Standard Conditions as are specified as surviving the termination of this Agreement, together with those further
Sections and Standard Conditions the survival of which is necessary for the interpretation or enforcement of this Agreement, shall survive termination of this Agreement, and shall continue in full
force and effect. 

        (d)   Buyer
shall return to Supplier all Materials in its possession which have not been integrated into Buyer Products as of the date of termination, and Supplier shall pay
Buyer an amount equal to [***]% of the price paid by Buyer per kilogram/meter of Materials returned. Concurrent with the return of Materials under this Section, Buyer shall
provide to Supplier a written verification that all Materials in its possession have been returned to Supplier, duly executed by a Buyer employee authorized and empowered to make such a representation
on behalf of Buyer. 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

3

 

        3.4   Bankruptcy. Buyer shall inform Supplier of the commencement of any
bankruptcy insolvency, or administration proceedings by or against Buyer, or the occurrence of any analogous event in the country of incorporation of Buyer if Buyer is not incorporated in the United
States of America at least thirty (30) calendar days prior to the date of the commencement of such proceedings. Buyer's failure to timely provide such notice shall be deemed a material,
pre-petition incurable breach and shall result in immediate termination of this Agreement, notwithstanding any provision to the contrary contained within this Agreement. Supplier, at its
sole discretion, may terminate this Agreement upon becoming aware of such proceedings. 

4.     GENERAL PROVISIONS  

        4.1   Entire Agreement. This Agreement contains the entire agreement of the
parties regarding the subject matter hereof and supersedes all prior agreements, understandings and negotiations regarding the same. Each party acknowledges that is has not relied on or been induced
to enter this Agreement by a representation other than those expressly set out in this Agreement. This Agreement may not be changed, modified, amended or supplemented expect by a written instrument
signed by both parties. Furthermore, it is the intention of the parties that this Agreement be controlling over additional or different terms of any order, confirmation, invoices or similar document,
even if accepted in writing by both parties, and that waivers and amendments shall be effective only if made by non-preprinted agreements clearly understood by both parties to be an
amendment or waiver hereof. 

        4.2   Confidentiality.  

         (a)   During the term of this Agreement and after termination or expiration of this Agreement for any reason the Receiving Party (i) may
not use
Confidential Information for a purpose other than the performance of its obligations under this Agreement; (ii) may not disclose Confidential Information to a person except with the prior
written consent of the Disclosing Party or otherwise in accordance with this Condition; and (iii) shall make every effort to prevent the use or disclose of Confidential Information. 

        (b)   During
the term of this Agreement the Receiving Party may disclose Confidential Information to any of its directors, other officers, employees and
sub-contractors (a "Recipient") to the extent that disclosure is reasonably necessary for the purposes of this Agreement. The Receiving
Party shall ensure that a Recipient is made aware of and complies with the Receiving Party's obligations of confidentiality under this Agreement as if the Recipient were a party to this Agreement. 

        (c)   This
Condition does not apply to Confidential Information which either (i) is at the date of this Agreement, or ay any time after that date becomes, publicly
known other than by the Receiving Party's
or Recipient's breach of this Agreement; (ii) can be shown by the Receiving Party to the Disclosing Party's reasonable satisfaction to have been known by the Receiving Party before disclosure
by the Disclosing Party to the Receiving Party; or (iii) is required to be disclosed in a judicial or administrative proceeding after legal remedies for maintaining the subject matter in
confidence have been exhausted. 

        (d)   On
termination of this Agreement both Buyer and Supplier shall return to the other forthwith all Confidential Information received by them including all notes, memoranda
or other stored information of any kind summarizing any Confidential Information together with all relevant samples and models it may have in its possession pursuant to this Agreement. 

        4.3   Assignment. Neither party may assign or transfer or purport to assign or
transfer a right or obligation under this Agreement without having first obtained the other party's written consent, with such written consent not to be unreasonably withheld. 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

4

 

        4.4   Severability. If a provision of this Agreement is invalid, illegal or
unenforceable, the parties shall promptly enter into good faith negotiations to agree a mutually satisfactory provision to be substituted for that provision and which as nearly as possible gives
effect to their intentions as expressed in this Agreement. This Agreement shall terminate automatically without notice if the parties fail to agree on a substitute provision within one month of the
start of those negotiations. During those negotiations, the parties' obligations under this Agreement are suspended. 

	4.5
	Rights and Remedies. Except where this Agreement provides otherwise, the rights and
remedies contained in this Agreement are cumulative and not exclusive of rights or remedies provided by law.

	4.6
	Further Assurances. Each party shall at its own cost do and execute, or arrange for the
doing and executing of, each necessary act, document and thing reasonably within its power to implement this Agreement.

	4.7
	Notice and Reports. All notices, consents or approvals required by this Agreement shall
be in writing to a party at its address or number and for the attention of the individual set out below: 

	Name of Individual
	 	Address
	 	Facsimile Number
	 	E-mail address

	[***]	 	6110 CORTE DEL CEDRO	 	(760) 431-1573	 	[***]

        Please
complete    Carlsbad, CA 92009 

        A
party may change its notice details on giving notice to the other party of the change in accordance with this Section. 

        4.8   Relationships of the Parties. No provision of this Agreement creates a
partnership between the parties or makes one party the agent of the other for any purpose. Neither party has the authority or power to bind, to contract in the name of or to create a liability for the
other in any way for any purpose. There is not, as at the Effective Date, and never has been, any form of common ownership, common control, common management or any other affiliation between the
parties. Supplier and its Affiliates have not and will not participate in the design, manufacture, sale or distribution of any Buyer Products. 

        4.9   Waiver. A failure to exercise or delay in exercising a right or remedy
provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this
Agreement or by law prevents further exercise of the rights or remedy or the exercise of another right or remedy. 

        4.10 Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the state of Colorado without regard to the conflict of law provisions thereof. 

        4.11 Dispute Resolution. Any dispute between the parties arising out of or
related to this Agreement shall, in the first instance, be the subject of a meeting between the parties to negotiate a resolution of such dispute. The meeting shall be conducted by at least one
individual form each party who has full decision making authority with respect to the dispute at issue. Should the negotiations not lead to a settlement of the dispute within thirty
(30) calendar days of the date of the meeting, either party may then initiate binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association
(the "Rules"). In the event that a party refuses to participate in the meeting, then the other party may immediately initiate binding arbitration as
otherwise provided in this Section. A single arbitrator shall be appointed in accordance with the Rules. The arbitrator shall be a person experienced in the area of supply and licensing of
biomaterials and/or medical implant components or devices. The arbitration shall take place in Denver, Colorado and be based upon Colorado law pursuant to Section 4.10. No written opinion shall
be prepared by the arbitrator, other than the arbitrator's ruling and any award thereon. 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

5

 

The
party prevailing in the arbitration proceedings conducted pursuant to this Section shall be immediately reimbursed by the other party for all reasonable costs, including reasonable attorneys'
fees, incurred relating to such arbitration proceeding. No party has a right to appeal the arbitrator's ruling, to any court or otherwise. Judgement upon arbitrator's ruling may be entered in any
court of competent jurisdiction. 

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

6

 

        IN
WITNESS WHEREOF, and by their signatures below, the undersigned persons represent that they have the requisite authority to bind their respective companies to the terms and conditions
set forth herein. 

	
SUPPLIER: INVIBIO, INC.	
 	
BUYER:
	

By: [***]	
 	

By: [***]
	

Print Name [***]	
 	

Print Name [***]
	

Title Vice President	
 	

Title President

Confidential  

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's
application requesting confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

7

	PEEK-OPTIMA®	 	PEEK-OPTIMA® LT1
	SPECIFICATIONS	 	PAGE 1 of 1
	MANUAL	 	Rev: 0
	ISSUE 1	 	Date: 23rd October 2001

        GRADE
PEEK-OPTIMA® LT1              SPECIFICATION Ref. INV 01 

	PROPERTY
 
	 	TEST METHOD
	 	UNITS
	 	SPECIFICATION

	Melt Viscosity	 	[***]	 	[***]	 	[***]
	Melt Stability	 	[***]	 	[***]	 	[***]
	Colour	 	[***]	 	[***]	 	[***]
	Black Speck (sized film)	 	[***]	 	[***]	 	[***]
	Black Speck (Granule)

Average	 	[***]	 	[***]	 	[***]
	MF1	 	[***]	 	[***]	 	[***]
	Tensile Strength (at yield)	 	[***]	 	[***]	 	[***]
	Tensile Elongation (at break)	 	[***]	 	[***]	 	[***]
	Impact Strength

Notched Izod	 	[***]	 	[***]	 	[***]
	Flexural Modulus	 	[***]	 	[***]	 	[***]
	Flexural Strength	 	[***]	 	[***]	 	[***]
	Specific Gravity	 	[***]	 	[***]	 	[***]
	Moisture Content1	 	[***]	 	[***]	 	[***]
	Extraneous Contam	 	[***]	 	[***]	 	[***]
	Granule Cut2	 	[***]	 	[***]	 	[***]
	Glass Transition Temperature	 	[***]	 	[***]	 	[***]
	Melting Point	 	[***]	 	[***]	 	[***]
	Re-crystallisation Temperature	 	[***]	 	[***]	 	[***]

Notes:

[***]

SPECIFICATION APPROVAL  

Quality
Assurance & Laboratory Manager: ....../s/[***] 

Date:
23rd October 2001 

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

	PEEK-OPTIMA®	 	GRADE: PEEK-OPTIMA LT1R25
	SPECIFICATION	 	PAGE 1 of 1
	MANUAL	 	Revision 3
	ISSUE 1	 	Date: 17th September 2001

Supply Manufacturing Definition  

PEEK-OPTIMA LT1 Extruded Rod.

Grade LT1R20

Diameter 20mm +0.2mm/+1.1mm 

Sampling and testing:  

        The tests shown below shall be performed by supplier on material taken from the start and end of each production batch. The batch shall meet the requirements of
this Supply Manufacturing Definition when the results of these tests agree with the values shown below. 

	Property
 
	 	Test Method
	 	Units
	 	Value

	Tensile strength (at Yield)	 	[***]	 	[***]	 	[***]
	Tensile Elongation	 	[***]	 	[***]	 	[***]
	Flexural strength	 	[***]	 	[***]	 	[***]
	Flexural modulus	 	[***]	 	[***]	 	[***]
	Notched impact strength	 	[***]	 	[***]	 	[***]
	Density	 	[***]	 	[***]	 	[***]
	DSC	 	 	 	 	 	 
	Tg (Onset)	 	[***]	 	[***]	 	[***]
	Tc (Recrystallistion)	 	 	 	 	 	 
	Tm (Melt)	 	 	 	 	 	 

Notes:

[***]

[***]
                                         
                                         Date:
17th September 2001 

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting confidential
treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

 
 

EXHIBIT D STANDARD CONDITIONS OF SALE    
    

        1.     ORDERS,
DELIVERY AND RISK—Buyer shall place orders for Materials with a lead time of at least sixty (60) days. Each order shall be in full until
quantities and shall be for not less then a minimum quantity of 10 kilograms for Biomaterials or 10 meters for Stock Shape. Supplier shall, as soon as reasonably practicable after receipt, notify
Buyer of the anticipated delivery date for that order. All orders shall be deemed to incorporate and be subject to the terms and conditions of this Agreement (including the Standard Conditions). 

        All
materials delivered to Buyer shall be F.O.B. Supplier's shipping point, and upon delivery to the proper carrier, title and risk of loss and delay shall pass to Buyer. Buyer may
reject all or part of any consignment of Materials only on the grounds that it, or part of it, does not conform to the Specification or Supply Manufacturing Definition (as the case may be) applicable
on the date of manufacture and only by giving Supplier written notice of such rejection immediately on discovery of such lack of conformity, including full details of the reason for such rejection,
and in any event no later than 30 days after delivery of the consignment. If Buyer fails to give such notice of rejection, it shall be deemed to have accepted the consignment in full and
acknowledged such Biomaterials conformance with the Specification or such Stock Shape's conformance with the Supply Manufacturing Definition (as the case may be). 

        Risk
in Materials passes from Supplier to Buyer on delivery as provided in this Condition. Notwithstanding delivery and passing of risk, Materials will remain the property of Supplier
until Buyer pays to Supplier the price payable for Materials (together with any accrued interest) and until no further sums whatever are due from Buyer to Supplier in respect of Materials. From
delivery until property in Materials passes to Buyer, Buyer shall insure Materials for their full value with a reputable insurer and, upon request, shall use reasonable endeavors to have Supplier's
interest in Materials noted on the insurance policy. Until property in Materials passes to Buyer, Buyer shall hold the proceeds of any claim on the insurance policy on trust for Supplier and shall
immediately account to Supplier for any proceeds. 

        2.     CERTAIN
ADDITIONAL COVENANTS Buyer shall not use any form of polyaryletherketone, or any products containing polyaryletherketone, other than Materials, in Buyer Products.
Buyer shall not sell, supply or otherwise make Materials available to third parties, except when incorporated into Buyer Products sold in the normal course of business. 

        Buyer
shall not make any alterations to the chemical structure of Materials, including, but not limited to the following: alteration of the bulk particle size; alteration by addition of
extenders, colorants, or plasticizers; alteration by addition of additives that have a biological function; alteration by addition of
any other additives not specifically mentioned herein; alteration to the molecular weight or chain branching; alteration to the solution of melt viscosity; or, alteration to the thermal stability or
other thermal properties. 

        Supplier
shall be entitled to discontinue the supply of materials if Supplier has reasonable grounds for concluding (based on documentary evidence) that Buyer has acted or is acting in
Breach of this Condition. Buyer shall have one month from the date of receipt of such notice to prove to Supplier's reasonable satisfaction that it has not acted or is not acting in breach of this
Condition. If Buyer fails so to satisfy Supplier, Supplier shall be entitled to terminate this Agreement with immediate effect. 

        Supplier
and Buyer shall give each other prompt written notice after such party or any of its Affiliates becomes aware of any adverse facts or issues relating to the safety of efficacy
of any Materials sold hereunder. It shall be Buyer's ultimate responsibility to determine the efficacy and safety of use of Materials for Buyer Products. Notwithstanding any other provision of this
Agreement, in the event that Supplier reasonably believes that any adverse facts or issues relating to the safety or efficacy of the Materials may result in liability to Supplier, Supplier may, at its
sole discretion, immediately terminate this Agreement. This condition shall survive termination of this Agreement. 

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

        3.     WARRANTY—Supplier
warrants to Buyer that Materials when manufactured shall conform in all material respects to the Specification or Supply Manufacturing
Definition (as the case may be) as then in effect. Supplier warrants, to its current knowledge and belief, that Materials do not infringe any patent right of any third party. 

        EXCEPT
FOR THE FOREGOING WARRANTIES, SUPPLIER MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, A WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE OR OF INTELLECTUAL
PROPERTY NON-INFRINGEMENT, INCLUDING, BUT NOT LIMITED TO PATENT NON-INFRINGEMENT, AND ANY SUCH WARRANTIES WHETHER EXPRESS OR IMPLIED, IN FACT OR BY LAW, ARE EXPRESSLY
DISCLAIMED AND SUPPLIER SHALL HAVE NO FURTHER OBLIGATION OR LIABILITY WITH RESPECT TO MATERIALS. SUPPLIER DOES NOT MAKE ANY WARRANTY TO BUYER'S CUSTOMERS OR AGENTS. SUPPLIER HAS NOT AUTHORIZED ANYONE
TO MAKE ANY REPRESENTATION OR WARRANTY OTHER THAN AS PROVIDED ABOVE. SUPPLIER SHALL IN NO EVENT BE LIABLE FOR ANY GENERAL, INDIRECT, SPECIAL CONSEQUENTIAL, PUNITIVE,
INCIDENTAL OR SIMILAR DAMAGES, INCLUDING WITHOUT LIMITATION, DAMAGES FOR HARM TO BUSINESS, LOST PROFITS OR LOST SAVINGS, EVEN IF SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
REGARDLESS OF THE FORM OF ACTION. 

        Notwithstanding
anything to the contrary contained herein, if Buyer receives any Materials which do not generally conform to the Specification of Supply Manufacturing Definition (as the
case may be) and Buyer notifies Supplier in writing of such failure within the time period provided in Condition 1, the Buyer's exclusive remedy shall be, and is limited to, the repayment of any
applicable purchase price paid to Supplier for such Materials or at the option of Buyer, the provision of replacement Materials in like quantity as soon as reasonably practicable after receipt of
written notice of such failure. Buyer's exclusive remedy and Supplier's sole liability under this warranty shall, in any event, be expressly limited under this Agreement. EXCEPT AS PROVIDED ABOVE,
SUPPLIER SHALL NOT BE LIABLE TO BUYER FOR ANY DAMAGES UNDER THIS WARRANTY OR THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, DAMAGES CONVERED IN THIS CONDITION ABOVE, FOR ANY CLAIM INVOLVING MATERIALS.
This Condition shall survive termination of this Agreement. 

        4.     BUYER
INDEMNITY Buyer agrees to indemnify, defend and hold harmless Supplier and its Affiliates (including without limitation its and their directors, officers,
employees, agents, representatives and shareholders) from and against any and all claims by any third party, including any claims, actions, suits, proceedings, liabilities, obligations, losses,
damages (including any fines, penalties or punitive damages), settlement, interest, costs and expenses (including attorneys' fees, court costs and other reasonable
out-of-pocket expenses incurred in investigating, preparing or defending any of the foregoing or in enforcing rights hereunder) resulting therefrom by reason of or in
connection with or arising out of or relating to any sale, transfer, or use by any person of any Buyer Products or services sold or otherwise made available by Buyer or any related persons or entities
(including without limitation any current or former direct or indirect Parent or Subsidiary or any Affiliate of associate thereof) in which Materials are incorporated or otherwise involved, except the
extent arising or resulting from (i) any liability of Supplier, subject to the limitations provided in Condition 3, for the failure of the Stock Shape to conform with the Supply Manufacturing
Definition where such failure is proved to be the actual and proximate cause off the claimed personal injury of property damage, or (ii) any liability of Supplier, subject to the limitations
provided in Condition 3, for the failure of the Biomaterials to conform with the Specification where such failure is proved to be the actual and proximate cause of the claimed personal injury or
property damage, or (iii) any liability of Supplier, subject to the limitations provided in Condition 3, for the infringement by Materials of the patents or other intellectual property rights
of any person or entity other than Supplier, such patents and intellectual property rights limited to compositions and excluding any methods of manufacture or devices or use thereof. Any person or
entity seeking indemnification hereunder must promptly notify Buyer with sixty (60) calendar days of the date of actual notice of any claim for which it seeks indemnification, provided that any
such failure shall not relieve Buyer of its obligations hereunder except to the extent that Buyer is actually prejudiced by such failure to notify. In the event that Buyer 

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

shall
be called upon to provide the indemnification set forth herein, Buyer shall control the defense, litigation and/or settlement of such claim (except to the extent that any settlement involves
some commitments, responsibilities and/or obligations on the part of Supplier, in which case such settlement shall require the prior written consent of Supplier), action or proceeding with attorneys
of its choosing, and Suppler and all other indemnified persons or entities shall cooperate as may reasonably be required by Buyer (but at Buyer's expense in such defense, litigation and/or
settlement). Supplier reserves the right to participate at its own cost in any proceedings with counsel of its own choosing, provided that if Buyer fails to appoint suitably qualified counsel, Buyer
shall be responsible for all attorney's fees and costs incurred by or charged to Supplier. Supplier, buyer and their respective counsel will cooperate fully and make available all books, records,
information and witnesses under their control and reasonably necessary or useful in connection with the defense of any such claim. Buyer shall not, in the defense of any such claim or proceeding,
except with the prior written consent of Supplier, consent to the entry of any judgment or enter into any settlement which would be to the financial or other detriment of Supplier. Buyer shall confer
promptly with Supplier concerning the terms of any proposed settlement or judgment arising in the court of such defense prior to consenting to the entry of any judgment or entering into any
settlement. Buyer shall use all reasonable efforts to prevent Supplier from being added as a defendant to any lawsuit involving or relating to Buyer Products, and to seek immediate dismissal or
summary judgment of non-liability of Supplier for any lawsuit involving or relating to Buyer Products in which Supplier is a named defendant, by employing defense mechanisms including, but
not limited to, those set forth in the Biomaterials Access Assurance Act of 1998, as codified in 21 U.S.C. § 1601 et seq., and the bulk suppler and/or learned intermediary doctrines. This
Condition shall survive termination of this Agreement. 

        5.     INSURANCE—Buyer
shall maintain, during the entire term of its indemnification obligations hereunder, comprehensive liability insurance, including medical
implant product liability coverage, in the minimum amounts of $5,000,000 per occurrence for damage, injury and/or death to persons (the "Insurance
Policy"). Buyer shall provide Supplier with a certificate of insurance indicating the existence and coverage of the Insurance Policy, that all outstanding periodical premiums
have been paid, and indicating that the coverage shall not be canceled nor modified unless at least thirty (30) calendar days prior written notice thereof has been provide to Supplier. Such
certificate of insurance shall be provided on the Effective Date and on each anniversary thereof during the entire term of Buyer's indemnification obligations hereunder. In the event that the
Insurance Policy is canceled, or modified such that it does not include all requirements of this Section, such cancellation or modification shall constitute a material default and Supplier shall have
the right to immediately terminate this Agreement without prior written notice as otherwise required under Section 3.2. This condition shall survive termination of this Agreement. 

        6.     INTELLECTUAL
PROPERTY—All intellectual property (including, but not limited to patents, trade marks, service marks, rights in designs, copyrights, database
rights (whether or not any of these is registered and including applications for registration of the foregoing) and all rights and forms of protection of a similar nature or which have equivalent or
similar effect to any of the foregoing which may subsist anywhere in the world) rights in or to Materials which vest in Supplier or its Affiliates shall remain vested in Supplier or its Affiliates and
buyer acknowledges that this Agreement does not operate to vest in Buyer and right, title or interest in or to any such rights, Buyer shall not at any time assert any rights in the goodwill attaching
to any of Supplier's trademarks (including, without limitation, Supplier's "Invibio", "PEEK-OPTIMA" and "OPTIMA" trademarks, (the "Trademarks")) and all such rights shall vest in and
ensure exclusively for the benefit of Supplier. If Buyer challenges the validity of Supplier's rights in or to, or the validity of any of the Trademarks (or any applications or registrations thereof)
or any other intellectual property of Supplier, then Supplier shall be entitled to terminate this Agreement immediately. This Condition shall survive termination of this Agreement. 

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

        7.     FORCE
MAJEURE—If Supplier is prevented, hindered or delayed from or in supplying Materials by an event or circumstance beyond the reasonable control of
Supplier including, without limitation, strikes, lockouts, and other industrial disputes relating to Supplier's workforce, accidents, act of God, war, riot, civil commotion, malicious damage,
compliance with a law or governmental order, rule, regulation or direction, reduction in or unavailability of power at manufacturing plant, breakdown of plant or machinery, or shortage or
unavailability of raw materials from normal sources or routes of supple; Supplier may, at its option and without any liability for any loss or damage suffered by Buyer (a) suspend deliveries
while the Force Majeure Event (or its effects) continues (or continue); or (b) terminate any order so affected with immediate effect by written notice to Buyer. 

        Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 406 of the Securities Act. Asterisks denote omissions.

        TRA
2142763v.1 

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Exhibit 4.5  

 
 

WARRANT AGREEMENT    
    

between  

 Ascent Solar Technologies, Inc.  

 and  

 Computershare Trust Company, Inc.  

 Dated as of                            , 2006  

WARRANT AGREEMENT  

        This Agreement, dated as
of                            , 2006, is between Ascent Solar Technologies, Inc., a Delaware corporation
(the
"Company") and Computershare Trust Company, Inc., a Colorado corporation, (the "Warrant Agent"). 

        The
Company, at or about the time that it is entering into this Agreement, proposes to issue and sell to public investors up to 3,450,000 Units (together with the additional units
issuable as provided herein, the "Units"). Each Unit consists of one share of common stock, $0.0001 par value, of the Company, one Class A
Warrant and two Class B Warrants. The Class A Warrants and the Class B Warrants are herein collectively referred to as the
"Warrants". Each Warrant is exercisable to purchase one share of Common Stock upon the terms and conditions and subject to adjustment in certain
circumstances, all as set forth in this Agreement. 

        The
Company proposes to issue to the Representative of the Underwriters in the public offering of Units referred to above warrants to purchase up to 300,000 additional Units. 

        The
Company wishes to retain the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, transfer, exchange and
replacement of the certificates evidencing the Warrants to be issued under this Agreement (the "Warrant Certificates") and the exercise of the Warrants; 

        The
Company and the Warrant Agent wish to enter into this Agreement to set forth the terms and conditions of the Warrants and the rights of the holders thereof
("Warrantholders") and to set forth the respective rights and obligations of the Company and the Warrant Agent. Each Warrantholder is an intended
beneficiary of this Agreement with respect to the rights of Warrantholders herein. 

        NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

        1.     Appointment of Warrant Agent. The Company appoints the Warrant Agent to act as agent for the Company in accordance with
the instructions in this Agreement and the Warrant Agent accepts such appointment. 

        2.     Date, Denomination and Execution of Warrant Certificates. 

        (a)   The
Warrant Certificates (and the Form of Election to Purchase and the Form of Assignment to be printed on the reverse thereof) shall be in registered form
only and shall be substantially of the tenor and purport recited in Exhibit A hereto with respect to the Class A Warrants and  Exhibit B hereto with respect to the Class B Warrants, and may have such letters, numbers or other marks of identification or designation
and such legends, summaries or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may
be required to comply with any law, or with any rule or regulation made pursuant thereto, or with any rule or regulation of any stock exchange on which the Common Stock or the Warrants may be listed
or any automated quotation system, or to conform to usage. Each Class A Warrant Certificate shall entitle the registered holder thereof, subject to the provisions of this Agreement and of the
Warrant Certificate, to purchase, on or after                        , 2006 and on or before the close of business
on                        , 2011 (the "Expiration
Date"), one fully paid and non-assessable share of Common Stock for each Warrant evidenced by such Warrant Certificate for $            . Each Class B
Warrant Certificate shall entitle the registered holder thereof, subject to the provisions of this Agreement and of the Warrant Certificate, to purchase, on or after the Expiration Date, one fully
paid and non-assessable share of Common Stock for each Warrant evidenced by such Warrant Certificate for $            . The exercise price of the Warrants (the
"Exercise Price") is subject to adjustments as provided in Section 6 hereof. Each Warrant Certificate issued as a part of a Unit offered to the
public as described in the recitals, above, shall be dated                        , 2006; each other Warrant Certificate shall be
dated the date on which the Warrant Agent receives valid issuance instructions 

 

from
the Company or a transferring holder of a Warrant Certificate or, if such instructions specify another date, such other date. 

        (b)   For
purposes of this Agreement, the term "close of business" on any given date shall mean 5:00 p.m., Eastern time,
on such date; provided, however, that if such date is not a business day, it shall mean 5:00 p.m., Eastern time, on the next succeeding business day. For purposes of this Agreement, the term
"business day" shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in New York, New York or in the State in which
the Warrant Agent maintains the principal office in which it conducts business related to the Warrants are authorized or obligated by law to be closed. 

        (c)   Each
Warrant Certificate shall be executed on behalf of the Company by the Chairman of the Board or its President or a Vice President, either manually or by facsimile
signature printed thereon, and have affixed thereto the Company's seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by
facsimile signature. Each Warrant Certificate shall be manually countersigned by the Warrant Agent and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company who shall have signed any Warrant Certificate shall cease to be such officer of the Company before countersignature by the Warrant Agent and issue and
delivery thereof by the Company, such Warrant Certificate, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed
such Warrant Certificate had not ceased to be such officer of the Company. 

        3.     Subsequent Issue of Warrant Certificates. Subsequent to their original issuance, no Warrant Certificates shall be reissued
except (i) Warrant Certificates issued upon transfer thereof in accordance with Section 4 hereof, (ii) Warrant Certificates issued upon any combination, split-up or
exchange of Warrant Certificates pursuant to Section 4 hereof, (iii) Warrant Certificates issued in replacement of mutilated, destroyed, lost or stolen Warrant Certificates pursuant to
Section 5 hereof, (iv) Warrant Certificates issued upon the partial exercise of Warrant Certificates pursuant to Section 7 hereof, and (v) Warrant Certificates issued to
reflect any adjustment or change in the Exercise Price or the number or kind of shares purchasable thereunder pursuant to Section 22 hereof. The Warrant Agent is hereby irrevocably authorized
to countersign and deliver, in accordance with the provisions of said Sections 4, 5, 7 and 22, the new Warrant Certificates required for purposes thereof, and the Company, whenever required by
the Warrant Agent, will supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for such purposes. 

        4.     Transfers and Exchanges of Warrant Certificates. 

        (a)   The
Warrant Agent will keep or cause to be kept books for registration of ownership and transfer of the Warrant Certificates issued hereunder. Such registers shall show
the names and addresses of the respective holders of the Warrant Certificates and the class and number of Warrants evidenced by each such Warrant Certificate. 

        (b)   The
Warrant Agent shall, from time to time, register the transfer of any outstanding Warrants upon the books to be maintained by the Warrant Agent for that purpose, upon
surrender of the Warrant Certificate evidencing such Warrants, with the Form of Assignment duly filled in and executed with such signature guaranteed by a banking institution or NASD member and
such supporting documentation as the Warrant Agent or the Company may reasonably require, to the Warrant Agent at its stock transfer office in Golden, Colorado at any time on or before the Expiration
Date of such Warrant, and upon payment to the Warrant Agent for the account of the Company of an amount equal to any applicable transfer tax. Payment of the amount of such tax may be made in cash, or
by certified or official bank check, payable in lawful money of the United States of America to the order of the Company. 

2

 

        (c)   Upon
receipt of a Warrant Certificate, with the Form of Assignment duly filled in and executed, accompanied by payment of an amount equal to any applicable
transfer tax, the Warrant Agent shall promptly cancel the surrendered Warrant Certificate and countersign and deliver to the transferee a
new Warrant Certificate for the number of full Warrants of the same class transferred to such transferee; provided, however, that in case the registered holder of any Warrant Certificate shall elect
to transfer fewer than all of the Warrants evidenced by such Warrant Certificate, the Warrant Agent in addition shall promptly countersign and deliver to such registered holder a new Warrant
Certificate or Certificates for the number of full Warrants not so transferred. 

        (d)   Any
Warrant Certificate or Certificates may be exchanged at the option of the holder thereof for another Warrant Certificate or Certificates of different denominations,
of like tenor and representing in the aggregate the same class and number of Warrants, upon surrender of such Warrant Certificate or Certificates, with the Form of Assignment duly filled in and
executed, to the Warrant Agent, at any time or from time to time after the close of business on the date hereof and prior to the close of business on the Expiration Date relating to such Warrant. The
Warrant Agent shall promptly cancel the surrendered Warrant Certificate and deliver the new Warrant Certificate pursuant to the provisions of this Section. 

        5.     Mutilated, Destroyed, Lost or Stolen Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of any Warrant Certificate, and in the case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to them, and reimbursement to them of all reasonable expenses incidental thereto, and, in the case of mutilation, upon surrender and cancellation of the Warrant Certificate, the Warrant
Agent shall countersign and deliver a new Warrant Certificate of like tenor for the same class and number of Warrants. 

        6.     Adjustments of Number and Kind of Shares Purchasable and Exercise Price. The number and kind of securities or other
property purchasable upon exercise of a Warrant shall be subject to adjustment from time to time upon the occurrence, after the date hereof, of any of the following events: 

        (a)   In
case the Company shall (1) pay a dividend in, or make a distribution of, shares of capital stock on its outstanding Common Stock, (2) subdivide its
outstanding shares of Common Stock into a greater number of such shares or (3) combine its outstanding shares of Common Stock into a smaller number of such shares, the total number of shares of
Common Stock purchasable upon the exercise of each Warrant outstanding immediately prior thereto shall be adjusted so that the holder of any Warrant Certificate thereafter surrendered for exercise
shall be entitled to receive at the same aggregate Exercise Price the number of shares of capital stock (of one or more classes) which such holder would have owned or have been entitled to receive
immediately following the happening of any of the events described above had such Warrant been exercised in full immediately prior to the record date with respect to such event. Any adjustment made
pursuant to this Subsection shall, in the case of a stock dividend or distribution, become effective as of the record date therefor and, in the case of a subdivision or combination, be made as
of the effective date thereof. If, as a result of an adjustment made pursuant to this Subsection, the holder of any Warrant Certificate thereafter surrendered for exercise shall become entitled to
receive shares of two or more classes of capital stock of the Company, the Board of Directors of the Company (whose determination shall be conclusive and shall be evidenced by a Board resolution filed
with the Warrant Agent) shall determine the allocation of the adjusted Exercise Price between or among shares of such classes of capital stock. 

        (b)   In
the event of a capital reorganization or a reclassification of the Common Stock (except as provided in Subsection (a) above or
Subsection (d) below), any Warrantholder, upon exercise of 

3

 

Warrants,
shall be entitled to receive, in substitution for the Common Stock to which he would have become entitled upon exercise immediately prior to such reorganization or reclassification, the
shares (of any class or classes) or other securities or property of the Company (or cash) that he would have been entitled to receive at the same aggregate Exercise Price upon such reorganization or
reclassification if such Warrants had been exercised immediately prior to the record date with respect to such event; and in any such case, appropriate provision (as determined by the Board of
Directors of the Company, whose determination shall be conclusive and shall be evidenced by a certified Board resolution filed with the Warrant Agent) shall be made for the application of this
Section 6 with respect to the rights and interests thereafter of the Warrantholders (including but not limited to the allocation of the Exercise Price between or among shares of classes of
capital stock), to the end that this Section 6 (including the adjustments of the number of shares of Common Stock or other securities purchasable and the Exercise Price thereof) shall
thereafter be reflected, as nearly as reasonably practicable, in all subsequent exercises of the Warrants for any shares or securities or other property (or cash) thereafter deliverable upon the
exercise of the Warrants. 

        (c)   Whenever
the number of shares of Common Stock or other securities purchasable upon exercise of a Warrant is adjusted as provided in this Section 6, the Company
will promptly file with the Warrant Agent a certificate signed by a Chairman or co-Chairman of the Board or the President or a Vice President of the Company and by the Treasurer or an
Assistant Treasurer or the Secretary or an Assistant Secretary of the Company setting forth the number and kind of securities or other property purchasable upon exercise of a Warrant, as so adjusted,
stating that such adjustments in the number or kind of shares or other securities or property conform to the requirements of this Section 6, and setting forth a brief statement of the facts
accounting for such adjustments. Promptly after receipt of such certificate, the Company, or the Warrant Agent at the Company's request, will deliver, by first-class, postage prepaid mail, a brief
summary thereof (to be supplied by the Company) to the registered holders of the outstanding Warrant Certificates; provided, however, that failure to file or to give any notice required under this
Subsection, or any defect therein, shall not affect the legality or validity of any such adjustments under this Section 6; and provided, further, that, where appropriate, such notice may be
given in advance and included as part of the notice required to be given pursuant to Section 12 hereof. 

        (d)   In
case of any consolidation of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any
reclassification or change of the outstanding Common Stock), or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety,
the corporation formed by such consolidation or merger or the corporation which shall have acquired such assets, as the case may be, shall execute and deliver to the Warrant Agent a supplemental
warrant agreement providing that the holder of each Warrant then outstanding shall have the right thereafter (until the expiration of such Warrant) to receive, upon exercise of such Warrant, solely
the kind and amount of shares of stock and other securities and property (or cash) receivable upon such consolidation, merger, sale or transfer by a holder of the number of shares of Common Stock of
the Company for which such Warrant might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental
warrant agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section. The above provision of this
Subsection shall similarly apply to successive consolidations, mergers, sales or transfers. 

        The
Warrant Agent shall not be under any responsibility to determine the correctness of any provision contained in any such supplemental warrant agreement relating to either the kind or
amount of shares of stock or securities or property (or cash) purchasable by holders of Warrant Certificates upon the exercise of their Warrants after any such consolidation, merger, sale or 

4

 

transfer
or of any adjustment to be made with respect thereto, but subject to the provisions of Section 20 hereof, may accept as conclusive evidence of the correctness of any such provisions,
and shall be protected in relying upon, a certificate of a firm of independent certified public accountants (who may be the accountants regularly employed by the Company) with respect thereto. 

        (e)   Irrespective
of any adjustments in the number or kind of shares issuable upon exercise of Warrants, Warrant Certificates theretofore or thereafter issued may continue to
express the same price and number and kind of shares as are stated in the similar Warrant Certificates initially issuable pursuant to this Warrant Agreement. 

        (f)    The
Company may retain a firm of independent public accountants of recognized standing, which may be the firm regularly retained by the Company, selected by the Board of
Directors of the Company or the Executive Committee of said Board, and not disapproved by the Warrant Agent, to make any computation required under this Section, and a certificate signed by such firm
shall, in the absence of fraud or gross negligence, be conclusive evidence of the correctness of any computation made under this Section. 

        (g)   For
the purpose of this Section, the term "Common Stock" shall mean (i) the Common Stock or (ii) any other
class of stock resulting from successive changes or reclassifications of such Common Stock consisting solely of changes in par value, or from par value to no par value, or from no par value to par
value. In the event that at any time as a result of an adjustment made pursuant to this Section, the holder of any Warrant thereafter surrendered for exercise shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in this Section, and all other provisions of this Agreement, with
respect to the Common Stock, shall apply on like terms to any such other shares. 

        (h)   The
Company may, from time to time and to the extent permitted by law, reduce the Exercise Price of the Warrants by any amount for a period of not less than
20 days. If the Company so reduces the Exercise Price of such Warrants, it will give not less than 15 days' notice of such decrease, which notice
may be in the form of a press release, and shall take such other steps as may be required under applicable law in connection with any offers or sales of securities at the reduced price. 

        7.     Exercise of Warrants; Redemption of Class A Warrants. Except with respect to Class A Warrants that have been
redeemed as provided in this Section 7, the registered holder of any Warrant Certificate may exercise the Warrants evidenced thereby, in whole at any time or in part from time to time at or
prior to the close of business, on the Expiration Date, subject to the provisions of Section 9, at which time the Warrant Certificates shall be and become wholly void and of no value. Warrants
may be exercised by their holders or redeemed by the Company as follows: 

        (a)   Exercise
of Warrants shall be accomplished upon surrender of the Warrant Certificate evidencing such Warrants, with the Form of Election to Purchase on the reverse side
thereof duly filled in and executed, to the Warrant Agent at its stock transfer office in Golden, Colorado, together with payment to the Company of the Exercise Price (as of the date of such
surrender) of the Warrants then being exercised and an amount equal to any applicable transfer tax and, if requested by the Company, any other taxes or governmental charges which the Company may be
required by law to collect in respect of such exercise. Payment of the Exercise Price and other amounts may be made by wire transfer of good funds, or by certified or bank cashier's check, payable in
lawful money of the United States of America to the order of the Company. No 

5

 

adjustment
shall be made for any cash dividends, whether paid or declared, on any securities issuable upon exercise of a Warrant. 

        (b)   Upon
receipt of a Warrant Certificate, with the Form of Election to Purchase duly filled in and executed, accompanied by payment of the Exercise Price of the
Warrants being exercised (and of an amount equal to any applicable taxes or government charges as aforesaid), the Warrant Agent shall promptly request from the Transfer Agent with respect to the
securities to be issued and deliver to or upon the order of the registered holder of such Warrant Certificate, in such name or names as such registered holder may designate, a certificate or
certificates for the number of full shares of the securities to be purchased, together with cash made available by the Company pursuant to Section 8 hereof in respect of any fraction of a share
of such securities otherwise issuable upon such exercise. If the Warrant is then exercisable to purchase property other than securities, the Warrant Agent shall take appropriate steps to cause such
property to be delivered to or upon the order of the registered holder of such Warrant Certificate. In addition, if it is required by law and upon instruction by the Company, the Warrant Agent will
deliver to each Warrantholder a prospectus which complies with the provisions of Section 9 of the Securities Act of 1933 and the Company agrees to supply Warrant Agent with sufficient number of
prospectuses to effectuate that purpose. 

        (c)   In
case the registered holder of any Warrant Certificate shall exercise fewer than all of the Warrants evidenced by such Warrant Certificate, the Warrant Agent shall
promptly countersign and deliver to the registered holder of such Warrant Certificate, or to his duly authorized assigns, a new Warrant Certificate or Certificates evidencing the number and class of
Warrants that were not so exercised. 

        (d)   Each
person in whose name any certificate for securities is issued upon the exercise of Warrants shall for all purposes be deemed to have become the holder of record of
the securities represented thereby as of, and such certificate shall be dated, the date upon which the Warrant Certificate was duly surrendered in proper form and payment of the Exercise Price (and of
any applicable taxes or other governmental charges) was made; provided, however, that if the date of such surrender and payment is a date on which the stock transfer books of the Company are closed,
such person shall be deemed to have become the record holder of such shares as of, and the certificate for such shares shall be dated, the next succeeding business day on which the stock transfer
books of the Company are open (whether before, on or after the Expiration Date relating to such Warrant) and the Warrant Agent shall be under no duty to deliver the certificate for such shares until
such date. The Company covenants and agrees that it shall not cause its stock transfer books to be closed for a period of more than 20 consecutive business days except upon consolidation,
merger, sale of all or substantially all of its assets, dissolution or liquidation or as otherwise provided by law. 

        (e)   The
Class A Warrants (but not the Class B Warrants) outstanding at the time of a redemption may be redeemed at the option of the Company, in whole or in
part on a pro-rata basis, by giving not less than 30 days prior notice as provided in Section 7(f) below, which notice may not be give before, but may be given at any
time after, the later of                        , 200            and
the date on which closing price of the Common Stock on the principal exchange or trading facility on which it is then traded has
equaled or exceeded $            per share on each of five consecutive trading days. The price at which Class A Warrants may be redeemed (the "Redemption
Price") is $            per Warrant. On and after the redemption date the holders of record of redeemed Class A Warrants shall be entitled to payment of the
Redemption Price upon surrender of such redeemed Class A Warrants to the Company at the office of the Warrant Agent designated for that purpose. 

6

 

        (f)    Notice
of redemption of Class A Warrants shall be given at least 30 days prior to the redemption date by mailing, by registered or certified mail, return
receipt requested, a copy of such notice to the Warrant Agent and to all of the holders of record of Class A Warrants at their respective addresses appearing on the books or transfer records of
the Company or such other address designated in writing by the holder of record to the Warrant Agent not less than 40 days prior to the redemption date. 

        (g)   From
and after the redemption date, all rights of the Class A Warrantholders with respect to the redeemed Class A Warrants (except the right to receive the
Redemption Price) shall terminate, but only if (i) no later than one day prior to the redemption date the Company shall have irrevocably deposited with the Warrant Agent as paying agent a
sufficient amount to pay on the redemption date the Redemption Price for all Class A Warrants called for redemption and (ii) the notice of redemption shall have stated the name and
address of the Warrant Agent and the intention of the Company to deposit such amount with the Warrant Agent no later than one day prior to the redemption date. 

        (h)   On
the Redemption Date, the Warrant Agent shall pay to the holders of record of redeemed Class A Warrants all monies received by the Warrant Agent for the
redemption of Class A Warrants to which the holders of record of such redeemed Class A Warrants who shall have surrendered their Warrants are entitled. The Warrant Agent shall have no
obligation to pay for the redemption of Class A Warrants except to the extent that funds for such payment have been provided to it by the Company. 

        (i)    Any
amounts deposited with the Warrant Agent that are not required for redemption of Class A Warrants may be withdrawn by the Company. Any amounts deposited with
the Warrant Agent that shall be unclaimed after six months after the redemption date shall be redelivered back to the Company, and thereafter the holders of the Class A Warrants called
for redemption for which such funds were deposited shall look solely to the Company for payment. The Company shall be entitled to the interest, if any, on funds deposited with the Warrant Agent and
the holders of redeemed Class A Warrants shall have no right to any such interest. At the instruction of the Company, the Warrant agent shall deposit or invest any and all funds deposited with
it by the Company in connection with any redemption in federally insured, interest bearing accounts with a financial institution or institutions designated by the Company but shall have no liability
with respect to the performance of any such investments other than, in the case of funds deposited in accounts maintained by the Warrant Agent, the liability of the Warrant Agent to its depositors in
such accounts, generally. 

        (j)    If
the Company fails to make a sufficient deposit with the Warrant Agent as provided above, the holder of any Warrants called for redemption may at the option of the
holder (i) by notice to the Company declare the notice of redemption a nullity as to such holder, or (ii) maintain an action against the Company for the Redemption Price. If the holder
brings such an action, the Company will pay reasonable attorneys' fees of the holder. If the holder fails to bring an action against the Company for the Redemption Price within 60 days after
the redemption date, the holder shall be deemed to have elected to declare the notice of redemption to be a nullity as to such holder and such notice shall be without any force or effect as to such
holder. Except as otherwise specifically provided in this Paragraph 7(j), a notice of redemption, once mailed by the Company as provided in Paragraph 7(f) shall be irrevocable. 

        (k)   Notwithstanding
anything to the contrary in this Section 7, the Company may not provide notice of any redemption pursuant to this Section 7 at any time at
which the Warrants are not currently exercisable as a result of the application of Section 9. If, during the period between notice of redemption and the Redemption Date, the Warrants become not
currently exercisable as 

7

 

a
result of the application of Section 9, the Redemption Date shall be extended to be the tenth business day after such restriction on exercise lapses. 

        8.     Fractional Interests. The Company shall not be required to issue any Warrant Certificate evidencing a fraction of a
Warrant or to issue fractions of shares of securities on the exercise of the Warrants. If any fraction (calculated to the nearest one-hundredth) of a Warrant or a share of securities
would, except for the provisions of this Section, be issuable on the exercise of any Warrant, the Company shall, at its option, either purchase such fraction for an amount in cash equal to the current
value of such fraction computed on the basis of the closing market price of a Warrant of the same class (as quoted on the principal exchange or trading facility on which such class of Warrants is
traded) on the trading day immediately preceding the day upon which such Warrant Certificate was surrendered for exercise in accordance with Section 7 hereof or issue the required fractional
Warrant or share. By accepting a Warrant Certificate, the holder thereof expressly waives any right to receive a Warrant Certificate evidencing any fraction of a Warrant or to receive any fractional
share of securities upon exercise of a Warrant, except as expressly provided in this Section 8. 

        9.     Reservation of Equity Securities. The Company covenants that it will at all times reserve and keep available, free from
any pre-emptive rights, out of its authorized and unissued equity securities, solely for the purpose of issue upon exercise of the Warrants, such number of shares of equity securities of
the Company as shall then be issuable upon the exercise of all outstanding Warrants ("Equity Securities"). The Company covenants that all Equity
Securities which shall be so issuable shall, upon such issue, be duly authorized, validly issued, fully paid and non-assessable. 

        The
Company covenants that if any equity securities, required to be reserved for the purpose of issue upon exercise of the Warrants hereunder, require registration with or approval of
any governmental authority under any federal or state law before such shares may be issued upon exercise of Warrants, the Company will use all commercially reasonable efforts to cause such securities
to be duly registered, or approved, as the case may be, and, to the extent practicable, take all such action in anticipation of and prior to the exercise of the Warrants, including, without
limitation, filing any and all post-effective amendments to the Company's Registration Statement on Form SB-2 (Registration No. 333-            )
necessary to permit a public offering of the securities underlying the Warrants at any and all times during the term of this Agreement, provided, however, that in no event shall such securities be
issued, and the Company is authorized to refuse to honor the exercise of any Warrant, if such exercise would result in the opinion of the Company's Board of Directors, upon advice of counsel, in the
violation of any law; and provided further that, in the case of a Warrant exercisable solely for securities listed on a securities exchange or for which there are at least three independent market
makers, in lieu of obtaining such registration or approval, the Company may elect to redeem Warrants submitted to the Warrant Agent for exercise for a price equal to the difference between the
aggregate low asked price, or closing price, as the case may be, of the securities for which such Warrant is exercisable on the date of such submission and the Exercise Price of such Warrants; in the
event of such redemption, the Company will pay to the holder of such Warrants the above-described redemption price in cash within 10 business days after receipt of notice from the Warrant Agent
that such Warrants have been submitted for exercise. If, at the Expiration Date, the Warrants are not currently exercisable as a result of the provisions of this paragraph, the Expiration Date shall
be extended to a date that is 30 calendar days following notice to the holders of Warrants that the Warrants are again exercisable and references to the Expiration Date herein shall thereafter
refer to such extended Expiration Date. 

        10.   Reduction of Conversion Price Below Par Value. Before taking any action that would cause an adjustment pursuant to
Section 6 hereof reducing the portion of the Exercise Price required to purchase one share of capital stock below the then par value (if any) of a share of such capital stock, the Company will
use its best efforts to take any corporate action which, in the opinion of its counsel, may be necessary in order that the Company may validly and legally issue fully paid and
non-assessable shares of such capital stock. 

8

 

        11.   Payment of Taxes. The Company covenants and agrees that it will pay when due and payable any and all federal and state
documentary stamp and other original issue taxes which may be payable in respect of the original issuance of the Warrant Certificates, or any shares of Common Stock or other securities upon the
exercise of Warrants. The Company shall not, however, be required (a) to pay any tax which may be payable in respect of any transfer involved in the transfer and delivery of Warrant
Certificates or the issuance or delivery of certificates for Common Stock or other securities in a name other than that of the registered holder of the Warrant Certificate surrendered for purchase or
(b) to issue or deliver any certificate for shares of Common Stock or other securities upon the exercise of any Warrant Certificate until any such tax shall have been paid, all such tax being
payable by the holder of such Warrant Certificate at the time of surrender. 

        12.   Notice of Certain Corporate Action. In case the Company after the date hereof shall propose (a) to offer to the
holders of Common Stock, generally, rights to subscribe to or purchase any additional shares of any class of its capital stock, any evidences of its indebtedness or assets, or any other rights or
options or (b) to effect any reclassification of Common Stock (other than a reclassification involving merely the subdivision or combination of outstanding shares of Common Stock) or any
capital reorganization, or any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or any sale, transfer or other disposition
of its property and assets substantially as an entirety, or the liquidation, voluntary or involuntary dissolution or winding-up of the Company, then, in each such case, the Company shall
file with the Warrant Agent and the Company, or the Warrant Agent on its behalf, shall mail (by first-class, postage prepaid mail) to all registered holders of the Warrant Certificates notice of such
proposed action, which notice shall specify the date on which the books of the Company shall close or a record be taken for such offer of rights or options, or the date on which such reclassification,
reorganization, consolidation, merger, sale, transfer, other disposition, liquidation, voluntary or involuntary dissolution or winding-up shall take place or commence, as the case may be,
and which shall also specify any record date for determination of holders of Common Stock entitled to vote thereon or participate therein and shall set forth such facts with respect thereto as shall
be reasonably necessary to indicate any adjustments in the Exercise Price and the number or kind of shares or other securities purchasable upon exercise of Warrants which will be required as a result
of such action. Such notice shall be filed and mailed in the case of any action covered by clause (a) above, at least ten days prior to the record date for determining holders of
the Common Stock for purposes of such action or, if a record is not to be taken, the date as of which the holders of shares of Common Stock of record are to be entitled to such offering; and, in the
case of any action covered by clause (b) above, at least 20 days prior to the earlier of the date on which such reclassification, reorganization, consolidation, merger, sale, transfer,
other disposition, liquidation, voluntary or involuntary dissolution or winding-up is expected to become effective and the date on which it is expected that holders of shares of Common
Stock of record on such date shall be entitled to exchange their shares for securities or other property deliverable upon such reclassification, reorganization, consolidation, merger, sale, transfer,
other disposition, liquidation, voluntary or involuntary dissolution or winding-up. 

        Failure
to give any such notice or any defect therein shall not affect the legality or validity of any transaction listed in this Section 12. 

        13.   Disposition of Proceeds on Exercise of Warrant Certificates, etc. The Warrant Agent shall account promptly to the Company
with respect to Warrants exercised and concurrently pay to the Company all moneys received by the Warrant Agent for the purchase of securities or other property through the exercise of such Warrants. 

        The
Warrant Agent shall keep copies of this Agreement available for inspection by Warrantholders during normal business hours at its stock transfer office. Copies of this
Agreement may be obtained upon written request addressed to the Warrant Agent at its stock transfer office in Golden, Colorado. 

9

 

        14.   Warrantholder Not Deemed a Stockholder. No Warrantholder, as such, shall be entitled to vote, receive dividends or be
deemed the holder of Common Stock or any other securities of the Company which may at any time be issuable on the exercise of the Warrants represented thereby for any purpose whatever, nor shall
anything contained herein or in any Warrant Certificate be construed to confer upon any Warrantholder, as such, any of the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance or otherwise), or to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 12 hereof), or to receive dividend or subscription rights, or otherwise, until such Warrant Certificate shall have been exercised in accordance with
the provisions hereof and the receipt of the Exercise Price and any other amounts payable upon such exercise by the Warrant Agent. 

        15.   Right of Action. All rights of action in respect to this Agreement are vested in the respective registered holders of the
Warrant Certificates; and any registered holder of any Warrant Certificate, without the consent of the Warrant Agent or of any other holder of a Warrant Certificate, may, in his own behalf for his own
benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, his right to exercise the Warrants evidenced by
such Warrant Certificate, for the purchase of shares of the Common Stock in the manner provided in the Warrant Certificate and in this Agreement. 

        16.   Agreement of Holders of Warrant Certificates. Every holder of a Warrant Certificate by accepting the same consents and
agrees with the Company, the Warrant Agent and with every other holder of a Warrant Certificate that: 

        (a)   the
Warrant Certificates are transferable on the registry books of the Warrant Agent only upon the terms and conditions set forth in this Agreement; and 

        (b)   the
Company and the Warrant Agent may deem and treat the person in whose name the Warrant Certificate is registered as the absolute owner of the Warrant (notwithstanding
any notation of ownership or other writing thereon made by anyone other than the Company or the Warrant Agent) for all purposes whatever and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. 

        17.   Cancellation of Warrant Certificates. In the event that the Company shall purchase or otherwise acquire any Warrant
Certificate or Certificates after the issuance thereof, such Warrant Certificate or Certificates shall thereupon be delivered to the Warrant Agent and be canceled by it and retired. The Warrant Agent
shall also cancel any Warrant Certificate delivered to it for exercise, in whole or in part, or delivered to it for transfer, split-up, combination or exchange. Warrant Certificates so
canceled shall be delivered by the Warrant Agent to the Company from time to time, or disposed of in accordance with the instructions of the Company. 

        18.   Concerning the Warrant Agent. The Company agrees to pay to the Warrant Agent from time to time, on demand of the Warrant
Agent, reasonable compensation for all services rendered by it hereunder and also its reasonable expenses, including counsel fees, and other disbursements incurred in the administration and execution
of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense,
incurred without gross negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with the acceptance and administration of this Agreement. 

        19.   Merger or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent may be merged or
with which it may be consolidated, or any corporation resulting from 

10

 

any
merger or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding to the corporate trust business of the Warrant Agent, shall be the successor to the Warrant Agent
hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor
warrant agent under the provisions of Section 21 hereof. In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, any of the Warrant
Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent and deliver such Warrant Certificates
so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificates either in the
name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and
in this Agreement. 

        In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may
adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the
Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the
Warrant Certificates and in this Agreement. 

        20.   Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Company and the holders of Warrant Certificates, by their acceptance thereof, shall be bound: 

        (a)   The
Warrant Agent may consult with counsel satisfactory to it (who may be counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Warrant Agent as to any action taken, suffered or omitted by it in good faith and in accordance with such opinion; provided, however, that the Warrant Agent shall
have exercised reasonable care in the selection of such counsel. Fees and expenses of such counsel, to the extent reasonable, shall be paid by the Company. 

        (b)   Whenever
in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established
by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by a Chairman or co-Chairman of the Board or the President or a Vice President or the Secretary of the Company and delivered to the Warrant
Agent; and such certificate shall be full authorization to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such
certificate. 

        (c)   The
Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct. 

        (d)   The
Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificates (except
its countersignature on the Warrant Certificates and such statements or recitals as describe the Warrant Agent or action taken or to be taken by it) or be required to verify the same, but all such
statements and recitals are and shall be deemed to have been made by the Company only. 

        (e)   The
Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution
hereof by the Warrant 

11

 

Agent)
or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the making of any change in the number of shares of Common Stock for which a Warrant is exercisable
required under the provisions of Section 6 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such
adjustment or change (except with respect to the exercise of Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common
Stock will, when issued, be validly issued, fully paid and non-assessable. 

        (f)    The
Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or take any other action likely to involve expense unless the Company or
one or more registered holders of Warrant Certificates shall furnish the Warrant Agent with reasonable security and indemnity for any costs and expenses which may be incurred. All rights of action
under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the production thereof at any trial or other proceeding relative
thereto, and any such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent, and any recovery of judgment shall be for the ratable benefit of the
registered holders of the Warrant Certificates, as their respective rights or interests may appear. 

        (g)   The
Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company
or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to or otherwise act as fully and freely as though it were not Warrant Agent
under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

        (h)   The
Warrant Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from a Chairman or
co-Chairman of the Board or President or a Vice President or the Secretary or the Controller of the Company, and to apply to such officers for advice or instructions in connection with the
Warrant Agent's duties, and it shall not be liable for any action taken or suffered or omitted by it in good faith in accordance with instructions of any such officer. 

        (i)    The
Warrant Agent will not be responsible for any failure of the Company to comply with any of the covenants contained in this Agreement or in the Warrant Certificates
to be complied with by the Company. 

        (j)    The
Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys,
agents or employees and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or employees or for any loss to the Company
resulting from such neglect or misconduct; provided, however, that reasonable care shall have been exercised in the selection and continued employment of such attorneys, agents and employees. 

        (k)   The
Warrant Agent will not incur any liability or responsibility to the Company or to any holder of any Warrant Certificate for any action taken, or any failure to take
action, in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument reasonably believed by the Warrant Agent to be genuine and to have been
signed, sent or presented by the proper party or parties. 

12

 

        (l)    The
Warrant Agent will act hereunder solely as agent of the Company in a ministerial capacity, and its duties will be determined solely by the provisions hereof. The
Warrant Agent will not be liable for anything which it may do or refrain from doing in connection with this Agreement except for its own gross negligence, bad faith or willful conduct. 

        21.   Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon
30 days' prior notice in writing mailed, by registered or certified mail, to the Company. The Company may remove the Warrant Agent or any successor warrant agent upon 30 days' prior
notice in writing, mailed to the Warrant Agent or successor warrant agent, as the case may be, by registered or certified mail. If the Warrant Agent shall resign or be removed or shall otherwise
become incapable of acting, the Company shall appoint a successor to the Warrant Agent and shall, within 15 days following such appointment, give notice thereof in writing to each registered
holder of the Warrant Certificates. If the Company shall fail to make such appointment within a period of 15 days after giving notice of such removal or after it has been notified in writing of
such resignation or incapacity by the resigning or incapacitated Warrant Agent, then the Company agrees to perform the duties of the Warrant Agent hereunder until a successor Warrant Agent is
appointed. After appointment and execution of a copy of this Agreement in effect at that time, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as
if it had been originally named as Warrant Agent without further act or deed; but the former Warrant Agent shall deliver and transfer to the successor Warrant Agent, within a reasonable time, any
property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Failure to give any notice provided for in this Section,
however, or any defect therein shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor warrant agent, as the case may be. 

        22.   Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or the several Warrant
Certificates to the contrary, the Company may, at its option, issue new Warrant Certificates in such form as may be approved by its Board of Directors to reflect any adjustment or change in the
Exercise Price or the number or kind of shares purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement. 

        23.   Notices. Notice or demand pursuant to this Agreement to be given or made on the Company by the Warrant Agent or by the
registered holder of any Warrant Certificate shall be sufficiently given or made if sent by first-class or registered mail, postage prepaid, addressed (until another address is filed in writing by the
Company with the Warrant Agent) as follows: 

Ascent
Solar Technologies, Inc.

8120 Shaffer Parkway

Littleton, Colorado 80127

Attention: President; 

        Subject
to the provisions of Section 21, any notice pursuant to this Agreement to be given or made by the Company or by the holder of any Warrant Certificate to or on the Warrant
Agent shall be sufficiently given or made if sent by first-class or registered mail, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company) as
follows: 

Computershare
Trust Company, Inc.

350 Indiana Street, Suite 800

Golden, Colorado 80401

Attention: Corporate Actions 

        Any
notice or demand authorized to be given or made to the registered holder of any Warrant Certificate under this Agreement shall be sufficiently given or made if sent by first-class or
registered 

13

 

mail,
postage prepaid, to the last address of such holder as it shall appear on the registers maintained by the Warrant Agent. 

        24.   Modification of Agreement. The Warrant Agent may, without the consent or concurrence of the Warrantholders, by
supplemental agreement or otherwise, concur with the Company in making any changes or corrections in this Agreement that the Warrant Agent shall have been advised by counsel (who may be counsel for
the Company) are necessary or desirable to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or mistake or manifest error herein contained, or to make any
other provisions in regard to matters or questions arising hereunder and which shall not be inconsistent with the provisions of the Warrant Certificates and which shall not adversely affect the
interests of the Warrantholders. As of the date hereof, this Agreement contains the entire and only agreement, understanding, representation, condition, warranty or covenant between the parties hereto
with respect to the matters herein, supersedes any and all other agreements between the parties hereto relating to such matters, and may be modified or amended only by a written agreement signed by
both parties hereto pursuant to the authority granted by the first sentence of this Section. 

        25.   Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns hereunder. 

        26.   Colorado Contract. This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be construed in accordance with the laws of said State. 

        27.   Termination. This Agreement shall terminate as of the close of business on the Expiration Date, or such earlier date upon
which all Warrants shall have been exercised or redeemed, except that the Warrant Agent shall account to the Company as to all Warrants outstanding and all cash held by it as of the close of business
on the Expiration Date. 

        28.   Benefits of this Agreement. Nothing in this Agreement or in the Warrant Certificates shall be construed to give to any
person or corporation other than the Company, the Warrant Agent, and their respective successors and assigns hereunder and the registered holders of the Warrant Certificates any legal or equitable
right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent, their respective successors and assigns hereunder and the
registered holders of the Warrant Certificates. 

        29.   Descriptive Headings. The descriptive headings of the several Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

        30.   Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute one and the same instrument. 

(Remainder of page intentionally left blank; signature page follows) 

14

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above written. 

	

 	
 	

ASCENT SOLAR TECHNOLOGIES, INC.
	

 	
 	

By:	
 	

 Name:

Title:
	

 	
 	

COMPUTERSHARE TRUST COMPANY, INC.
	

 	
 	

By:	
 	

 Name:

Title:

15

   Exhibit A  

VOID
AFTER 5 P.M. PACIFIC TIME ON                        , 2011 

CLASS
A WARRANTS TO PURCHASE COMMON STOCK 

	WA	 	                        Warrants

Ascent
Solar Technologies, Inc. 

CUSIP            

THIS
CERTIFIES THAT 

or
registered assigns, is the registered holder of the number of Class A Warrants ("Warrants") set forth above. Each Warrant, unless and until
redeemed by the Company as provided in the Warrant Agreement, hereinafter more fully described (the "Warrant Agreement") entitles the holder thereof to
purchase from Ascent Solar Technologies, Inc., a corporation incorporated under the laws of the State of Delaware the ("Company"), subject to the
terms and conditions set forth hereinafter and in the Warrant Agreement, at any time on or after                        , 2006 and
before the close of business on            , 2011
("Expiration Date"), one fully paid and non-assessable share of Common Stock of the Company ("Common
Stock") upon presentation and surrender of this Warrant Certificate, with the instructions for the registration and delivery of Common Stock filled in, at the stock transfer
office in Golden, Colorado, of Computershare Trust Company, Inc., Warrant Agent of the Company ("Warrant Agent") or of its successor warrant
agent or, if there be no successor warrant agent, at the corporate offices of the Company, and upon payment of the Exercise Price (as defined in the Warrant Agreement) and any applicable taxes paid
either in cash, or by certified or official bank check, payable in lawful money of the United States of America to the order of the Company. Each Warrant initially entitles the holder to purchase one
share of Common Stock for $            . The number and kind of securities or other property for which the Warrants are exercisable are subject to adjustment in certain events, such as
mergers,
splits, stock dividends, splits and the like, to prevent dilution. The Company may redeem any or all outstanding and unexercised Warrants by giving not less than 30 days prior notice at any
time after the later of                        , 200            and
the date on which closing price of the Common Stock on the principal exchange or trading facility on which it is traded has equaled or
exceeded $            per share on each of five consecutive trading days. The Redemption Price is $0.25 per Warrant. All Warrants not theretofore exercised will expire on the Expiration
Date. 

        This
Warrant Certificate is subject to all of the terms, provisions and conditions of the Warrant Agreement, dated as
of                        , 2006, between the Company and the Warrant Agent,
to all of which terms, provisions and conditions the registered holder of this Warrant Certificate consents by acceptance hereof. The Warrant Agreement is incorporated herein by reference and made a
part hereof and reference is made to the Warrant Agreement for a full description of the rights, limitations of rights, obligations, duties and immunities of the Warrant Agent, the Company and the
holders of the Warrant Certificates. Copies of the Warrant Agreement are available for inspection at the stock transfer office of the Warrant Agent or may be obtained upon written request addressed to
the Company at Ascent Solar Technologies, Inc., 8120 Shaffer Parkway, Littleton, Colorado 80127, Attention: Chief Financial Officer. 

        The
Company shall not be required upon the exercise of the Warrants evidenced by this Warrant Certificate to issue fractions of Warrants, Common Stock or other securities, but shall make
adjustment therefor in cash on the basis of the current market value of any fractional interest as provided in the Warrant Agreement. 

        In
certain cases, the sale of securities by the Company upon exercise of Warrants would violate the securities laws of the United States, certain states thereof or other jurisdictions.
The Company has 

1

 

agreed
to use all commercially reasonable efforts to cause a registration statement to continue to be effective during the term of the Warrants with respect to such sales under the Securities Act of
1933, and to take such action under the laws of various states as may be required to cause the sale of securities upon exercise to be lawful. However, the Company will not be required to honor the
exercise of Warrants if, in the opinion of the Board of Directors, upon advice of counsel, the sale of securities upon such exercise would be unlawful. In certain cases, the Company may, but is not
required to, purchase Warrants submitted for exercise for a cash price equal to the difference between the market price of the securities obtainable upon such exercise and the exercise price of such
Warrants. If the Warrants would otherwise expire while not exercisable as a result of any such determination by the Board of Directors, their Expiration Date will be extended to a date 30 days
after the Warrants once again become exercisable. 

        This
Warrant Certificate, with or without other Certificates, upon surrender to the Warrant Agent, any successor warrant agent or, in the absence of any successor warrant agent, at the
corporate offices of the Company, may be exchanged for another Warrant Certificate or Certificates evidencing in the aggregate the same number of Warrants as the Warrant Certificate or Certificates so
surrendered. If the Warrants evidenced by this Warrant Certificate shall be exercised in part, the holder hereof shall be entitled to receive upon surrender hereof another Warrant Certificate or
Certificates evidencing the number of Warrants not so exercised. 

        No
holder of this Warrant Certificate, as such, shall be entitled to vote, receive dividends or be deemed the holder of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose whatever, nor shall anything contained in the Warrant Agreement or herein be construed to confer upon the holder of this Warrant
Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof or give
or withhold consent to any corporate action (whether upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any merger, recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no par value, consolidation, conveyance or otherwise) or to receive notice of meetings or other actions affecting stockholders
(except as provided in the Warrant Agreement) or to receive dividends or subscription rights or otherwise until the Warrants evidenced by this Warrant Certificate shall have been exercised and the
Common Stock purchasable upon the exercise thereof shall have become deliverable as provided in the Warrant Agreement. 

        If
this Warrant Certificate shall be surrendered for exercise within any period during which the transfer books for the Company's Common Stock or other class of stock purchasable upon
the exercise of the Warrants evidenced by this Warrant Certificate are closed for any purpose, the Company shall not be required to make delivery of certificates for shares purchasable upon such
transfer until the date of the reopening of said transfer books. 

        Every
holder of this Warrant Certificate by accepting the same consents and agrees with the Company, the Warrant Agent, and with every other holder of a Warrant Certificate that: 

        (a)   this
Warrant Certificate is transferable on the registry books of the Warrant Agent only upon the terms and conditions set forth in the Warrant Agreement, and 

        (b)   the
Company and the Warrant Agent may deem and treat the person in whose name this Warrant Certificate is registered as the absolute owner hereof (notwithstanding any
notation of ownership or other writing thereon made by anyone other than the Company or the Warrant Agent) for all purposes whatever and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary. The Company shall not be required to issue or deliver any certificate for shares of Common Stock or other securities upon the exercise of Warrants evidenced by this Warrant
Certificate until any tax which may be payable in respect thereof by the holder of this Warrant 

2

 

Certificate
pursuant to the Warrant Agreement shall have been paid, such tax being payable by the holder of this Warrant Certificate at the time of surrender. 

        This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 

(Remainder of page intentionally left blank; signature page follows) 

3

 

        WITNESS
the facsimile signatures of the proper officers of the Company and its corporate seal. 

Dated:            

	

 	
 	

 	
 	

ASCENT SOLAR TECHNOLOGIES, INC.
	

 	
 	

 	
 	

By:	
 	

 Name:

Title: Chief Executive Officer
	

 	
 	

 	
 	

Attest:	
 	

 Secretary
	

Countersigned:	
 	

 	
 	

 
	

By:	
 	

 Authorized Officer	
 	

 	
 	

 

4

   Exhibit B  

VOID
AFTER 5 P.M. PACIFIC TIME ON                        , 2011 

CLASS
B WARRANTS TO PURCHASE COMMON STOCK 

	WB	 	                        Warrants

Ascent
Solar Technologies, Inc. 

CUSIP            

THIS
CERTIFIES THAT 

or
registered assigns, is the registered holder of the number of Class A Warrants ("Warrants") set forth above. Subject to the terms of the
Warrant Agreement, hereinafter more fully described (the "Warrant Agreement"), each Warrant entitles the holder thereof to purchase from Ascent Solar
Technologies, Inc., a corporation incorporated under the laws of the State of Delaware the ("Company"), subject to the terms and conditions set
forth hereinafter and in the Warrant Agreement, at any time on or after                        , 2006 and before the close of
business on            , 2011 ("Expiration
Date"), one fully paid and non-assessable share of Common Stock of the Company ("Common Stock") upon presentation
and surrender of this Warrant Certificate, with the instructions for the registration and delivery of Common Stock filled in, at the stock transfer office in Golden, Colorado, of Computershare Trust
Company, Inc., Warrant Agent of the Company ("Warrant Agent") or of its successor warrant agent or, if there be no successor warrant agent, at
the corporate offices of the Company, and upon payment of the Exercise Price (as defined in the Warrant Agreement) and any applicable taxes paid either in cash, or by certified or official bank check,
payable in lawful money of the United States of America to the order of the Company. Each Warrant initially entitles the holder to purchase one share of Common Stock for $            . The
number
and kind of securities or other property for which the Warrants are exercisable are subject to adjustment in certain events, such as mergers, splits, stock dividends, splits and the like, to prevent
dilution. All Warrants not theretofore exercised will expire on the Expiration Date. 

        This
Warrant Certificate is subject to all of the terms, provisions and conditions of the Warrant Agreement, dated as
of                        , 2006, between the Company and the Warrant Agent,
to all of which terms, provisions and conditions the registered holder of this Warrant Certificate consents by acceptance hereof. The Warrant Agreement is incorporated herein by reference and made a
part hereof and reference is made to the Warrant Agreement for a full description of the rights, limitations of rights, obligations, duties and immunities of the Warrant Agent, the Company and the
holders of the Warrant Certificates. Copies of the Warrant Agreement are available for inspection at the stock transfer office of the Warrant Agent or may be obtained upon written request addressed to
the Company at Ascent Solar Technologies, Inc., 8120 Shaffer Parkway, Littleton, Colorado 80127, Attention: Chief Financial Officer. 

        The
Company shall not be required upon the exercise of the Warrants evidenced by this Warrant Certificate to issue fractions of Warrants, Common Stock or other securities, but shall make
adjustment therefor in cash on the basis of the current market value of any fractional interest as provided in the Warrant Agreement. 

        In
certain cases, the sale of securities by the Company upon exercise of Warrants would violate the securities laws of the United States, certain states thereof or other jurisdictions.
The Company has agreed to use all commercially reasonable efforts to cause a registration statement to continue to be effective during the term of the Warrants with respect to such sales under the
Securities Act of 1933, and to take such action under the laws of various states as may be required to cause the sale of securities upon exercise to be lawful. However, the Company will not be
required to honor the exercise 

1

 

of
Warrants if, in the opinion of the Board of Directors, upon advice of counsel, the sale of securities upon such exercise would be unlawful. In certain cases, the Company may, but is not required
to, purchase Warrants submitted for exercise for a cash price equal to the difference between the market price of the securities obtainable upon such exercise and the exercise price of such Warrants.
If the Warrants would otherwise expire while not exercisable as a result of any such determination by the Board of Directors, their Expiration Date will be extended to a date 30 days after the
Warrants once again become exercisable. 

        This
Warrant Certificate, with or without other Certificates, upon surrender to the Warrant Agent, any successor warrant agent or, in the absence of any successor warrant agent, at the
corporate offices of the Company, may be exchanged for another Warrant Certificate or Certificates evidencing in the aggregate the same number of Warrants as the Warrant Certificate or Certificates so
surrendered. If the Warrants evidenced by this Warrant Certificate shall be exercised in part, the holder hereof shall be entitled to receive upon surrender hereof another Warrant Certificate or
Certificates evidencing the number of Warrants not so exercised. 

        No
holder of this Warrant Certificate, as such, shall be entitled to vote, receive dividends or be deemed the holder of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose whatever, nor shall anything contained in the Warrant Agreement or herein be construed to confer upon the holder of this Warrant
Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof or give
or withhold consent to any corporate action (whether upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any merger, recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no par value, consolidation, conveyance or otherwise) or to receive notice of meetings or other actions affecting stockholders
(except as provided in the Warrant Agreement) or to receive dividends or subscription rights or otherwise until the Warrants evidenced by this Warrant Certificate shall have been exercised and the
Common Stock purchasable upon the exercise thereof shall have become deliverable as provided in the Warrant Agreement. 

        If
this Warrant Certificate shall be surrendered for exercise within any period during which the transfer books for the Company's Common Stock or other class of stock purchasable upon
the exercise of the Warrants evidenced by this Warrant Certificate are closed for any purpose, the Company shall not be required to make delivery of certificates for shares purchasable upon such
transfer until the date of the reopening of said transfer books. 

        Every
holder of this Warrant Certificate by accepting the same consents and agrees with the Company, the Warrant Agent, and with every other holder of a Warrant Certificate that: 

        (a)   this
Warrant Certificate is transferable on the registry books of the Warrant Agent only upon the terms and conditions set forth in the Warrant Agreement, and 

        (b)   the
Company and the Warrant Agent may deem and treat the person in whose name this Warrant Certificate is registered as the absolute owner hereof (notwithstanding any
notation of ownership or other writing thereon made by anyone other than the Company or the Warrant Agent) for all purposes whatever and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary. The Company shall not be required to issue or deliver any certificate for shares of Common Stock or other securities upon the exercise of Warrants evidenced by this Warrant
Certificate until any tax which may be payable in respect thereof by the holder of this Warrant Certificate pursuant to the Warrant Agreement shall have been paid, such tax being payable by the holder
of this Warrant Certificate at the time of surrender. 

        This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 

(Remainder of page intentionally left blank; signature page follows) 

2

 

        WITNESS
the facsimile signatures of the proper officers of the Company and its corporate seal. 

Dated:

	

 	
 	

 	
 	

ASCENT SOLAR TECHNOLOGIES, INC.
	

 	
 	

 	
 	

By:	
 	

 Name:

Title: Chief Executive Officer
	

 	
 	

 	
 	

Attest:	
 	

 Secretary
	

Countersigned:	
 	

 	
 	

 
	

By:	
 	

 Authorized Officer	
 	

 	
 	

 

3

QuickLinks

WARRANT AGREEMENT

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