Document:

Exhibit
10.1

November 28, 2006

Robert J. Merullo

916 Dakota Drive

Castle Rock, CO 80108

Re:          Consulting Agreement

Dear Bob:

Red Robin International, Inc. (“Red
Robin” or “the Company” or “we” or “us”) wants to engage you to consult with
Red Robin on food and beverage issues, research and development of new products
and services, and purchasing issues beginning December 31, 2006 and ending June
30, 2008, subject to either party’s right to cancel the consulting agreement by
written notice to the other party. We will require 75% of your ordinary course
business time per month during the period December 31, 2006 to December 31,
2007. Between January 1, 2008 and June 30, 2008, we will require your services
on an as-needed basis.

For your services, Red Robin
will pay you a consulting fee of $12,500 per month in arrears between December
31, 2006 and December 31, 2007. Between January 1, 2008 and June 30, 2008, we
will pay you $200 per hour for the hours you work for us with no minimum
monthly amount. Between January 1, 2008 and June 30, 2008, you will need to
submit an invoice showing the hours you work for us each month.   If either
party cancels the consulting agreement prior to December 31, 2007, then Red
Robin will pay you a prorata portion of the monthly consulting fee for the
month in which the consulting agreement ends. When you are performing services
for the Company, we will provide you at no cost an office and standard office
equipment. We will reimburse you for reasonable travel expenses and similar out
of pocket expenses that you incur in performing your consulting services for
us.

As additional consideration for
your services, the Board, acting as the Stock Plan Administrator for all of Red
Robin’s stock option plans, will take such actions as may be appropriate: (a)
to cause the stock options that the Company has awarded to you as an employee
of the Company to continue to vest at the rate and on the terms stated in the
applicable stock option agreement so long as you continue providing services to
the Company under this consulting agreement, and (b) to allow you to exercise
all options that have vested during the term of your employment or that vest
during the term of your consulting agreement, so long as you continue providing
services to the Company under this consulting agreement; provided that no
options shall vest after June 30, 2008, and you may not exercise any options
after June 30, 2008.

To the extent that the
Company reasonably believes or has been advised that paying you the
consulting fees or allowing your stock options to continue to vest or allowing
you to exercise your stock options after December 31, 2006, will, or would
likely, result in adverse tax consequences to you or to the Company or
both, you agree that the Company may restructure this consulting agreement,
including the Company’s obligation to pay you the consulting fees or the
vesting of your stock options or the conditions upon which you may exercise
said stock options (as to form and/or timing, but not as to amount) in a manner
designed to eliminate or, if not practical, mitigate such adverse tax
consequences.

 

 

You will perform the consulting
services as an independent contractor and not as a Red Robin employee. As an
independent contractor, you must pay all federal, state and local income tax
and self-employment taxes arising out of the sums we pay you under this
Agreement. If the IRS or any other taxing authority demands that we pay any
taxes, interest or other charges on account of the sums we pay you, then you
must indemnify, defend and hold us harmless from those taxes, interest, and
other charges. You will need to provide us with a completed W-9 in order for
our AP Department to process your invoices. Just give the Form W-9 to me or
Eric.

If in the course of your
services hereunder you have access to any confidential or proprietary
information of the Company, then you must treat that information as
confidential in the same manner as you would be obligated to do now under our
Code of Ethics. The provisions of the Code of Ethics under the heading
Confidentiality—Trade Secrets, Confidential Information and Proprietary
Information shall continue to apply to you during the term hereof.

Any writings, reports, plans,
recipes, procedures, manuals, or other written works, and any drawings, sketches,
pictures, or diagrams you prepare in performing your work for us will be deemed
“Works Made for Hire,” and we
will own the copyright and all other rights to the Work Made for Hire. If we
ask you to do so, you agree to sign any additional documents we may ask you to
sign to confirm that we own the copyright in the Work Made for Hire.

Bob, if you are willing to
perform the consulting services on the terms stated, please sign this letter in
the space provided below.

	
  Very truly yours,

  	
   

  
	
   

  	
   

  
	
  /s/ Katherine
  L.Scherping

  	
   

  
	
  Katherine L.
  Scherping

  	
   

  
	
  Vice President

  	
   

  

ACCEPTANCE

I agree to perform the
consulting services mentioned above on the terms and conditions stated above.

	
  /s/ Robert Merullo

  	
   

  
	
  Robert Merullo

  	
   

  
	
  Vice President

  	
   

  

 

November 28, 2006

 2EXHIBIT 10.1

 

DLJ MB IV HRH, LLC

Eleven Madison Avenue, 16th Floor

New York, New York 10010

 

 

November 28, 2006

 

 

Morgans Hotel
Group

475 Tenth Avenue

New York, New York
10018

Attn:  David Smail

 

Re: Financing
Waiver Date

 

Dear Mr. Smail:

 

Reference is hereby made to that certain Contribution
Agreement dated as of November 7, 2006 (as amended on November 20, 2006 and
November 22, 2006, the “Contribution Agreement”) by and among DLJ
MB IV HRH, LLC (“DLJMB”) and Morgans Hotel Group Co. (“Morgans”).  Capitalized terms used but not defined herein
have the meanings given to them in the Contribution Agreement.

This letter is to confirm our agreement that, for all
purposes under the Contribution Agreement, the Financing Waiver Date shall be
extended from 5:00 p.m. Eastern Standard Time on Tuesday, November 28, 2006 to
5:00 p.m. Eastern Standard Time on Wednesday, November 29, 2006.

This letter supersedes any prior agreements relating
to the subject matter hereof, and shall be deemed to be effective as of 4:59 pm
Eastern Standard Time on Tuesday, November 28, 2006.

Please acknowledge that the foregoing conforms to
Morgans’ understanding with respect to the extension of the Financing Waiver
Date, by signing this letter below and returning it to DLJMB.

 

 

This letter may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed to be
an original and all of which counterparts taken together shall constitute one
and the same instrument.

 

	
  

  	
   

  	
  Very truly
  yours,

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DLJ MB IV HRH,
  LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven
  Rattner

  	
   

  
	
   

  	
   

  	
   

  	
  Steven Rattner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agreed to and
  Acknowledged as of

  	
   

  	
   

  	
   

  	
   

  
	
  November 28,
  2006:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Morgans Hotel
  Group Co.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ W. Edward
  Scheetz

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  cc: Stephen G.
  Gellman, Esq.[CONFIDENTIAL]

REDACTED
COPY

EXHIBIT 10.1

[Note: A “[*]”
indicates that material has been omitted pursuant to a request for confidential
treatment and that the material has been filed separately.]

LICENSE AGREEMENT

This
License Agreement (“Agreement”) is made this 21st day of November, 2006, between the UD Technology Corporation, a
non-profit corporation located at 15 Innovation Way, Suite 103, Newark,
Delaware, 19711 (hereinafter referred to as “Licensor”) and Ascent Solar
Technologies, Inc., a Delaware corporation with its principal place of business
in Littleton, Colorado (hereinafter referred to as “Licensee”).

WITNESSETH THAT:

WHEREAS, Licensor is the owner of certain intellectual property related to a means of
manufacturing solar cells, modules and arrays based on CuInGaSe2 and related
materials encompassing 1) a multi-source physical vapor deposition process to
form the CuInGaSe2 on a continuously moving substrate, 2) a method to coat a
substrate with a metal that eliminates cracking and poor adhesion of the
CuInGaSe2 layer, and 3) a process to deposit a CdS layer, all useful for production
of photovoltaic conversion cells, modules, and arrays.

WHEREAS, Licensee desires to obtain a non-exclusive license to practice
the intellectual property to
make, use, and sell products comprising solar cells, modules, and/or arrays which
can be prepared using the intellectual
property; and

WHEREAS, Licensor is willing to grant such a license on the terms and
subject to the conditions set forth below, and Licensee desires to receive and
operate commercially under such a license.

NOW
THEREFORE, in consideration of the premises and mutual agreements 

 

 

hereinafter set forth,
Licensor and Licensee agree as follows:

ARTICLE 1.           DEFINITIONS

For
the purpose of this License Agreement, unless the context clearly or
necessarily indicates otherwise, the following words and phrases shall have the
meanings set forth below:

1.1           “Licensed Patents” means all (i) patent(s)
and patent application(s) listed in Exhibit A attached hereto; (ii) any
international counterparts thereof; (iii) any divisionals, continuations, continuations-in-part,
and extensions of any of the foregoing patents and patent application(s); (iv)
all substitutions, reissues, renewals, reexaminations, patents of addition, and
inventors’ certificates thereof, patent term extensions, supplementary
protection certificates, and data package exclusivity extensions of the
foregoing patents; and (v) all patent(s) issuing from any of the foregoing.

1.2           “Licensed Products” shall mean any solar
cell, module, and/or array constituting an apparatus or article for the
generation of electricity, characterized by a power rating in watts determined
under standard conditions, which but for the grant of rights in Paragraph 2.1
would infringe the Licensed Patents.

1.3           “Sale” or “Sales” shall mean any bona
fide transaction for which consideration is received or expected for the sale,
use, lease, transfer, or other disposition of the Licensed Product(s).  A Sale of Licensed Product(s) shall be deemed
completed at the time that Licensee receives payment for such Licensed
Products.  In determining the amount of
Sales, Licensee may first deduct applicable returns and allowances, as well as
charges for freight, handling, transportation, in-transit insurance, sales
taxes, use taxes and other applicable taxes 

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paid by Licensee with
respect to the sale, use, lease, transfer or other disposition of Licensed
Products (“Net Sales”).

1.4           “License Year” means the one year
period starting on January 1, of one year and ending on December 31, of the
same year.  The first License Year shall
begin on the Effective Date and end on December 31, 2006.

1.5           “Effective Date” means the date when
this Agreement is fully executed by the parties.

1.6           “Affiliate” of a party means any
corporation or other legal entity directly or indirectly controlling,
controlled by or under common control of such party.  For purposes, hereof, the term “controlled”
(including the terms “controlled by” and “under common control with”), as used
with respect to any entity, shall mean the direct and indirect ability or power
to direct or cause the direction of management policies of such entity or
otherwise direct the affairs of such entity, whether through ownership of
equity participation, voting securities, beneficial interest, by contract or
otherwise.

ARTICLE 2.           LICENSE GRANT

2.1           Licensor hereby grants to Licensee for
the term of this Agreement a non-exclusive, non-transferable license,
without the right to sublicense except to Affiliates, under the Licensed Patents,
to make, have made, use, and sell Licensed Products throughout the world.

2.2           The right to sublicense to Affiliates
granted to Licensee hereunder is subject to the following conditions.

a.             In each sublicense, the sublicensee
shall be subject to the terms and conditions of the license granted to Licensee
hereunder.

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b.             Each sublicense shall expressly
provide that Licensor makes no warranties or representations regarding the
Licensed Patents, and shall provide that Licensor has no liability to
sublicensees with regard to the Licensed Patents.

c.             Licensee shall forward to Licensor,
within thirty (30) days of execution, the name and address of each sublicensee
and the identity of any designated representative of the sublicensee (name,
title, location) to receive communications relative to the sublicense and
copies of each sublicense agreement upon written request of Licensor.

2.3.          The rights and licenses granted to
Licensee herein shall be effective as of the Effective Date.

2.4           Licensee shall use reasonable
commercial efforts to develop for commercial use and to practice the Licensed
Patents as soon as reasonably possible, consistent with sound and reasonable
business practices.

ARTICLE 3.           CONSIDERATION

3.1           In consideration for the grant of
rights provided above in Paragraph 2.1, Licensee shall pay to Licensor a
royalty based upon the Net Sales of Licensed Products sold or transferred
according the following schedule:

[*]

3.2           Minimum royalties per License Year shall
be [*] regardless of Net Sales, except that the minimum annual royalty for the
first calendar year ending December 31, 2006 shall be prorated from the
Effective Date.  Should Licensee fail to
meet any License Year’s annual minimum royalty, Licensor, in its sole
discretion, may terminate this License Agreement.

3.3           The royalty due shall be paid to
Licensor in United States Dollars.  For 

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converting royalties into
United States Dollars any royalties that accrue in a foreign currency, the
parties shall use the average of the closing buying rates of the Morgan
Guaranty Trust Company of New York applicable to transactions under exchange
regulations for the particular currency on the first business day of each month
of the License Year for which royalties are payable.

3.4           The royalty shall be paid annually by
Licensee (on behalf of itself and its sublicensees) no later than thirty (30)
days after the end of each License Year. 
The royalty relating to any Sales by Licensee to Affiliates shall be
calculated based upon the transfers of Licensed Product and the royalty
schedule provided in Paragraph 3.1, above.

3.5           Licensee’s obligation to pay royalties
(for itself and its Affiliates) shall continue until the earlier of termination
of this License Agreement or the date of the last to expire of the Licensed
Patents.  Licensee shall notify Licensor
of the date of first commercial sale of Licensed Product within each country in
which sales are made within (60) days of the date of such first sale.

3.6           Royalty payments shall be payable to “UD
Technology Corporation” and sent to:

Vice President

UD Technology Corporation

15 Innovation Way, Suite 103

Newark, Delaware 19711

ARTICLE 4.           REPORTING BY LICENSEE

4.1           Licensee shall prepare annual royalty
reports setting forth sales of Licensed Products during the License Year by
Licensee and its sublicensees.  These
reports shall be delivered to Licensor with the royalty payments within thirty
(30) days following the end of each calendar year.

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4.2           If no sales of Licensed Products have
been made by Licensee and/or its Affiliates during any calendar year, a
statement to that effect shall be delivered by Licensee to Licensor with the
minimum royalties described in paragraph 3.2 within thirty (30) business days
following the end of each calendar year.

ARTICLE 5.           BOOKS AND RECORDS

5.1           Licensee shall maintain and cause its
Affiliates to maintain full, true and accurate books of accounts and other
records containing all particulars which may be necessary to ascertain and
verify the royalties payable under this Agreement.  Upon Licensor’s reasonable written request,
Licensee and its Affiliates shall permit independent Certified Public
Accountants selected and paid for by Licensor to examine at reasonable times
during regular business hours such of their records as may be reasonably
necessary to determine the accuracy of any report and/or payment made under
this Agreement, subject to execution by such independent Certified Public
Accountants of appropriate confidentiality and non-disclosure agreements with
Licensee.

5.2           To the extent practical and not
inconsistent with any other provision herein, all reports and other documents
provided hereunder and all calculations shall be made pursuant to generally
accepted accounting principals as practiced by certified public accountants in
the United States.

ARTICLE 6.           IMPROVEMENTS OF LICENSEE

Any
improvements, patented or unpatented, made to the Licensed Patents by Licensee
during the term of this Agreement, shall be the sole property of Licensee.  Licensee hereby agrees not to assert rights
in any such improvements, or in any patents related thereto, 

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against Licensor, its
licensees, or the customers of each.

ARTICLE 7.           [INTENTIONALLY LEFT BLANK]

ARTICLE 8.           INFRINGEMENT LITIGATION

8.1           Licensor agrees to provide such
assistance and cooperation at Licensee’s expense as may be reasonably necessary
to assist Licensee in its defense of any litigation which seeks to prevent
Licensee’s right to use the Licensed Patents necessary for the processing,
manufacture, use, or sale of the Licensed Products.

8.2           If Licensor or Licensee becomes aware
of any third party’s infringement of the Licensed Patents, it shall immediately
notify the other party in writing of such infringement or unauthorized
use.  A decision to bring suit shall be
in the sole discretion of the Licensor. 
Licensee shall have the right to be represented in any such proceeding
by counsel of its choice, at its expense. 
Licensor shall be entitled to any recovery of damages resulting from
such lawsuit in the event Licensor has filed and prosecuted such lawsuit.

8.3           If Licensor shall elect not to bring
suit against the allegedly infringing party within one hundred eighty (180)
days after notification thereof, Licensee may bring suit in its own name, but
shall do so at Licensee’s sole expense. 
Licensor shall provide Licensee such nonfinancial assistance and
cooperation in prosecuting such case as Licensee may reasonably request.  Licensor shall have the right to be
represented in any such proceeding either by counsel of its choice, at its
expense or by Licensee’s counsel at Licensee’s expense, insofar as is possible
or practical.  Any costs reasonably
incurred by Licensor in support of litigation brought by Licensee, excluding
attorney’s fees from counsel elected by Licensor, shall be reimbursed to 

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Licensor from any sums
recovered by Licensee.

ARTICLE 9.           TERM AND
TERMINATION

9.1           This
Agreement, unless sooner terminated as provided herein, shall terminate with
the expiration of the last to expire of the Licensed Patents on a country-by-country
basis.

9.2           Licensor may terminate this Agreement
if any of the following occur:

a.             Licensee becomes more than sixty
(60) days in arrears in payment of royalties due pursuant to this Agreement,
and Licensee does not provide full payment immediately upon demand; or

b.             Licensee files or has filed against
it a petition or proceedings under any bankruptcy, insolvency or similar law,
or becomes insolvent, makes an assignment for the benefit of creditors, or appoints
or has appointed a receiver or trustee over its property.

9.3           If either party fails to fulfill any
material obligations under this Agreement or materially breaches any of the
representations, warranties, or covenants contained herein, the non-breaching
party may terminate this Agreement upon written notice to the breaching party
as provided below.  Such notice must
contain a full description of the event or occurrence constituting a breach of
the Agreement.  The party receiving
notice of the breach shall have the opportunity to cure that breach within
sixty (60) days of receipt of notice.  If
the breach is not cured within that time, the termination will be effective as of
the (60th) day
after receipt of notice.

9.4           If Licensor terminates this Agreement
under paragraphs 9.2 and/or 9.3, by reason of defaults by Licensee, Licensee
and its sublicensees shall cease using all Licensed Patents.

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9.5           Licensee’s obligation to pay
royalties accrued under Article 3 hereof at the time of termination shall
survive termination of this Agreement. 
In addition, the provisions of Article 11 shall survive such
termination.

9.6           Any failure on the part of either
party to terminate hereunder shall not be deemed a condonation of such default
or breach or a waiver of any future default or breach.

9.7           Termination of this Agreement by
either party for any reason shall not affect and shall be without prejudice to
the rights and obligations of the parties accrued prior to the effective date
of termination of this Agreement.

9.8           Termination of this Agreement shall result
in the immediate termination of all sublicenses granted Affiliates hereunder by
Licensee.

9.9           Upon expiration of this Agreement,
Licensee’s rights in the Licensed Patents shall be fully paid, provided Licensee
has paid all royalties due to Licensor and has complied with all of its
obligations under this Agreement.

ARTICLE 10.         REPRESENTATIONS
AND WARRANTIES

10.1         Licensor represents, covenants and
warrants that Licensor has the right to enter into this Agreement, to grant to
Licensee all of the rights and sublicenses granted herein, and to perform all
other obligations of this Agreement and the transactions contemplated by this
Agreement do not and will not conflict with or result in a breach or default
with respect to any agreements to which Licensor is subject.

10.2         Licensee hereby represents and warrants
that the execution, and performance of this Agreement by Licensee and the
consummation of the transactions contemplated by this Agreement do not and will
not conflict with or result in a breach of or 

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default with respect to
the provisions of any agreements to which Licensee is subject and will not (i)
violate any provision of any law or regulation applicable to Licensee, or any
other judgment or decree of any court or other agency of any government binding
on Licensee, or (ii) require any approval by, consent of, or filing with, any
person, entity, or agency of any government.

ARTICLE 11.         DISCLAIMER OF WARRANTIES

EXCEPT
AS OTHERWISE PROVIDED HEREIN, THE LICENSED PATENTS LICENSED UNDER THIS
AGREEMENT IS PROVIDED ON AN “AS IS” BASIS, AND LICENSOR MAKES NO
REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT THERETO.  BY WAY OF EXAMPLE BUT NOT OF LIMITATION,
LICENSOR MAKES NO REPRESENTATION OR WARRANTIES (i) OF COMMERCIAL UTILITY; (ii)
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

ARTICLE 12.         LIMITATION
OF LIABILITY

NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY (OR
TO ANY PERSON CLAIMING RIGHTS DERIVED FROM THE OTHER PARTY’S RIGHTS, INCLUDING
SUBLICENSEES) FOR INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY
DAMAGES OF ANY KIND, INCLUDING LOST PROFITS, LOSS OF BUSINESS, OR OTHER
ECONOMIC DAMAGE, AND FURTHER INCLUDING INJURY TO PROPERTY, AS A RESULT OF
BREACH OF ANY WARRANTY OR ANY MATERIAL OBLIGATION OF THIS AGREEMENT, REGARDLESS
OF WHETHER THE PARTY ALLEGEDLY LIABLE WAS ADVISED, HAD OTHER REASON TO KNOW, OR

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IN FACT KNEW OF THE
POSSIBILITY THEREOF.  EACH PARTY
ACKNOWLEDGES THAT THE FOREGOING SENTENCE REFLECTS AN INFORMED, VOLUNTARY
ALLOCATION BETWEEN THE PARTIES OF THE RISKS (KNOWN AND UNKNOWN) THAT MAY EXIST
IN CONNECTION WITH THIS AGREEMENT, THAT SUCH VOLUNTARY RISK ALLOCATION WAS A
MATERIAL PART OF THE BARGAIN BETWEEN THE PARTIES, AND THAT THE ECONOMIC AND
OTHER TERMS OF THIS AGREEMENT WERE NEGOTIATED AND AGREED TO BY THE PARTIES IN
RELIANCE ON SUCH VOLUNTARY RISK ALLOCATION.

ARTICLE 13.         INSURANCE

13.1         Licensee
shall, before any Licensed Products are sold and throughout the term of this
Agreement, obtain and maintain at its own cost and expense from an insurance
company licensed to do business in Delaware with Moody’s Rating of A, a
Comprehensive General Liability (CGL) insurance policy which will include a
standard product liability endorsement covering Licensee and any sublicenses
issued to others by Licensee pursuant to this Agreement and any products sold
by Licensee or its sublicensees based upon practice of the Licensed Patents.  Such insurance policy shall name Licensor,
its officers, directors, trustees, employees and agents as additional
insureds.  Such policy shall provide
protection against all claims, demands and causes of action arising out of any
defects or failures of any kind based upon the practice of the Licensed Patents
by Licensee and its sublicensees or use of any product resulting therefrom.

13.2         The
amount of coverage shall be at least five (5) million dollars ($5,000,000) per
occurrence.

13.3         Licensee
shall furnish Licensor a certificate of insurance evidencing same 

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within ten (10) days
prior to the sale of Licensed Product. 
In no event shall Licensee practice the Technology or sell or permit the
sale of Licensed Products prior to receipt by Licensor of such evidence of
insurance.

13.4         Licensee
shall notify Licensor in writing within thirty (30) days of any modification,
alteration, cancellation or termination of any insurance policy issued to
Licensee under this clause.  In the case
of any cancellation, termination or other action adversely affecting the coverage
required under paragraphs 13.1 and 13.2, Licensee shall obtain replacement
coverage that complies with this Article 13. 
During any gap in coverage Licensee and its Affiliates shall immediately
cease selling Licensed Products until replacement coverage is obtained.  Failure to obtain, maintain and replace
insurance as provided in this Article 13 and the ongoing sale of Licensed
Products with knowledge in a gap in insurance coverage shall provide Licensor
with the immediate right to terminate this Agreement.

ARTICLE 14.           INDEMNIFICATION

Licensee agrees to indemnify, defend and hold harmless
Licensor, its Affiliates and the officers, directors and employees of each of
them (the “Licensor Indemnified Parties”) against any claims, damages,
liabilities, costs, and expenses (including reasonable attorneys’ fees)
incurred by or awarded against the Licensor Indemnified Parties based on or
resulting from any act or omission of Licensee and/or its Affiliates relating
to this Agreement.  This obligation shall
survive the termination of this Agreement. 
Licensee and Licensor shall give each other prompt notice of each
threat, claim or suit arising from such conduct, and Licensee shall have sole
control over the defense and/or settlement of such threats, claims or suit.

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ARTICLE 15.         NOTICES

All notices required under this Agreement shall be in
writing and sent by facsimile with confirmation to the respective parties by
mail or courier that requires acknowledgment of receipt to the following
addresses (or to such other address as may hereafter be designated by a party
by notice to the other given in accordance with this Section):

Notices to Licensee

Ascent Solar Technologies, Inc.

8120 Shaffer Parkway

Littleton, Colorado  80127

FAX:  (303) 420-1551

Attention:  Matthew B. Foster

Notices to Licensor

The University of Delaware

Office of the Vice Provost for Research

210 Hullihen Hall

Newark, Delaware  19716

FAX:  (302) 831-2828

Attention:  R. D. Holsten

Associate Provost for Research

Any
notice given in accordance with this License Agreement shall be effective upon
receipt by the addressee.

ARTICLE 16.         GOVERNING LAW AND JURISDICTION

This
Agreement shall be interpreted and construed in accordance with the laws of the
State of Delaware.  The parties hereby
consent and submit to the exclusive jurisdiction of the respective federal and
state courts in and of the State of Delaware.

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ARTICLE 17.             MISCELLANEOUS

17.1         The
parties hereto acknowledge that they have read this Agreement and understand
it, and they agree to be bound by all of its terms and conditions.  They further agree that this Agreement
embodies the entire understanding between the parties relating to the subject
matter of the Agreement.  Any prior
representations, warranties or agreements between the parties, whether written
or oral, not contained in this Agreement are null and void and superseded by
this Agreement.  This Agreement shall not
be modified except by a written agreement signed by duly authorized
representatives of Licensor and Licensee.

17.2         If any provision of this Agreement is
held by a court of competent jurisdiction to be invalid or unenforceable, such
ruling shall not affect the validity or enforceability of the remainder of this
Agreement.  Notwithstanding the
foregoing, if such ruling substantially impairs the value of the entire
Agreement as to either party, the parties shall enter into good faith
negotiations for a period of sixty (60) days aimed at modifying the entire
Agreement in a manner that compensates such party for the lost value.  In the event such negotiations are not
successful, this Agreement shall automatically be terminated upon the
expiration of the negotiating period unless the time of the negotiating period
has been extended by the mutual consent of the parties.

17.3         The headings and captions used in this
Agreement are intended for convenience only and shall not affect its construction
or interpretation.

17.4         This Agreement is personal to Licensee,
and shall not be assignable or otherwise transferable in whole or in part,
voluntarily, involuntarily or by operation of law including any merger or
consolidation, substantial change in ownership or control of Licensee’s
business, or by any other means, without the express written consent of
Licensor.  Licensor may 

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assign its rights
hereunder.

17.5         It is agreed that no waiver by either
party hereto of any breach or default of any covenants, terms, or agreements
herein set forth shall be deemed a waiver as to any subsequent and/or similar
breach or default.

17.6         It is agreed that neither party shall
use the name, trademarks, brands, or logos of the other party in any
advertising, promotion, publicity or news release without the prior written
consent of the other party.

17.7         It is agreed that this Agreement and
all information marked by Licensor or Licensee as “Proprietary” or “Confidential”
and forwarded to by one party to the other party for the purposes of this
Agreement (a) are to be received in strict confidence, (b) are to be used only
for the purposes of this Agreement, and (c) are not to be disclosed by the
recipient party, its agents or employees without the prior written consent of
the other party, except to the extent that the recipient party can establish by
competent written proof that such information: (i) was in the public domain at
the time of disclosure; (ii) later became part of the public domain through no
act or omission of the recipient party, its employees, agents, successors or
assigns; (iii) was lawfully disclosed to the recipient party by a third party
having the right to disclose it; (iv) was already known by the recipient party
at the time of disclosure; (v) was independently developed by the recipient
party; or (vi) is required by law or regulation to be disclosed, provided
however, that the disclosing party shall first give the recipient party written
notice and adequate opportunity to object to such order for disclosure or to
request confidential treatment.  In the
case of Licensor, the above confidentiality obligation shall be accepted
separately and individually by staff at the Licensor and not the Licensor
itself.

 15

 

IN WITNESS
WHEREOF, this Agreement has been duly executed by the parties through their
authorized representative to be effective on the date this agreement is fully
executed by the parties.

	
  

  	
  The University of Delaware (Licensor)

  
	
   

  	
   

  
	
  Date: November 22, 2006

  	
  /s/ Richard D.
  Holsten

  
	
   

  	
  Richard D. Holsten

  
	
   

  	
  Associate Provost for Research

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Ascent Solar Technologies, Inc. (Licensee)

  
	
   

  	
   

  
	
  Date: November 21, 2006

  	
  /s/ Matthew B.
  Foster

  
	
   

  	
  Matthew B. Foster, CEO

  

 

 

 

EXHIBIT A

ISSUED PATENTS

	
  Patent #

  	
   

  	
  Title

  	
   

  	
  Date of Issuance

  	
   

  	
  First Named Inventor

  
	
  6,537,845

  	
   

  	
  Chemical Surface Deposition of Ultra-Thin
  Semiconductors

  	
   

  	
  3/25/2003

  	
   

  	
  McCandless B.E. and Shafarman W.N.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6,310,281

  	
   

  	
  Thin Film, Flexible PV Module

  	
   

  	
  10/31/2001

  	
   

  	
  Wendt, Hanket, Birkmire, Russell, and Wiedeman

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6,372,538

  	
   

  	
  Fabrication of Thin Film Flexible PV Module

  	
   

  	
  4/17/2006

  	
   

  	
  Wendt, Hanket, Birkmire, Russell, and Wiedeman

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6,562,405

  	
   

  	
  Multiple-nozzle Thermal Evaporation Source

  	
   

  	
  5/13/2003

  	
   

  	
  Eser and Fields

  

 

PENDING PATENT APPLICATION

USSN
60/620,352 filed 10/21/2004 “Formation of Selenide, Sulfide or Mixed
Selenide-Sulfide Films on Metal or Metal Coated Substrates Eser and Fields

 

 2

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