Document:

EX-10.1

 Exhibit 10.1 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to
Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 
 FIFTH AMENDMENT OF 

THE LICENSE AND COLLABORATION AGREEMENT 

This FIFTH AMENDMENT OF THE LICENSE AND
COLLABORATION AGREEMENT (this “Fifth Amendment”) is made and effective as of May 2nd, 2017 (the “Fifth Amendment Effective
Date”) by and between Miragen Therapeutics, Inc., a corporation organized and existing under the laws of Delaware, having its principal place of business at 6200 Lookout Rd., Boulder, CO 80301, USA (“Miragen”) on the
first part, and Les Laboratoires Servier, a corporation organized and existing under the laws of France, having offices at 50 rue Carnot, 92284 Suresnes cedex France and Institut de Recherches Servier, a corporation organized and
existing under the laws of France, having offices at 3 rue de la République, 92150 Suresnes, France (these two entities jointly referred to as “Servier”) on the second part. Servier and Miragen are referred to in this
Agreement individually as a “Party” and collectively as the “Parties.” 
 WHEREAS, Miragen
and Servier are parties to that certain License and Collaboration Agreement, dated October 13, 2011 as amended by First Amendment dated May 13, 2013, and Second Amendment dated May 13, 2014, Third Amendment dated May 28, 2015,
and Fourth Amendment dated September 22, 2016 (the “Collaboration Agreement”), pursuant to which the Parties established a collaboration for the research, development and commercialization of products directed at miRNA targets
for the treatment of cardiovascular diseases;  
 WHEREAS, the Parties have determined that the existing Targets miR-208/499,
miR-15/195 and [*] are no longer suitable as Targets under the Collaboration Agreement and wish to select microRNA-92 as the Replacement Target for miR-208/499; and  

WHEREAS, the Parties also wish to amend certain other terms and condition of the Collaboration Agreement, all as set forth below. 

NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Fifth
Amendment, the Parties agree as follows: 
  

	1.	Unless otherwise indicated, capitalized terms used but not defined herein shall have the meanings set forth in the Collaboration Agreement. 

 

	2.	 The Parties acknowledge that, pursuant to Section 4.6(d) of the Collaboration Agreement, the JSC has
determined that the microRNA-208/499, microRNA-15/195 and [*] are no longer suitable as Targets. Therefore, the Parties agree that, as of the Fifth Amendment Effective Date, microRNA-208/499, microRNA-15/195 and [*] shall no longer be deemed Targets
under the Collaboration Agreement. As a consequence, the Parties shall comply with Sections 4.6(d)(i) through (vii) of the Collaboration Agreement (as previously amended) with respect to the termination of microRNA-208/499, microRNA-15/195 and
[*]. In all of the foregoing cases, [*] shall be treated as if it were microRNA-

  
 1 / 18 

	 	
208/499 or microRNA-15/195 (e.g. Servier’s license and rights pertaining to the [*] target family shall terminate pursuant to Section 4.6(d)(i), Servier shall assign to Miragen pursuant
to Section 4.6(d)(iii) all Inventions related to the [*] target family and all data and results generated by Servier with respect to the [*] target family, and so on) rather than the Replacement Target for the Third Target and such treatment
shall not affect the rights that accrued to Miragen when the Third Target was removed as a Target pursuant to the Second Amendment. 

  

	3.	Pursuant to Section 4.6(d) of the Collaboration Agreement, the Parties hereby select microRNA-92 as the Replacement Target for microRNA-208/499. Therefore, the Parties agree that, as of the Fifth Amendment
Effective Date, microRNA-92 shall be deemed a Target under the Collaboration Agreement. As a consequence, the Parties shall comply with Sections 4.6(d)(viii) through (x) of the Collaboration Agreement (as previously amended) with respect to the
selection of microRNA-92 as a Replacement Target. The Parties acknowledge that pursuant to that certain letter agreement between Miragen and Santaris, dated March 1, 2014, microRNA-92 has been accepted by Santaris for inclusion in the Santaris
Agreement as Existing Target [*] 3 (as defined under the Santaris Agreement). Therefore, Servier acknowledges that Miragen has fulfilled its obligation under Section 4.6(d)(x) to obtain a license from Santaris to incorporate Santaris’ LNA
technology into Licensed Product directed to microRNA-92, which license can be sublicensed to Servier, without further payment by Servier, under the terms of this Agreement. Miragen as of the 5th
Amendment Effective Date represents and warrants that the microRNA-92 target has not been replaced following the terms of the abovementioned letter dated March 1, 2014. 

The Research Plan (Exhibit C) and Development Plan (Exhibit D) are hereby amended and updated to exclude the research and Development
activities related to microRNA-208/499, microRNA-15/195 or [*]. 
  

	4.	The Parties have decided to update and amend the Research Plan (Exhibit C) and Development Plan (Exhibit D) following additional discussions to include the research and Development activities related to microRNA-92 as
the Replacement Target for microRNA-208/499, as required by Section 4.6(d)(ix) of the Collaboration Agreement. In the abovementioned Development Plan, the Parties also document the identity of one Licensed Product that shall be deemed to have
been selected as a Selected Licensed Product pursuant to Section 3.5(c). Therefore, the Parties replace the Research Plan (Exhibit C) with the amended Research Plan set forth in Schedule 3 hereto and the Parties replace the
Development Plan (Exhibit D) with the amended Development Plan set forth in Schedule 4 hereto. 

  

	5.	Section 4.6(e) of the Collaboration Agreement is hereby deleted and replaced in its entirety with the following: 

“(e) The Parties’ right to replace microRNA-15/195 with a Replacement Target pursuant to Section 4.6(d) shall commence on the
Effective Date and expire on September 30, 2019 (or a longer period as may be agreed in writing by the Parties). For clarity, the Replacement Target(s), including microRNA-92, may not be replaced.” 

  
 2 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	6.	Section 1.57 (the definition of “Licensed Oligo”) of the Collaboration Agreement is hereby deleted and replaced in its entirety with the following:  

“1.57 “Licensed Oligo” means any oligonucleotide identified by Miragen either prior to the Effective Date or
during the course of Miragen’s performance of the Research Plan, in each case as a direct and selective modulator of a Target, and with respect solely to the Target microRNA-92, shall also include any oligonucleotide identified by Miragen
between the Effective Date and Fifth Amendment Effective Date as a direct and selective modulator of such Target.” 
  

	7.	Section 1.110 (the definition of “Target”) of the Collaboration Agreement is hereby deleted and replaced in its entirety with the following:  

“1.110 “Target” means each of the two microRNA target families identified below (as further
described in Exhibit B): 
  

	 	(a)	microRNA-92, and 

  

	 	(b)	if the Parties choose a Replacement Target for microRNA-15/195 (which is no longer a Target) in accordance with Section 4.6, such Replacement Target.” 

 

	8.	Section 1.120 (the definition of “Upstream License Agreement”) is hereby deleted and replaced in its entirety with the following: 

“1.120 “Upstream License Agreements” means, as of the Fifth Amendment Effective Date, the Santaris Agreement and
the T2Cure Agreement. Upon the selection of a Replacement Target for microRNA-15/195, the Parties shall amend this definition as necessary to add all additional license agreements between Miragen and a Third Party entered into before the Effective
Date pursuant to which Miragen has a sublicenseable license to Miragen Therapeutic IP that covers such Replacement Target or Licensed Oligos that directly and selectively modulate such Replacement Target. Upon termination of a Target, the Parties
shall amend this definition to remove all license agreements between Miragen and a Third Party pursuant to which Miragen has a sublicenseable license to intellectual property that is no longer Miragen Therapeutic IP because it covers a member of the
microRNA target family that was terminated or Licensed Oligos that directly and selectively modulate such member.” 
  

	9.	Section 1.121 (the definition of “Upstream Licensor”) is hereby deleted and replaced in its entirety with the following: 

“1.121 “Upstream Licensor” means, as of the Fifth Amendment Effective Date, Santaris and T2Cure. The Parties shall
amend this definition together with the amendment of the definition of “Upstream License Agreements” so that the entities included in this definition are the Third Parties that granted licenses to Miragen under the agreements that are then
included in the definition of Upstream License Agreements.” 

  
 3 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	10.	Section 4.2 of the Collaboration Agreement is hereby deleted and replaced in its entirety with the following:  

“4.2 Research Term. The term of the Research Collaboration (“Research Term”) shall commence on the Effective Date
and continue until the later of (a) September 30, 2019 and (b) completion of the Research Plan.” 
  

	11.	The last sentence of Section 4.3 of the Collaboration Agreement, which was added pursuant to the Fourth Amendment, is hereby deleted and replaced in its entirety with the following: 

 “Miragen acknowledges and agrees that the current Research Budget allows Miragen to carry out the research
activities entrusted to Miragen until December 31, 2016. The Parties will update the Research Budget according to the agreed Research Plan for the period starting January 1, 2017 and ending at the end of the Research Term.” 

 

	12.	The following sentence is hereby added to the end of Section 5.4(a) of the Collaboration Agreement: 

“Notwithstanding the foregoing, Miragen shall be responsible for [*] of Pre-Phase 3 Costs that it incurs during the third calendar quarter
of 2017 as set forth in the Development Budget in the amended Development Plan attached hereto as Exhibit D, and Servier [*] for such Pre-Phase 3 Costs.” 
  

	13.	The following sentence is hereby added to the end of Section 9.3(a) of the Collaboration Agreement: 

“Notwithstanding the foregoing, miRagen agrees to invoice Servier for [*] costs associated with the manufacture and production of MRG-110
drug product that is scheduled to commence in [*] (currently estimated to be approximately [*]) when the drug product is delivered and ready for use, which is forecasted to be [*].” 

 

	14.	The following Section 9.4(e) is hereby added to the Collaboration Agreement: 

“9.4(e) Development Plan Milestone. Servier shall pay to Miragen a one-time, non-refundable, non-creditable payment of [*] upon the
earlier of: (i) completion of the [*] set forth in the amended Development Plan attached hereto as Exhibit D and (ii) November 15, 2017. Notwithstanding Section 9.6, such payment shall be made in U.S. dollars.” 

 

	15.	Exhibit A of the Collaboration Agreement is hereby deleted and replaced in its entirety with Schedule 1 attached hereto.  

  
 4 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	16.	Exhibit B of the Collaboration Agreement is hereby deleted and replaced in its entirety with Schedule 2 attached hereto.  

 

	17.	The following definitions are hereby added to the Collaboration Agreement:  

“1.128 “T2Cure” means T2Cure, GmbH, a German limited liability corporation. 

1.129 “T2Cure Agreement” means that certain License and Collaboration Agreement between Miragen and T2Cure, dated
October 20, 2010, as amended.” 
  

	18.	The Parties hereby amend Exhibit F (Certain Terms of Upstream Licenses) of the Collaboration Agreement by (a) deleting the provisions therein relating to the UNC Agreement and UT Southwestern
Agreements and (b) adding the following provisions relating to the T2Cure Agreement:  

“T2Cure Agreement 
  

	 	1.	Miragen’s license under the T2Cure Agreement is limited to human therapeutic, prophylactic and diagnostic uses through modulation of microRNA-92 by administration of a compound that inhibits or enhances microRNA-92
and it [*], and therefore the sublicense granted by Miragen to Servier pursuant to Section 2.1(a) and (b) with respect to Miragen Therapeutic IP or Miragen Companion Diagnostic IP licensed to Miragen pursuant to the T2Cure Agreement is
subject to [*]. 

  

	 	2.	In the event that T2Cure in-licenses any third party intellectual property during the term of the T2Cure Agreement that is necessary and/or reasonably useful for the development, manufacture or commercialization of
Licensed Product and has the right to grant Miragen a sublicense, and Miragen requests such third party intellectual property to be added to Miragen’s license under Section 2.3 of the T2Cure Agreement, such third party intellectual
property shall be included in the sublicense granted by Miragen to Servier under this Agreement, at no additional cost for Servier. 

  

	 	3.	Under Section 3.5 of the T2Cure Agreement, Miragen has the obligation to supply T2Cure with [*] for certain non-commercial research purpose. If Servier [*], Servier shall reasonably cooperate with Miragen, at
Miragen’s costs, to enable Miragen to fulfill its supply obligation under Section 3.5 of the T2Cure Agreement. Miragen represents and warrants that, according to the agreement between Miragen and the recipient of [*] to be used for certain
non-commercial research purpose, Miragen owns all intellectual property rights arising from the research conducted by the recipient to date using [*]. Therefore, such intellectual property is Controlled by Miragen and will be automatically included
in the license granted to Servier under Section 2.1(a) of the Collaboration Agreement if it satisfies the criteria set forth in the definition of “Miragen Therapeutic IP” or the license granted to Servier under Section 2.1(b) of
the Collaboration Agreement if it satisfies the criteria set forth in the definition of “Miragen Companion Diagnostic IP”. 

  
 5 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	4.	If the T2Cure Agreement is terminated at time when Servier holds a sublicense under the license granted to Miragen pursuant to the T2Cure Agreement (i.e. after the Fifth Amendment Effective Date and prior to
termination, if any, of the Collaboration Agreement in its entirety or with respect to microRNA-92) and such termination results in a termination of Miragen’s license, then Servier’s sublicense and other rights with respect to the
intellectual property licensed by T2Cure to Miragen will also terminate. Upon Servier’s request, Miragen shall cooperate with Servier and T2Cure in good faith to put in place a letter agreement among T2Cure, Miragen and Servier to provide that
in the event Miragen’s rights under the T2Cure Agreement are terminated for whatsoever reason with respect to the modulation of microRNA-92 in the Territory and such termination occurs at time when Servier holds a sublicense under the license
granted to Miragen pursuant to the T2Cure Agreement (i.e. after the Fifth Amendment Effective Date and prior to termination, if any, of the Collaboration Agreement in its entirety or with respect to microRNA-92), at Servier’s request,
T2Cure and Servier shall enter into an agreement in which Servier will have rights and obligations similar to those of Miragen under such terminated T2Cure Agreement with respect to the modulation of microRNA-92 in the Territory; provided that none
of T2Cure, Miragen and Servier shall have any obligation to enter into such agreement except on such terms as are acceptable to it in its sole discretion. 

  

	 	5.	As required by Section 4.9 of the T2Cure Agreement, Servier hereby grants T2Cure the right to inspect and audit its books and records relating to Net Sales of Licensed Products in the same manner as (and in
addition to) Miragen’s right to inspect and audit its books and records set forth in Section 9.9 of this Agreement. 

  

	 	6.	Notwithstanding the patent prosecution provision set forth in Section 10.2 of this Agreement, T2Cure has the first right to file, prosecute and maintain the Miragen Patents that are licensed to Miragen by T2Cure
under the T2Cure Agreement (the “T2Cure Patents”) and Miragen will only have the right to file, prosecute and maintain any of the T2Cure Patents following receipt of notice from T2Cure that it has determined not to file, prosecute
or maintain such T2Cure Patent. Miragen will notify Servier promptly upon receipt of any such notice. During the time that T2Cure is exercising its first right to file, prosecute and maintain any T2Cure Patent, Miragen’s obligations under
Section 10.2(a)(i) with respect to such T2Cure Patents shall be limited to providing information, correspondence and draft filings received from T2Cure with respect to such T2Cure Patents and considering in good faith Servier’s timely
comments with respect thereto prior to submitting its comments to T2Cure. Miragen acknowledges that Servier would like [*] to be validated in [*]. Therefore, if T2Cure determines not to validate or maintain [*] in [*], Miragen shall take the
responsibility, at Servier’s expense, for validating and maintaining [*] in [*], for which Miragen has incurred an estimated [*] in costs to date. 

  
 6 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	7.	Notwithstanding the patent enforcement provision set forth in Section 10.3 of this Agreement, the T2Cure Agreement provides Miragen with the first right to enforce the T2Cure Patents (which right Miragen may
exercise through an Affiliate or third party sublicensee) and T2Cure with the right to enforce any T2Cure Patent if Miragen and its Affiliates and third party sublicensees fail to bring a suit or otherwise take action with respect to infringement of
such T2Cure Patent within [*] days after Miragen or T2Cure provides notice of such infringement. Servier acknowledges that its first right to bring and control a legal action with respect to a Product Infringement involving a T2Cure Patent shall be
through the exercise of Miragen’s first right to enforce such T2Cure Patent pursuant to the T2Cure Agreement. If Servier, Miragen and Miragen’s Affiliates do not exercise Miragen’s first right to enforce any T2Cure Patent during the
applicable [*]-day period described above, then, notwithstanding Section 10.3, Servier, Miragen and Miragen’s Affiliates shall no longer have the right to bring and control any legal action in connection with the Product Infringement of
such T2Cure Patent, and any action brought by T2Cure with respect to such T2Cure Patent shall not be considered an enforcement action under Section 10.3. Upon Servier’s request, Miragen shall cooperate with Servier and T2Cure in good faith
to put in place a letter agreement among T2Cure, Miragen and Servier to provide that, in the event that Servier, Miragen and Miragen’s Affiliates do not exercise Miragen’s first right to enforce any T2Cure Patent during the applicable
[*]-day period described above, then T2Cure shall not have the right to bring and control any legal action in connection with such infringement even at its own expense if Servier and/or Miragen reasonably object(s) to such action for likely having a
material adverse effect upon its/their development and/or commercialization of modulators of microRNA-92in its/their territory; provided that none of T2Cure, Miragen and Servier shall have any obligation to enter into such agreement except on such
terms as are acceptable to it in its sole discretion. Notwithstanding Section 10.3(f), T2Cure is entitled to receive reimbursement for its costs and expenses in connection with any action to enforce a T2Cure Patent and such reimbursement shall
occur prior to any sharing between the Parties as specified in Section 10.3(f). If Miragen and/or Servier bring and control a legal action with respect to a Product Infringement involving a T2Cure Patent and T2Cure is legally required to join
this legal action in connection with the Product Infringement of a T2Cure Patent, T2Cure will be entitled to have its expenses paid; any amounts incurred by a Party in paying such expenses of T2Cure shall be deemed to be such Party’s costs and
expenses in connection with such legal action and such Party shall be reimbursed for such costs and expenses prior to any sharing between the Parties as specified in Section 10.3(f). 

 

	 	8.	Notwithstanding Miragen’s confidentiality obligations under Article 11 of this Agreement, Miragen shall have the right to disclose certain Confidential Information of Servier to the extent required for Miragen to
comply with the notice and reporting obligations to T2Cure under the T2Cure Agreement, including with regard to the development of Licensed Product directed to microRNA-92, payments due to T2Cure (including milestone payments, sublicense payment,
calculation of net sales and royalties), and infringement and enforcement of T2Cure Patents.” 

  
 7 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

	19.	This Fifth Amendment amends the terms of the Collaboration Agreement as expressly provided above, and the Collaboration Agreement, as so amended and including all of its other terms and provisions that are not
amended, remains in full force and effect and sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to
the subject matter of the Collaboration Agreement and supersedes, as of the Fifth Amendment Effective Date, all prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter of the Collaboration
Agreement. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as set forth in the Collaboration Agreement (as further amended by this Fifth
Amendment). 

  

	20.	The validity, performance, construction, and effect of this Fifth Amendment shall be governed by and construed under the laws of Germany, without giving effect to any choice of law principles that would require
the application of the laws of a different state.  

  

	21.	This Fifth Amendment may be executed in one (1) or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  

{Signature page follows} 

  
 8 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 IN WITNESS WHEREOF, the Parties intending to be bound have caused this Fifth Amendment to be
executed by their duly authorized representatives as of the Fifth Amendment Effective Date. 
  

									
	Miragen Therapeutics, Inc.	 		 	Les Laboratoires Servier
					
	By:	 		 		 	By:	 	
	Name:	 	William S. MARSHALL	 		 	Name:	 	Christian BAZANTAY
	Title:	 	President and CEO	 		 	Title:	 	Proxy
					
		 		 		 	By:	 	
		 		 		 	Name:	 	Eric FALCAND
		 		 		 	Title:	 	Proxy
				
		 		 		 	Institut de Recherches Servier
					
		 		 		 	By:	 	
		 		 		 	Name:	 	Emmanuel CANET
		 		 		 	Title:	 	President Research and Development

 [SIGNATURE PAGE OF THE FIFTH
AMENDMENT OF THE LICENSE AND COLLABORATION AGREEMENT BY AND BETWEEN MIRAGEN
THERAPEUTICS, INC. AND LES LABORATOIRES SERVIER] 

  
 9 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 SCHEDULE 1 

EXHIBIT A: EXISTING MIRAGEN PATENTS 

 

											
	 Miragen Case No.
 Publication
No.
 Publication Date
	  	 Application No.

Filing Date
	  	Inventors
Assignee	 	  	Title	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 
	 [*]
	  	[*]	  	 	[*]	 	  	 	[*]	 

  
 10 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 SCHEDULE 2 

Exhibit B: Target 
 Description of microRNA-92:

  

			
	 Target Family:
 Full length RNA sequence:

miRBase name:
 miRBase number:
	  	 miR-92a
 UAUUGCACUUGUCCCGGCCUGU

hsa-miR-92a-3p
 MIMAT0000092

	  
 Target Family:

Full length RNA sequence:
 miRBase name:

miRBase number:
	  	  
 miR-92b

UAUUGCACUCGUCCCGGCCUCC
 hsa-miR-92b-3p

MIMAT0003218

  
 11 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 SCHEDULE 3 

Exhibit C: Amended Research Plan 
 As of the Fifth
Amendment Effective Date, there are no longer research activities to be described in the Amended Research Plan. 
 At any time during the Collaboration
Agreement, the Parties will have the opportunity to defined, by mutual agreement an Amended Research Plan containing research activities to be performed within the framework of the Collaboration Agreement. In such case, the Parties shall define and
approve such Amended Research Plan as well as the budget associated in an amendment to the Collaboration Agreement. 

  
 12 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 SCHEDULE 4 

This Page Intentionally Left Blank 

  
 13 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit D: Amended Development Plan 

Development Plan 
 The overall goal is to discover and
advance into development new miRNA-targeting oligonucleotide drugs for the treatment of heart failure and other vascular diseases. [*] 
 [*] 

Servier and miRagen have agreed upon the following Development Plan outline which includes: 

A. [*] 
 B. [*] 

C. [*] 
 [*] 

[*] 
 [*] 

[*] 
 [*] 

[*] 
 [*] 

[*] 
 [*] 

[*] 
 2.1.1. [*] 

 

	 	•	 	[*] 

 2.1.2. [*] 
  

	 	•	 	[*] 

 2.1.3. [*] 
  

	 	•	 	[*] 

 2.1.4. [*] 
  

	 	•	 	[*] 

  
 14 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 [*] 
 2.2.1. [*]

  

	 	•	 	[*] 

 [*] 
 2.3.1.
[*] 
  

	 	•	 	[*] 

 2.3.2. [*] 
  

	 	•	 	[*] 

  
 15 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 2.3.3. [*] 

[*] 
  

	 	•	 	[*] 

  
 16 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 2.3.4. [*] 
  

	 	•	 	[*] 

  
 17 / 18 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 111277A5/MGAU/PTCE 

[*] 
 [*] 

[*] 

  
 18 / 18Exhibit

EXHIBIT 10.1
NEITHER THIS WARRANT NOR ANY SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT (TOGETHER, THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.  NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT.  THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE RECEIVED PURSUANT TO THE EXERCISE OF THIS WARRANT WILL BE, ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
 WARRANT TO PURCHASE COMMON STOCK  
	
		
	Warrant No. ASTI-2017-08
	Right to Purchase 250,000,000 shares of Common Stock at a purchase price of $0.003

Issued August 10, 2017
Expires August 9, 2018

THIS WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bellarine Enterprise Ltd, the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subjected to the terms set forth below, to purchase from ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (the “Company”), at any time or from time to time during the period specified in Section 1 hereof Two Hundred Fifty Million (250,000,000) fully paid and nonassessable shares of the Company’s Common Stock, par value $.0001 per share (the “Common Stock”), at an exercise price per share equal to $0.003 (the “Exercise Price”).  The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder.  The Warrant Shares and the Exercise Price are subject to adjustment as provided in Section 4 hereof.  The term “Warrants” means this Warrant and the other warrants (if any) issued pursuant to that certain Redemption Agreement, dated August 10, 2017, (the “Issuance Date”) by and among the Company and the Holder listed on the execution page thereof (the “Redemption Agreement”).  
This Warrant is subject to the following terms and conditions hereinafter set forth:  
Section 1.Exercise.    Exercise of Warrant.  Subject to the terms and conditions hereof, the purchase rights represented by this Warrant may be exercised by the Holder hereof, in whole or in part, by delivery to the Company of a duly executed facsimile copy of the form attached hereto as Exhibit A titled “Notice of Exercise” (the “Exercise Agreement”), to the Company on any business day at the Company’s principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), and upon (i) payment to the Company in cash, by certified or official bank check or 

    

by wire transfer for the account of the Company of the Exercise Price for the Warrant Shares specified in the Exercise Agreement or (ii) if the resale of the Warrant Shares by the holder is not then registered pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), delivery to the Company of a written notice of an election to effect a “Cashless Exercise” (as defined in Section 1(b) below) for the Warrant Shares specified in the Exercise Agreement.  The certificates so delivered shall be in such denominations as may be requested by the holder hereof and shall be registered in the name of such holder or such other name as shall be designated by such holder.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company in order to effect an exercise hereunder. Execution and delivery of the Exercise Agreement with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of the Exercise Agreement for all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within 1 Business Day of receipt of such notice. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest error.
(a).Cashless Exercise.  Notwithstanding anything to the contrary contained in this Warrant, if the resale of the Warrant Shares by the Holder is not then registered pursuant to an effective registration statement under the Securities Act, this Warrant may be exercised by presentation and surrender of this Warrant to the Company at its principal executive offices with a written notice of the Holder’s intention to effect a cashless exercise (with the Exercise Agreement attached hereto as Exhibit A), including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance with the terms hereof (a “Cashless Exercise”).  In the event of the election of a Cashless Exercise by the Holder, the previous trading day’s highest traded price will be used for calculation purposes of the Cashless Exercise (“Cashless Market Price“).  In the event of a Cashless Exercise, in lieu of paying the Exercise Price in cash, the holder shall surrender this Warrant for that number of shares of Common Stock determined by multiplying the number of Warrant Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the difference between the then current Cashless Market Price per share of the Common Stock and the Exercise Price, and the denominator of which shall be the then current Cashless Market Price per share of Common Stock as represented by the following formula:
Net Shares = [(A-B)*(X)] ÷ (A)
(A) = the Cashless Market Price on the date of such election; 

(B) = the Exercise Price of this Warrant, as adjusted; and 

(X) = the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise. 

For example, if the holder is exercising 100,000 Warrants with a per Warrant exercise price of $0.75 per share through a cashless exercise when the Common Stock’s current Cashless Market Price per 

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share is $2.00 per share, then upon such Cashless Exercise the Holder will receive 62,500 shares of Common Stock.
(b).Mechanics of Exercise
(i).    Upon Exercise. This Warrant shall be deemed to have been exercised on the date the Exercise Agreement is received by the Company.  On or before the first (1st) Trading Day following the date on which the Company has received the Exercise Agreement, the Company shall transmit by facsimile, in the form attached hereto as Exhibit B(the “Acknowledgment”), confirming the receipt of the Exercise Agreement to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd) Trading Day following the date on which the Company has received the Exercise Agreement, the Company shall transmit by the Transfer Agent, as set forth in Section 1(c)(iii), the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise, along with the surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”).  Upon delivery of the Exercise Agreement, the Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein, shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be) and irrespective of the date the Warrant has been exercised by payment to the Company (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 1(c)(viii) prior to the issuance of such shares, have been paid.

(ii).    Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

(iii).    Delivery of Warrant Shares. Certificates for shares purchased hereunder shall be transmitted on or before the Warrant Share Delivery Date by the Transfer Agent of the Company to the Holder by crediting the account of the Holder’s prime broker (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at Holder’s instruction pursuant to the Exercise Agreement, Holder’s agent or designee, in each case, sent by reputable overnight courier to the address as specified in the Exercise Agreement, a certificate, registered in the Company’s share register in the name of the Holder or its designee (as indicated in the Exercise Agreement).

(iv).    Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall, at its expense, at the 

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request of the Holder and upon surrender of this Warrant certificate, deliver to the Holder a new Warrant representing the number of shares with respect to which this Warrant shall not then have been exercised, which new Warrant shall in all other respects be identical with this Warrant.

(v).    Rescission Rights. If the Company fails to cause its Transfer Agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 1(c)(v) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

(vi).    Failure to Timely Deliver Securities Upon Exercise.If the Company shall fail, for any reason or for no reason, to issue and deliver to the Holder on or before the Warrant Share Delivery Date, a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant (as the case may be), then, in addition to all other remedies at law or in equity available to the Holder, the Company shall pay in cash to the Holder on each day after such third (3rd) Trading Day that the issuance of such shares of Common Stock is not timely effected an amount equal to 1% of the product of (A) the sum of the number of shares of Common Stock not issued to the Holder on a timely basis and to which the Holder is entitled and (B) the Market Price (as hereinafter defined) for each day that the Company fails to deliver certificates for the Warrant Shares.  For example, if the holder is entitled to 100,000 Warrant Shares and the Market Price is $2.00, then the Company shall pay to the holder $2,000 for each day that the Company fails to deliver certificates for the Warrant Shares.  The penalty shall be paid to the holder by the fifth day of the month following the month in which it has accrued.  In addition to the foregoing, if the Company fails to cause its Transfer Agent to issue and deliver to the Holder a certificate or certificates representing the Warrant Shares to which the Holder is entitled pursuant to the Exercise Agreement hereunder (as the case may be) on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving from the Company upon such exercise (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”) exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed, and (ii) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the 

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Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.    

(vii).    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

(viii).    Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
  
(ix).    Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
(c).Exercise Limitations.  Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by the Holder hereof to the extent (but only to the extent) that, if exercisable by the Holder, the Holder or any of its affiliates would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the outstanding shares of Common Stock. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder) and of which warrants shall be exercisable (as among all warrants owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.  For purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership)  shall be determined by the Holder in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13D-G thereunder, except as otherwise provided in clause (i) of this paragraph.  Notwithstanding anything to the contrary contained herein, the limitation on exercise of this Warrant set forth herein may not be amended without (i) the written consent of the Holder hereof and the Company and (ii) the approval of the Company.The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained 

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in this paragraph shall apply to a successor Holder of this Warrant. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this Warrant.  Each delivery of an Exercise Notice by the Holder will constitute a representation by the Holder that it has evaluated the limitation set forth in this paragraph and determined that issuance of the full number of Warrant Shares requested by the Holder in such Exercise Notice is permitted under this paragraph.
Section 2.    Period of Exercise.  This Warrant is exercisable at any time or from time to time on or after the date on which this Warrant is issued and delivered pursuant to the terms of the Settlement Agreement and before 11:59 p.m., New York, New York time on the first (1st) anniversary of the date of issuance (the “Exercise Period”).
Section 3.    Covenants by the Company.The Company hereby covenants and agrees as follows:
(a).    Shares to be Fully Paid.  All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued, fully paid, and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof.
(b).    Reservation of Shares.  During the Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of this Warrant.
(c).    Listing.  The Company shall promptly secure the listing of the shares of Common Stock issuable upon exercise of the Warrant upon each national securities exchange or automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance upon exercise of this Warrant) and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing of all shares of Common Stock from time to time issuable upon the exercise of this Warrant; and the Company shall so list on each national securities exchange or automated quotation system, as the case may be, and shall maintain such listing of, any other shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class shall be listed on such national securities exchange or automated quotation system.
(d).    Non-circumvention.  The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation, Bylaws, charter or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and take of all such action as may reasonably be requested by the holder of this Warrant in order to protect the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose of this Warrant.  Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) will take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common 

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Stock, solely for the purpose of effecting the exercise of the Warrants, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise).
(e).    Successors and Assigns.Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition of all or substantially all the Company’s assets.  The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.
Section 4.    Adjustments and Antidilution Provisions.  During the Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 4.

In the event that any adjustment of the Exercise Price as required herein results in a fraction of a cent, such Exercise Price shall be rounded down to the nearest cent.
(a).    Intentionally omitted.

(b).    Intentionally omitted.
(c).    Subdivision or Combination of Common Stock.  If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced.  If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased.
(d).    Adjustment in Number of Shares.  Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.
(e).    Consolidation, Merger or Sale.  In case of any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, this Warrant shall expire if it is not exercised prior to the effective time of such consolidation, merger or sale or conveyance.
(f).    Intentionally omitted.

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(g).    Notice of Adjustment.  Upon the occurrence of any event which requires any adjustment of the Exercise Price, then, and in each such case, the Company shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.  Such calculation shall be certified by the Chief Financial Officer of the Company.
(h).    Minimum Adjustment of Exercise Price.  No adjustment of the Exercise Price shall be made in an amount of less than 1% of the Exercise Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to not less than 1% of such Exercise Price.
(i).    No Fractional Shares.  No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall pay a cash adjustment in respect of any fractional share which would otherwise be issuable in an amount equal to the same fraction of the Market Price of a share of Common Stock on the date of such exercise.
(j).    Other Notices.  In case at any time:
(i).    the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions payable in cash out of retained earnings) to the holders of the Common Stock;
(ii).    the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;
(iii).    there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all or substantially all its assets to, another corporation or entity; or
(iv).    there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;
then, in each such case, the Company shall give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof by the Company) when the same shall take place.  Such notice shall also specify the date on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be.  Such notice shall be given at least 10 days prior to the record date or the date on which the Company’s books are closed in respect thereto.  Failure 

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to give any such notice or any defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
(k).    Certain Events.  If any event occurs of the type contemplated by the adjustment provisions of this Section 4 but not expressly provided for by such provisions, the Company will give notice of such event as provided in Section 4(g) hereof, and the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon exercise of this Warrant so that the rights of the holder shall be neither enhanced nor diminished by such event.
(l).    Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
(m).    Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.
(n).    Certain Definitions.
(i).    Intentionally omitted.
(ii).    “Market Price,” as of any date, (i) means the average of the last reported sale prices for the shares of Common Stock on the OTCBB for the five (5) Trading Days immediately preceding such date as reported by Bloomberg, or (ii) if the OTCBB is not the principal trading market for the shares of Common Stock, the average of the last reported sale prices on the principal trading market for the Common Stock during the same period as reported by Bloomberg, or (iii) if market value cannot be calculated as of such date on any of the foregoing bases, the Market Price shall be the fair market value as reasonably determined in good faith by the Board of Directors of the Company. The manner of determining the Market Price of the Common Stock set forth in the foregoing definition shall apply with respect to any other security in respect of which a determination as to market value must be made hereunder.
(iii).    “Common Stock,” for purposes of this Section 4, includes the Common Stock, par value $.001 per share, and any additional class of stock of the Company having no preference as to dividends or distributions on liquidation, provided that the shares purchasable pursuant to this Warrant shall include only shares of Common Stock, par value $.001 per share, in respect of which this Warrant is exercisable, or shares resulting from any subdivision or combination of such Common Stock.
Section 5.    No Rights or Liabilities as a Shareholder.This Warrant shall not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company.  No provision of this Warrant, in the absence of affirmative action by the holder hereof to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to any liability of such holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

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Section 6.    Transfer, Exchange, and Replacement of Warrant.
(a).    Restriction on Transfer.  This Warrant and the rights granted to the holder hereof are transferable, in whole or in part, upon surrender of this Warrant, together with a properly executed assignment in the form attached hereto, at the office or agency of the Company referred to in Section 6(e) below, provided, however, that any transfer or assignment shall be subject to the conditions set forth in Section 6(f) hereof. Until due presentment for registration of transfer on the books of the Company, the Company may treat the registered holder hereof as the owner and holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary.
(b).    Warrant Exchangeable for Different Denominations.  This Warrant may be divided and is exchangeable, upon the surrender hereof with a written notice by the holder hereof at the office or agency of the Company referred to in Section 6(e) below, specifying the names and denominations in which new Warrants of like tenor representing in the aggregate the right to purchase the number of shares of Common Stock which may be purchased hereunder, each of such new Warrants to represent the right to purchase such number of shares as shall be designated by the holder hereof at the time of such surrender.
(c).    Replacement of Warrant.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant or any stock certificate relating to the Warrant Shares and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant or stock certificate, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor or stock certificate.
(d).    Cancellation; Payment of Expenses.  Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided in this Section 6, this Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities transfer taxes) and all other expenses (including all legal opinion expenses, if any, incurred by the holder or transferees) and charges payable in connection with the preparation, execution, transfer and delivery of Warrants pursuant to this Section 6.
(e).    Warrant Register.  The Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.
(f).    Exercise or Transfer Without Registration.  If, at the time of the surrender of this Warrant in connection with any exercise, transfer, or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be registered under the Securities Act of 1933, as amended (the “Securities Act”) and under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such exercise, transfer, or exchange, (i) that the holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect that such exercise, transfer, or exchange may be made without registration under said Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act; provided 

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that no such opinion, letter or status as an “accredited investor” shall be required in connection with a transfer pursuant to Rule 144 under the Securities Act.  The first holder of this Warrant, by taking and holding the same, represents to the Company that such holder is acquiring this Warrant for investment and not with a view to the distribution thereof.  
Section 7.    Omitted.  Notices.All notices, requests, and other communications required or permitted to be given or delivered hereunder to the holder of this Warrant shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed, to such holder at the address shown for such holder on the books of the Company, or at such other address as shall have been furnished to the Company by notice from such holder.  All notices, requests, and other communications required or permitted to be given or delivered hereunder to the Company shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed, to the office of the Company Attention: Chief Executive Officer, or at such other address as shall have been furnished to the holder of this Warrant by notice from the Company.  Any such notice, request, or other communication may be sent by facsimile, but shall in such case be subsequently confirmed by a writing personally delivered or sent by certified or registered mail or by recognized overnight mail courier as provided above.  All notices, requests, and other communications shall be deemed to have been given either at the time of the receipt thereof by the person entitled to receive such notice at the address of such person for purposes of this Section 8, or, if mailed by registered or certified mail or with a recognized overnight mail courier upon deposit with the United States Post Office or such overnight mail courier, if postage is prepaid and the mailing is properly addressed, as the case may be.
Section 8.    Governing Law.THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS.  THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING.  NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH DISPUTE.
Section 9.    Miscellaneous.
(a).    Amendments.  This Warrant and any provision hereof may only be modified or amended by an instrument in writing signed by the Company and the holder hereof.

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(b).    Descriptive Headings.  The descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or construction of any of the provisions hereof.
(c).    Opinions.     The Company will promptly provide, at the Company’s sole expense, such legal opinions in the future requested by the Holder that are reasonably appropriate and necessary for the Common Stock issuable upon the exercise of this Warrant whether pursuant to an effective registration statement, Rule 144 under the 1933 Act or an exemption from registration. In the event that such Common Stock is sold in a manner that complies with an exemption from registration, the Company will promptly cause its counsel (at its expense) to issue to the transfer agent an opinion permitting removal of the legend (indefinitely, if pursuant to the recently amendedRule 144 or the Rule 144(k) equivalent of the 1933 Act (or its successor provisions, including any provision that permits unlimited resales after the relevant holding periods set forth in Rule 144), or to permit sale of the shares if pursuant to the other provisions of Rule 144 of the 1933 Act). The Company understands that a delay in the issuance of such legal opinions could result in economic damage to the Holder. The Company agrees as compensation to the Holderfor such loss, the Company agrees to make late payments to the Holderfor late issuance of any legal opinions.
(d).    Remedies.  Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Warrant will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Warrant, that the holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Warrant and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.
(e).    Limitation of Liability.  No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company
(f).    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
(g).    Nonwaiver. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate at the end of the Exercise Period. 
(h).    Expenses. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable 

12

attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder
(i).    Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
(j).Counterparts/Execution. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and in pleading or proving any provision of this Agreement it shall not be necessary to produce more than one such counterpart.  In the event that any signature is delivered by facsimile transmission, by email in “portable document format” (“.pdf”), electronic signature or other similar electronic means intended to preserve the original graphic and pictorial appearance of this Agreement, such signature shall have the same effect as physical delivery of the paper document bearing original signature and create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof.

IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set forth above. 
  
	
				
	 
	ASCENT SOLAR TECHNOLOGIES, INC.

	 

	 
	 
	 
	 

	 
	By:
	 
	 

	 
	 
	Name: Victor Lee
	 

	 
	 
	Title: Chief Executive Officer
	 

	 
	 
	 
	 

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EXHIBIT A

NOTICE OF EXERCISE 
TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
WARRANT TO PURCHASE COMMON STOCK 
  
ASCENT SOLAR TECHNOLOGIES, INC.
  
The undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of ASCENT SOLAR TECHNOLOGIES, INC., a  Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common Stock No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 
  
1.           Form of Exercise Price.  The Holder intends that payment of the Exercise Price shall be made as: 
  
	
			
	 
	 
	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or 

  
	
			
	 
	 
	a “Cashless Exercise” with respect to _______________ Warrant Shares to be calculated using a Cashless Market Price of $______. 

  
2.           Payment of Exercise Price.  In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant. 
  
3.           Delivery of Warrant Shares.  The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares in accordance with the terms of the Warrant.  Delivery shall be made to Holder, or for its benefit, to the following address: 
  
_______________________ 
_______________________ 
_______________________ 
_______________________ 
  
  

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	 Date: _______________ __, 20__
	 Name of Registered Holder
	 

	 
	 
	 
	 

	 
	By:
	 
	 

	 
	 
	Name:
	 

	 
	 
	Title:
	 

15

	
				
	 
	 
	 
	 

EXHIBIT B
ACKNOWLEDGMENT 
  
The Company hereby acknowledges this Notice of Exercise and hereby directs ______________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20___, from the Company and acknowledged and agreed to by _______________. 
  
  
	
				
	 
	ASCENT SOLAR TECHNOLOGIES, INC.
	 

	 
	 
	  

	 

	 
	By:
	 
	 

	 
	 
	Name: Victor Lee
	 

	 
	 
	Title: Chief Executive Officer
	 

	 
	 
	 
	 

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EXHIBIT C
Assignment Form
(To assign the foregoing warrant, execute 
this form and supply required information. 
Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to the number of shares of Common Stock covered thereby set forth below, to:

Name of Assignee            Address                    No of Shares
	
			
	 
	 
	 

	 
	 
	 

	 
	 
	 

, and hereby irrevocably constitutes and appoints ___________________________________ as agent and attorney-in-fact to transfer said Warrant on the books of the within-named corporation, with full power of substitution in the premises.
	
		
	Dated:  ______________, ___________

Signed in the presence of:

               
   (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

               
   (Name)

	                     
(Signature must conform to name of holder as specified on the face of the warrant)

                     
                     
   (address)

                     
                     
   (address)

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

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