Document:

Exhibit 10.4

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”)  is entered into as of July 19, 2006 (the “Effective Date”), by and between Ascent Solar Technologies,
Inc., a Delaware corporation (the “Company”), and
Prem Nath (the “Executive”).

RECITALS

A.            The Company
desires to employ and retain the unique experience, abilities, and services of
the Executive as Senior Vice President of Manufacturing.

B.            The Executive
agrees to perform the services of Senior Vice President of Manufacturing for
the Company in accordance with the terms and conditions of this Agreement.

AGREEMENT

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

1.             Term.  The term of this Agreement is for three (3)
years, commencing on July 31st,
2006 (the “Start Date”), unless amended by
agreement of the parties or terminated as set forth in Section 5.

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

3.             Compensation.

a)             Base Compensation.  In consideration of all services to be
rendered by the Executive to the Company, the Company will pay to the Executive
the base salary of $160,000 per year from the Start Date through the
termination of this Agreement and any extensions of it (“Base Salary”),
payable in accordance with the Company’s standard payroll practices.

b)             Bonus Compensation.  As further compensation,
the Company may pay to the Executive an annual bonus of up to thirty percent
(30%) of Base Salary, at such times and in such amounts as the Board and its
Compensation Committee may determine in their discretion based on the Executive’s
individual performance;

c)             Equity Compensation.  As further compensation, upon approval by the
Compensation Committee of the Board, on or after the Start Date, the Company
will grant the Executive options to purchase up to 100,000 shares of the
Company’s common stock, vesting in co-equal amounts (to the extent possible)
over three (3) years from the date of grant, at an

 1
 

 

exercise price equal to
the closing price of the Company’s common stock on the Nasdaq Capital Market on
the date of grant.  The options shall be
governed by and issued under the Company’s 2005 Stock Option Plan.

d)             Vacation.  The Executive will receive
four (4) weeks of paid vacation for each contract year of this Agreement,
commencing on the Start Date.  Vacation
will be prorated in the event of termination pursuant to Section 5.  The Executive will not be entitled to carry
over accrued but unused vacation from one contract year to the next.

e)             Relocation Expenses.  The Company will reimburse the Executive for
all reasonable and documented moving expenses (including taxes paid by the
Executive as part of receiving such reimbursement) incurred in connection with
the relocation of the Executive and his immediate family members to Littleton,
Colorado or its environs.  In connection
with such relocation, the Company also will provide the Executive with a three
bedroom townhome or residence in Littleton, Colorado or its environs for
temporary housing for up to six (6) months so as to accommodate the Executive’s
plans to rent or sell his current residence in Michigan.

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

4.             Confidential
Information.

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

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

 2
 

 

c)             Third Party Information.  Executive recognizes that the Company has
received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes. Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person,
firm or corporation or to use it except as necessary in carrying out his work
for the Company consistent with the Company’s agreement with such third party.

5.             Termination
of Employment.

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

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

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

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

6.             Compensation
Upon Termination.

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

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

c)             Disability.  During any period that the
Executive fails to perform his duties and responsibilities hereunder as a
result of incapacity due to physical or mental illness, the Executive will
continue to receive his Base Salary until the Executive’s employment is

 3
 

 

terminated pursuant to
Section 5(c) and thereafter the Executive will receive any disability insurance
benefits to which the Executive is entitled.

d)             Death.  If this Agreement
terminates due to the death of the Executive, then any interests that the
Executive may have under the provisions of this Agreement will be payable to
the Executive’s estate inclusive of Base Salary provided for in this Agreement
as if the Executive terminated his employment without Cause.

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

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

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

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

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

 4
 

 

12.          Integration.  This Agreement represents the entire
agreement and understanding between the parties as to the subject matter hereof
and supersede all prior or contemporaneous agreements whether written or oral.
No waiver, alteration, or modification of any of the provisions of this
Agreement will be binding unless in writing and signed by duly authorized
representatives of the parties hereto.

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

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

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

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

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

[signature
page follows]

 5
 

 

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

	
  COMPANY:

  	
  ASCENT SOLAR TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Foster

  
	
   

  	
  Name:

  	
  Matthew B. Foster

  
	
   

  	
  Title:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTIVE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Prem Nath

  
	
   

  	
   

  	
  Prem Nath

  

 

 6Exhibit 10.5

 

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”)  is entered into as of November 27th, 2006 (the “Effective Date”), by and between Ascent Solar Technologies,
Inc., a Delaware corporation (the “Company”), and
Joseph C. McCabe (the “Executive”).

RECITALS

A.            The Company
desires to employ and retain the unique experience, abilities, and services of
the Executive as Vice President of Business Development.

B.            The Executive
agrees to perform the services of Vice President of Business Development for
the Company in accordance with the terms and conditions of this Agreement.

AGREEMENT

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

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

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

3.             Compensation.

a)             Base Compensation.  In consideration of all services to be
rendered by the Executive to the Company, the Company will pay to the Executive
the base salary of $130,000 per year from the Start Date through the
termination of this Agreement and any extensions of it (“Base Salary”),
payable in accordance with the Company’s standard payroll practices.

b)             Bonus Compensation.  As further compensation,
the Company may pay to the Executive an annual bonus of up to fifteen percent
(15%) of Base Salary, at such times and in such amounts as the Board and its
Compensation Committee may determine in their discretion based on the Executive’s
individual performance;

c)             Equity Compensation.  As further compensation, upon approval by the
Compensation Committee of the Board, on or after the Start Date, the Company
will grant the

 1
 

 

Executive options to
purchase up to 30,000 shares of the Company’s common stock, vesting in co-equal
amounts (to the extent possible) over three (3) years from the date of grant,
at an exercise price equal to the closing price of the Company’s common stock
on the Nasdaq Capital Market on the date of grant.  The options shall be governed by and issued
under the Company’s 2005 Stock Option Plan.

d)             Vacation.  The Executive will receive
three (3) weeks of paid vacation for each contract year of this Agreement,
commencing on the Start Date.  Vacation
will be prorated in the event of termination pursuant to Section 5.  The Executive will not be entitled to carry
over accrued but unused vacation from one contract year to the next.

e)             Relocation Expenses.  The Company will reimburse the Executive for
all reasonable and documented moving expenses (including taxes paid by the
Executive as part of receiving such reimbursement) incurred in connection with
the relocation of the Executive and his immediate family members to Littleton,
Colorado or its environs.  In connection
with such relocation, the Company also will reimburse the Executive for
reasonable and documented costs incurred for temporary housing for up to two
(2) weeks while the Executive searches for permanent housing.

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

4.             Confidential
Information.

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

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

 2
 

 

c)             Third Party Information.  Executive recognizes that the Company has
received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes. Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person,
firm or corporation or to use it except as necessary in carrying out his work
for the Company consistent with the Company’s agreement with such third party.

5.             Termination
of Employment.

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

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

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

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

6.             Compensation
Upon Termination.

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

b)             Termination Without Cause.  If the Executive is
terminated without Cause pursuant to Section 5(b), the Company will pay the
Executive his Base Salary for a period of six (6) months after the date of
termination.

c)             Disability.  During any period that the
Executive fails to perform his duties and responsibilities hereunder as a
result of incapacity due to physical or mental illness, the Executive will
continue to receive his Base Salary until the Executive’s employment is

 3
 

 

terminated pursuant to
Section 5(c) and thereafter the Executive will receive any disability insurance
benefits to which the Executive is entitled.

d)             Death.  If this Agreement
terminates due to the death of the Executive, then any interests that the
Executive may have under the provisions of this Agreement will be payable to
the Executive’s estate inclusive of Base Salary provided for in this Agreement
as if the Executive terminated his employment without Cause.

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

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

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

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

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

 4
 

 

12.          Integration.  This Agreement represents the entire
agreement and understanding between the parties as to the subject matter hereof
and supersede all prior or contemporaneous agreements whether written or oral.
No waiver, alteration, or modification of any of the provisions of this
Agreement will be binding unless in writing and signed by duly authorized
representatives of the parties hereto.

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

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

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

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

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

[signature
page follows]

 5
 

 

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

	
  COMPANY:

  	
  ASCENT SOLAR TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Foster

  
	
   

  	
  Name:

  	
  Matthew B. Foster

  
	
   

  	
  Title:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTIVE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Joseph McCabe              11/28/06 

  
	
   

  	
   

  	
  Joseph C. McCabe

  

 

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]