Document:

Restricted Stock Unit Agreement

  
 Exhibit 10.3

 Execution Copy 
 ASCENT
SOLAR TECHNOLOGIES, INC. 
 2008 RESTRICTED STOCK PLAN 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 This RESTRICTED STOCK UNIT AWARD AGREEMENT (the
“Agreement”) is made as of August 3, 2009 (the “Date of Grant”) between ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (the “Company”) and Farhad Moghadam (the
“Grantee”). 
 Background Information 
 A. The Board of Directors (the “Board”) and shareholders of the Company previously adopted the Ascent Solar Technologies, Inc. 2008 Restricted Stock Plan (the “Plan”). 
 B. The Plan provides that the Committee shall have the discretion and right to grant Restricted Stock Units (“RSUs”) to any Eligible
Employees or Directors of the Company, subject to the terms and conditions of the Plan and any additional terms provided by the Committee. The Committee has made or will make a grant of RSUs to the Grantee as of the Date of Grant pursuant to the
terms of the Plan and this Agreement. 
 C. In cases where the Committee has determined that the vesting of the RSUs is subject to certain
performance targets set forth in Section 5(d) of the Plan, the Compensation Committee of the Board (the “Compensation Committee”) has determined that it is desirable for compensation delivered pursuant to such RSUs to be
eligible to qualify for an exemption from the limit on tax deductibility of compensation under Section 162(m) of the Code, and the Compensation Committee has determined that Section 5(d) of the Plan should be applicable to the RSUs
described in Section 2(b) below. 
 D. The Grantee desires to accept the grant of RSUs and agrees to be bound by the terms and
conditions of the Plan, this Agreement and his Amended and Restated Executive Employment Agreement dated as of August 3, 2009 (the “Employment Agreement”). 
 E. Unless otherwise defined or indicated herein, capitalized terms in this Agreement shall have the same meanings defined in the Plan. 
 Subject to the provisions of the Employment Agreement, the parties agree as follows: 
 Agreement 
 1. Restricted Stock Unit. Subject to the terms and conditions
provided in this Agreement and the Plan, the Company hereby grants to the Grantee one hundred ten thousand (110,000) RSUs covering shares of Common Stock as of the Date of Grant. The extent to which the RSUs become vested and
nonforfeitable shall be determined in accordance with the provisions of Sections 2, 3 and 4 of this Agreement. 
  

					
	 RSU Award Agreement
 Farhad
Moghadam
	  	1	  	

 Execution Copy 
  
 2. Vesting. Except as may be otherwise provided elsewhere this Agreement, the Grantee’s rights and interest in the RSUs shall become vested
and nonforfeitable as follows: 
 (a) Time-Based Vesting. Seventy-five thousand (75,000) of the RSUs shall be
subject to time-based vesting according to the following schedule: 
  

			
	 Date
	  	Number Vested
	 Date of Grant
	  	20,000
	 Second Anniversary of Date of Grant
	  	20,000
	 Third Anniversary of Date of Grant
	  	15,000
	 Fourth Anniversary of Date of Grant
	  	20,000

 (b) Performance-Based Vesting. Thirty-five thousand (35,000) of the
RSUs shall be subject to performance-based vesting and the satisfaction of specified performance criteria (the “Performance Criteria”) to be jointly determined in good faith by the Grantee and the Compensation Committee by
December 31, 2009. Up to fifteen thousand (15,000) of these RSUs shall vest on the third anniversary of the Date of Grant, and up to another twenty thousand (20,000) of these RSUs shall vest on the fourth anniversary of the Date of
Grant, in both cases the vested amount to be determined by the Compensation Committee upon evaluation of the Grantee’s performance relative to the Performance Criteria. The applicable RSUs shall become vested and non-forfeitable upon written
certification by the Compensation Committee that the corresponding Performance Criteria have been satisfied, provided the Grantee’s Continuous Status as an Employee or Consultant has not terminated more than thirty (30) days prior to the
date and time of the Compensation Committee’s certification. Any determination as to whether or not and to what extent the Performance Criteria have been satisfied shall be made by the Compensation Committee in its sole and absolute discretion
and shall be final, binding and conclusive on all persons, including, but not limited to, the Company and the Grantee. The Grantee shall not be entitled to any claim or recourse if any action or inaction by the Company, or any other circumstance or
event, including any circumstance or event outside the control of the Grantee, adversely affects the ability of the Grantee to satisfy the Performance Criteria or in any way prevents the satisfaction of the Performance Criteria. 
 3. Change in Control. Notwithstanding anything in the Plan or elsewhere in this Agreement to the contrary: 
 (a) Definitions. 
  

	 	i.	“Change of Control” is defined in the Employment Agreement. 

  

	 	ii.	“Cause” is defined in the Employment Agreement. 

  

					
	 RSU Award Agreement
 Farhad
Moghadam
	  	2	  	

 Execution Copy 
  
 (b) Acceleration of Vesting. Upon occurrence of a Change of Control, any RSUs outstanding and held by the Executive as of the date of such
Change of Control will vest in full as to 100% of the unvested portion of the award. 
 (c) Limitation on Payments. Notwithstanding
anything herein to the contrary, in the event of a Change of Control, in no event shall the Executive be entitled to receive any amount which would result in the imposition of tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended, or any similar state tax (collectively, the “Excise Tax”). In such a case, any payment due to the Executive shall automatically be reduced to the maximum amount that may be received by the Executive that will not trigger
any Excise Tax. 
 4. Termination of Employment Without Cause. If the Executive is terminated by the Company without Cause pursuant to
Section 5(b) of the Employment Agreement, and the Executive signs and does not revoke a release of claims with the Company (in a form reasonably acceptable to the Company and Executive) and provided that such release of claims becomes effective
no later than sixty (60) days following the termination date or such earlier date required by the release agreement, the Company will cause any RSUs which would vest based on time during that the twelve month period after the date of
termination to vest and become exercisable on the termination date. 
 5. Restrictions on Transfer. The Grantee shall not have the
right to make or permit to occur any transfer, pledge or hypothecation of all or any portion of the RSUs, whether outright or as security, with or without consideration, voluntary or involuntary. Any transfer, pledge or hypothecation not made in
accordance with this Agreement shall be deemed null and void. 
 6. Settlement of Vested Restricted Stock Units. Subject to
Section 7 below, as soon as administratively feasible after the date of vesting of a Restricted Stock Unit, but no later than 2 and 1/2 months after the last day of the calendar year in which the vesting occurs, the Committee shall cause to be
delivered to the Grantee the equivalent number of shares of Common Stock or cash, or a combination of both, as determined by the Committee in its sole discretion. 
 7. Tax Consequences. Upon the occurrence of a vesting event specified in Sections 2, 3 or 4 above, the Grantee must satisfy the federal, state, local or foreign income and social insurance withholding taxes
imposed by reason of the vesting of the RSUs. In the case of a Grantee who is an employee: (i) upon grant of RSUs, the Grantee shall make an election with respect to the method of satisfaction of such tax withholding obligation in accordance
with procedures established by the Administrator; and (ii) unless the Grantee delivers to the Company or its designee within five (5) days after the occurrence of the vesting event specified in Sections 2, 3 or 4 above a certified check
payable in the amount of all tax withholding obligations imposed on the Grantee and the Company by reason of the vesting of the RSUs, the Grantee’s actual number of shares of Common Stock shall be reduced by the smallest number of whole shares
of Common Stock which, when multiplied by the Fair Market Value of the Common Stock on the vesting date, is sufficient to satisfy the amount of such tax withholding obligations. 
  

					
	 RSU Award Agreement
 Farhad
Moghadam
	  	3	  	

 Execution Copy 
  
 8. No Effect on Employment. Nothing in the Plan or this Agreement shall confer upon the Grantee the right to continue in the employment of the
Company or affect any right which the Company may have to terminate the employment of the Grantee regardless of the effect of such termination of employment on the rights of the Grantee under the Plan or this Agreement. 
 9. Governing Laws. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware. 
 10. Successors. This Agreement shall inure to the benefit of, and be binding upon, the Company and the Grantee and their heirs, legal
representatives, successors and permitted assigns. 
 11. Severability. In the event that any one or more of the provisions or portion
thereof contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed
as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein. 
 12. Entire Agreement.
Subject to the terms and conditions of the Plan, which are incorporated herein by reference, this Agreement expresses the entire understanding and agreement of the parties hereto with respect to such terms, restrictions and limitations. 

13. Headings. Section headings used herein are for convenience of reference only and shall not be considered in construing this Agreement.

 14. Additional Acknowledgements. By their signatures below, the Grantee and the Company agree that the RSUs are granted under and
governed by the terms and conditions of the Plan and this Agreement. Grantee has had an opportunity to request a copy of the Plan, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all
provisions of the Plan and this Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee made in accordance with the terms of the Plan and this Agreement upon any questions
relating to the Plan and this Agreement. 
 15. Incorporation of Plan by Reference. These RSUs are granted in accordance with the
terms and conditions of the Plan, the terms of which are incorporated in this Agreement by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan. 
  

					
	 RSU Award Agreement
 Farhad
Moghadam
	  	4	  	

 Execution Copy 
  
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the Date of Grant set forth above. 
  

			
	ASCENT SOLAR TECHNOLOGIES, INC.
		
	By:	 	 /s/ Gary Gatchell

			
		
	Print Name:	 	 Gary Gatchell

			
	
	GRANTEE
	 /s/ Farhad Moghadam

  

					
	 RSU Award Agreement
 Farhad
Moghadam
	  	5Stock Option Agreement

  
 Exhibit 10.4

 Execution Copy 
 ASCENT
SOLAR TECHNOLOGIES, INC. 
 THIRD AMENDED AND RESTATED 2005 STOCK OPTION PLAN 
 STOCK OPTION AGREEMENT 
 This STOCK
OPTION AGREEMENT (the “Option Agreement”) is made as of August 3, 2009 by and between ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (the “Company”) and Farhad Moghadam (the
“Optionee”). 
 Unless otherwise defined or indicated herein, capitalized terms in this Agreement shall have the same
meanings defined in the Company’s 2005 Stock Option Plan, as amended (the “Plan”). Subject to the Plan and Optionee’s Amended and Restated Executive Employment Agreement dated as of August 3, 2009 (the
“Employment Agreement”), the parties agree as follows: 
 PART I: NOTICE OF GRANT 
 1. Description of Stock Option Grant. Farhad Moghadam, the undersigned Optionee, has been granted an option (the “Option”)
to purchase common stock of the Company as follows: 
  

			
	Date of Grant:	  	August 3, 2009
	 Vesting Commencement Date:
 (same as Date of Grant, if
left blank)
	  	August 3, 2009
		
	Exercise Price per Share:	  	$         (closing price on Date of Grant)
		
	Total Number of Shares:	  	100,000
		
	Type of Option:	  	  ̈ Incentive Stock Option
 x Nonstatutory Stock Option
 (see Section (II)(1) below)

	 Expiration Date:
 (10 years from Date of Grant, if left
blank)
	  	                                       
                                         
                        

  

			
	Vesting Schedule:	  	
		
	August 3, 2010	  	25%
		
	August 3, 2011	  	25%
		
	August 3, 2012	  	25%
		
	August 3, 2013	  	25%

 2. Definitions. The following definitions shall apply in this Option Agreement:

  

	 	i.	“Change of Control” is defined in the Employment Agreement. 

  

	 	ii.	“Cause” is defined in the Employment Agreement. 

  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  

	 	iii.	“Permanent Disability” is defined in the Employment Agreement. 

 3. Termination and Material Events. Notwithstanding anything elsewhere in this Option Agreement to the contrary: 
 (a) Termination Period. Except as set forth below, this Option shall be exercisable for ninety (90) days after Optionee ceases to be a Service Provider of the Company; provided, however, that in no event
may this Option be exercised after the Expiration Date set forth in the Notice of Grant. 
 (b) Termination Without Cause. If
the Optionee is terminated by the Company without Cause pursuant to Section 5(b) of the Employment Agreement, and the Optionee signs and does not revoke a release of claims with the Company (in a form reasonably acceptable to the Company and
Optionee) and provided that such release of claims becomes effective no later than sixty (60) days following the termination date or such earlier date required by the release agreement, the Company will cause any part of the Option which would
vest based on time during that the twelve month period after the date of termination to vest and become exercisable on the termination date. 
 (c) Disability of Optionee. If Optionee suffers a Permanent Disability and the Employment Agreement terminates as described in Section 5(c) of the Employment Agreement, the Optionee may, to the extent the Option is vested on the
date of termination, exercise the Option within one (1) year of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). If, after termination, the Optionee does not exercise his or
her Option within the time specified herein, the Option shall terminate. 
 (d) Death of Optionee. If Optionee dies and the
Employment Agreement terminates as described in Section 5(d) of the Employment Agreement, the Option may, to the extent that the Option is vested on the date of death, be exercised within one (1) year following Optionee’s death (but
in no event later than the expiration of the term of such Option as set forth in the Notice of Grant) by the Optionee’s designated beneficiary, provided such beneficiary has been designated prior to Optionee’s death in a form acceptable to
Company. If no such beneficiary has been designated by the Optionee, then such Option may be exercised by the personal representative of the Optionee’s estate or by the person(s) to whom the Option is transferred pursuant to the Optionee’s
will or in accordance with the laws of descent and distribution. If the Option is not so exercised within the time specified herein, the Option shall terminate. 
 (e) Change of Control. 
 (i) Acceleration of Vesting. Upon occurrence of a Change of
Control, any part of the Option outstanding and held by the Optionee as of the date of such termination will vest in full as to 100% of the unvested portion of the award. 
 (ii) Limitation on Payments. Notwithstanding anything herein to the contrary, in the event of a Change of Control, in no event shall the Optionee
be entitled to receive any amount which would result in the imposition of tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, or any similar state tax (collectively, the “Excise Tax”). In such a case,
any payment due to the Optionee shall automatically be reduced to the maximum amount that may be received by the Optionee that will not trigger any Excise Tax. 
 (f) Adjustments Upon Changes in Capitalization or Dissolution. Any adjustments triggered by changes in the Company’s capitalization, or upon dissolution or liquidation of the Company, shall be made
pursuant to the Plan. 
  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  
 PART II: AGREEMENT 
 1. Grant of
Option. The Administrator, on behalf of the Company, hereby grants to the Optionee named in the Notice of Grant an Option to purchase the number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the
Notice of Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which are incorporated by reference herein. 
 If designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to
the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). 
 2. Exercise of Option. 
 (a) Right to Exercise. This Option shall be exercisable
during its term in accordance with the Vesting Schedule set out in the Notice of Grant and with the applicable provisions of the Plan and this Option Agreement. 
 (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) which shall state the
election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price. 
 No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with Applicable Laws. Assuming such
compliance, for income tax purposes the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares. 
 3. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: 
 (a) cash or check; 
 (b) consideration
received by the Company under a formal cashless exercise program, if adopted by the Company in connection with the Plan; 
 (c) surrender of
other Shares which, (i) in the case of Shares acquired from the Company, either directly or indirectly, have been owned by the Optionee for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the
date of surrender equal to the aggregate Exercise Price of the Exercised Shares; or 
 (d) any other form or manner endorsed in the Plan.

  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  
 4. Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the shareholders of the
Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 
 5. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent
or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
 6. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term
only in accordance with the Plan and the terms of this Option. 
 7. Tax Obligations. 
 (a) Taxes. Optionee acknowledges and agrees that Optionee is solely responsible for the satisfaction of all federal, state, local and
foreign income and other tax arising from or applicable to the Option grant, vesting or exercise and the acquisition or sale of the Optioned Stock. Optionee agrees that Optionee shall indemnify the Company for any liability, including
attorneys’ fees and expenses, accrued by the Company as a result of the Optionee’s failure to satisfy those taxes. 
 (b)
Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (1) the
date two (2) years after the Date of Grant, or (2) the date one year after the date of exercise, the Optionee shall immediately notify the Company in writing of such disposition. 
 8. Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan, this Option Agreement and the Employment
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may
not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This Agreement is governed by the internal substantive laws but not the choice of law rules of Colorado. 
 9. No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN
ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO THE PROVISIONS IN THE EMPLOYMENT AGREEMENT. 
 Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel and other advisors prior to executing this Option and fully
understands all provisions of the Option. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Optionee further agrees to
notify the Company upon any change in the residence address indicated below. 
  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  

					
	OPTIONEE	  		  	ASCENT SOLAR TECHNOLOGIES, INC.
			
	 /s/ Farhad Moghadam
	  		  	 /s/ Gary Gatchell

	Farhad Moghadam	  		  	By
			
		  		  	 Gary Gatchell

		  		  	Name
			
		  		  	 CFO

	  
	  		  	Title
			
	  
 Residence Address
	  		  	

  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  
 EXHIBIT A 
 EXERCISE NOTICE
AND AGREEMENT 
 Ascent Solar Technologies, Inc. 
 12300
Grant Street 
 Thornton, CO 80241 
 Attention: Stock Option Plan
Administrator 
 Re: Exercise of Stock Option Pursuant to Third Amended and Restated 2005 Stock Option Plan 
  

					
	Name of Optionee:	 		  	Farhad Moghadam
			
	Optionee’s Address:	 		  	  

			
	Optionee’s Social Security Number:	 		  	  

			
	Date of Option Agreement:	 		  	August 3, 2009
			
	Exercise Date:	 		  	  

			
	The Shares Purchased are Incentive Stock Options: (circle one)	 		  	Yes / No
			
	Number of Shares Purchased Pursuant to this Notice:	 		  	  

			
	Exercise Price per Share:	 	$	  	  

			
	Aggregate Exercise Price:	 	$	  	  

			
	Amount of Payment Enclosed:	 	$	  	  

 1. Exercise of Option. Pursuant to the Third Amended and Restated 2005 Stock Option Plan
(the “Plan”) of Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), and the Stock Option Agreement (“Option Agreement”) entered into as of the date set forth above between
the undersigned Optionee and the Company, Optionee hereby elects, effective as of the date of this notice, to exercise Optionee’s option to purchase the number of shares of common stock (the “Shares”) of the Company indicated
above. 
 2. Payment. Enclosed is Optionee’s payment in the amount indicated above, which is the full exercise price for the
Shares. 
 3. Deemed Date of Exercise. The date of exercise shall be deemed to be the first date after which this Notice is filed with
Company upon which Shares become eligible for issuance to Optionee under applicable state and federal laws and regulatory requirements. 
 4.
Compliance with Laws. Optionee understands and acknowledges that the purchase and sale of the Shares may be subject to approval under the state and federal securities laws and other laws and, notwithstanding any other provision of the Option
Agreement to the contrary, the exercise of any rights to purchase Shares is expressly conditioned upon approval (if necessary) and compliance with all such laws. 
  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM
	  		  	

 Execution Copy 
  
 5. Representations of Optionee. Optionee represents and warrants to the Company, as follows: 
 (a) Optionee has received, read, and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

 (b) The Options exercised herewith are exercisable only according to the schedule in the Option Agreement. 
 (c) Optionee is aware of the business affairs and financial condition of the Company and has acquired sufficient information about the Company to reach
an informed and knowledgeable decision to acquire the Shares. 
 6. Refusal to Transfer. The Company shall not be required (a) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement, the Option Agreement, or the Plan or (b) to treat as owner of such Shares or to accord the right to vote or
receive dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
 7. Tax Consultation.
Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares. Optionee represents that Optionee is not relying on the Company for any tax advice. 
 8. Entire Agreement. The Plan and the Option Agreement are incorporated herein by reference. This Agreement, the Plan, the Option Agreement and
Optionee’s Executive Employment Agreement dated as of July 13, 2009 constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the
subject matter hereof. 
  

									
	Submitted by:	 		 	 Accepted by:
 COMPANY

	OPTIONEE	 		 		 
			
		 		 	 Ascent Solar Technologies, Inc.,
 a Delaware corporation

			
	  
	 		 	  

	Signature	 		 		 	By	 	
			
	  
	 		 	  

	Print Name	 		 		 	Name	 	
				
		 		 		 	  

		 		 		 	Title	 	

  

					
	 STOCK OPTION AGREEMENT
 2005 STOCK OPTION
PLAN
 FARHAD MOGHADAM

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