Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
employment agreement (the “Agreement’’) is dated as of September 1, 2015 by and between NanoFlex Power
Corporation, a Florida corporation (the “Company”) and Mark Tobin (the “Executive.”)

 

WHEREAS,
the Executive is presently the Company’s Chief Financial Officer and was appointed as such by the Company’s Board of Directors
on June 19, 2015, and possesses the experience and knowledge required to serve in such capacity. The Company desires to enter
into this Agreement with the Executive and the Executive desires to enter into this Agreement with the Company.

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of the parties set forth in this Agreement,
and of other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, agree as follows:

 

1.            Term
of Employment. The Company hereby agrees to employ the Executive and the Executive hereby agrees to continue to serve the
Company, in accordance with the terms and conditions set forth herein, for a maximum period of four (4) years commencing on September
1, 2015 (the “Effective Date”) subject to renewal or termination at the Company’s discretion at each
anniversary of Effective Date (the “Period End Dates” and each a “Period End Date”) as described
herein. The Company shall have the option to renew the Agreement until the next Period End Date or terminate this Agreement and
the Executive’s employment hereunder, at each Period End Date by giving the Executive ninety (90) days’ written notice,
prior to each Period End Date, of the intent of such renewal or termination (the “Notice of Renewal“or “Notice
of Termination,” respectively.) This Agreement and the Executive’s employment hereunder shall remain effective
until the Company sends a Notice of Termination, the Company or the Executive terminate this Agreement and the Executive’s
employment hereunder for any reason, or upon the expiration of the final Period End Date, and such period shall be referred to
as the “Term.”

 

2.            Position
and Responsibilities. During the Term of this Agreement, the Executive shall serve as the Chief Financial Officer of the Company.
The Executive shall have the duties and functions that are generally associated with the position of Chief Financial Officer and
will be responsible for such other duties as may from time to time be reasonably assigned to him by the Company’s Board
of Directors (the “Board”) or Chief Executive Officer.

 

3.            Performance of Duties. During the Term of this Agreement, the Executive shall devote substantially all of his working time
to the performance of his responsibilities and duties hereunder and shall comply with the policies of the Company with respect
to conflict of interest and business ethics from time to time in effect. During the Term of this Agreement, the Executive shall
not, without the prior written consent of the Board, render services, whether or not compensated, to any other person or entity
as an employee, independent contractor or otherwise; provided, however, that, except as provided in Section 8 below, nothing
contained herein shall restrict the Executive from: (i) rendering services to charitable organizations and from managing his personal
investments in such manner as shall not interfere with the performance by the Executive of his duties hereunder; or (ii) serving
on the board of directors of any other entity so long as (iii) such entity is not in a business which is competitive with that
of the Company, (iv) such service does not interfere with the performance by the Executive of his duties hereunder and (v) the
Executive receives the prior approval of the Board with respect to such service.

 

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4.            Compensation.
As remuneration for all services to be rendered by the Executive during the Term, and as consideration for complying with the
covenants herein, the Company shall pay and provide to the Executive the following:

 

4.1          Base
Salary. The Company shall pay the Executive as compensation
for his services hereunder, in equal semi-monthly or bi-weekly installments during the Term, the sum of $190,000 per annum
(the “Base Salary”).

 

4.2          Warrants.
In addition to the Base Salary provided for in Section 4.1, as compensation for services provided hereunder, the Executive shall
also receive warrants, in the form substantially attached hereto as Exhibit A, to purchase 1,500,000 shares (the “Warrant
Shares”) of the Company’s $.0001 par value per share common stock (the “Common Stock”) to
vest as described in the warrant attached hereto as Exhibit A. The Warrant Shares are intended to be exempt from the registration
requirements of the Securities Act of 1933, as amended (the “Securities Act,”) pursuant to Regulation D and
shall bear a “restricted legend.” In connection with his acquisition of the Warrant Shares, the Executive represents
and warrants to the Company that (i) he will not sell or otherwise transfer the Warrant Shares during the period in which they
are subject to forfeiture and without registration under the Securities Act or an exemption therefrom; (ii) he has such knowledge
and experience in financial and business matters that he is capable of evaluating the merits and risks of his investment in the
Warrant Shares and is able to bear such risks; and (iii) he is acquiring the Warrant Shares for the his own account, for investment
purposes only and not with a view to distribute or resell such securities in whole or in part.

 

4.3          Conditions
to Compensation. Compensation in the form of the Warrant Shares shall be conditioned upon the Executive providing the
Company, at the Company’s request, with any completed and executed documentation and information as may be reasonably be
required by the Company to issue the Warrant Shares under applicable laws and regulations, including a completed investor
questionnaire attached hereto as Exhibit B.

 

4.4          Compensation
Plans. The Executive shall be eligible to participate in such profit-sharing, 401K, stock option, bonus and performance
award programs as are made available generally to executive officers of the Company, such participation to be on a basis
which is commensurate with the Executive’s position with the Company.

 

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4.5          Health
Care and Other Benefits. The Executive shall receive full family plan coverage under any health and dental insurance plans
established for the company. In addition to the foregoing, the Executive shall also be entitled to participate in all other benefit
programs that the Company establishes and makes available to its employees to the extent the Executive’s position, tenure, salary,
age, health and other qualifications make him eligible to participate, and shall be entitled to receive such perquisites as are
made available generally to executive officers of the Company.

 

4.6          Vacation.
The Executive shall be entitled to four weeks of vacation per each year during the Term which shall be taken at such times
so as to not reasonably impede the Executive’s duties hereunder. Vacation days that are not taken may not be carried over into
future years.

 

5.           Expenses.
The Company shall reimburse the Executive for all reasonable, ordinary and necessary documented travel, entertainment and
other out-of-pocket expenses that the Executive incurs on behalf of the Company in the course of his employment hereunder
in accordance with the Company’s normal policies and provisions regarding such reimbursements. Notwithstanding the foregoing,
Executive shall be required to get prior written approval from the Company’s Chief Executive Officer for reimbursement for
expenses of $500 or more.

 

6.             Termination.

 

6.1          Termination Date. Either Party may terminate this Agreement at any time with or without cause upon ninety (90) days’
prior written notice to the other party. The date ninety (90) days after such notice, and the date ninety (90) days from the date
the Company sends a Notice of Termination as described in Section 1 herein, shall be deemed the “Termination Date.”
By signing below, Executive hereby acknowledges that employment hereunder is at will and may be terminated at any time for any
reason.

 

6.2          Effect
of Termination.

 

(a)           If the Executive’s employment is terminated voluntarily by the Executive, or if the Company terminates the Executive’s employment
hereunder for any reason other than through giving a Notice of Termination as described in Section 1 herein, the Executive or
his estate shall be paid any accrued Base Salary, Warrant Shares and other benefits, if any, hereunder through the Termination
Date. The Executive shall also be paid any unreimbursed expenses incurred by the Executive pursuant to Section 5 hereof in accordance
with the terms and provisions of that section incurred through the Termination Date.

 

(b)          
If, the Company sends a Notice of Termination, as described in Section 1 hereof, the Executive shall be paid any accrued Base
Salary, Warrant Shares and other benefits, if any, hereunder through the Termination Date and if the Executive continues to perform
his duties pursuant to this Agreement after receipt of the Notice of Termination until the Termination Date, the Executive shall
also receive the Base Salary, Warrant Shares, and other benefits hereunder, if any, for an additional ninety (90) days after the
Termination Date. The Executive shall also be paid any unreimbursed expenses incurred by the Executive pursuant to Section 5 hereof
in accordance with the terms and provisions of that section, incurred through the Termination Date and for an additional ninety
(90) days after the Termination Date if the Executive continues to perform his duties pursuant to this Agreement until the Termination
Date after receipt of the Notice of Termination.

 

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6.3          Payments
Upon Termination. Except as otherwise provided in this Agreement, any payments to which the Executive shall be entitled under
this Section 6, shall be made as promptly as possible following the Termination Date, but in no event more than 30 days after
the Termination Date. If the amount of any payment due to the Executive cannot be finally determined within 30 days after the
Termination date, such amount shall be reasonably estimated on a good faith basis by the Company and the estimated amount shall
be paid no later than thirty (30) days after such Termination date. As soon as practicable thereafter, the final determination
of the amount due shall be made and any adjustment requiring a payment to the Executive shall be made as promptly as practicable.

 

7.           
Change of Control.

 

7.1          Change
of Control. Upon a Change of Control (as hereinafter defined), the Executive
shall receive all compensation due for the Term of this Agreement. This Agreement will be enforceable but the duties and responsibilities
may change for the Executive subject to mutual agreement between the Executive and the new ownership or the Executive may voluntarily
terminate his employment hereunder and receive the compensation described in Section 6.2(a). If the Executive does not voluntarily
terminate his employment, then the Executive (or his estate) shall receive all compensation provided by this Agreement herein
at such times as he would have received them if there was no Change of Control. Additionally, in the event of a Change of Control
during the Term, the Warrant Shares, and any additional unvested equity compensation granted by the Company to the Executive hereunder,
shall vest immediately upon the occurrence of a Change of Control. For purposes of this Agreement “Change of Control”
means the occurrence of any of the following events: (a) Any “person” (as such term is used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) becomes the “beneficial owner”(as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of
the total voting power of the Company’s then outstanding voting securities or 50% or more of the fair market value of the
Company; or (b) The Company has sold all or substantially all of its assets to another person or entity that is not a majority-owned
subsidiary of the Company. Notwithstanding the preceding, the above-listed events must satisfy the requirements of Treasury Regulation
Section 1.409A-3(i)(5) in order to be deemed a Change of Control.

 

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8.           
Noncompetition/Nondisclosure.

 

8.1          Executive’s
Acknowledgment. The Executive agrees and acknowledges that in order to assure the Company that it will retain its value as
a going concern, it is necessary that the Executive undertake not to utilize his special knowledge of the Company’s business
of engaging in the development, commercialization, and licensing of advanced thin film solar technologies and intellectual property
(the “Business”) and his relationships with those in the Company’s industry, customers and suppliers
to compete with the Company. Executive further acknowledges that: (i) the Company is and will be engaged in the Business; (ii)
Executive has occupied a position of trust and confidence with the Company prior to the date of this Agreement and, during such
period the Executive has, and during the term of this Agreement the Executive will, become familiar with the Company’s trade
secrets and with other proprietary and confidential information concerning the Company and the Business; (iii) the agreements
and covenants contained in this Section 8 are essential to protect the Company and the goodwill of the Business; and (iv) the
Executive’s employment with the Company has special, unique and extraordinary value to the Company and the Company would
suffer irreparable harm, for which money damages would not constitute adequate compensation, if Executive were to provide services
to any person or entity in violation of the provisions of this Agreement or otherwise violate any of the terms of this Section
8.

 

8.2          Competitive
Activities. The Executive hereby agrees that for a period (the “Restricted Period”) commencing
on the Effective Date and ending ninety (90) days following the termination of Executive’s employment with the Company for
whatever reason, Executive shall not, on behalf of himself or any other individual or group of individuals, firm, company, corporation,
partnership, trust or other entity or enterprise or successor in interest to any of the foregoing, or any employee, partner, officer,
director, partner, or stockholder of any of the foregoing (each individually, a Person and collectively, -Persons,”)
directly or indirectly, as an employee, proprietor, stockholder, partner, consultant, or otherwise, engage in any business or
activity directly competitive with the Business or any of the business activities of the Company as they are now, currently proposed
to be, or are, at the time in question, undertaken by the Company, anywhere in North America (the “Territory,”)
except as expressly approved by the Board in writing. With respect to the Territory, Executive specifically acknowledges that
the Company has conducted the Business throughout those areas comprising the Territory and the Company intends to continue to
expand the Business throughout the Territory.

 

8.3          Blue-Pencil. If any court of competent jurisdiction shall at any time deem the term of this Agreement or any particular
covenant contained in this Section 8, including, without limitation, the Restricted Period, to be too lengthy or the Territory
to be too extensive, the other provisions of this Section 8 shall nevertheless stand, the Restricted Period shall be deemed to
be the longest period permissible by law under the circumstances and the Territory shall be deemed to comprise the largest territory
permissible by law under the circumstances. The court in each case shall reduce the Restricted Period and/or the Territory to
permissible duration or size.

 

8.4          Confidential
Information. During the term of this Agreement and for a period of three (3) years thereafter, the Executive shall keep secret
and retain in strictest confidence, and shall not, without the prior written consent of the Board, furnish, make available or
disclose to any third party or use for the benefit of himself or any third party, any Confidential Information. As used in this
Section 8.4, the term “Confidential Information” shall mean any information relating to the business or affairs
of the Company or the Business, including, but not limited to, information relating to financial statements, customer identities,
potential customers, employees, suppliers, servicing methods, equipment, programs, strategies and information, analyses, profit
margins or other proprietary information used by the Company in connection with the Business; provided, however, that Confidential
Information shall not include any information which is the public domain, becomes generally known in the industry through no wrongful
act on the part of the Executive or as required to be disclosed by a court of competent jurisdiction. The Executive acknowledges
that the Confidential Information is vital, sensitive, confidential and proprietary to the Company.

 

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9.            Inventions
and Other Intellectual Property. The Executive hereby agrees that all right, title and interest in and to all of Executive’s
“Creations” and work product made during the term of the Executive’s employment with the Company, whether
pursuant to this Agreement or otherwise, shall belong solely to the Company, whether or not they are protected or protectible
under applicable patent, trademark, service mark, copyright or trade secret laws. For purposes of this Section 9, the term “Creations”
shall mean all inventions, designs, discoveries, books, newsletters, manuscripts, articles, research, compilations, improvements,
and other works which are or may be copyrighted, trade-marked or patented or otherwise constitute works of intellectual property
which may be protected (including, without limitation, any information relating to the Company’s software products, source
code, know-how, processes, designs, algorithms, computer programs and routines, formulae, techniques, developments or experimental
work, works-in-progress, or business trade secrets whether now existing, or hereafter developed during the Term) made or conceived
or reduced to practice by the Company. Executive agrees that all work or other material containing or reflecting any such Creations
shall be deemed work made for hire as defined in Section 101 of the Copyright Act, 15 U.S.C. Section 101. If a court of competent
jurisdiction determines that any such works are not works made for hire, Executive hereby assigns to the Company all of Executive’s
right, title and interest, including all rights of copyright, patent, and other intellectual property rights, to or in such Creations.
Executive covenants that he shall keep the Company informed of the development of all Creations made, conceived or reduced to
practice by the Company, in whole or in part, by Executive or any other alone or with others, which either result from any work
Executive may do for, or at the request of, the Company, or are related to the Company’s present or contemplated activities,
investigations, or obligations. Executive further agrees that (i) at the Company’s request and expense, he will execute
any assignments or any other documents or instruments necessary to transfer all rights any such Creations to the Company and (ii)
he will cooperate with the Company or its nominee in perfecting the Company’s title (or the title of the Company’s
nominee) in any or all such materials.

 

10.           Interference with Relationships.

 

10.1          Suppliers.
Customers, Service Providers. During the Restricted Period, Executive shall not, directly or indirectly, as employee,
agent, consultant, stockholder, director, partner or in any other individual or representative capacity intentionally solicit
or encourage any present or future customer, employee, consultant, service provider, stockholder, officer, director or
supplier of or service provider to the Company to terminate or otherwise alter his, their or its relationship with the
Company in a manner having an adverse effect on the Company or the Business.

 

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10.2          No
Breach. Executive represents and warrants that he is not under any contractual obligation to any party, which
obligation would prevent him from accepting full-time employment with the Company or from otherwise fulfilling any of his
obligations under this Agreement. Executive hereby agrees to indemnify the Company and hold it and its officers and directors
harmless from and against any and all claims against or any losses or liabilities, including reasonable attorney’s
fees, incurred by, the Company or any of its officers or directors derived from any breach or failure of the representation
and warranty contained in this Section 10.2.

 

11.           Return of Company Materials Upon Termination. Executive acknowledges that all price lists, sales manuals, catalogs, binders,
customer lists and other customer information, supplier lists, financial information, business plans, corporate records, working
notes, work product, sales manuals, catalogs, binders and other records or documents containing any Confidential Information prepared
by Executive or coming into Executive’s possession by virtue of Executive’s employment by the Company, other than personal information
belonging to the Executive, is and shall remain the property of the Company and that immediately upon termination of Executive’s
employment hereunder, Executive shall return all such items in his possession, together with all copies thereof, to the Company.

 

12.           Indemnification. The Company hereby covenants and agrees to indemnify and hold harmless the Executive fully, completely,
and absolutely against and in respect to any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses
(including attorney’s fees), losses, and damages resulting from the Executive’s good faith performance of his duties and obligations
under the terms of this Agreement, subject to compliance with any applicable requirements and limitations improved by the Company’s
Certificate of Incorporation and By-Laws as in effect on the date hereof and applicable law.

 

13.           Maintenance of Liability Insurance. So long as the Executive shall serve as an executive officer of the Company pursuant
to this Agreement, the Company shall obtain and maintain in full force and effect a policy of director and officer liability insurance
of at least $3M from an established and reputable insurer. In all policies of such insurance, the Executive shall be named as
an insured in such manner as to provide the Executive the same rights and benefits as are accorded to the most favorably insured
of the Company’s executive officers or directors.

 

14.           Assignment

 

14.1
          Assignment by Company. This Agreement may be assigned or transferred
to, and shall be binding upon and shall inure to the benefit of, any successor of the Company, and any such successor shall be
deemed substituted for all purposes of the “Company” under the terms of this Agreement. As used in this
Agreement, the term “successor” shall mean any person, firm, corporation, or business entity to which the Company
assigns this Agreement or which at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the
assets or the Business of the Company. Notwithstanding such assignment, the Company shall remain, with such successor, jointly
and severally liable for all its obligations hereunder.

 

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14.2         Assignment by Executive. The services to be provided by the Executive to the Company hereunder are personal to the Executive,
and the Executive’s duties may not be assigned by the Executive; provided, however that this Agreement shall inure to the benefit
of and be enforceable by the Executive’s personal or legal representatives, executors, and administrators, successors, heirs,
distributees, devisees, and legatees. If the Executive dies while any amounts payable to the Executive hereunder remain outstanding,
all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s
devisee, legatee, or other designee or, in the absence of such designee, to the Executive’s estate or trust.

 

14.3          Name Change. Upon any name change by Company, no assignment need occur as the same entity is bound by the terms of this
Agreement.

 

15.          Dispute Resolution and Notice.

 

15.1          Dispute Resolution. Either the Executive or the Company may elect to have any good faith dispute or controversy arising
under or in connection with this Agreement settled by arbitration, by providing written notice of such election to the other party
hereto, specifying the nature of the dispute to be arbitrated, provided that if the other party objects to the use of arbitration
within thirty (30) days of the receipt of such notice, the dispute may only be settled by litigation unless otherwise agreed.
If arbitration is selected, such proceeding shall be conducted before a panel of three (3) arbitrators sitting in a location agreed
to by the Company and the Executive within fifty (50) miles from the location of the Executive’s principal place of employment,
in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association then in effect. Judgment may
be entered on the award of the arbitrators in any court having competent jurisdiction. To the extent that the Executive prevails
in any litigation or arbitration seeking to enforce the provisions of this Agreement, the Executive shall be entitled to reimbursement
by the Company of all expenses of such litigation or arbitration, including the reasonable fees and expenses of the legal representative
for the Executive, and necessary costs and disbursements incurred as a result of such dispute or legal proceeding.

 

15.2          Notice. Any notices, requests, demands, or other communications provided for by this Agreement shall be sufficient if in
writing and if sent by registered or certified mail to the Executive at the last address he has filed in writing with the Company
or, in the case of the Company, at its principal offices.

 

16.         No Mitigation. The Executive shall have no duty to seek other employment and the amounts, benefits and entitlements payable
to the Executive hereunder or otherwise shall not be subject to reduction, offset or repayment for any compensation received by
the Executive from services provided by the Executive following the termination of the Executive’s employment with the Company.

 

17.          Section 409A.

 

17.1          The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and
the regulations and guidance promulgated thereunder (collectively -Code Section 409A-) and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall
the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or
damages for failing to comply with Code Section 409A.

 

17.2
          A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination
of employment unless such termination is also a “separation from service” within the meaning of Code Section
409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination
of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the
contrary in this Agreement, if the Executive is deemed on the date of termination to be a  “specified employee”
within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit
that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,”
such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month
period measured from the date of such “separation from service” of the Executive, and (B) the date of
the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period,
all payments and benefits delayed pursuant to this Agreement (whether they would have otherwise been payable in a single sum or
in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments
and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them
herein.

 

17.3          To
the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Code Section 409A, (A) all such expenses or other reimbursements hereunder shall be made on or prior to the last
day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to such
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement,
expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

17.4          For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall
be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the
sole discretion of the Company.

 

17.5          Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

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18.        Adjustment. 
Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that as a result of any payment
or distribution by the Company to or for Executive’s benefit whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise (the “Payments”), Executive would be subject to the excise
tax imposed by Sections 409A, 280G or Section 4999 of the Internal Revenue Code or any interest or penalties are incurred by the
Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), the Executive shall be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that, after payment by the Executive of all taxes (including any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes and Excise Tax imposed upon the Gross-Up Payment,
Executive is in the same after-tax position as if no Excise Tax had been imposed upon Executive with respect to the Payments,
provided further that such Gross-Up Payment shall be made prior to April 15th of the calendar year following the year in which
Executive receive any payment or distribution from the Company which gives rise to a Gross-Up Payment.

 

19.          Miscellaneous

 

19.1
         Entire Agreement. This Agreement supersedes any prior agreements or understandings, oral or written, between the parties
hereto, with respect to the subject matter hereof and constitutes the entire agreement of the parties with respect thereto.

 

19.2
         Modification. This Agreement shall not be varied, altered, modified, canceled, changed, or in any way amended except by
mutual agreement of the parties in a written instrument executed by the parties hereto or their legal representatives.

 

19.3          Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable
for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

 

19.4
         Tax Withholding. The Company may withhold from any benefits payable under this Agreement all Federal, state, city, or other
taxes as may be required pursuant to any law or governmental regulation or ruling.

 

19.5          Beneficiaries. The Executive may designate one or more persons or entities as the primary and/or contingent beneficiaries
of any amounts to be received under this Agreement. Such designation must be in the form of a signed writing acceptable to the
Board or the Board’s designee. The Executive may make or change such designation at any time.

 

19.6
         Board Committee. Any action to be taken, or determination to be made, by the Board under this Agreement may be taken or
made by the compensation committee or any other Committee authorized by the Board of Directors to act on its behalf

 

19.7          Governing
Law. To the extent not preempted by Federal law, the provisions of this Agreement shall be construed and enforced in accordance
with the internal, substantive laws of the State of New York, without regards to the principles of conflicts of laws thereof.

 

19.8          Inurement.
This Agreement is binding on the parties and on their heirs, personal representatives, administrators, successors and
assigns.

*
* * * *

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IN
WITNESS WHEREOF, the Executive and the Company have executed this Agreement as of the date first above written.

 

	NanoFlex Power Corporation	 	Executive:
	 	 	 	 
	By:	/s/ Dean L. Ledger	 	/s/ Mark Tobin
	 	Dean L. Ledger, Chief Executive Officer	 	Mark Tobin
	 	 	 	 

  

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Exhibit
A

 

Form
of Warrant

 

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Exhibit
B

 

Investor
Questionnaire

 

 

 

12Exhibit 10.2

 

AMENDMENT TO INDEPENDENT CONTRACTOR SERVICES
AGREEMENT

 

THIS FIRST AMENDMENT TO
THE INDEPENDENT CONTRACTOR SERVICES AGREEMENT (this “Amendment”) is made this 4th day of
November, 2015 by and between Power Strategies, LLC (“PSL”) and NanoFlex Power Corporation (the “Company.”)
All capitalized terms used in this Amendment and not otherwise defined in this Amendment shall have the respective meanings
ascribed to them in that certain Independent Contractor Services Agreement dated as of October 25, 2014 (the “Agreement”)
between the parties.

 

Agreement:

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:

 

		1.	Modification of Agreement.

 

		1.1	Modification of Paragraph 2. Paragraph 2 of the
Agreement shall be modified to also include the following language at the end of the last sentence in the paragraph prior to the
words “(this “Agreement”)”: “as a consultant and in addition to the consulting services provided
by PSL, pursuant to which J. Norman Allen shall provide services to the Company as its Chief Technology Officer, to which position
J. Norman Allen was appointed by the Company’s Board of Directors on June 19, 2015.” Paragraph 2 of the Agreement
shall additionally be modified to also include the following language in the parenthesis which states “(NanoFlex)”:
“or the Company.”

 

		1.2	Modification of Paragraph 4: Services. Paragraph
4: Services shall be modified to also include the following language at the end of the last sentence in the paragraph after sentence
ending with “purposes.”: “Additionally, pursuant to this Agreement, J. Norman Allen shall serve in the
capacity of and perform the services typically performed by a Chief Technology Officer for the Company.”
	 	 	 

		1.3	Modification of Paragraph 5: Independent Contractor.
Paragraph 5: Independent Contractor shall be modified to be entirely replaced with the following language: “NanoFlex will
retain PSL’s services in the capacity of an independent contractor. It is agreed that PSL will not be an employee nor authorized
agent of NanoFlex. Additionally, it is agreed that J. Norman Allen will serve in his capacity as Chief Technology Officer as an
independent contractor and that no employment relationship is formed between him and the Company. Accordingly, PSL shall determine
the time, location, manner and means by which we perform and complete the Services and J. Norman Allen shall perform the services
typical of a Chief Technology Officer at the direction of the Company’s board of directors and its Chief Executive Officer.
Neither PSL nor J. Norman Allen shall have any authority to enter into contracts or binding commitments or obligations in the
name of or on behalf of NanoFlex without the express prior written authorization NanoFlex as to the specific contract or commitment.”

 

    	 	1	 

     

    

 

		1.4	Modification of Paragraph 7: Fees for Services.
Paragraph 7: Fees for Services shall be modified to also include the following language at the end of the last sentence in the
paragraph: “PSL shall also receive as compensation hereunder warrants (the “Warrants”), in the form substantially
attached hereto as Exhibit A, to purchase a total of 2,400,000 shares of the Company’s $.0001 par value per share
common stock (the “Common Stock”) to vest as follows:

 

		(a)	1,200,000
                                         of the Warrants shall vest immediately upon the execution of this Amendment.

 

		(b)	600,000
                                         of the Warrants shall vest on the first anniversary of the date of this Amendment.

 

		(c)	600,000
                                         of the Warrants shall vest on the second anniversary date of this Amendment.

 

		1.5	Modification to add Paragraph 13. The following shall be
                                                                                                                                         added to the Agreement immediately following paragraph 12 of the agreement: “The Warrants and the shares of
                                                                                                                                         Common Stock issuable upon the exercise thereof, are intended to be exempt from the registration requirements of the
                                                                                                                                         Securities Act of 1933, as amended (the “Securities Act,”) pursuant to Regulation D and shall bear a
                                                                                                                                         “restricted legend.” In connection with the acquisition of the Warrants and the shares of Common Stock issuable
                                                                                                                                         upon the exercise thereof, PSL represents and warrants to the Company that (i) it will not sell or otherwise transfer the
                                                                                                                                         Warrants during the period in which they are subject to forfeiture and without registration under the Securities Act or an
                                                                                                                                         exemption therefrom and that it will not sell or otherwise transfer the shares of Common Stock issuable upon the exercise of
                                                                                                                                         the Warrants without registration under the Securities Act or an exemption therefrom; (ii) it has such knowledge and
                                                                                                                                         experience in financial and business matters that it is capable of evaluating the merits and risks of its investment in the
                                                                                                                                         Warrants and is able to bear such risks; and (iii) it is acquiring the Warrants for its own account, for investment purposes
                                                                                                                                         only and not with a view to distribute or resell such securities in whole or in part.”

 

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		1.6	Modification to add Exhibit A. The Agreement shall
be modified to include as an attachment titled “Exhibit A” the form of warrant attached hereto as Exhibit
A.

 

2.         Miscellaneous.
Except as amended pursuant to this Amendment, the Agreement remains in effect in all respects.

 

IN WITNESS WHEREOF, the
parties hereto have caused this First Amendment to the Agreement to be executed as of the date first written above.

 

	NanoFlex Power Corporation	 	Power Strategies LLC
	 	 	 	 	 
	By:	/s/ Dean L. Ledger	 	By:	/s/ J. Norman Allen
	 	Dean L. Ledger, CEO	 	 	J. Norman Allen, President

 

 

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