Document:

Exhibit 10.2

 

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made, entered into and effective as of December 12, 2022 (the “Effective Date”),
by and between Ascent Solar Technologies, Inc. (the “Company”) and Paul Warley (the “Executive”).
The Company and the Executive, each intending to be legally bound by the terms hereof, agree as follows:

1.
Employment Term. The Company hereby employs Executive, and Executive accepts employment, upon
the terms and conditions of this Agreement for a term running from the Effective Date to and including December 31, 2025 (the “Term”),
unless terminated earlier pursuant to Section 4 of this Agreement. 

2.
Offices; Other Activities. 

2.1
Office and Duties. From and after the Effective Date, Executive shall serve as Chief Financial
Officer of the Company. Executive shall have the duties and authority as are prescribed by the bylaws of the Company for such office on
the date of this Agreement, such other duties and responsibilities as have customarily been performed by the Chief Financial Officer,
and other duties and responsibilities as may be assigned to him by the Company’s Board of Directors (the “Board”),
provided that such assignments by the Board are customary and appropriate for the Chief Financial Officer of the Company. During the Term
of this Agreement, Executive shall report directly to the Board and the committees of the Board. Executive shall be given such authority
as is appropriate to carry out his duties.

2.2
Efforts and Other Activities. During the Term, except for periods of vacation, sick leave,
personal leave granted by the Board, or leave to which the Executive is entitled under law, Executive shall devote reasonable attention
and time to the business and affairs of the Company to the extent necessary to discharge his duties under this Agreement. 

2.3
Place of Business. Executive’s services shall be performed at the Company’s offices
in Thornton, Colorado; provided, however, that Executive shall not be required to be regularly present in the Company’s offices
during normal business hours until the Company has received the Financing (as defined in Section 3.1 herein).

3.
Compensation and Benefits.

3.1
Base Salary. The Company shall pay to Executive a base salary at the rate of $305,000 per
annum until such date as the Company receives a minimum of Ten Million Dollars ($10,000,000) through a private placement, bridge loan
or other financing arrangement, but excluding capital contributed by BD 1 Investment Holding LLC or Crowdex Investment LLC (the “Financing”),
and thereafter, at the rate of $350,000 per annum (“Base Salary”), provided that the Base Salary shall be prorated
based on the number of days of employment of Executive with the Company for any partial calendar year during the Term. Base Salary will
be payable in periodic installments in accordance with the Company’s customary practices for executive officers. The Company shall
also pay to Executive a discretionary bonus of up to 75% of the Base Salary, based upon Employee and Company performance in any calendar
year, consistent with standard terms and timing of bonus payments by the Company. Amounts payable will be reduced by standard withholding
and other authorized deductions only to the extent that such amounts are subject to U.S. tax laws. 

3.2
Incentive Plans; Welfare Benefit Plans. Executive shall be eligible for participation in the
Company’s stock incentive plan and shall receive all benefits under welfare benefit plans (including group health, disability and
life insurance plans and programs) as shall be in effect from time to time, to the extent applicable to other executive officers of the
Company.

3.3
Reimbursement of Expenses. Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by Executive in accordance with the policies, practices and procedures generally applicable to senior
executive officers of the Company.

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3.4
Vacations and Leave.

(a)
During the Term, at such reasonable times as the Board shall permit, Executive shall be entitled,
without loss of pay, to be absent from the performance of his duties under this Agreement. In addition, Executive shall be entitled to
fifteen (15) days of paid vacation in each calendar year in accordance with policies established by the Company for senior executive officers
of the Company.

(b)
Executive shall be entitled to sick leave (without loss of pay) in accordance with the Company’s
policies in effect from time to time, and other personal and family leave as may be provided by law.

3.5
Inducement Equity.

(a)
Initial Grant. As further compensation, on the Effective Date, the Company will grant the Executive
700,000 restricted stock units (“RSUs”). The RSUs shall be granted as an “inducement grant” (outside of the share
pool), but shall have terms and conditions no less favorable than if they were issued under the Company’s Seventh Amended and Restated
2008 Restricted Stock Plan (to the extent the terms would be applicable to RSUs).

Vesting. The RSUs shall vest
as follows: 20% shall be immediately vested upon grant, and the remaining 80% shall vest in equal monthly increments over the thirty-six
(36) month period immediately following the Effective Date for so long as Executive is employed by the Company on such vesting dates.
Notwithstanding the foregoing, any outstanding and unvested RSUs will accelerate and fully vest upon the earlier of (i) a Change of Control
(as defined below) and (ii) the termination of Executive’s employment for any reason other than by the Company for Cause (as defined
in Section 5.5) or by Executive without Good Reason (as defined in Section 5.5) (a “Protected Termination”).

(b)
Settlement. The RSUs shall be settled (to the extent outstanding and vested as of each applicable
settlement date) in eight equal increments on the last business day of each calendar quarter beginning on the initial settlement date,
December 31, 2024. Notwithstanding the foregoing, any RSUs that are then outstanding and vested (determined following application of the
second sentence of Section 3.5(b)) will be settled upon the earlier of (i) a Change of Control (as defined below) and (ii) a Protected
Termination. At the election of the Company or the Executive prior to each settlement date, the RSUs shall be “net settled”
and the Company shall retain such number of shares for sale on behalf of the Executive at a price equal to the fair market value of the
shares on the settlement date as will be sufficient for the payment of withholding tax liability. The shares underlying the RSUs (including
reoffers and resales thereof) shall be issued pursuant to an effective registration statement under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and the rules and regulations thereunder. 

As used herein, the term
“Change of Control” shall be deemed to have occurred if, after the Effective Date, (i) the beneficial ownership (as
defined in Rule 13d-3 under the Exchange Act) of securities representing more than 50% of the combined voting power of the Company is
acquired by any “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other than the Company, any subsidiary
of the Company, or any trustee or other fiduciary holding securities under an employee benefit plan of the Company), (ii) the merger or
consolidation of the Company with or into another corporation where the shareholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities
of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any) in substantially
the same proportion as their ownership of the Company immediately prior to such merger or consolidation, or (iii) the sale or other disposition
of all, or assets having a gross fair market value in excess of 40% of the gross fair market value of all of the Company’s assets
to an entity, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity,
at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders of the Company,
immediately prior to the sale or disposition, in substantially the same proportion as their ownership of the Company immediately prior
to such sale or disposition.

3.6
Other Benefits. Upon such time that the Executive relocates his residence to a new residence
in Colorado, Executive will be entitled to be paid by the Company a one-time moving allowance up to a total of $30,000. Executive shall
be solely responsible for any taxes payable as a result of such moving allowance.

3.7
Conflict. In the event of any conflict between this Agreement and the terms of any benefit,
severance, deferred 

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compensation, incentive or similar plan or agreement in which the Executive is or becomes a participant during the
Term (other than a stockholder-approved plan or ERISA plan), the provisions of this Agreement shall apply unless the Executive makes specific
written election otherwise, but Executive shall not be entitled to duplicative payments or benefits.

4.
Termination of Employment.

4.1
Death, Disability or Retirement. Executive’s employment shall terminate upon the Executive’s
death, Disability or Retirement during the Term. 

(a)
For purposes of this Agreement, “Disability” means a serious injury or illness
that requires Executive to be under regular care of a licenses medical physician and renders the Executive incapable of performing the
essential function of the Executive’s position for twelve (12) consecutive months as determined by the Board in good faith and upon
receipt of and in reliance on competent medical advice from one or more individuals selected by the Board, who are qualified to give professional
medical advice. Executive will submit to such medical or psychiatric examinations and tests as such medical professional deems necessary
to make any determination of Executive’s Disability and consent to such medical professional sharing the results of such examination
with a representative of the Board.

(b)
For purposes of this Agreement, “Retirement” means retirement of Executive when
eligible to receive retirement benefits under a retirement plan then in effect for the Company, the Executive having reached the age of
mandatory retirement (if such requirement then exists for the Company’s senior executive officers) or any other retirement by Executive
with the consent of the Board.

4.2
Termination by the Company with Cause. The Company may terminate the Executive’s employment
during the Term for Cause. For purposes of this Agreement, the term “Cause” means: (i) the Executive has been convicted
in a federal or state court of a crime classified as a felony; (ii) action or inaction by the Executive (A) that constitutes embezzlement,
theft, misappropriation or conversion of assets of the Company or its subsidiaries which alone or together with related actions or inactions
involve assets of more than a de minimus amount or that constitutes intentional fraud, gross malfeasance of duty, or conduct grossly
inappropriate to Executive’s office, and (B) such action or inaction /has adversely affected or is likely to adversely affect the
business of the Company or its subsidiaries, taken as a whole, or has resulted or is intended to result in a direct or indirect gain or
personal enrichment of Executive to the detriment of the Company; or (iii) Executive has been grossly inattentive to, or in a grossly
negligent manner failed to competently perform, Executive’s job duties and the failure was not cured within 45 days after written
notice from the Company. Any termination of Executive’s employment by the Company for Cause shall be communicated by a Notice of
Termination (as defined in Section 4.4 below) to the Executive, which Notice of Termination shall be in writing and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under this
provision. Executive shall not be deemed to have been terminated for Cause unless and until (x) he receives a Notice of Termination from
the Company; (y) he is given the opportunity to be heard before the Board; and (z) the Board finds in its good faith opinion, the Executive
was guilty of the conduct set forth in the Notice of Termination.

4.3
Termination by Executive for Good Reason. Executive may terminate his employment with the
Company for Good Reason. For purposes of this Agreement, “Good Reason” shall constitute any of the following circumstances
if they occur without the Executive’s express written consent during the Term: (i) if the Board should change the duties and responsibilities
of Executive in a manner that is inconsistent with the duties and responsibilities of the Chief Financial Officer under the bylaws of
the Company as currently in effect; (ii) a reduction in the Executive’s Base Salary as set forth in Section 3.1 hereof; or (iii)
a breach by the Company of any provision of this Agreement in any material respect. Executive must provide the Company with a Notice of
Termination no later than 45 calendar days after Executive knows or should have known that Good Reason has occurred. Following delivery
of Executive’s Notice of Termination, the Company shall have 45 calendar days to rectify the circumstances causing the Good Reason.
If the Company fails to rectify the events causing Good Reason within said 45 day period, or if the Company delivers to Executive written
notice stating that the circumstances cannot or shall not be rectified, Executive shall be entitled to assert Good Reason and terminate
employment as of the expiration of the 45 day period after delivery of the Executive’s Notice of Termination. Should Executive fail
to provide the required Notice of Termination in a timely manner, Good Reason shall not be deemed to have occurred as a result of the
event. The Term shall not be deemed to have expired during the notice period, however, as long as Executive has provided Notice of Termination
within the Term.

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4.4
Notice and Date of Termination. Any termination by the Company, or by Executive, shall be
communicated by Notice of Termination to the other party given in accordance with Section 7 hereof. For purposes of this Agreement, a
“Notice of Termination” is a written notice which indicates the specific termination provision in this Agreement relied
upon and sets forth such additional information as may be required in Section 4.2 or Section 4.3 hereof, to the extent applicable. The
“Date of Termination” means (i) if Executive’s employment is terminated by the Company for Cause, the Date of
Termination shall be as of the date of Executive’s receipt of the Company’s Notice of Termination, subject to any applicable
cure period; (ii) if Executive’s employment is terminated by Executive for Good Reason, the Date of Termination shall be the last
day of the 45 day period after delivery of Executive’s Notice of Termination; (iii) if Executive’s employment is terminated
by reason of death of the Executive, the date of death shall be the Date of Termination; (iv) if the Executive’s employment is terminated
by reason of Disability, the Date of Termination shall be the date of determination of Disability by the Board; (v) if the Executive’s
employment is terminated by the Company other than for Cause, death, Disability or Retirement, the Date of Termination shall be the date
of receipt of the Notice of Termination by Executive; or (vi) if the Executive terminates his employment other than for Good Reason, the
Date of Termination shall be date of receipt of the Notice of Termination by the Company. 

5.
Severance Benefits. 

(a)
If, during the Term, (i) the Company terminates the employment of Executive for any reason other
than Cause, death, Disability or Retirement, (ii) the Executive terminates his employment with the Company for Good Reason, or (iii) a
Change of Control is effectuated and the Executive’s employment is not continued by the entity or group that effectuates a Change
of Control, and the Executive signs the release form that is attached to this Agreement as Exhibit A (the “Release”),
the Executive shall receive an amount equal to six-twelfths (6/12th) of the Base Salary from the Date of Termination to the end of the
Term at the then current rate (the “Severance Benefits”). Subject to the delivery of the executed Release by Executive,
the Company shall pay the Severance Benefits in equal monthly installments in cash or good funds in accordance with the normal payroll
practices of the Company in effect on the Date of Termination of the Executive commencing on the first payroll payment date following
the expiration of thirty (30) days after the Date of Termination; provided that the obligation of the Company to pay such Severance Benefits
to the Executive shall be subject to termination under provisions of Section 6.2 hereof in the event Executive should violate the covenant
set forth therein. The Company shall withhold from any amounts payable under this Agreement all federal, state, city or other income and
employment taxes that shall be required. Notwithstanding the foregoing, the payment schedule for Severance Benefits may be modified or
adjusted if the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue
Code of 1986, as amended, to the extent necessary to comply with such Section and the regulations thereunder, but in no event shall the
aggregate amount of the Severance Benefits be reduced as a result of such modification or adjustment.

(b)
Executive shall not be entitled to receive Severance Benefits if employment with the Company is terminated
by reason of the death of the Executive, the Disability of the Executive as defined in Section 4.1(a), or by reason of termination of
employment by the Company with Cause as defined in Section 4.2; or by reason of termination of employment by the Executive unless the
employment is terminated for Good Reason as defined in Section 4.3 hereof.

(c)
The Executive shall be under no duty or obligation to seek or accept other employment and shall not
be required to mitigate the amount of severance benefits provided under this Agreement by seeking employment or otherwise.

6.
Non-Competition. 

6.1
Non-Competition; Nonsolicitation of Employee. The Executive will not during the Restricted
Period (herein defined):

(a)
become Employed by a Competitor Company; or

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(b)
solicit or induce any employees of the Company to leave such employment or accept employment with
any Competitor Company.

“Competitor Company”
means any entity that conducts any business of designing, manufacturing or selling thin-film photovoltaic technology.

“Employed”
includes activities as an owner, proprietor, employee, agent, solicitor, partner, member, manager, principal, shareholder (owning more
than 1% of the outstanding stock), consultant, officer, director or independent contractor.

“Restricted Period”
means a period of 12 months from the Date of Termination.

6.2
Remedies for Breach. If the Executive is deemed to have materially breached the non-competition
covenants set forth in Section 6.1 of this Agreement, the Company may, in addition to seeking an injunction or any other remedy they may
have, withhold or cancel any remaining payments of Severance Benefits due to the Executive pursuant to Section 5 of this Agreement. The
Company shall give prior or contemporaneous written notice of such withholding or cancellation of payments in accordance with Section
5 hereof. If the Executive violates any of these restrictions, the Company shall be further entitled to an immediate preliminary and permanent
injunctive relief, without bond, in addition to any other remedy which may be available to the Company.

6.3
Reasonableness of Restrictions. The Company and Executive agree that the restrictions in this
Agreement are fair and reasonable in all respects, including the geographic and temporal restrictions, and that the benefits described
in this Agreement, to the extent any separate or special consideration is necessary, are fully sufficient consideration for the Executive’s
obligations under this Agreement.

6.4
Confidentiality. Executive will remain obligated under any confidentiality or nondisclosure
agreement with the Companies (or any of them) that is currently in effect or to which the Executive may in the future be bound. In the
event that the Executive is at any time not the subject of a separate confidentiality or nondisclosure agreement with the Companies (or
any of them), Executive expressly agrees that Executive shall not use for the Executive’s personal benefit, or disclose, communicate
or divulge to, or use for the direct or indirect benefit of any person, firm, association or company any confidential or competitive material
or information of the Companies or their subsidiaries, including without limitation, any information regarding insureds or other customers,
actual or prospective, and the contents of their files; marketing, underwriting or financial plans or analyses which is not a matter of
public record; claims practices or analyses which are not matters of public record; pending or past litigation in which the Companies
have been involved and which is not a matter of public record; and all other strategic plans, analyses of operations, computer programs,
personnel information and other proprietary information with respect to the Companies which are not matters of public record. Executive
shall return to the Companies promptly, and in no event later than the Date of Termination, all items, documents, lists and other materials
belonging to the Companies or their subsidiaries, including but not limited to, credit, debit or service cards, all documents, computer
tapes, or other business records or information, keys and all other items in the Executive’s possession or control.

7.
Notice. For purposes of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or commercial courier or mailed
by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses as set forth below or
to such other address as one party may have furnished to the other in writing in accordance herewith.

Notice to the
Executive:

Paul Warley

[*****]

[*****]

 

 

Notice to the
Company:

Chief Executive Officer

Ascent Solar Technologies, Inc.

12300 Grant St.

Thornton, Colorado 80241-3120

 

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8.
Arbitration. The Company and Executive agree that final and binding arbitration shall be the
sole recourse to settle any claim or controversy arising out of or relating to a breach or the interpretation of this Agreement, except
as either party may be seeking injunctive relief. Either party may file a demand for arbitration. The arbitration shall be held at a mutually
agreeable location, and shall be subject to and in accordance with the Employment Arbitration Rules of the American Arbitration Association
then in effect; provided that if the location cannot be agreed upon the arbitration shall be held in Thornton, Colorado. The arbitrator
may award any and all remedies allowable by the cause of action subject to the arbitration, but the arbitrator’s sole authority
shall be to interpret and apply the provisions of this Agreement. In reaching its decision the arbitrator shall have no authority to change
or modify any provision of this Agreement or other written agreement between the parties. The arbitrator shall have the power to compel
the attendance of witnesses at the hearing. Any court having jurisdiction may enter a judgment based upon such arbitration. All decisions
of the arbitrator shall be final and binding on the parties without appeal to any court. Upon execution of this Agreement, the Executive
shall be deemed to have waived any right to commence litigation proceedings regarding this Agreement outside of arbitration or injunctive
relief without the express consent of the Company. The Company shall pay all arbitration fees and the arbitrator’s compensation.
If the Executive prevails in the arbitration proceeding, the Company shall reimburse to the Executive the reasonable fees and expenses
of Executive’s personal counsel for his or her professional services rendered to the Executive in connection with the enforcement
of this Agreement.

9.
Miscellaneous.

(a)
Except insofar as this provision may be contrary to applicable law, no sale, transfer, alienation,
assignment, pledge, collateralization or attachment of any benefits under this Agreement shall be valid or recognized by the Company.

(b)
This Agreement sets forth the entire agreement between the parties with respect to the matters set
forth herein. This Agreement may not be modified or amended except by written agreement intended as such and signed by all parties.

(c)
This Agreement shall benefit and be binding upon the parties and their respective directors, officers,
employees, representatives, agents, heirs, successors, assigns, devisees, and legal or personal representatives.

(d)
The Company, from time to time, shall provide government agencies with such reports concerning this
Agreement and copies thereof as may be required by law, and shall provide Executive with such disclosure concerning this Agreement as
may be required by law or as the Company may deem appropriate.

(e)
Executive and the Company respectively acknowledge that each of them has read and understand this
Agreement, that they have each had adequate time to consider this Agreement and discuss it with each of their attorneys and advisors,
that each of them understands the consequences of entering into this Agreement, that each of them is knowingly and voluntarily entering
into this Agreement, and that they are each competent to enter into this Agreement.

(f)
If any provision of this Agreement is determined to be unenforceable, at the discretion of the Company
the remainder of this Agreement shall not be affected but each remaining provision shall continue to be valid and effective and shall
be modified so that it is enforceable to the fullest extent permitted by law. 

(g)
This Agreement will be interpreted as a whole according to its fair terms. It will not be construed
strictly for or against either party.

(h)
Except to the extent that federal law controls, this Agreement is to be construed according to Delaware
law.

[Signatures on Following Page]

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

 

 

	 	
    ASCENT SOLAR TECHNOLOGIES, INC. 

     

     

     

    /s/ Jeffrey A. Max       

    Name: Jeffrey A. Max

    Title: Chief Executive Officer

     

     

    EXECUTIVE

     

	 	
     

    /s/ Paul Warley     

    Paul Warley

	 	 

 

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EXHIBIT A

 

FORM OF GENERAL RELEASE AGREEMENT

 

1.
Release. Paul Warley (“Executive”), on his own behalf and on behalf of his descendants,
dependents, heirs, executors, administrators, assigns and successors, and each of them, hereby acknowledges full and complete satisfaction
of and releases and discharges and covenants not to sue Ascent Solar Technologies, Inc. (the “Company”), its divisions, subsidiaries,
parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors, officers,
stockholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and collectively,
“Releasees”), from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or
unknown, suspected or unsuspected, arising out of or in any way connected with Executive’s employment or any other relationship
with or interest in the Company or the termination thereof, including without limiting the generality of the foregoing, any claim for
severance pay, profit sharing, bonus or similar benefit, pension, retirement, life insurance, health or medical insurance or any other
fringe benefit, or disability, or any other claims, agreements, obligations, demands and causes of action, known or unknown, suspected
or unsuspected resulting from any act or omission by or on the part of Releasees committed or omitted prior to the date of this General
Release Agreement (this “Agreement”) set forth below, including, without limiting the generality of the foregoing, any claim
under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act,
the Family and Medical Leave Act, or any other federal, state or local law, regulation, ordinance, constitution or common law (collectively,
the “Claims”); provided, however, that the foregoing release does not apply to any obligation of the Company to Executive
pursuant to any of the following: (1) any right to indemnification that Executive may have pursuant to the Company’s bylaws, its
corporate charter or under any written indemnification agreement with the Company (or any corresponding provision of any subsidiary or
affiliate of the Company) with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the extent
otherwise provided) that Executive may in the future incur with respect to his service as an employee, officer or director of the Company
or any of its subsidiaries or affiliates; (2) with respect to any rights that Executive may have to insurance coverage for such losses,
damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability insurance policy; (3) any rights to
continued insurance coverage that Executive may have under COBRA; or (4) any rights to payment of benefits that Executive may have under
a retirement plan sponsored or maintained by the Company that is intended to qualify under Section 401(a) of the Internal Revenue Code
of 1986, as amended. In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law. Notwithstanding
anything to the contrary herein, nothing in this Agreement prohibits Executive from filing a charge with or participating in an investigation
conducted by any state or federal government agencies. However, Executive does waive, to the maximum extent permitted by law, the right
to receive any monetary or other recovery, should any agency or any other person pursue any claims on Executive’s behalf arising
out of any claim released pursuant to this Agreement. For clarity, and as required by law, such waiver does not prevent Executive from
accepting a whistleblower award from the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of
1934, as amended.

Executive acknowledges and agrees that he has
received any and all leave and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act of 1993,
has not suffered from any workplace injury which has not been reported to the Company prior to execution of this Release.

2.Acknowledgement
of Payment of Wages. Except for accrued vacation (which the parties agree totals approximately XX days of pay) and salary for the
current pay period, Executive acknowledges that he has received all amounts owed for his regular and usual salary (including, but not
limited to, any bonus, incentive or other wages), and usual benefits through the date of this Agreement.

3.Waiver
of Unknown Claims. This Agreement is intended to be effective as a general release of and bar to each and every Claim hereinabove
specified. Executive acknowledges that he later may discover claims, demands, causes of action or facts in addition to or different from
those which Executive now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected
at the time of executing this Agreement, may have materially affected its terms. Nevertheless, Executive hereby waives, as to the Claims,
any claims, demands, and causes of action that might arise as a result of such different or additional claims, demands, causes of action
or facts.

 

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4.ADEA
Waiver. Executive expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims
that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), and that this waiver
and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims
that may arise under the ADEA after the date Executive signs this Agreement. Executive further expressly acknowledges and agrees that:

In
return for this Agreement, he will receive consideration beyond that which he was already entitled to receive before executing this Agreement;

He
is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;

He was given a copy of this
Agreement on ___________, and informed that he had twenty-one (21) days within which to consider this Agreement and that if he wished
to execute this Agreement prior to the expiration of such 21-day period he will have done so voluntarily and with full knowledge that
he is waiving his right to have 21 days to consider this Agreement; and that such 21-day period to consider this Agreement would not and
will not be re-started or extended based on any changes, whether material or immaterial, that are or were made to this Agreement in such
21-day period after he received it;

He was informed that he had
seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null
and void if Executive elects revocation during that time. Any revocation must be in writing and must be received by the Company during
the seven-day revocation period. In the event that Executive exercises this revocation right, neither the Company nor Executive will have
any obligation under this Agreement. Any notice of revocation should be sent by Executive in writing to the Company (attention: XXXXXXX),
[address], so that it is received within the 7-day period following execution of this Agreement by Executive.

Nothing
in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver
under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal
law.

5.No
Transferred Claims. Executive represents and warrants to the Company that he has not heretofore assigned or transferred to any person
not a party to this Agreement any released matter or any part or portion thereof.

6.Return
of Property. Executive represents and covenants that he has returned to the Company (a) all physical, computerized, electronic or
other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized electronic
information, that refer, relate or otherwise pertain to the Company or any of its Affiliates (as defined in the Employment Agreement)
that were in Executive’s possession, subject to Executive’s control or held by Executive for others; and (b) all property
or equipment that Executive has been issued by the Company or any of its Affiliates during the course of his employment or property or
equipment that Executive otherwise possessed, including any keys, credit cards, office or telephone equipment, computers (and any software,
power cords, manuals, computer bag and other equipment that was provided to Executive with any such computers), tablets, smartphones,
and other devices. Executive acknowledges that he is not authorized to retain any physical, computerized, electronic or other types of
copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials,
and is not authorized to retain any property or equipment of the Company or any of its Affiliates. Executive further agrees that Executive
will immediately forward to the Company (and thereafter destroy any electronic copies thereof) any business information relating to the
Company or any of its Affiliates that has been or is inadvertently directed to Executive following the date of the termination of Executive’s
employment.

7.Miscellaneous.
The following provisions shall apply for purposes of this Agreement:

(a)
Section Headings.The section headings, and titles of paragraphs and subparagraphs contained in, this Agreement are
for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation
thereof.

    	A-2 

    	 

    

(b)
Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement,
as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted and
enforced in accordance with, the laws of the State of Colorado notwithstanding any other conflict of law provision to the contrary.

(c)
Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect
other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this
end the provisions of this Agreement are declared to be severable.

(d)
Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive
written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

(e)
Waiver. No waiver of any breach of any term or provision of this Agreement shall be construed to be, nor shall be, a waiver
of any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach.

(f)
Counterparts. This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy
of a signed original. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

The
undersigned have read and understand the consequences of this Agreement and voluntarily sign it.

 

 

	 	
    ASCENT SOLAR TECHNOLOGIES, INC. 

     

     

     

                                               

    Name: Jeffrey A. Max

    Title: Chief Executive Officer

     

     

    

     

	 	
     

                                               

    Paul Warley

	 	 

 

 

    	A-3Exhibit 4.1

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT
BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT TO ANYONE OTHER THAN (I) BOUSTEAD SECURITIES,
LLC, OR A REPRESENTATIVE OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF BOUSTEAD SECURITIES,
LLC, OR OF ANY SUCH UNDERWRITERS OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO___, 2022. VOID AFTER 5:00 P.M., EASTERN TIME, _____, 2027.

 

UNDERWRITER’S WARRANT

 

FOR THE PURCHASE OF [●] ORDINARY SHARES

 

OF

 

Yi Po
International Holdings Limited 

 

1. Purchase Warrant. THIS CERTIFIES THAT,
pursuant to that certain Underwriting Agreement by and between Yi Po International Holdings Limited, a Cayman Islands company (the “Company”),
on one hand, and Boustead Securities, LLC (the “Holder”), on the other hand, dated __, 2022 (the “Underwriting
Agreement”), the Holder, as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from ___,
2022 (the “Exercise Date”), and at or before 5:00 p.m., Eastern time, on ____, 2027 (the “Expiration Date”,
which date shall be no more than five years from the commencement of sales of the initial public offering pursuant to the Underwriting
Agreement), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to _____ordinary shares (the “Shares”)
of the Company, no par value per ordinary share (the “Ordinary Shares”), subject to adjustment as provided in Section
6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then
this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During
the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $___ per Ordinary Share (125% of Offering price); provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including
the exercise price per Ordinary Share and the number of Ordinary Shares to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price as set forth above or the adjusted exercise
price as a result of the events set forth in Section 6 below, depending on the context. Capitalized terms not defined herein shall have
the meaning ascribed to them in the Underwriting Agreement. 

 

2. Exercise.

 

2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A must be duly executed and
completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Ordinary Shares
being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2 Cashless Exercise.
This Purchase Warrant may be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a number of Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the Fair Market
Value of one Ordinary Share;

 

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

 

(X) = the number
of Ordinary Shares underlying the Purchase Warrant that would be issuable upon exercise of this Purchase Warrant in accordance with the
terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

    1

    	 

    

 

If Shares are issued in such
a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Shares shall
take on the registered characteristics of the Purchase Warrants being exercised. The Company agrees not to take any position contrary
to this Section 2.2.

 

Notwithstanding anything herein
to the contrary, on the Expiration Date, this Purchase Warrant shall be automatically exercised via cashless exercise pursuant to this
Section 2.2.

 

“Fair Market Value”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the common stock is then listed or
quoted on a Trading Market, the value shall be deemed to be the highest intra-day or closing price on any trading day on such Trading
Market on which the common stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, (b) if OTCQB or OTCQX is not an Trading
Market, the value shall be deemed to be the highest intra-day or closing price on any trading day on the OTCQB or OTCQX on which the common
stock is then quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)) during the five trading days preceding the exercise, as applicable, (c) if the common stock is not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the common stock are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the “OTC Markets Group”,
the value shall be deemed to be the highest intra-day or closing price on any trading day on the Pink Sheets on which the common stock
is then quoted as reported by OTC Markets Group (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)) during the five trading days preceding the exercise, or (d) in all other cases, the fair market value of a share of common stock
as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company.

 

“Trading Market”
means the NASDAQ Stock Market LLC, or any of the following other markets or exchanges on which the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (or any successors to any of the foregoing).

 

Upon a cashless exercise of
this Purchase Warrant pursuant to this Section 2.2 the Ordinary Shares to be issued to Holder shall be paid up out of any of the Company’s
freely distributable reserves, other than share premium reserves maintained by the Company for the benefit of holders of preferred shares,
or out of any of the Company’s statutory reserves which may be converted into share capital, to be determined by the Company’s board of
directors in its sole discretion. A cashless exercise of this Purchase Warrant pursuant to this Section 2.2 shall only be permitted to
the extent the Company has sufficient freely distributable reserves, other than share premium reserves maintained by the Company for the
benefit of holders of preferred shares, or reserves which may be converted into share capital. 

 

    2

    	 

    

 

2.3 Legend. Each certificate
for the securities purchased under this Purchase Warrant shall bear the following legends unless such securities have been registered
under the Securities Act of 1933, as amended (the “Act”), or are exempt from registration under the Act:

 

(i) “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE
LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW WHICH, IN THE
OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

(ii) Any legend required by the securities
laws of any state to the extent such laws are applicable to the Shares represented by a certificate, instrument, or book entry so legended.

  

3. Transfer.

 

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant (or any Shares issuable upon the exercise of this Purchase Warrant) for a period of
one hundred eighty (180) days following the effective date of the Registration Statement (the “Effective Date”) to
anyone other than: (i) the Underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of the
Underwriter or of any such selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) cause this Purchase
Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule
5110(e)(2). On and after that date that is one hundred eighty (180) days after the Effective Date, transfers to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to
the Company the assignment form attached hereto as Exhibit B duly executed and completed, together with this Purchase
Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer
this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor
to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Ordinary Shares purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.

 

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received
the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration under the Act
and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, (ii) a registration
statement or a post-effective amendment to the registration statement relating to the offer and sale of such securities that has been
declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and includes a current prospectus
or (iii) a registration statement, pursuant to which the Holder has exercised its registration rights pursuant to Section 4.1
herein, relating to the offer and sale of such securities has been filed and declared effective by the Commission and compliance with
applicable state securities law has been established.

 

    3

    	 

    

 

4. Registration Rights.

 

4.1 “Piggy-Back”
Registration. At any time after 180 days from the date hereof that all of the Shares may not be resold by the Holder pursuant to an
exemption from registration under the Securities Act upon exercise on a cashless basis and unless all of the Ordinary Shares underlying
the Purchase Warrant (collectively, the “Registrable Securities”) are included in an effective registration statement
with a current prospectus, the Holder shall have the right, until the Expiration Date, or the maximum time allowable under FINRA Rule
5110(g)(8), whichever is the earlier, to include the remaining Registrable Securities as part of any other registration of securities
filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or pursuant to Forms
S-8, F-3, F-4 or any equivalent forms); provided, however, that if, solely in connection with any primary underwritten public
offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation
on the number of Registrable Securities which may be included in the registration statement because, in such underwriter(s)’ judgment,
marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated
to include in such registration statement only such limited portion of the Registrable Securities with respect to which the Holder requested
inclusion hereunder as the underwriter shall reasonably permit; and further provided that no such piggy-back rights shall
exist for so long as the Registrable Securities (which term shall include those paid as consideration pursuant to the cashless exercise
provisions of this Purchase Warrant) may be sold pursuant to Rule 144 of the Act without restriction. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless
the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such
registration statement or are not entitled to pro rata inclusion with the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior
to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The Holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within seven (7) days of the
receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.1.

 

4.2 General Terms.

 

4.2.1 Expenses of Registration.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4 hereof, but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities.

 

4.2.2 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to
which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriter contained
in Section 5 of the Underwriting Agreement.

 

    4

    	 

    

 

4.2.3 Exercise of Purchase
Warrant. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrant
prior to or after the initial filing of any registration statement or the effectiveness thereof.

  

4.2.4 Documents to be Delivered
by Holder(s). Each of the Holder(s) participating in any registration statement filed by the Company shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

  

4.2.5 Damages. Should
the registration or the effectiveness thereof required by Section 4 hereof be delayed by the Company or the Company otherwise
fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.

 

5. New Purchase Warrants to be Issued.

 

5.1 Partial Exercise or
Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant
of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Ordinary
Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and
of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like
tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall
constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments to Exercise
Price and Number of Ordinary Shares. The Exercise Price and the number of Ordinary Shares underlying this Purchase Warrant shall be
subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share Dividends; Split
Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary
Shares is increased by a stock dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar event, then, on
the effective day thereof, the number of Ordinary Shares purchasable hereunder shall be increased in proportion to such increase in outstanding
Ordinary Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2 Aggregation of Ordinary
Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the
effective date thereof, the number of Ordinary Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding
Ordinary Shares, and the Exercise Price shall be proportionately increased.

 

    5

    	 

    

 

6.1.3 Replacement of Ordinary
Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other than a
change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely affects the par value of such
Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another
corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this
Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such
event, the kind and amount of ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by
a Holder of the number of Ordinary Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event;
and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1 or Section 6.1.2,
then such adjustment shall be made pursuant to Section 6.1.1, Section 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions
or amalgamations, or consolidations, sales or other transfers.

 

6.1.4 Fundamental
Transaction. If, at any time while this Purchase Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary
Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spinoff or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with, the other
Persons making or party to such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Purchase Warrant, the Holder shall have the right to receive, for each Ordinary Share that
would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of Ordinary
Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional or alternative
consideration (the “Alternative Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of Ordinary Shares for which this Purchase Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternative Consideration
based on the amount of Alternative Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternative Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternative Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative Consideration it receives
upon any exercise of this Purchase Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Purchase Warrant, and to deliver to the Holder in exchange for this Purchase Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Purchase Warrant which is exercisable for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable
and receivable upon exercise of this Purchase Warrant prior to such Fundamental Transaction, and with an exercise price which applies
the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Purchase Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Purchase Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of, the Company
and shall assume all of the obligations of the Company, under this Purchase Warrant and the other Transaction Documents with the same
effect as if such Successor Entity had been named as the Company herein. “Transaction Documents” shall mean the Underwriting
Agreement and any other agreement entered into between the Company and the Holder in connection therewith or herewith.

 

    6

    	 

    

 

6.1.5   Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Ordinary Shares as are stated
in the Purchase Warrant initially issued pursuant to the Underwriting Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date
hereof or the computation thereof.

 

6.2 Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another
corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change
of the outstanding Ordinary Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute
and deliver to the Holder a supplemental Purchase Warrant providing that the Holder of each Purchase Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase
Warrant, the kind and amount of Ordinary Shares and other securities and property receivable upon such consolidation or share reconstruction
or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Purchase Warrant might have been exercised
immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall
provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of
this Section 6 shall similarly apply to successive consolidations or share reconstructions or amalgamations. 

 

6.3 Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares upon the exercise of
the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of
the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Ordinary Shares or other securities, properties or rights.

 

7. Reservation and Listing. The Company
covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use
its commercially reasonable efforts to cause all Ordinary Shares issuable upon exercise of this Purchase Warrant to be listed (subject
to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB Market or any successor quotation
system) on which the Ordinary Shares issued to the public in the Offering may then be listed and/or quoted (if at all).

 

8. Certain Notice Requirements.

 

8.1 Holder’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice
as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company.
If, however, at any time prior to the expiration of this Purchase Warrant and its exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”) for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing
of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice
given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

    7

    	 

    

 

8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders
of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding
up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially
all of its property, assets and business shall be proposed. 

  

8.3 Notice of Change in
Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing
the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Financial
Officer.

 

8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been
duly made if made in accordance with the notice provisions of the Underwriting Agreement to the addresses and contact information for
the Holder appearing on the books and records of the Company.

 

If to the Holder, then to:

 

Boustead Securities, LLC

6 Venture, Suite 265

Irvine, CA 92618

		Attn:	Keith Moore

		Attn:	Daniel J. McClory

	 	Email:	keith@boustead1828.com

dan@boustead1828.com

 

With a copy to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st Floor

New York, NY 10036

	 	Attn:	Benjamin Tan, Esq.

	 	Email:	btan@srf.law

 

    8

    	 

    

 

If to the Company:

 

With a copy (which shall not constitute
notice) to:

 

Ortoli Rosenstadt LLP

366 Madison Avenue

New York, NY 10017

Attn: William Rosenstadt, Esq.

Jason Ye, Esq.

		Email:	wsr@orllp.legal

 jye@orllp.legal

 

9. Miscellaneous.

 

9.1 Amendments. The
Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any
other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the
Underwriter may deem necessary or desirable and that the Company and the Underwriter deem shall not adversely affect the interest of the
Holders, in their sole and absolute discretion. All other modifications or amendments shall require the written consent of and be signed
by the party against whom enforcement of the modification or amendment is sought.

 

9.2 Headings. The headings
contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire Agreement.
This Purchase Warrant constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

    9

    	 

    

 

9.5 Governing Law; Submission
to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6 Waiver, etc. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete
exercise of this Purchase Warrant by Holder, if the Company and the Underwriter enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

 

9.8 Holder Not Deemed a
Shareholder. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Purchase Warrant,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Purchase Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Purchase
Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of share, reclassification of share, consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Ordinary Shares which it is then entitled
to receive upon the due exercise of this Purchase Warrant. In addition, nothing contained in this Purchase Warrant shall be construed
as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Purchase Warrant or otherwise) or as a shareholder
of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

[Signature Page to Follow]

 

    10

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this Purchase Warrant
to be signed by its duly authorized officer as of the __th day of  2022.

 

 

	 	
    Yi Po International Holdings
    Limited

    

	 	 	 
	 	By: 	 
	 	 	Name: Weiming Jin
	 	 	Title: Chief Executive Officer

 

    11

    	 

    

 

EXHIBIT A

 

Exercise Notice

 

Form to be used to exercise Purchase Warrant:

 

Date: __________, 20___

 

The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Ordinary Shares of Yi Po International
Holdings Limited, a Cayman Islands company (the “Company”) and hereby makes payment of $____ (at the rate of
$____ per Ordinary Share) in payment of the Exercise Price pursuant thereto. Please issue the Ordinary Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number
of Ordinary Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase ___ Ordinary Shares under the Purchase Warrant for ______ Ordinary Shares, as determined
in accordance with the following formula:

 

dividing [(A-B) (X)] by (A),
where:

 

(A) = the Fair Market
Value of one Ordinary Share;

 

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

 

(X) = the number
of Ordinary Shares underlying the Purchase Warrant that would be issuable upon exercise of this Purchase Warrant in accordance with the
terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

The undersigned agrees and
acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation
shall be resolved by the Company in its sole discretion.

 

Please issue the Ordinary
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given and, if applicable, a new Purchase Warrant
representing the number of Ordinary Shares for which this Purchase Warrant has not been converted.

 

Signature

 

Signature Guaranteed

 

    12

    	 

    

 

EXHIBIT B

 

Form to be used to assign Purchase Warrant: ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the
within Purchase Warrant):

 

FOR VALUE RECEIVED,           does
hereby sell, assign and transfer unto the right to purchase [●] ordinary shares of Yi
Po International Holdings Limited, a Cayman Islands company (the “Company”), evidenced by the Purchase Warrant
and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: , 20__

 

Signature

 

Signature Guaranteed

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

(Print in Block Letters)

Address:

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

  

 

13

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