Document:

Exhibit 10.4

 Exhibit 10.4 
  

 
 June 22, 2018 

PERSONAL AND CONFIDENTIAL 
 Donald Patrick
LaPlatney 
 723 Thorn Place 
 Montgomery, AL 36106 

Dear Pat: 
 On behalf of Gray Television, Inc.
(the “Company”), I am pleased to offer you employment on the terms and conditions set forth in this offer letter. This offer letter is not a contract of employment and your employment will be
at-will, which means that either you or the Company may terminate your employment at any time for any reason not prohibited by law. This offer is contingent upon the closing of the merger (the
“Merger”) contemplated by the Agreement and Plan of Merger dated as of June 23, 2018 by and among the Company, Raycom Media, Inc. (“West”) and Tara Advisors, LLC solely in its capacity as the Stockholders Representative,
pursuant to which West will become a wholly-owned subsidiary of the Company, and your start date will be the date the Merger is consummated (the “Closing Date”). 

This offer letter supersedes any written or unwritten agreements or understandings by and between you and the Company and any of its
affiliates, including the Employment Agreement, dated as of July 1, 2016, by and between West and you (the “Employment Agreement”) ̧ which Employment Agreement will terminate on the Closing Date at the effective time of the
Merger.. For the avoidance of doubt, you and the Company hereby agree that you are not (and will not be) entitled to any severance payments or benefits under the Employment Agreement. This offer letter, together with the Attachments hereto,
constitutes the entire agreement between you and the Company respecting the subject matter hereof, and there are no representations, warranties or other commitments other than those expressed herein. 

Effective as of the closing of the Merger, you will initially serve as President and Co-Chief
Executive Officer of the Company, reporting directly to the Executive Chairman of the Company. While serving in such role, you will devote your full business time and efforts to the performance of your duties to the Company. 

Your initial base salary will be $1,000,000 per year, payable in accordance with the normal payroll practices of the Company. Your base salary
will be subject to review and adjustments in accordance with the Company’s normal performance review practices for executive officers. 

 Beginning with the 2019 fiscal year and during your employment with the Company, you will be
eligible to receive an annual cash incentive compensation opportunity under the Company’s annual incentive plan for executive officers as in effect from time to time (the “AIP”), as may be determined by the Compensation Committee of
the Board of Directors of the Company (the “Committee”). In general, the payment of annual cash incentive compensation under the AIP is based on achieving certain performance goals. In order to receive payment under the AIP, you must be
employed by the Company on the date that annual cash incentive compensation is paid. For fiscal year 2018, provided that you commence employment with the Company no later than October 1, 2018, you will be eligible to receive a pro-rata annual cash incentive payment under the Company’s annual incentive plan based on the number of days you are employed by the Company during such fiscal year, with the payout determined based on actual
performance against the applicable fiscal 2018 performance metrics. There is no guaranteed annual incentive payment under this offer letter. 

You will initially be a participant in the Company’s Executive and Key Employee Change in Control Severance Plan (the “Severance
Plan”) at the “Chief Executive Officer” level, as further described in the Severance Plan, subject to such modifications to the timing of payments thereunder as the Company may determine necessary to comply with Section 409A of
the Internal Revenue Code (the “Code”). 
 During the period beginning on the Closing Date and ending on the second anniversary of
the Closing Date (the “Protection Period”), you will be eligible for severance as provided in Annex 1 hereto. 
 All other
compensation for your service as President and Co-Chief Executive Officer of the Company will be determined by the Committee in accordance with its normal practices. 

If you accept a position with the Company, your employment will be subject to this offer letter and the Standard Terms and Conditions set
forth in Attachment A. The Company reserves the right to change the terms of the Attachments from time to time in its reasonable discretion. 

In addition, you agree as a condition of your employment to be subject to certain restrictions, including an agreement not to compete with the
Company for a period following your termination of employment, if employment ends during the Protection Period. The terms of these restrictions are set forth in Attachment B. You also agree that you will be subject to the Company’s policies and
guidelines, including the stock ownership guidelines, and that your compensation will be subject to the terms of the Company’s clawback policy, all as in effect from time to time, to the extent applicable. 

To the extent applicable, it is intended that this offer letter comply with or be exempt from the provisions of Section 409A of the Code.
This offer letter will be administered in a manner consistent with this intent, and any provision that would cause this offer letter to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with or be
exempt from Section 409A of the Code. 
 By signing below, you acknowledge that you have apprised the Company of any and all
contractual obligations that you may have that would conflict with the foregoing terms or that would prevent you from fulfilling your obligations to the Company as contemplated hereby or otherwise limit your activities on behalf of the Company. 

  

					
		  	-2-	  	Employee Initials             

 Subject to the closing of the Merger, please indicate your acceptance of this offer, by
signing in the space provided below, initialing the attached pages and returning this offer letter to me, no later than June 25, 2018. 

[SIGNATURE PAGE FOLLOWS] 

  

					
		  	-3-	  	Employee Initials             

 Sincerely, 

/s/ Hilton H. Howell,
Jr.                           

Hilton H. Howell, Jr. 
 Chairman and Chief Executive Officer 

AGREED TO AND ACCEPTED BY (INCLUDING ALL ATTACHMENTS): 
  

					
	 /s/ Donald Patrick LaPlatney
	 	        	  	Date: 6.22.18            
	Donald Patrick LaPlatney	 		  	

  

					
		  	-4-	  	Employee Initials             

 Annex 1 

If, during the Protection Period, you experience a Termination of Employment (as defined below), either by the Company without Cause (as
defined below), or by you for Good Reason (as defined below), then, upon your Termination of Employment, the Company will pay to you: 
  

	 	a)	 an amount equal to two (2) times your annual base salary at the highest rate in effect in the twelve-month
period immediately preceding the Termination of Employment (including during your employment with West prior to the Closing Date), with such amount payable in substantially equal cash installments not less frequently than monthly over a period of
twenty-four (24) months, commencing on the date determined by the Company but in no event later than sixty (60) days following the date of your Termination of Employment; 

 

	 	b)	 an amount equal to two (2) times the highest annual non-equity
incentive (bonus) compensation (excluding any one-time-only bonuses) (“Annual Incentive”) you received or earned (if you termination occurs prior to the payment of a particular Annual Incentive)
during the three years immediately preceding the year in which you experienced a Termination of Employment (including during your employment with West prior to the Closing Date), payable in a lump sum payment within 60 days following Termination of
Employment; and 

  

	 	c)	 a monthly amount payable for 18 months following your Termination of Employment equal to the monthly COBRA
premium amount you would have to pay for continuation coverage under the Company’s group health plan. 

Notwithstanding anything herein to the contrary, any amounts otherwise payable to you pursuant to this Annex 1 will be reduced on a dollar-per-dollar basis by any amounts earned by you as an employee, consultant, advisor, director or independent contractor during the period payments are to be made pursuant
to this Annex 1. 
 Notwithstanding anything herein to the contrary, as a condition of the Company’s payment of any amount in
connection with your Termination of Employment, you must execute within such period of time following Termination of Employment as is permitted by the Company (and not timely revoke during any revocation period provided pursuant to such release) a
release and non-disparagement agreement in the form provided by the Company. All payments of severance shall accrue from the date of your Termination of Employment and, notwithstanding the other timing
provisions of this Annex 1, shall be made or commence on the 60th day following your Termination of Employment, with any accrued but unpaid severance being paid on the date of the first payment. 

Upon your Termination of Employment for any reason, the Company shall have no further obligations to you or your estate with respect to this
offer letter, except for the payment of any amount earned and owing under the offer letter and payment set forth in this Annex 1, if applicable. 

  

					
		  	-5-	  	Employee Initials             

 Notwithstanding anything herein to the contrary, to the extent necessary to avoid the
imposition of tax on you under Section 409A of the Code, any payments that are otherwise payable to you within the first six (6) months following the effective date of Termination of Employment, shall be suspended and paid as soon as
practicable following the end of the six-month period following such effective date if, immediately prior to your Termination of Employment, you are determined to be a “specified employee” (within
the meaning of Section 409A(a)(2)(B)(i) of the Code) of the Company (or any related “service recipient” within the meaning of Section 409A of the Code and the regulations thereunder). Any payments suspended by operation of the
foregoing sentence shall be paid as a lump sum within thirty (30) days following the end of such six-month period. Payments (or portions thereof) that would be paid latest in time during the six-month period will be suspended first. 
 Any purported termination of your employment which does not
rise to the level of a Termination of Employment shall not entitle you to any of the payments or benefits described in this Annex 1. 
 For
purposes of this offer letter, the following terms have the following meanings: 
  

	 	•	 	 “Cause” means: 

 

	 	(1)	 a material breach of the terms of this offer letter by you not cured by you within thirty (30) days after
your receipt of the Company’s written notice thereof, including, without limitation, failure by you to perform your duties and responsibilities in the manner and to the extent required under the offer letter; 

 

	 	(2)	 any act by you of fraud against, material misappropriation from, or material dishonesty to the Company;

  

	 	(3)	 indictment of you of a crime involving breach of trust or moral turpitude or any felony; 

 

	 	(4)	 conduct by you that amounts to willful misconduct, gross and willful insubordination, gross neglect or
inattention to or material failure to perform your duties and responsibilities to the Company, including prolonged absences without the written consent of the Board of Directors of the Company; provided, that the nature of such conduct shall
be set forth with reasonable particularity in a written notice to you who shall have ten (10) days following delivery of such notice to cure such alleged conduct, provided, that such conduct is, in the reasonable discretion of the Board
of Directors of the Company, susceptible to a cure; or 

  

	 	(5)	 the exhibition of a standard of behavior within the scope of or related to your employment that is materially
disruptive to the orderly conduct of the Company’s business operations (including, without limitation, substance abuse, sexual harassment or sexual misconduct) in the reasonable opinion of the Board of Directors of the Company (if applicable,
with you abstaining from participating in the consideration of, and vote on, such matter). 

  

					
		  	-6-	  	Employee Initials             

	 	•	 	 “Good Reason” means any of the following which occurs after the Closing Date: 

 

	 	(1)	 a material reduction of your annual base salary from its then-current rate without your consent;

  

	 	(2)	 a material diminution in your authority, responsibilities or duties under the offer letter without your
consent; or 

  

	 	(3)	 a requirement that you relocate your work location to a location that is more than twenty-five (25) miles
from the agreed upon work location for you immediately after the consummation of the Merger. 

 provided,
however, that for a Termination of Employment by you to be for Good Reason, you must notify the Company in writing of the event giving rise to Good Reason within thirty (30) days following the occurrence of the event (or, if later,
thirty (30) days following your knowledge of occurrence of the event), the event must remain uncured after the expiration of sixty (60) days following the delivery of written notice of such event to the Company by you, and you must resign
effective no later than sixty (60) days following the Company’s failure to cure the event and must give at least thirty (30) days’ advance written notice prior to your effective date of resignation. 

 

	 	•	 	 “Termination of Employment” means termination of your employment where you have ceased to perform any
services as an employee for the Company and all affiliated companies that, together with the Company, constitute the “service recipient” within the meaning of Code Section 409A and the regulations thereunder. 

  

					
		  	-7-	  	Employee Initials             

 ATTACHMENT A 

OFFER OF EMPLOYMENT 
 STANDARD
TERMS AND CONDITIONS 
  

	(1)	 You represent that you are not subject to the terms of any noncompetition, confidentiality or similar
agreement that would limit your ability to carry out the duties of your position and your offer of employment is based on this representation. If the Company learns that you are currently subject to any such agreement that would limit or prohibit
your employment with the Company, this offer of employment may be withdrawn and/or your employment may be terminated. 

  

	(2)	 Your employment will be governed by the policies set forth in the Company’s Employee Handbook as
well as other personnel policies. A copy of the Employee Handbook and the Company’s other policies will be made available to you and are subject to change at any time at the Company’s sole discretion. 

 

	(3)	 Employees are paid bi-weekly on Fridays. Commissioned employees
may receive commission payments monthly on the 15th. This payroll schedule may change as determined by the Company from time to time. Applicable payroll deductions as required by state and federal
law will be withheld from your paycheck, along with any voluntary deductions you authorize. By signing your offer letter and accepting employment, you authorize the Company, to the extent permitted by law, to deduct from your wages or other payments
otherwise due you, the deductions associated with any voluntary participation by you in any of the Company sponsored benefit programs requiring such deductions. 

 

	(4)	 You will be eligible to participate in all compensation and benefit programs that the Company offers to
similarly situated employees. Your terms and conditions of employment, including the compensation and benefit programs applicable to you are reviewed regularly by the Company and are subject to change. Information regarding our current Company
benefit programs will be provided to you. 

  

	(5)	 Proof of identity and legal authority to work in the United States is a condition of employment pursuant
to the Immigration Reform and Control Act of 1986, as amended. This organization participates in E-Verify. 

  

	(6)	 During your employment with the Company, you will have access to highly confidential information and
sensitive areas of the Company’s business, including, without limitation, information about Company clients and customers and information about Company business activities, practices or procedures. By signing this offer letter, you agree not
to use such confidential information, for yourself or others, and not to disclose such information during your employment with the Company and at any time thereafter, except as may be required by law or except as authorized to perform your duties
while employed by the Company. By signing this offer letter, you agree that the Company will suffer irreparable injury if you use or disclose such confidential information. And therefore, without limiting any other legal or equitable remedies

  

					
		  		  	Employee Initials             

	 	
available to the Company, if you use or disclose or threaten to use or disclose such confidential information on behalf of yourself or others, the Company will be entitled to obtain equitable
relief by injunction or otherwise from any court of competent jurisdiction, including without limitation, an injunction to prevent you from breaching the provisions of this Paragraph restricting your disclosure of confidential information. For
purposes of this offer letter, confidential information that is considered “trade secrets” under applicable law shall be subject to the maximum protection permitted by law. Notwithstanding anything in this offer letter to the contrary
(including this Attachment A and Attachment B), nothing in this offer letter prevents you from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or
participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing information voluntarily to the Securities and Exchange Commission
pursuant to Section 21F of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

  

	(7)	 During your employment with the Company, you will be provided training, information and equipment to
perform your duties. By signing this offer letter you agree that at any time upon the Company’s request or upon your termination of employment, you will return to the Company any and all memoranda, books, reports, notes, files, records,
software, handbooks, documents or other items compiled or made available to you during your employment with the Company, along with all keys, security and employee identity cards and other physical property. By signing this offer letter you
acknowledge the Company as the sole and rightful owner of any “intellectual property,” including but not limited to, any programs, inventions, copyright material, trademarks, tradenames, patents, and the like, which you may create, prepare
or procure, by yourself or with others, during employment with the Company, where such creation, preparation or procurement involved the use of Company time or resources. 

 

	(8)	 During your employment with the Company, you may be filmed, photographed or otherwise recorded. You
consent to the use, editing, reproduction, exhibit or display of such recordings for advertising and publicity purposes by the Company, its affiliates or their sponsors, or for any other lawful purpose, in any present or future medium worldwide. You
hereby grant the Company the royalty-free non-exclusive use of, and the right to license others to use, your name, voice, caricature, biography and likeness or any other rights of publicity or indicia of
identity in any present or future medium worldwide. You acknowledge and agree that you have no right of approval, no claim to any compensation, and no other claim arising out of any use described herein. 

  

					
		  	-A-2-	  	Employee Initials             

 Attachment B 

OFFER OF EMPLOYMENT 
 RESTRICTIVE
COVENANTS 
 Restrictive Covenants. You agree that, while employed by the Company and for the one-year period
following termination of employment, if terminated during the Protection Period, regardless of the reason for termination: 
  

	(1)	 You shall not perform any activities that are the same as or similar to the services you performed for
the Company within the two-year period preceding the termination of employment for or on behalf of any Competitor without the express prior written consent of the Company (which consent may be withheld at the
Company’s discretion). For purposes of this Paragraph, the term “Competitor” means any television station, radio station, cable television facility or program or any other video delivery system (including, without limitation,
broadcast, cable, satellite or internet) that competes with the Company for viewers, advertisers or the like within all or any portion of the Designated Market Area (DMA) of the Station (as currently defined by Nielsen Media Research) other than the
Company or any entity that owns, is owned or controlled by, or licensed to, the Company . 

  

	(2)	 You shall not (directly or indirectly), on behalf of yourself or any other person or entity, hire,
solicit, take away or attempt to hire, solicit or take away any person who is (or in the preceding one year was) an employee, director or independent contractor of the Company or its affiliates and shall not induce or attempt to induce, or influence
or attempt to influence, any person employed by Company or its affiliates to terminate his or her employment with the Company or its affiliates. 

  

	(3)	 You shall not, on your own behalf or on behalf of any other person or entity, directly or indirectly,
(whether as employee, consultant, investor, partner, sole proprietor or otherwise) induce or attempt to induce any current or potential customer or client of the Company to cease doing business with the Company, or in any way interfere with the
relationship between any such customer or client and the Company. The restrictions in this Paragraph 3 apply to any current or potential customer or client of the Company with whom you had “material contact.” For the purposes of this
Paragraph, “material contact” means contact between you and any current or potential customer or client of the Company: (a) with whom or which you dealt on behalf of the Company; (b) whose dealings with the Company were
coordinated or supervised by you; (c) about whom you obtained confidential information in the ordinary course of business as a result of your association with the Company; or (d) who receives products or services authorized by the Company,
the sale or provision of which results or resulted in compensation, commissions, or earnings for you within two years prior to the date of your termination of employment. 

 

	(4)	 You acknowledge and agree that you have carefully considered the nature and extent of the restrictions
upon you and the rights and remedies conferred upon the Company under these Restrictive Covenants, and hereby acknowledge and agree that the same are reasonable in time and territory, are designed to eliminate competition which otherwise would be
unfair to the Company, do not stifle your inherent skill and experience, are fully required to protect 

  

					
		  		  	Employee Initials             

	 	
legitimate interests of the Company, and do not confer a benefit upon the Company disproportionate to the detriment to you. Each of the above-recited covenants shall be deemed and shall be
construed as a separate and independent covenant. Any court of competent jurisdiction which determines that the above-recited covenants or any portion thereof are overbroad or otherwise unenforceable may reform or revise such covenants to the extent
necessary to conform with existing law such that the revised covenants, or portions thereof, shall be read as broadly as the law allows. Should any part or provision of any such covenants be reformed or declared invalid, such reformation or
invalidity shall in no way render invalid or unenforceable any other part or provision thereof or any other separate covenant not declared invalid. You agree that your breach of any restrictive covenant in this Attachment B will cause the Company
irreparable injury that cannot be adequately compensated by monetary damages alone. Therefore, you agree that the Company, without limiting any other legal or equitable remedies available to it, shall be entitled to obtain equitable relief by
injunction or otherwise from any court of competent jurisdiction, including, without limitation, injunctive relief to prevent your failure to comply with the terms and conditions of this Attachment B. The
one-year period referenced in Paragraphs (1) and (2) shall be extended on a day-for-day basis for each day during which you
violate the provisions of Paragraph (1) or (2) in any respect, so that you are restricted from engaging in the activities prohibited by those Paragraphs for the full one-year period. 

  

					
		  	-B-2-	  	Employee InitialsExhibit

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
	
			
	 
	 
	 

	Principal Amount: $300,000.00 
Purchase Price: $225,000.00
	 
	Issue Date: December 31, 2018 

PROMISSORY NOTE
FOR VALUE RECEIVED, ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (hereinafter called “Borrower”), hereby promises to pay to BAYBRIDGE CAPITAL FUND, LP, a Delaware limited partnership, or its assigns (the “Holder” and together with the Borrower, the “Parties”) or order, without demand, the sum of Three Hundred Thousand Dollars ($300,000) (“Principal Amount”), and to pay interest on the unpaid principal balance hereof at the rate of twelve percent (12%) (the “Interest Rate”) per annum, accruing thereon from the date of receipt by the Borrower attached hereto as Annex I and maturing on June 30, 2019 (the “Maturity Date”) together with all accrued and unpaid interest thereon, fees incurred or other amounts owing hereunder, all as set forth below in this Promissory Note (this “Note”), if not sooner paid. All payments due hereunder shall be made in lawful money of the United States of America and such payments shall be applied to amounts owing under the Note by Holder, in its sole discretion. 
This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.  
The following terms shall apply to this Note:

ARTICLE I
GENERAL PROVISIONS
1.1     Payment Grace Period. The Borrower shall have a five (5) day grace period to pay any monetary amounts due under this Note, after which grace period a default interest rate of eighteen percent (18%) per annum shall apply from the due date thereof until the same is paid (“Default Interest”).  

1.2    Original Issue Discount. The Borrower acknowledges that the Principal Amount of this Note exceeds the Purchase Price (as set forth above) for this Note and that such excess is an original issue discount and shall be fully earned and charged to the Borrower upon the execution of this Note, and shall be paid to the Holder as part of the outstanding principal balance as set forth in this Note.

1.3    Application of Payments. The Borrower acknowledges that the payments made in connection with this Note shall be applied first to collection expenses (including all attorneys’ fees and expenses), if any, 

US.116218804.02

thereafter to amounts due hereunder other than principal and interest, thereafter to Interest and finally to Principal Amount all in the Holder’s sole discretion.

Page 2 of 12

1.4    Change of Control. In the event of (i) any transaction or series of related transactions (including any reorganization, merger or consolidation) by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Borrower, by contract or otherwise) that results in the transfer of 33% or more of the outstanding voting power of the Borrower, (ii) the Borrower merges into or consolidates with any other Person, or any Person merges into or consolidates with the Borrower and, after giving effect to such transaction, the stockholders of the Borrower immediately prior to such transaction own less than 66% of the aggregate voting power of the Borrower or the successor entity of such transaction, or (iii) a sale of all or substantially all of the assets of the Borrower to another person or entity, this Note shall be automatically due and payable in full, immediately. The Borrower will give the Holder not less than twenty (20) business days prior written notice of the occurrence of any events referred to in this Section 1.4.

1.5    Miscellaneous. The Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed.  Principal and interest on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated in lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s instructions upon receipt of written notice thereof.
  
ARTICLE II
REPRESENTATIONS AND WARRANTIES

  2.         Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants to the Holder that:
 
         (a)           The Borrower’s Common Stock is registered under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”);
 
(b)           The Borrower is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such reports); 

(c)    Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.  Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act.  Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business.  None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally.  Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted;

(d)         Litigation.  There is no claim, legal action, suit, arbitration, investigation or other proceeding pending, or to the knowledge of the Borrower, threatened against or relating to the Borrower or its assets.  Neither the Borrower nor any of its assets are subject to any outstanding judgment, order, writ, injunction or decree of any Governmental Authority. There is currently no investigation or review by any 

Page 3 of 12
            

Governmental Authority with respect to the Borrower pending or, to the knowledge of the Borrower, threatened, nor has any Governmental Authority notified the Borrower of its intention to conduct the same;
(e)         SEC Matters.  To the knowledge of the Borrower, neither the Borrower, nor any current or past officer or director of the Borrower has ever been sanctioned, disciplined, fined, and/or imprisoned for any violations of any securities laws of the United States or any other jurisdiction.

ARTICLE IV
CERTAIN COVENANTS
  
3.1    Exchange Listing, Existence.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to obtain such consents, approvals and authorizations, if any, and satisfy all conditions that such Exchange may impose on the listing of the Common Stock and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

3.2    No Integration.  Neither the Borrower nor any of its affiliates (as defined in Rule 501(b) of Regulation D of the Securities Act (“Regulation D”)) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Note in a manner that would require registration of the Note under the Securities Act.

3.3    Shell Company Status.  The Borrower is not now, and has not, prior to the date of this Note, been a “shell company” as such term is defined in Rule 12b-2 of the Exchange Act.

3.4    Public Information.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to satisfy all conditions to be in compliance and satisfy the current public information requirement under Rule 144(c), more specifically with Rule 144(c)(1), and otherwise without restriction or limitation pursuant to Rule 144, and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding.

3.5    DTCC Eligibility.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action to remain DTCC-eligible and not have its eligibility revoked or “chilled” by the Depository Trust Company (“DTC”) or any similar program hereafter adopted performing substantially the same function.

3.6    Legal Action Notice.  The Borrower shall promptly report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Fifty Thousand Dollars ($50,000) or more.

3.7    Other Financial Information.  The Borrower shall deliver budgets, sales projections, operating plans and other financial information reasonably requested by the Holder. 

3.8    Change in Nature of Business.  So long as the Borrower shall have any obligation under this Note, the Borrower shall not make, or permit any of its Subsidiaries to make, any material change in the nature 

Page 4 of 12
            

of its business as described in the Borrower’s most recent annual report filed on Form 10-K with the SEC. The Borrower shall not modify its corporate structure or purpose.

ARTICLE IV
EVENT OF DEFAULT
The occurrence of any of the following events of default (“Event of Default”) shall, at the option of the Holder hereof, make all sums of principal and interest then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable, upon demand, without presentment, or grace period, all of which hereby are expressly waived, except as set forth below:
4.1     Failure to Pay Principal. The Borrower fails to pay any principal, interest, or other sum due under this Note whether on demand, at maturity, upon acceleration, Change of Control or otherwise;
4.2     Breach of Covenant. The Borrower or any Subsidiary of Borrower breaches any material covenant or other material term or condition of this Note in any material respect and such breach, if subject to cure, continues for a period of five (5) business days after written notice to the Borrower or any such Subsidiary of Borrower from the Holder.
4.3     Breach of Representations and Warranties. Any material representation or warranty of the Borrower or any Subsidiary of Borrower made herein, in any statement or certificate given in writing pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect as of the date made and as of the Issue Date.
4.4    Liquidation. Any dissolution, liquidation or winding up of Borrower or any operating Subsidiary of Borrower or any substantial portion of its business.
4.5     Cessation of Operations. Any cessation of operations by Borrower or any operating Subsidiary of Borrower for a period of 30 consecutive days.
4.6     Maintenance of Assets. The failure by Borrower or any Subsidiary of Borrower to protect, defend and maintain validity and enforceability of any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).
4.7     Receiver or Trustee. The Borrower or any Subsidiary of Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed.
4.8    Judgments.   Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any of its property or other assets for more than Fifty Thousand Dollars $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.
4.9    Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any law for the relief of debtors shall be instituted by the Borrower or any Subsidiary of Borrower or any such proceeding shall be instituted against the Borrower or any Subsidiary of Borrower, which proceedings are not, within sixty (60) days after institution thereof, discharged or stayed pending appeal.
4.10    Delisting. An event resulting in the Borrower’s Common Stock no longer being quoted on the Over-The-Counter Bulletin Board (the “OTCBB”); failure to comply with the requirements for continued quotation on the OTCBB for a period of five (5) consecutive trading days; or notification from the OTCBB 

Page 5 of 12
            

that the Borrower is not in compliance with the conditions for such continued quotation and such non-compliance continues for five (5) days following such notification. If the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets,” then any event or failure of the Borrower’s Common Stock to be listed as “Pink Current Information” for trading or quotation for five (5) or more consecutive days.
4.11     DTC Eligible. An event resulting in the Borrower’s Common Stock no longer being eligible to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC system; failure to comply with the requirements for continued DTC eligibility for a period of seven (7) consecutive trading days; or notification from DTC that the Borrower is not in compliance with the conditions for such continued DTC eligibility and such non-compliance continues for seven (7) days following such notification  
4.12    Stop Trade. An SEC or judicial stop trade order or Principal Market trading suspension with respect to the Borrower’s Common Stock that lasts for seven (7) or more consecutive trading days.
4.13    Failure to Deliver Replacement Note. Borrower’s failures to timely deliver, if required, a replacement Note.
4.14    Financial Statement Restatement. A restatement of any financial statements filed by the Borrower with the Securities and Exchange Commission for any date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement would, by comparison to the unrestated financial statements, have constituted a Material Adverse Effect.
4.15    Reverse Splits. The Borrower effectuates a reverse split of its Common Stock without five (5) business days prior written notice to the Holder.

4.16    Misrepresentations.  Borrower or any representative acting for Borrower makes any representation, warranty, or other statement now or later in this Note or in any writing delivered to the Holder or to induce the Holder to enter this Note, and such representation, warranty, or other statement is incorrect or contains any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements or facts contained herein or therein not misleading in any material respect in light of the circumstances under which they were made.

4.17    Other Note Default.  A default by the Borrower or the occurrence of an Event of Default under any Other Note issued by the Borrower.

4.18    Failure to Timely File Borrower’s Financial Reports.  The Borrower fails to timely file all reporting required under the Securities Exchange Act of 1934, as amended, filed with the Securities and Exchange Commission or if, the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets” then, the Borrower’s failure to timely file all reports required to be filed by it with OTC Markets, Inc. f/k/a “Pink Sheets” whereby the Borrower either (i) fails to be reported as “Pink Current Information” designated company, or (ii) is reported as “No Inside.”

4.19      Default Under The Note.   An Event of Default has occurred and is continuing under this Note, then, upon the occurrence and during the continuation of any Event of Default specified in Section 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, or 4.18, at the option of the Holder exercisable through the delivery of written notice to the Borrower by such Holder (the “Default Notice”), and upon the occurrence of an Event of Default specified in Section 4.9, the Notes shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any other amounts owed to the Holder pursuant to this Note (the then outstanding principal amount of this Note to the 

Page 6 of 12
            

date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, any and all legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

ARTICLE V
MISCELLANEOUS
5.1     Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver, election, or acquiescence thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available provided for by law, or in equity.
5.2     Demand Waiver.  Borrower hereby waives:(i) demand, notice of default, delinquency or dishonor, notice of payment and nonpayment, notice of any default, notice of acceleration, nonpayment at maturity, notice of costs, expenses and losses and interest thereon, notice of late charges; (ii) all defenses and pleas on the grounds of any release, compromise, settlement, extension, or extensions of the time of payment or any due date under this Note, in whole or in part, whether before or after maturity and with or without notice; and (iii) diligence in taking any action to collect any sums owing under this Note or in proceeding against any the rights and interests in and to properties securing payment of this Note such as, but not limited to, the renewal of accounts, documents, instruments, chattel paper, and guarantees held by the Holder on which Borrower is liable. 
5.3    Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, electronic mail (email), or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the first business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:
(i) if to Borrower, to:
Ascent Solar Technologies, Inc.
12300 N. Grant Street
Thornton, CO  80241
Attn: Victor Lee, CEO 
Fax: (720) 872-5077
With a copy to:
James H. Carroll, Esq.
Carroll Legal LLC
233 McKinley Park Lane

Page 7 of 12
            

Louisville, CO  80027
(ii) if to the Holder, to:
BayBridge Capital Fund, LP
Attn: Investment Manager
Fax: 
5.4    Amendment Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented in writing, then as so amended or supplemented.
5.5    Assignability. The Holder, without consent from or notice to anyone, may at any time assign the Holder’s rights in this Note, the Borrower’s obligations under this Note, or any part thereof. This Note shall be binding upon the Borrower and their respective legal representatives, heirs and its successors, and shall inure to the benefit of the Holder and its successors, assigns, heirs, administrators and transferees. The Borrower may not assign its obligations under this Note.
5.6    Cost of Collection. Borrower shall pay to the Holder, on demand and if demanded, prior to any conclusion of any action related hereto, the amount of any and all expenses, including, without limitation, attorneys’ fees, appellate attorney’s fees, legal costs and expenses, as well as collection agency fees and costs, any of which the Holder, whether or not the Holder agrees to dismiss an action upon payment of sums allegedly due, obtains substantially the relief sought or may incur in connection with (a) enforcement or collection of this Note following an Event of Default; (b) exercise or enforcement of any the rights, remedies or powers of the Holder hereunder or with respect to any or all of the obligations under this Note upon breach or threatened breach; or (c) failure by Borrower to perform and observe any agreements of Borrower contained herein.
5.7    Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by either party against the other concerning the transactions contemplated by this Note must be brought only in the civil or state courts of New York or in the federal courts located in the State and county of New York. Both parties and the individual signing this Note on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs at both the trial and appellate level. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this Note in any other jurisdiction. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was executed apart from this Note.

5.8     Waiver of Jury Trial.TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND THE HOLDER EACH HEREBY KNOWINGLY, VOLUNTARILY, 

Page 8 of 12
            

INTENTIONALLY AND IRREVOCABLY WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF OR BETWEEN ANY PARTY HERETO, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THE BORROWER AGREES AND CONSENTS TO THE GRANTING TO HOLDER OF RELIEF FROM ANY STAY ORDER WHICH MIGHT BE ENTERED BY ANY COURT AGAINST HOLDER AND TO ASSIST HOLDER IN OBTAINING SUCH RELIEF.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS NOTE.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. THE BORROWER’S REASONABLE RELIANCE UPON SUCH INDUCEMENT IS HEREBY ACKNOWLEDGED. 

5.9          Certain Amounts.   Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty. To the extent it may lawfully do so, the Borrower hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Holder in order to enforce any right or remedy under this Note.  

5.10    Usury Savings Clause.   Borrower and Holder intend to contract in compliance with all state and federal usury laws governing the loan evidenced by this Note. Holder and Borrower agree that none of the terms of this Note shall be construed to require payment of interest at a rate in excess of the maximum interest rate allowed by any applicable state, federal or foreign usury laws. If Holder receives sums which constitute interest that would otherwise increase the effective interest rate on this Note to a rate in excess of that permitted by any applicable law, then all such sums constituting interest in excess of the maximum lawful rate shall at Holder’s option either be credited to the payment of principal or returned to Borrower. 

Notwithstanding any provision in this Note to the contrary, the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law.  In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the Borrower had specifically designated such excess sums to be so applied to the reduction of the principal balance then outstanding, and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as interest, rather than accept such sums as a prepayment of the principal balance then outstanding.  It is the intention of the parties that the Borrower does not intend or expect to pay, nor does the Holder intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.  

Page 9 of 12
            

5.11    Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum rate permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum rate permitted by applicable law, any payments in excess of such maximum rate shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower, the manner of handling such excess to be at the Holder’s election.

5.12    Further Assurances.  At any time or from time to time after the date hereof, the Parties agree to cooperate with each other and, at the request of any other Party, to execute and deliver any further instruments or documents and to take all such further action as the other Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder. 

5.13      Remedies.   The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required. 

5.14    No Impairment.  The Borrower will not, by amendment of its Articles of Incorporation or By-Laws or other organizational document, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder under this Note against impairment or dilution.

5.15    Substitute Notes.  Upon (i) receipt by the Borrower of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation hereof, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Borrower in customary form, or (ii) the request of the Holder of this Note upon surrender hereof, the Borrower shall execute and deliver in lieu hereof, a new Note or Notes, payable to the order of the Holder or such persons as the Holder may request and in a principal amount equal to the unpaid principal amount hereof, which shall be dated and bear interest from the date to which interest has theretofore been paid hereon.  Each such Note shall in all other respects be in the same form and be treated the same as this Note and all references herein to this Note shall apply to each such Note. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office of the Borrower, for a new Note or Notes representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

5.16    Absolute Obligation.  No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of, accrued interest, Default Amounts, or damages as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.  This Note is a direct, unconditional and secured debt obligation of the Borrower.  

5.17    Relationship.  The relationship of the parties to this Note is determined solely by the provisions of this Note. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

Page 10 of 12
            

5.18    Entire Agreement.  This Note and any instruments and agreements to be executed pursuant to this Note, sets forth the entire agreement and understanding of the Parties with respect to its subject matter of this Note and supersedes, merges and replaces all prior and contemporaneous understandings, discussions and negotiations, oral or written, regarding the same subject matter which shall remain in full force and effect and may not be altered or modified, except in writing and signed by the party to be charged thereby, and supersedes any and all previous discussions between the parties relating to the subject matter thereof.

5.19    Counterparts.  This Note may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when this Note has been signed by the Borrower and delivered to any other party, it being understood that all parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission, by email in “portable document format” (“.pdf”), electronic signature or other similar electronic means intended to preserve the original graphic and pictorial appearance of this Note, such signature shall have the same effect as physical delivery of the paper document bearing original signature and create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof.

5.20    Counsel. The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given a reasonable opportunity to do so.

5.21    Headings. The headings in this Note are for convenience of reference only and shall not affect the interpretation of this Note.

[ Signatures on Following Pages ]

Page 11 of 12
            

IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be signed in its name by an authorized officer as of the first date written above.

ASCENT SOLAR TECHNOLOGIES, INC.
  

By:  

Name: Victor Lee
Title: Chief Executive Officer

Page 12 of 12
            

ANNEX I 

WIRE LEDGER 

	
								
	 
	Date
	 
	 
	Wire Amount
	 

	 
	9/14/2018
	 
	 
	$26,000
	 

	 
	9/21/2018
	 
	 
	$19,000
	 

	 
	9/28/2018
	 
	 
	$25,000
	 

	 
	10/11/2018
	 
	 
	$25,000
	 

	 
	10/12/2018
	 
	 
	$10,000
	 

	 
	10/18/2018
	 
	 
	$20,000
	 

	 
	11/02/2018
	 
	 
	$20,000
	 

	 
	11/16/2018
	 
	 
	$20,000
	 

	 
	11/27/2018
	 
	 
	$20,000
	 

	 
	11/30/2018
	 
	 
	$10,000
	 

	 
	12/07/2018
	 
	 
	$10,000
	 

	 
	12/19/2018
	 
	 
	$10,000
	 

	 
	12/26/2018
	 
	 
	$10,000
	 

	 
	 
	 
	 
	 
	 
	 
	 

ANNEX I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]