Document:

Exhibit 10.2

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”)  is entered into as of April 30, 2007 (the “Effective Date”), by and between Ascent Solar Technologies,
Inc., a Delaware corporation (the “Company”), and
Ashutosh Misra (the “Executive”).

RECITALS

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

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

AGREEMENT

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

1.             Term.  The term of this Agreement is for three (3)
years, commencing on April 30, 2007 (the “Start Date”),
unless amended by agreement of the parties or terminated as set forth in
Section 5.

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

3.             Compensation.

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

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

c)             Equity Compensation.  As further compensation, upon approval by the
Compensation Committee of the Board in its sole discretion, on or after June
15, 2007, the

 1
 

 

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

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

e)             Relocation Expenses.  None.

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

4.             Confidential
Information.

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

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

c)             Third Party Information.  Executive recognizes that the Company has
received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes. Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any

 2
 

 

person, firm or
corporation or to use it except as necessary in carrying out his work for the
Company consistent with the Company’s agreement with such third party.

5.             Termination
of Employment.

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

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

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

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

6.             Compensation
Upon Termination.

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

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

c)             Disability.  During any period that the
Executive fails to perform his duties and responsibilities hereunder as a
result of incapacity due to physical or mental illness, the Executive will
continue to receive his Base Salary until the Executive’s employment is
terminated pursuant to Section 5(c) and thereafter the Executive will receive
any disability insurance benefits to which the Executive is entitled.

d)             Death.  If this Agreement
terminates due to the death of the Executive, then any interests that the
Executive may have under the provisions of this Agreement will be

 3
 

 

payable to the
Executive’s estate inclusive of Base Salary provided for in this Agreement as
if the Executive terminated his employment without Cause.

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

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

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

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

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

12.          Integration.  This Agreement represents the entire
agreement and understanding between the parties as to the subject matter hereof
and supersede all prior or contemporaneous agreements whether written or oral.
No waiver, alteration, or modification of any of the

 4
 

 

provisions of this
Agreement will be binding unless in writing and signed by duly authorized representatives
of the parties hereto.

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

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

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

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

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

18.          Termination
of Prior Agreements.  Upon
the Effective Date of this Agreement, all prior and still existing employment
or consulting agreements between the Executive and the Company shall terminate.

[signature
page follows]

 5
 

 

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

	
  COMPANY:

  	
  ASCENT SOLAR TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTIVE:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Ashutosh Misra

  

 

 

 6Exhibit 4(i)

SNAP-ON INCORPORATED

FRANCHISED DEALER STOCK OWNERSHIP PLAN

(as amended
through April 26, 2007)

1.     PURPOSE OF THE PLAN

The
purpose of the Plan is to provide the franchised Dealers of Snap-on
Incorporated (the “Corporation”) an opportunity to purchase shares of the
Corporation’s Common Stock (“Stock”).

2.               ELIGIBILITY TO PARTICIPATE

Any franchised Dealer of the
Corporation or any of its subsidiaries at the offering date, which franchised
Dealer is located in the United States or Canada, shall be eligible to
participate in the Plan; provided, however, that the Corporation may require,
as a condition to eligibility to participate in the Plan, that the Dealer be
enrolled in the Corporation’s Dividend Reinvestment and Direct Stock Purchase
Plan.  Notwithstanding the foregoing, no
employee, director or other service provider shall participate in the Plan.

3.               NUMBER OF SHARES TO BE OFFERED

An aggregate of 272,972* {250,000 plus
currently unissued shares} shares of Stock will be offered for
purchase under this Plan.

* Reflects shares
issued through April 26, 2007.

4.               OFFERING DATES

The
date of the first offering under this Plan is May 15, 1991.  An additional and separate offering will be
made on May 15 in each following year until the Plan is terminated by the
Corporation, unless all of the shares reserved hereunder are previously
purchased.  Each such year from an
offering date to the succeeding offering date shall be hereinafter referred to
as a “Plan Year.”

 1
 

5.               PRICE

The
price per share will be the lesser of the market value of the Stock on (i) the
offering date of a Plan Year and (ii) the succeeding May 14 (or the next
business day after any such date, if such date is not a business day).  Market value shall be the mean of the high
and low prices for the Stock as reported on the New York Stock Exchange on such
dates.

6.               METHOD OF PAYMENT

Payment
is to be made by settlement of billings on each Dealer Invoice.

7.               HOW AND WHEN TO PARTICIPATE

A Franchised Dealer Stock
Ownership Plan participation form must be signed and delivered to the
Corporation during the month of May in the Plan Year.  On the participation form, a participating
franchised Dealer must indicate the amount of cash that the franchised Dealer
desires the Corporation to accumulate on behalf of the franchised Dealer for
each billing period applicable to the franchised Dealer.  During the Plan Year, a participating
franchised Dealer may increase or decrease the amount shown on the initial
participation form by delivering a participation change form to the Corporation
at least ten (10) days prior to the first day of the month in which the change
is to be effective; any such changes submitted on a timely basis will be
effective during the first business week of the following month.  To maintain participation, a franchised
Dealer must continue to reflect some level of participation in an even dollar
amount during each billing period.  A
participation form or participation change form with respect to a Plan Year,
shall remain in effect for such Plan Year and each subsequent Plan Year until
modified by a subsequent participation change form.

 2
 

A
franchised Dealer who, immediately preceding becoming a franchised Dealer was
participating in the Corporation’s Employee Stock Ownership Plan, may
immediately begin participation in this Plan and transfer any account balances
under the Employee Stock Ownership Plan to this Plan.

8.               USE OF FUNDS

All monthly
payments or other funds received or held by the Corporation under this Plan may
be used for any corporate purpose and need not be segregated in any way.  No interest will be paid or credited on any
money paid by the participating franchised Dealer.

9.               PURCHASE OF STOCK

Unless
a franchised Dealer gives written notice to the Corporation as provided in
paragraph 12, the franchised Dealer will purchase at the end of the Plan Year
the number of whole shares of Stock which the accumulated monthly payments in
the franchised Dealer’s account at that time will purchase at the applicable
price; provided, however, that, in any Plan Year, a franchised Dealer may not
purchase more than three thousand (3,000) shares of Stock or more than $25,000
of market value of Stock (valued on May 15 of the Plan Year).  Any cash balance remaining in the franchised
Dealer’s account after the end of the Plan Year will be carried forward in the
account for the purchase of Stock in the next Plan Year unless the franchised
Dealer terminates participation in the Plan.

10.         DELIVERY
OF STOCK

Certificates
for Stock purchases in each Plan Year will be, at the Corporation’s discretion,
either issued to the franchised Dealer or credited to the Dealer’s Dividend
Reinvestment and Direct Stock Purchase Plan account (or other book entry
account), in the ordinary course of business after the end of the Plan Year.  However, the franchised Dealer will have no
rights or privileges as a

 3
 

stockholder with respect to such
Stock until the certificates are issued or the Dealer’s account is credited.

11.         REGISTRATION
AND QUALIFICATION OF SHARES

The
Corporation may postpone the issuance of Stock under the Plan until the
registration requirements of the SEC and the securities laws of all states
applicable to such Stock have been satisfied.

12.         VOLUNTARY
TERMINATION OF PARTICIPATION IN THE PLAN

A franchised Dealer may
terminate participation in the Plan and receive, as soon as practicable, a refund of the monthly payments
credited to the franchised Dealer’s account by giving written notice thereof to
the Corporation; provided, however, that any such notice must be received by
the Corporation prior to the end of the Plan Year.  Any franchised Dealer who terminates will not
be eligible to participate in the Plan until the beginning of the next Plan
Year.

13.         INVOLUNTARY
TERMINATION OF PARTICIPATION IN THE PLAN

In
the event of any termination of the franchised Dealer’s relationship with the
Corporation or subsidiary, including death, before the end of the Plan Year,
the amount credited to the franchised Dealer’s account will be refunded to the
franchised Dealer or his or her estate.

14.         RIGHTS
NOT TRANSFERABLE

A franchised
Dealer’s rights under the Plan may not be sold, assigned, pledged or otherwise
transferred in any manner.

15.               CHANGE IN CAPITALIZATION; CHANGE OF CONTROL

A.      In
the event of any Change in Capitalization, a proportionate substitution or
adjustment may be made in (i) the aggregate number and/or kind of shares or
other property reserved for issuance under the Plan and (ii) the number, kind
and exercise price of shares or other property to be delivered

 4
 

under the Plan, in each
case as may be determined by the Board of Directors in its sole
discretion.  Such other proportionate
substitutions or adjustments may be made as shall be determined by the Board of
Directors in its sole discretion.  “Change
in Capitalization” means any increase, reduction, change or exchange of shares
of Common Stock for a different number or kind of shares or other securities or
property by reason of a reclas­sification, recapi­talization, merger,
consolidation, reorganization, issu­ance of warrants or rights, stock dividend,
stock split or reverse stock split, combination or exchange of shares,
repurchase of shares, change in corporate struc­ture or otherwise; or any other
corporate action, such as declaration of a special dividend, that affects the
capitalization of the Company.

B.    Notwithstanding the provisions of paragraph
15(A) hereof, effective as of the occurrence of a Change of Control, the right
to purchase shares of Common Stock under this Plan shall be cancelled in
exchange for a payment to each participant of an amount equal to the excess, if
any, of the market value of a share of Common Stock on the date of said
cancellation (as determined by the Board of Directors) over the price per share
at the beginning of the Plan Year, times the number of shares that could be
purchased by such participant with amounts allocated by such participant on the
date of cancellation, which amount shall be denominated in (i) such form of
consideration as the participant would have received had the participant been
the owner of record of such shares of Common Stock at the time of such Change
of Control, in the case of a “Change of Control With Consideration” or (ii)
cash, in the case of a “Change of Control Without Consideration,” and return
all amounts on deposit to the participant.

C.    For purposes of this paragraph 15, a “Change
of Control” shall be deemed to have occurred on the first to occur of any one
of the events set forth in the following paragraphs:

 5
 

(1)           any Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company (not
including in the securities Beneficially Owned by such Person any securities
acquired directly from the Company or its Affiliates) representing 25% or more
of either the then outstanding shares of common stock of the Company or the
combined voting power of the Company’s then outstanding voting securities,
excluding any Person who becomes such a Beneficial Owner in connection with a
transaction described in clause (i) of paragraph (3) below; or

(2)           the following individuals cease for
any reason to constitute a majority of the number of directors then serving:
individuals who, on January 25, 2002, constitute the Board and any new director
(other than a director whose initial assumption of office is in connection with
an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company as
such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act)
whose appointment or election by the Board or nomination for election by the
Company’s stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were
directors on January 25, 2002 or whose appointment, election or nomination for
election was previously so approved or recommended; or

(3)           there is consummated a merger or
consolidation of the Company or any direct or indirect subsidiary of the
Company with any other corporation, other than (i) a merger or consolidation
which would result in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent
(either by remaining outstanding or by being converted into voting securities
of the surviving entity or any parent

 6
 

thereof) at least 60% of
the combined voting power of the voting securities of the Company or such
surviving entity or any parent thereof outstanding immediately after such
merger or consolidation, or (ii) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which
no Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities Beneficially Owned
by such Person any securities acquired directly from the Company or its
Affiliates) representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company’s then
outstanding voting securities; or

(4)           the stockholders of the Company
approve a plan of complete liquidation or dissolution of the Company or there
is consummated an agreement for the sale or disposition by the Company of all
or substantially all of the Company’s assets (in one transaction or a series of
related transactions within any period of 24 consecutive months), other than a
sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least 75% of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially
the same proportions as their ownership of the Company immediately prior to
such sale.

Notwithstanding
the foregoing, no “Change of Control” shall be deemed to have occurred if there
is consummated any transaction or series of integrated transactions immediately
following which the record holders of the common stock of the Company
immediately prior to such transaction or series of transactions continue to
have substantially the same proportionate ownership in an entity which owns all
or substantially all of the assets of the Company immediately following such
transaction or series of transactions.

 7
 

D.    For purposes of paragraph (C) above, “Affiliate”  shall have the meaning set forth in Rule
12b-2 promulgated under Section 12 of the Exchange Act; “Beneficial Owner”
shall have the meaning set forth in Rule 13d-3 under the Exchange Act; “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended; and “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term
shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of the
Company or any of its Affiliates, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, (iv) a corporation
owned, directly or indirectly, by the shareholders of the Company in substantially
the same proportions as their ownership of stock of the Company or (v) any
individual, entity or group which is permitted to, and actually does, report
its Beneficial Ownership on Schedule 13G (or any successor schedule); provided
that if any such individual, entity or group subsequently becomes required to
or does report its Beneficial Ownership on Schedule 13D (or any successor
schedule), such individual, entity or group shall be deemed to be a Person for
purposes hereof on the first date on which such individual, entity or group
becomes required to or does so report Beneficial Ownership of all of the voting
securities of the Company Beneficially Owned by it on such date.

E.     For purposes of paragraph (B) above, (i) “Change
of Control With Consideration” shall mean a Change of Control in which Shares
are exchanged or surrendered for shares, cash or other property and (ii)  “Change of Control Without Consideration”
shall mean a Change of Control pursuant to which shares of Common Stock are not
exchanged or surrendered for shares, cash or other property.

16.         COSTS OF
THE PLAN

The
Corporation will assume all fees and expenses incurred in connection with the
Plan.

 8
 

17.         ADMINISTRATION
OF THE PLAN

Subject
to direction of the Board of Directors, the President of the Corporation shall
oversee the administration of the Plan and make such interpretations and
regulations as he deems desirable or necessary in connection with its
operation.

The
President of the Corporation may amend the Plan at any time if such amendment
is necessary to cure any ambiguity, defect or omission in the Plan or if such
amendment would not, in his judgment, have a material adverse effect on the
financial interests of Plan participants. 
The Board of Directors of the Corporation may amend, suspend or
terminate the Plan for any reason at the end of any Plan Year.

18.         CORPORATE
APPROVAL

This
Plan was restated and adopted by the Board of Directors on March 27, 1991,
amended on April 28, 1995, January 23, 1998, January 25, 2002, and
subsequently amended by the Board of Directors on April 26, 2007 and
restated as so amended.

 

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]