Document:

Exhibit

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE PAYOR THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

PROMISSORY NOTE

$840,000.00    December 6, 2017
Thornton, Colorado

For value received, Ascent Solar Technologies, Inc., a Delaware corporation (“Payor”), promises to pay to BayBridge Capital Fund LP or its assigns (“Holder”) the principal sum of $840,000.00 with interest on the outstanding principal amount at the rate of twelve percent (12%) per annum.  Interest shall commence from the effective date and shall be computed on the basis of a year of 365 days for the actual number of days elapsed.  The principal and accrued interest on this note (the “Note”) shall be due and payable on December 6, 2018 (the “Maturity Date”), provided that the Maturity Date of all Notes (as defined below) may be extended with the written consent of Holder.
1.This Note is issued pursuant to that certain Securities Exchange Agreement dated December 6, 2017, as the same may be amended from time to time, by and between Borrower and Holder (the “Exchange Agreement”).
2.    This Note is one of several similar notes issued or issuable to the Holder pursuant to the Exchange Agreement (collectively, the “Notes”).
3.    All instalments shall be in lawful money of the United States of America and shall be made pro rata among all Holders.  All payments shall be applied first to accrued expenses due under this Note, next to interest and thereafter to principal.
4.    At the option of the Payor, payments on this Note may be made (a) in cash, or (b) in Common Stock of the Payor at Market Price (“Payment Shares”). The Market Price of the Payment Shares shall be 85% of the average VWAP for the 5 consecutive trading days prior to the date on which the Payment Shares are issued, but in no event greater than the latest Closing Bid on the day the instalment is made or $0.003 per share, whichever is lower.  Payor may not make any payments in the form of Payment Shares if the issuance of such Payment Shares would cause the Holder to be deemed to “beneficially own” (as such term is defined under applicable SEC rules and regulations) more than 9.9% of the Payor’s outstanding shares of common stock.

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5.    Payor shall deliver to Holder, or its designee or agent the Payment Shares and delivery shall be made via Delivery by Deposit/Withdrawal at Custodian (DWAC) as follows:
DTC Participant:    
DTC Number:        
Account Number:    

6.    Promptly upon the occurrence thereof, Payor shall furnish to Holder written notice of the occurrence of any Event of Default (as defined below) hereunder.
7.    If action is instituted to collect this Note, the Payor promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action.
8.    Payor may prepay this Note prior to the Maturity Date.
9.    If there shall be any Event of Default hereunder, at the option of, and upon the declaration of the Holder of this Note and upon written notice to the Payor (which election and notice shall not be required in the case of an Event of Default under Section 9(b) or 9(c)), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable.  The occurrence of any one or more of the following shall constitute an “Event of Default”:
(a)    Payor fails to pay timely any of the principal amount due under any of the Notes on the date the same becomes due and payable or any accrued interest or other amounts due under any of the Notes on the date the same becomes due and payable;
(b)    Payor (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing; or
(c)    An involuntary petition is filed against Payor (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Payor.
10.    Upon the occurrence or existence of any Event of Default (other than an Event of Default described in Section 9(b) or 9(c)) and at any time thereafter during the continuance of such Event of Default, Holder may, by written notice to the Payor, declare all outstanding principal and accrued interest on this Note immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.  Upon the occurrence or 

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existence of any Event of Default described in Section 9(b) or 9(c), immediately and without notice, all outstanding principal and interest on this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.
11.    The Payor hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Note.
12.    This Note shall be governed by and construed under the laws of the State of Colorado, as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado, without giving effect to conflicts of laws principles.
13.    Any term of this Note (excluding the principal amount of the Note and the interest rate of the Note) may be amended or waived with the written consent of Payor and Holder.  Upon the effectuation of such waiver or amendment in conformance with this Section 13, the Payor shall promptly give written notice thereof to the record holders of the Notes who have not previously consented thereto in writing.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, Payor and Holder have caused this Note to be executed as of the date first written above.

PAYOR: 

ASCENT SOLAR TECHNOLOGIES, INC.

By:    /s/ Victor Lee
Name:  Victor Lee
Title:  Chief Executive Officer

HOLDER: 

BAYBRIDGE CAPITAL FUND LP

By:    /s/ Eric Noveshen
Name:  Eric Noveshen
Title:  Managing Director

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SIGNATURE PAGE TO PROMISSORY NOTEExhibit

Exhibit 4.1

AMENDMENT TO RIGHTS AGREEMENT
This Amendment (this “Amendment”) to that certain Rights Agreement by and between Plexus Corp., a Wisconsin corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (“AST” or the “Rights Agent”), dated as of August 28, 2008 (the “Rights Agreement”), is entered into by and between the Company and AST, dated and effective as of December 7, 2017 (the “Effective Time”).
W I T N E S S E T H
WHEREAS, pursuant to Section 27 of the Rights Agreement, under the circumstances set forth therein and prior to such time as any Person becomes an Acquiring Person, (i) the Company may generally supplement or amend any provision of the Rights Agreement without the approval of any holders of certificates representing Common Shares of the Company, and (ii) upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of Section 27 of the Rights Agreement, the Rights Agent shall execute such supplement or amendment; 
WHEREAS, no Person has become an Acquiring Person under the Rights Agreement; and
WHEREAS, the Company desires to amend the Rights Agreement as set forth herein and to direct AST as Rights Agent to execute this Amendment.
NOW, THEREFORE, in consideration of the promises and the mutual agreements herein set forth, the Company and AST hereby agree as follows:
Section 1.  Direction to the Rights Agent.  The Company hereby directs AST, in its capacity as Rights Agent and in accordance with the terms of Section 27 of the Rights Agreement, to execute this Amendment.
Section 2.  Certification of Appropriate Officer.  The undersigned officer of the Company, being duly authorized on behalf of the Company, hereby certifies on behalf of the Company to AST that (a) he is an “appropriate officer” as such term is used in Section 27 of the Rights Agreement, and (b) this Amendment is in compliance with Section 27 of the Rights Agreement.
Section 3.  Amendment of the Rights Agreement.  As of the Effective Time, the Rights Agreement is hereby amended as follows:
(a)    Section 7(a) of the Rights Agreement is hereby amended and restated in its entirety as follows:
       “The registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the 

Exhibit 4.1

Right Certificate, with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with payment of the Purchase Price for each one one-hundredth of a Preferred Share as to which the Rights are exercised, at or prior to the earliest of (i) the close of business on August 28, 2018, subject to extension (the “Final Expiration Date”), (ii) 12:01 a.m. Eastern Standard Time on the date on which the Company files with the Securities and Exchange Commission the Company’s definitive proxy statement for its 2018 annual meeting of shareholders (the “2018 Annual Meeting Proxy Statement Filing Date”), (iii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”), and (iv) the time at which such Rights are exchanged as provided in Section 24 hereof.”
(b)    Exhibit B to the Rights Agreement, which is the Form of Rights Certificate, is hereby amended by (i) first, deleting the bold reference in the header therein to “August 28, 2018 (subject to extension)” and substituting therefor “August 28, 2018 (subject to extension), or, if earlier, the 2018 Annual Meeting Proxy Statement Filing Date”; and (ii) second, deleting the reference in the first paragraph therein to “August 28, 2018, subject to extension” and substituting therefor “August 28, 2018, subject to extension, or, if earlier, the 2018 Annual Meeting Proxy Statement Filing Date”.
(c)     Exhibit C to the Rights Agreement, which is the Summary of Rights to Purchase Preferred Shares, is hereby amended by deleting the reference therein to “August 28, 2018 (the “Final Expiration Date”) (subject to extension)” and substituting therefor “August 28, 2018 (the “Final Expiration Date”) (subject to extension), or, if earlier, the 2018 Annual Meeting Proxy Statement Filing Date”.
Section 4.  Continued Effectiveness.  Except as expressly set forth herein, the Rights Agreement shall be unaffected by this Amendment and shall remain in full force and effect.
Section 5.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Section 6.  Defined Terms.  Except as otherwise expressly provided herein, or unless the context otherwise requires, all terms used but not defined herein shall have the meanings assigned to them in the Rights Agreement.
Section 7.  Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Wisconsin and for all purposes shall be governed by and construed 

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Exhibit 4.1

in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State and shall be subject to the exclusive jurisdiction of the courts of, and United States Federal Courts sitting in, such State.

[Signature page follows]

    

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Exhibit 4.1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year above written.

PLEXUS CORP.

By: /s/ Angelo Ninivaggi                 
Name:    Angelo Ninivaggi
Title:    Senior Vice President, Chief 
Administrative Officer and General Counsel

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

By: /s/ Jennifer Donovan                  
Name:    Jennifer Donovan
Title:    Senior Vice President

[Signature Page to Amendment to Rights Agreement]

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