Document:

EX-10.1

 Exhibit 10.1 

THIS CONVERTIBLE PROMISSORY NOTE (THIS “NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT
THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 DTRT HEALTH
ACQUISITION CORP. 
 CONVERTIBLE PROMISSORY NOTE 
  

			
	Principal Amount: $300,000	  	Dated as of December 6, 2022

 FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, DTRT Health Acquisition Corp., a Delaware
corporation (the “Maker”), promises to pay to the order of DTRT Health Sponsor LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the Principal
Amount, in lawful money of the United States of America. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time
designate by written notice in accordance with the provisions of this Note. 
 1. Definitions. The following definitions shall apply for all purposes
of this Note: 
 “Business Combination” means a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, involving the Company and one or more businesses. 
 “Maturity Date” means the earlier of
(i) May 31, 2023 and (ii) the effective date of a Business Combination. 
 “Outstanding Principal Amount” means, as
of any given date, the then-outstanding Principal Amount under this Note. 
 2. Principal Amount. If this Note has not been previously converted (as
provided in Section 7 below), then on the Maturity Date, the Outstanding Principal Amount shall be due and payable in full, unless accelerated upon the occurrence of an Event of Default (as defined below). 

3. Interest. No interest shall accrue on the Outstanding Principal Amount. 

4. Prepayment. The Maker may not prepay this Note in whole or in part at any time without the advance written consent of the Payee which may be
withheld by the Payee for any reason or no reason. 
 5. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the Outstanding Principal Amount.

 6. Events of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”): 

  
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 (a) Failure to Make Required Payments. Failure by the Maker to pay the Principal Amount due pursuant
to this Note within five (5) business days of the date specified herein or issue warrants pursuant to Section 7 hereof, if so elected by the Payee; 

(b) Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate action by the Maker in furtherance of any of the foregoing; or

 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days. 

7. Conversion 
 (a) Optional Conversion. At the
option of the Payee, at any time on or prior to the Maturity Date, the Outstanding Principal Amount may be converted into warrants to purchase shares of Class A common stock of the Maker at a conversion price (the “Conversion
Price”), equal to $1.00 per warrant (“Warrants”). If the Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to the warrants issued to the Payee in the
private placement that closed on September 7, 2021 (the “Private Placement Warrants”) in connection with the Maker’s initial public offering that closed on September 7, 2021 (the “IPO”), including
that each Warrant shall entitle the holder thereof to purchase one share of Class A common stock of the Maker at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. Before this Note may be
converted under this Section 7(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state therein the amount of the Outstanding Principal Amount to be converted and the name or names in which the
certificates for Warrants are to be issued (or the book-entries to be made to reflect ownership of such Warrants with the Maker’s transfer agent). The conversion shall be deemed to have been made immediately prior to the close of business on
the date of the surrender of this Note and the person or persons entitled to receive the Warrants upon such conversion shall be treated for all purposes as the record holder or holders of such Warrants as of such date. Each such newly issued Warrant
shall include a restricted legend that contemplates the same restrictions as the Private Placement Warrants (or any warrants issued in replacement thereof). The Warrants and shares of Class A common stock issuable upon exercise of the Warrants
shall constitute “Registrable Securities” pursuant to that certain Amended and Restated Registration Rights Agreement, dated September 1, 2021, among the Maker, Payee and certain other security holders named therein. 

(b) Remaining Outstanding Principal Amount. Any Outstanding Principal Amount that is not then converted into Warrants, shall continue to remain
outstanding and to be subject to the conditions of this Note. 
 (c) Conversion on the Maturity Date. If the Outstanding Principal Amount has not
been previously repaid or converted pursuant to Section 7(a), then, effective upon the Maturity Date, Payee may elect to (x) be paid the Outstanding Principal Amount in cash or (y) convert the Outstanding Principal Amount into that
number of Warrants equal to the Outstanding Principal Amount divided by the Conversion Price, rounded to the nearest whole number. If the Outstanding Principal Amount has not been previously repaid or converted pursuant to Section 7(a), then,
effective upon the consummation of a Business Combination, Payee may elect to (A) be paid the Outstanding Principal Amount in cash or (B) convert the Outstanding Principal Amount into that number of Warrants issued by the Maker or its
corporate successor equal to the Outstanding Principal Amount divided by the per warrant price attributable to a Private Placement Warrant, rounded to the nearest whole number. 

(d) Fractional Warrants; Effect of Conversion. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants
to the Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the product obtained by multiplying the Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence. Upon conversion of
this Note in full and the payment of any amounts specified in this Section 7(d), this Note shall be cancelled and void without further action of the Maker or the Payee, and the Maker shall be forever released from all its obligations and
liabilities under this Note. 

  
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 8. Termination of Rights. All rights with respect to this Note shall terminate upon repayment or
effective conversion of the Outstanding Principal Amount as provided in Section 7 above. 
 9. Remedies. 

(a) Upon the occurrence of an Event of Default specified in Section 6(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be
due immediately and payable, whereupon the Outstanding Principal Amount, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
 (b) Upon the occurrence of an Event
of Default specified in Sections 6(b) or 6(c), the Outstanding Principal Amount, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the
Payee. 
 10. Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by the Payee. 
 11. Unconditional Liability. The Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the Payee with respect to the payment or other provisions of this Note,
and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder. 

12. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such
other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by
such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic
transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 
 13.
Construction. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK. 

14. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 

  
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 15. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and
all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and
commissions) and certain proceeds of the sale of the Private Placement Warrants were deposited, as described in greater detail in the registration statement and prospectus filed with the U.S. Securities and Exchange Commission in connection with the
IPO on September 1, 2021, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

16. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker
and the Payee. 
 17. Successors and Assigns. Subject to the restrictions on transfer in Sections 18 and 19 below, the rights and obligations
of the Maker and the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and
any attempted assignment without the required consent shall be void. 
 18. Transfer of this Note or Securities Issuable on Conversion. Prior
to an Event of Default, neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Maker’s prior written consent, which the Maker may withhold in its sole discretion; provided,
that (i) the Payee may make an assignment or transfer of this Note that constitutes a Permitted Transfer, in which case the requirements in this clause (i) shall not apply, a written opinion reasonably satisfactory to the Maker in form and
substance from counsel reasonably satisfactory to the Maker to the effect that such sale or other distribution may be effected without registration or qualification under any federal or state law then in effect and (ii) a written undertaking
executed by the desired transferee reasonably satisfactory to the Maker in form and substance agreeing to be bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion, or other
evidence, and such written acknowledgement, the Maker, as promptly as practicable, shall notify the Payee that the Payee may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the note delivered to the
Maker; provided, further, however, that any equity securities or warrants received upon conversion of this Note may be transferred in accordance with the terms and conditions that would be permitted for the Private Placement Warrants under the
Letter Agreement, dated September 1, 2021, among the Maker, Payee and the other parties thereto (the “Letter Agreement”). If a determination has been made pursuant to this Section 18 that the opinion of counsel for the
Payee, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably satisfactory to the Maker, the Maker shall so notify the Payee promptly after such determination has been made. Each Note thus transferred shall
bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion of counsel for the Maker such legend is not required in order to ensure compliance with the Securities
Act. The Maker may issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this Note shall be registered upon registration on the books maintained for such purpose by or on
behalf of the Maker. Prior to presentation of this Note for registration of transfer, the Maker shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all
other purposes whatsoever, whether or not this Note shall be overdue and the Maker shall not be affected by notice to the contrary. For purposes hereof “Permitted Transfer” shall have the same meaning as any transfer that would be
permitted for the Private Placement Warrants under the Letter Agreement. 
 19. Acknowledgment. The Payee is acquiring this Note for
investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Payee understands that the acquisition of this Note involves substantial risk. The Payee has
experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge and experience in financial and business matters that it is
capable of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection with this investment. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by the undersigned as of the day and year first above written. 
  

			
	DTRT HEALTH ACQUISITION CORP.
		
	By:	 	 /s/ Mark Heaney

	Name:	 	Mark Heaney
	Title:	 	Chairman and CEO

 Acknowledged and agreed as of the date first above written. 

DTRT HEALTH SPONSOR LLC, 
 By: DTRT Health Sponsor
Manager LLC, its Manager 
  

	
	 /s/ Mark Heaney

	Name: Mark Heaney
	Title: Managing Member

  
 5Exhibit 10.1

 

 

 

SEPARATION
AGREEMENT AND RELEASE OF ALL CLAIMS

 

This Separation
Agreement and Release of All Claims (the “Agreement”) between Michael Gilbreth (“Employee”) and
Ascent Solar Technologies, Inc. (the “Company”) sets forth the agreed upon terms and conditions concerning Employee’s
separation from the Company. These terms and conditions are as follows:

 

1.
Employment Resignation; Termination of Benefits. Employee resigned from his employment with the Company effective as of
December 11, 2022 (the “Resignation Date”). Employee’s Company-sponsored healthcare coverage will terminate as
of the last day of the month of the Resignation Date. Thereafter, Employee will be eligible to continue healthcare coverage for up to
18 months pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or applicable state law (“COBRA”)
and in accordance with the COBRA premium payment terms as specified in Paragraph 2, below. All other Company-sponsored benefits will terminate
effective as of the Resignation Date.

 

2.
Separation Benefits. In consideration for Employee entering into and not revoking this Agreement, the Company shall provide
the following “Separation Benefits” to Employee: (a) payment of ten (10) weeks’ salary equal to $35,576.92, fifty
percent (50%) of which ($17,788.46) shall be payable on the first payroll period after the Effective Date of this Agreement (as defined
in Section 9), and the remaining fifty percent (50%) of which shall be payable on the next payroll period; and (b) payment of a
bonus, which equals 60% of Employee’s current salary, or $111,000, one-third (1/3) of which ($37,000) shall be payable with the
December 28, 2022 payroll date, another one-third (1/3) of which ($37,000) shall be payable beginning the first payroll period after January
31, 2023, and the remaining one-third (1/3) of which ($37,000) shall be payable on the first payroll period after the filing by the Company
of its Annual Report on Form 10-K for the year ending December 31, 2022. All such Separation Benefits will be subject to all legal and
customary withholdings. Employee agrees that he will submit any and all necessary state and federal tax forms related to these Separation
Benefits. Employee acknowledges that the Company is not otherwise obligated to provide the Separation Benefits and is doing so only as
a term and condition of this Agreement.

 

3.
Final Compensation. As of the date of this Agreement, and except for the obligations created by this Agreement, for pending,
but earned salary and for outstanding PTO, Employee acknowledges and agrees Employee has been paid all compensation to which Employee
was entitled in connection with Employee’s employment with the Company, including wages and accrued vacation up to and including
the Separation Date.

 

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4.
Release and Discharge of Claims. In consideration for the promises and covenants contained herein, Employee irrevocably
and unconditionally releases and discharges the Company and all affiliated and related entities, and their respective agents, officers,
directors, shareholders, members, managers, employees, attorneys, insurers, subsidiaries, predecessors, successors and assigns (“Releasees”),
from any and all claims, liabilities, obligations, promises, causes of action, actions, suits, or demands, of whatsoever kind or character,
known or unknown, suspected to exist or not suspected to exist, anticipated or not anticipated, arising from or relating to any omissions,
acts or facts that have occurred up until and including the date of this Agreement, including but not limited to those arising from or
related or attributable to Employee’s employment with the Company and Employee’s separation from such employment (“Claims”).
Such Claims include, but are not limited to, claims based upon any violation of the Company’s policies and regulations or any written
or oral contract or agreement between the Company and Employee; tort and common law claims including but not limited to claims for wrongful
or retaliatory discharge, emotional distress, defamation, slander, libel or false imprisonment, claims for attorneys’ fees, back
pay, front pay or reinstatement; claims based upon employment discrimination or harassment of any kind or nature, and claims based upon
alleged violation of: the Colorado Anti-Discrimination Act, the Lawful Off-Duty Activities Statute, the Personnel Files Employee Inspection
Right Statute, the Colorado Labor Peace Act, the Colorado Labor Relations Act, the Colorado Equal Pay Act, the Colorado Minimum Wage Order,
the Colorado Genetic Information Non-Disclosure Act, and any other labor related law in the State of Colorado, each as amended; the Equal
Pay Act of 1963, as amended (29 U.S.C. section 206(d) et. seq.); Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C. section
2000e et seq.); the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. section 1001 et seq.); the Family Medical Leave
Act (29 U.S.C. section 2601 et seq.); the Fair Labor Standards Act of 1938, as amended (29 U.S.C. section 201, et seq.); the United States
Constitution; the Americans With Disabilities Act, as amended (42 U.S.C. section 12101, et seq.); 42 U.S.C. sections 1981 and 1983; State
or Federal wage and hour laws; or any other State, Federal or local statutes or laws. The provisions of this Section do not release claims
that cannot be released as a matter of law. However, Employee acknowledges that Employee is not entitled to any monetary damages resulting
from any such actions.

 

5.
Attorney Review. It is the Company’s sincere desire that Employee signs this agreement knowingly and voluntarily,
without coercion or duress. As such, Employee is hereby notified to have the right to have this Agreement reviewed by an attorney before
signing the Agreement. In addition, Employee has 7 days from the date that Employee signs this Agreement to revoke Employee’s consent.
If Employee revokes Employee’s consent to this Agreement, Employee will be ineligible to receive the additional payment described
in Section 2, above.

 

6.
No Admission of Liability. The parties understand, acknowledge and agree that this is a voluntary agreement, and that the
furnishing of consideration for this Agreement shall not be deemed or construed at any time or for any purpose as an admission of liability
by either party, each party expressly denying liability for any and all claims.

 

7.
No Claims Filed. Employee represents and warrants that as of the date Employee executed this Agreement, Employee has not
filed or lodged, or caused to be filed or lodged, any complaint, charge, cause of action, or claim of whatsoever kind or character, with
any court, administrative agency or other body or entity against Company or any of the Releasees. Employee further agrees that, to the
fullest extent permitted by law, Employee will not prosecute, nor allow to be prosecuted on Employee’s behalf, in any administrative
agency, whether state or federal, or in any court, whether state or federal, any claim or demand of any type related to the matters released
above, it being the intention of the parties that with the execution of this release the Released Parties will be absolutely, unconditionally
and forever discharged of and from all obligations to or on behalf of Employee related in any way to the matters discharged herein.

 

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In addition, Employee acknowledges that as of
the date he signed this Agreement, he (a) has not suffered a work-related injury or aggravation of same that he has not properly disclosed
to the Company; (b) that he has been paid or, will be paid pursuant to the terms of this Agreement in full, all wages, bonuses, incentive
compensation, severance pay, vacation pay and commissions due and owing him for any and all work performed for the Company; (c) that he
has disclosed to the Company all material facts which are or were damaging or potentially damaging to the Company; (d) and that he is
not aware of any action/inaction he or any other Company employee took or failed to take during his employment with the Company that could
give rise to a claim against the Company and/or any other third party and; (e) that he has received all leaves of absence (including FMLA
leave) to which he would have been entitled under applicable laws.

 

8.
Review of Agreement. Employee acknowledges that Employee was provided a copy of this Agreement on December 6, 2022. To accept
this Agreement, the Agreement, signed and dated by Employee, must be received by Jeffrey Max, Chief Executive Officer, within twenty-one
(21) days of Employee’s receipt as stated in Section 9 below. If the executed Agreement is not received as provided in Section
9, then the Agreement will no longer be open for acceptance by Employee, and will be of no further force or effect without any further
action by the Company.

 

9.
Acknowledgment of Rights and Waiver of Claims Under the Age Discrimination In Employment Act. Employee acknowledges and
agrees that Employee is knowingly and voluntarily waiving and releasing any rights that Employee may have under the Age Discrimination
in Employment Act of 1967. Employee also acknowledges that the consideration given for the waiver and release in this Agreement is in
addition to anything of value to which Employee already is entitled, and that, but for this Agreement, Employee would not be entitled
to the consideration set forth in Section 2 of this Agreement. Employee further acknowledges that Employee has been advised by
this writing that: (a) Employee’s waiver and release does not apply to any claims that arise after Employee’s execution of
this Agreement; (b) Employee should consult with an attorney prior to executing this Agreement; (c) Employee has twenty-one (21) calendar
days from Employee’s receipt of the Agreement to consider this Agreement (although Employee by Employee’s own choice may execute
this Agreement earlier); (d) changes to the terms of the Agreement, whether material or immaterial, will not restart this twenty-one (21)
day period; (e) Employee has seven (7) calendar days following Employee’s execution of this Agreement to revoke it in writing; and
(f) this Agreement shall not be effective and enforceable unless and until the seven (7) day revocation period has expired without revocation
of the Agreement by Employee (“Effective Date”). Employee may revoke this Release within seven (7) calendar days only by giving
the Company formal, written notice of Employee’s revocation of this Agreement (including, without limitation, by delivering such
notice by email) to Jeffrey Max, Chief Executive Officer, via email at jmax@ascentsolar.com. Such notice must be received by the Company
before the expiration of the seven (7) day revocation period referenced above. Neither the provisions of Section 4 or of this Section
9 release claims that cannot be released as a matter of law. The provisions of this Section 9 also do not preclude (1) filing suit to
challenge the Company’s compliance with the waiver requirements of the Age Discrimination in Employment Act, as amended by the Older
Workers Benefit Protection Act, or (2) filing a charge with the Equal Employment Opportunity Commission. However, Employee acknowledges
that Employee is not entitled to any monetary damages resulting from any such actions.

 

10.
Confidentiality. The terms of this Agreement and content of the discussions pertaining to this Agreement shall be considered
and treated as confidential and Employee shall not discuss or otherwise disclose, in any manner, the fact of this Agreement and/or the
substance or content of discussions involved in reaching this Agreement to any person other than his attorney and tax advisors and as
required by appropriate taxing or other legal authorities.

 

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11.
Return of Property. Employee represents and acknowledges that Employee will return, within 10 days upon Company request,
to the Company all property of the Company in Employee’s possession or under Employee’s control, including but not limited
to files, laptop computer, all related software, office keys and credit cards. Employee further represents and warrants that Employee
will not retain, upon the Company’s request, any other Company property currently in Employee’s possession or under Employee’s
control, including hard copy or electronically stored documents, computer disks, written policies or procedures or other documents pertaining
to any past, present or known prospective clients of the Company, and that Employee has not given these or similar items to any third
party, except in the course and scope of Employee’s employment with the Company.

 

12.
Reasonable Cooperation and Non-disparagement. Employee agrees to communicate and cooperate with the Company in good faith
regarding the transition of his remaining duties and any pending or future Company issues of which Employee has knowledge or information.
Employee also agrees that Employee shall refrain from making, directly or indirectly, either orally or in writing, any disparaging statement
about any of the Releasees. This Section shall not apply (1) if Employee is compelled to testify in a legal proceeding, including any
legal proceeding between the parties to the Agreement or (2) as provided in Section 13 below.

 

13.
Government Authorities. Nothing in this Agreement shall be construed to prohibit Employee from filing a charge with or freely
participating in any investigation or proceeding conducted by any federal, state, or local government agency or authority. Notwithstanding
the foregoing, should Employee or anyone acting on Employee’s behalf, initiate any legal proceeding against the Releasees involving
any matter subject to the Release, Employee will not seek or accept any form of monetary relief in respect of such proceeding, except
that Employee may apply for and obtain a reward in respect of information provided to the Securities and Exchange Commission or other
government agency relating to alleged securities laws violations.

 

14.
Neutral Reference. Employee will inform any prospective employer to contact Jeffrey Max, Chief Executive Officer, regarding
any reference or other information pertaining to Employee. In response to any such inquiry, the Company will respond by confirming Employee’s
dates of employment, position and salary at the time of separation, and indicate that it is the Company’s policy not to release
any additional information.

 

15.
No Challenge to Claim for Unemployment Benefits. While the Company will provide any requested information in connection
with claims for unemployment insurance benefits, the Company will not challenge or otherwise contest Employee’s application for
such benefits.

 

16.
No Tax Advice; Indemnity. Employee hereby acknowledges that Employee has obtained no advice from the Company, and that neither
the Company, nor its employees, officers, directors, agents, representatives nor attorneys, have made any representation regarding the
tax consequences, if any, of the payment of the amounts payable pursuant to Section 2 of this Agreement. Employee agrees that Employee
is solely responsible for the payment of all taxes and other related contributions, if any, due as a result of the amounts paid by the
Company pursuant to Section 2 of this Agreement, and Employee agrees to defend, including payment of all related attorneys’
fees and costs, indemnify and hold harmless the Releasees against any and all claims which may be asserted by any taxing or other government
authority against the Releasees, or any of them, for taxes, withholding taxes, employer contributions, penalties, interest, and any other
assessment that may be asserted or levied by any tax or other government authority arising from or relating to the Company’s payment
of the amounts set forth in Section 2 of this Agreement.

 

17.
Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors and assigns.

 

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18.
Attorneys’ Fees. In the event of a lawsuit or other proceeding in which any party to this Agreement claims a breach
of this Agreement, or seeks to enforce or interpret this Agreement, the prevailing party shall be entitled to an award for reasonable
attorneys’ fees and costs, together with any costs and expenses, incurred in connection with such dispute.

 

19.
Arbitration; Governing Law. The Company and Employee agree that final and binding arbitration shall be the sole recourse
to settle any claim or controversy arising out of or relating to a breach or the interpretation of this Agreement, except as either party
may be seeking injunctive relief. Either party may file a demand for arbitration. The arbitration shall be held at a mutually agreeable
location, and shall be subject to and in accordance with the Employment Arbitration Rules of the American Arbitration Association then
in effect; provided that if the location cannot be agreed upon the arbitration shall be held in Thornton, Colorado. The arbitrator may
award any and all remedies allowable by the cause of action subject to the arbitration, but the arbitrator’s sole authority shall
be to interpret and apply the provisions of this Agreement. In reaching its decision the arbitrator shall have no authority to change
or modify any provision of this Agreement or other written agreement between the parties. The arbitrator shall have the power to compel
the attendance of witnesses at the hearing. Any court having jurisdiction may enter a judgment based upon such arbitration. All decisions
of the arbitrator shall be final and binding on the parties without appeal to any court. Upon execution of this Agreement, the Employee
shall be deemed to have waived any right to commence litigation proceedings regarding this Agreement outside of arbitration or injunctive
relief without the express consent of the Company. The Company shall pay all arbitration fees and the arbitrator’s compensation.
If the Employee prevails in the arbitration proceeding, the Company shall reimburse to the Employee the reasonable fees and expenses of
Employee’s personal counsel for his or her professional services rendered to the Employee in connection with the enforcement of
this Agreement. Except to the extent that federal law controls, this Agreement is to be construed according to Delaware law.

 

20.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. The parties further agree that electronic or facsimile signatures
shall be deemed to be as effective and binding as original signatures hereto for all purposes.

 

21.
General Interpretation. The terms of this Agreement have been prepared by the parties to this Agreement and the language
used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent. This Agreement shall be
construed without regard to any presumption or rule requiring construction against the party causing such instrument or any portion thereof
to be drafted, or in favor of the party receiving a particular benefit under this Agreement. If any term, provision, covenant or condition
of this Agreement shall be or become illegal, null, void or against public policy, or shall be held by any court of competent jurisdiction
to be illegal, null or void or against public policy, the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected, impaired or invalidated thereby.

 

22.
Entire Agreement. Unless otherwise stated herein, this Agreement constitutes the complete understanding between the Company
and Employee. No other obligations or agreements shall be binding unless in writing and signed by these parties. Unless otherwise stated
herein, the parties represent to each other that they are not relying on any other agreement or oral representations not fully expressed
in this Agreement. Unless otherwise stated herein, this Agreement sets forth the entire Agreement between the parties hereto and fully
supersedes any and all prior agreements or understandings, written or oral, between the parties hereto pertaining to the subject matter
hereof.

 

[Signature page follows]

 

 

    	5 

    	 

    

 

THE
ABOVE TERMS AND CONDITIONS ARE HEREBY AGREED TO BY THE UNDERSIGNED PARTIES.

	ASCENT SOLAR TECHNOLOGIES, INC.	 	 	EMPLOYEE
	 	 	 	 
	/s/ Jeffrey Max	 	 	/s/ Michael Gilbreth
	Jeffrey Max

        Chief Executive Officer
	 	 	Michael Gilbreth

 

 

 

 

 

[Signature Page to Separation Agreement and
Release of All Claims]

 

 

6

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