AMENDMENT NO. 1 TO SEPARATION AGREEMENT AND GENERAL RELEASE
Exhibit 10.50
AMENDMENT NO. 1 TO
SEPARATION AGREEMENT AND GENERAL RELEASE
This Amendment No. 1 (“Amendment”) to a Separation Agreement and General Release dated September 19, 2008 (“Agreement”) by and between Xxxxxxx Xxxxxx (“Xxxxxx”), an individual, and Ascent Solar Technologies, Inc., a Delaware corporation (“Ascent Solar”):
RECITALS
It was and is the intent of Xxxxxx and Ascent Solar that, as part of the Separation Benefits, vesting of all of Xxxxxx’x unvested stock options be accelerated, effective October 19, 2008.
AGREEMENT
Section 3(a) of the Agreement is hereby amended in its entirety as follows:
(a) Acceleration of the vesting of all stock options to which Xxxxxx is entitled pursuant to option grants made on November 18, 2005, February 27, 2006 and December 3, 2007 under the Ascent Solar Technologies, Inc. 2005 Stock Option Plan and Stock Option Agreement, with the acceleration to be effective October 19, 2008.
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XXXXXXX XXXXXX |
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By: |
/s/ Xxxxx Xxxxx |
9/25/08 |
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/s/ Xxxxxxx Xxxxxx |
9/25/08 |
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Chairman of the Board |
Date |
Date |
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