Amendment No. 1 to Separation Agreement and General Release between Ascent Solar Technologies, Inc. and Matthew Foster
This amendment updates a previous separation agreement between Matthew Foster and Ascent Solar Technologies, Inc. It clarifies that all of Foster's unvested stock options, granted on specific dates under the company's stock option plan, will become fully vested as of October 19, 2008. Both parties have agreed to this change, which accelerates Foster's stock option benefits as part of his separation from the company.
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 Matthew Foster (“Foster”), an individual, and Ascent Solar Technologies, Inc., a Delaware corporation (“Ascent Solar”):
RECITALS
It was and is the intent of Foster and Ascent Solar that, as part of the Separation Benefits, vesting of all of Foster’s 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 Foster 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.
| ASCENT SOLAR TECHNOLOGIES, INC. | MATTHEW FOSTER | ||||
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| By: | /s/ Mohan Misra | 9/25/08 |
| /s/ Matthew Foster | 9/25/08 |
| Chairman of the Board | Date | Date | |||
