ASTI Ascent Solar Technologies, Inc. - 8-K

Item 1.01 Entry Into a Material Definitive Agreement.

On December 31, 2025, the Company entered into new employment agreements
with Paul Warley, Chief Executive Officer, Bobby Gulati, Chief Operations Officer, and Jin Jo, Chief Financial Officer. These agreements
replace the prior employment agreements with these executives that expired on December 31, 2025. The terms of these new agreements are
summarized below.

Item 5.02 Departure of Directors or Certain Officers: Election of Directors;
Appointment of Certain Officer; Compensatory Arrangements of Certain Officers.

Item 5.02e Compensatory Arrangements of Certain Officers

The employment agreements are effective on January 1, 2026. The employment
agreements provide the following:

Mr. Warley will receive an annual base salary of $450,000 and will be eligible
for a discretionary annual incentive bonus of up to 150% of this base salary if the targets are achieved. Additionally, if the Company
terminates Mr. Warley without cause or following a change in control or Mr. Warley terminates employment for good reason, Mr. Warley will
be entitled to receive (i) 24 months of base salary, (ii) 12 months of paid health insurance under COBRA,
and (iii) full vesting acceleration of any outstanding stock options or other equity incentives. Mr. Warley will also receive a moving
allowance of up to $30,000 if he relocates his primary residence to Colorado and the Company will purchase a $1 million life insurance
policy that designates his spouse as the beneficiary.

Mr. Gulati and Ms. Jo will each receive an annual base salary of $255,000
and will be eligible for a discretionary annual incentive bonus of up to 100% of this base salary if the targets are achieved. Additionally,
if the Company terminates Mr. Gulati or Ms. Jo without cause or following a change in control or Mr. Gulati or Ms. Jo terminates employment
for good reason, Mr. Gulati or Ms. Jo will be entitled to receive (i) 12 months of base salary, (ii) 12 months of paid health insurance
under COBRA, and (iii) full vesting acceleration of any outstanding stock options or other equity incentives.

The employment agreements provide that the executives will be eligible
to participate in the Company’s equity incentive and other standard benefit plans and programs.

The employment agreements require the executives to maintain the confidentiality
of the Company’s proprietary information. The employment agreements also include customary non-competition and non-solicitation
provisions that the executives must comply with for a period of 12 months after termination of employment with the Company.

The above summary does not purport to be a complete summary of the employment
agreements and is qualified in its entirety by reference to the full text of the employment agreements, copies of which is filed herewith
as exhibits and are incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

Exhibit

Number

Description

10.1

Employment Agreement between the Company and Paul Warley dated January 1, 2026

10.2

Employment Agreement between the Company and Bobby Gulati dated January 1, 2026

10.3

Employment Agreement between the Company and Jin Jo dated January 1, 2026

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