Ascent Solar Technologies, Inc.

We have opted to comply with the executive compensation disclosure rules applicable to “smaller reporting companies,” as such term is defined in the rules promulgated under the Securities Act.

This section provides an overview of the compensation awarded to, earned by, or paid to each individual who served as our principal executive officer during 2025, and up to two of our next most highly compensated executive officers in respect of their service to our Company for 2025. Our named executive officers, or the Named Executive Officers, for the year ended December 31, 2025, are:

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Paul Warley, our CEO;

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Jin Jo, our CFO; and

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Bobby Gulati, our COO

The following Summary Compensation Table sets forth certain information regarding the compensation of our Named Executive Officers for services rendered in all capacities to us during the years ended December 31, 2025 and 2024.

Summary Compensation Table

(1)

Mr. Warley's May 2023 CEO employment agreement provides for an annual base salary of $400,000 (increased to $450,000 in May 2024) and he received a one-time bonus of $40,000 and $85,000 in 2025 and 2024, respectively. In 2025, Mr. Warley was awarded 105,000 stock options valued at $1.16 per option, which represent their fair value at grant date. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027. The Company also paid $3,100 in Mr. Warley's life insurance premiums.

In 2024, Mr. Warley was awarded 2,150 restricted stock units ("RSU"), valued at $77 per RSU, which represent their grant date fair value and 23,500 stock options, valued at $4.15 per option, which represent their grant date fair value. One third of the RSUs vested on March 31, 2024 and the remaining unvested RSUs vested pro rata on January 1, 2025 and January 1, 2026. One third of these options vested on September 15, 2024. The remaining unvested options will vest pro rata annually on over the next two years.

(2)

Ms. Jo was appointed CFO in May 2023. Ms. Jo's employment agreement provides an annual base salary of $225,000 (increased to $255,000 in May 2024) and she received a one-time bonus of $40,000 and $60,000 in 2025 and 2024, respectively. In 2025, Ms. Jo was awarded 47,500 stock options valued at $1.16 per option, which represent their fair value at grant date. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027.

In 2024, Ms. Jo was awarded 425 RSUs, valued at $77 per RSU, which represent their grant date fair value and 11,500 stock options, valued at $4.15 per option, which represent their grant date fair value. One third of the RSUs vested on March 31, 2024 and the remaining unvested RSUs vested pro rata on January 1, 2025 and January 1, 2026. One third of these options vested on September 15, 2024. The remaining unvested options will vest pro rata annually on over the next two years.

(3)

Mr. Gulati was appointed COO in May 2023. Mr. Gulati's employment agreement provides an annual base salary of $225,000 (increased to $240,000 in May 2024, and increased to $255,000 in January 2025) and was paid a one-time bonus of $40,000 and $30,000 in 2025 and 2024, respectively. In 2025, Mr. Gulati was awarded 47,500 stock options valued at $1.16 per option, which represent their fair value at grant date. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027.

In 2024, Mr. Gulati was awarded 425 RSUs, valued at $77 per RSU, which represent their grant date fair value and 11,500 stock options, valued at $4.15 per option, which represent their grant date fair value. One third of the RSUs vested on March 31, 2024 and the remaining unvested RSUs vested pro rata on January 1, 2025 and January 1, 2026. One third of these options vested on September 15, 2024. The remaining unvested options will vest pro rata annually on over the next two years.

Executive Employment Agreements

Paul Warley

On December 31, 2025, the Company entered into a new CEO employment agreement (the "2025 CEO Agreement") with Mr. Warley, effective January 1, 2026. The 2025 CEO Agreement was entered into to replace the prior 2023 agreement which expired on December 31, 2025. Under the 2025 CEO Agreement, 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.

Under these employment agreements, Mr. Warley is required to maintain the confidentiality of the Company’s proprietary information. The employment agreements also includes customary non-competition and non-solicitation provisions that Mr. Warley must comply with for a period of 12 months after termination of his employment with the Company.

Jin Jo

On December 31, 2025, the Company entered into a new CFO employment agreement (the "2025 CFO Agreement") with Ms. Jo, effective January 1, 2026. The 2025 CFO Agreement was entered into to replace the prior 2023 agreement which expired on December 31, 2025. Under the 2025 CFO Agreement, Ms. Jo will 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 Ms. Jo without cause or following a change in control or Ms. Jo terminates employment for good reason, 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.

Under these employment agreements, Ms. Jo is required to maintain the confidentiality of the Company’s proprietary information. The employment agreements also includes customary non-competition and non-solicitation provisions that Ms. Jo must comply with for a period of 12 months after termination of his employment with the Company.

Bobby Gulati

On December 31, 2025, the Company entered into a new COO employment agreement (the "2025 COO Agreement") with Mr. Gulati, effective January 1, 2026. The 2025 COO Agreement was entered into to replace the prior 2023 agreement which expired on December 31, 2025. Under the 2025 COO Agreement, Mr. Gulati will 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 without cause or following a change in control or Mr. Gulati terminates employment for good reason, Mr. Gulati 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.

Under these employment agreements, Mr. Gulati is required to maintain the confidentiality of the Company’s proprietary information. The employment agreements also includes customary non-competition and non-solicitation provisions that Mr. Gulati must comply with for a period of 12 months after termination of his employment with the Company.

The following table sets forth information concerning the outstanding equity awards granted to the named executive officer as of December 31, 2025.

Outstanding Equity Awards at Fiscal Year-End 2025

(1)

In January 2024, Mr. Warley received an equity grant of 2,150 RSUs valued at the grant date fair value of $77 per RSU. A third of these RSUs vested on March 31, 2024, a third vested on January 1, 2025 and the remaining third will vest on January 1, 2026. In August 2024, Mr. Warley received an equity grant of 23,500 Options valued at the grant date fair value of $4.15 per Option. A third of these Options vested on September 15, 2024, a third will vest on August 21, 2025 and the remaining third will vest on August 21, 2026. In June 2025, Mr. Warley received an equity grant of 105,000 Options valued at the grant date fair value of $1.16 per Option. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027.

(2)

In January 2024, Ms. Jo received an equity grant of 425 RSUs valued at the grant date fair value of $77. A third of these RSUs vested on March 31, 2024, a third vested on January 1, 2025 and the remaining third will vest on January 1, 2026. In August 2024, Ms. Jo received an equity grant of 11,500 Options valued at the grant date fair value of $4.15 per Option. A third of these Options vested on September 15, 2024, a third will vest on August 21, 2025 and the remaining third will vest on August 21, 2026. In June 2025, Ms. Jo received an equity grant of 47,500 Options valued at the grant date fair value of $1.16 per Option. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027.

(3)

In January 2024, Mr. Gulati received an equity grant of 425 RSUs valued at the grant date fair value of $77. A third of these RSUs vested on March 31, 2024, a third vested on January 1, 2025 and the remaining third will vest on January 1, 2026. In August 2024, Mr. Gulati received an equity grant of 11,500 Options valued at the grant date fair value of $4.15 per Option. A third of these Options vested on September 15, 2024, a third will vest on August 21, 2025 and the remaining third will vest on August 21, 2026. In June 2025, Mr. Gulati received an equity grant of 47,500 Options valued at the grant date fair value of $1.16 per Option. A third of these Options vested on June 20, 2025, a third will vest on May 28, 2026 and the remaining third will vest on May 29, 2027.