Document:

Exhibit

Exhibit 10.1

CANCELLATION AND WAIVER AGREEMENT
This Cancellation and Waiver Agreement (the “Agreement”) is entered into as of the 4th day of September, 2015, by and among Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), and the investor signatory hereto (the “Holder”), with reference to the following facts: 
A.    Prior to the date hereof, pursuant to (i) that Securities Purchase Agreement, dated as of November 14, 2014, by and between the Company and the Holder (the “Initial Securities Purchase Agreement”), the Company issued to the Holder, among other things, (x) a senior convertible note, convertible into shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), in accordance with the terms of thereof (the “Note”, as converted the “Conversion Shares”), which as of the date hereof has $21,198,231.07 in aggregate principal outstanding (the “Note Amount”) and (y) a Warrant to purchase Common Stock and (ii) that Securities Purchase Agreement, dated as of February 19, 2015 by and between the Company and the Holder (the “Additional Securities Purchase Agreement”), the Company issued to the Holder, among other things, (x) certain shares of preferred stock of the Company and (y) a Warrant to purchase Common Stock.
B.    The Company and the Holder desire (i) on the date hereof to purchase and cancel such aggregate principal amount of the Note as set forth on the signature page of the Holder (including any accrued and unpaid interest thereon) (the “Initial Closing Note”) for such aggregate cash amount as set forth on the signature page of the Holder (the “Initial Closing Purchase Price”) to be paid from the Master Restricted Account (as defined in the Note) (the “Initial Cancellation”), (ii) on October 19, 2015 (the “Second Closing Date”),  to purchase and cancel such aggregate principal amount of the Note as set forth on the signature page of the Holder (including any accrued and unpaid interest thereon) (the “Second Closing Note”) for such aggregate cash amount as set forth on the signature page of the Holder (the “Second Closing Purchase Price”) to be paid to the Holder by the Company (the “Second Cancellation”) and (iii) on December 4, 2015 (the “Third Closing Date”),  to purchase and cancel such aggregate principal amount of the Note as set forth on the signature page of the Holder (including any accrued and unpaid interest thereon) (the “Third Closing Note”, and together with the Initial Closing Note and the Second Closing Note, the “Closing Notes”) for such aggregate cash amount as set forth on the signature page of the Holder (the “Third Closing Purchase Price”, and together with the Initial Closing Purchase Price and the Second Closing Purchase Price, the “Closing Purchase Price”) to be paid to the Holder by the Company (the “Third Cancellation”, and together with the Initial Cancellation and the Second Cancellation, the “Cancellations”).
C.     Each of the Company and the Holder desire to effectuate the Cancellations on the basis and subject to the terms and conditions set forth in this Agreement.
D.     Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreements.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

1.Cancellations. On the date hereof, (x) the Company, the Placement Agent and the Holder shall deliver joint written instructions, in form and substance acceptable to the Holder, in its sole discretion, to the Controlled Account Bank with respect to the Master Restricted Account to wire the Initial Closing Purchase Price to the Holder by wire transfer in U.S. dollars and immediately available funds in accordance with the wire instructions of the Holder delivered to the Company on or prior to the date hereof and (y) upon the Holder’s receipt of the Initial Closing Purchase Price and the Holder hereby agrees to convey, assign and transfer the Initial Closing Note to the Company for cancellation (the “Initial Closing”).  On the Second Closing Date, the Company shall wire the Second Closing Purchase Price to the Holder by wire transfer in U.S. dollars and immediately available funds in accordance with the wire instructions of the Holder delivered to the Company on or prior to the Second Closing Date and, upon the Holder’s receipt of the Second Closing Purchase Price, the Holder hereby agrees to convey, assign and transfer the Second Closing Note to the Company for cancellation (the “Second Closing”).  On the Third Closing Date, the Company shall wire the Third Closing Purchase Price to the Holder by wire transfer in U.S. dollars and immediately available funds in accordance with the wire instructions of the Holder delivered to the Company on or prior to the Third Closing Date and, upon the Holder’s receipt of the Second Closing Purchase Price, the Holder hereby agrees to convey, assign and transfer the third Closing Note to the Company for cancellation (the “Third Closing”).  
(a)The Holder shall deliver or cause to be delivered to the Company (or its designee) the Note (or affidavit of lost note, in form provided upon request by the Company and reasonably acceptable to the Holder) as soon as commercially practicable following the Third Closing Date (the “Delivery Date”). Immediately following the Holder’s receipt of the applicable Closing Purchase Price, solely with respect to the applicable Closing Note, the Holder shall relinquish all rights, title and interest in such Closing Note and assign and transfer the same to the Company, and any such Closing Note, as applicable, shall be cancelled.  Upon the consummation of each of the Cancellations, if requested by the Company, the Holder shall execute and delivery to the Company a pay-off letter, in customary form, and return any Collateral held by the Holder, in its capacity as the Collateral Agent, to the Company.
(b)On or prior to the date hereof, the Company shall satisfy all conditions set forth in Section 7 of the Initial Securities Purchase Agreement (as amended prior to the date hereof and hereby) with respect to this Agreement and each other related documents contemplated hereby (the “Cancellation Documents”) as if the date hereof was the Closing Date (as defined therein), mutatis mutandis. 
(c)If either (i) the Company fails to either (x) consummate the Second Closing on or prior to the Second Closing Date and/or (y) consummate the Third Closing on or prior to the Third Closing Date occurs (each, a “Default Event”), the Company shall exchange such Closing Notes (including, without limitation, the Second Closing Note and the Third Closing Note) then outstanding, in whole or in part, as elected by the Holder from time to time at the Holder’s option, into shares of Common Stock (the “Default Shares”)(in each case, subject to Section 3(d) of the Note as if such issuance was being made pursuant to a conversion of the Note) in reliance on the exemption from registration provided by Section 

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3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”)(each such exchange, a “Default Exchange”) at an exchange price equal to the Default Exchange Price (as defined below), using the mechanics set forth in Section 3(c) of the Note with “Default Exchange Price” replacing “Conversion Price” (as defined in the Note) for all purposes thereunder and using a form of exchange notice (each, an “Exchange Notice”) similar to the Conversion Notice (as defined in the Note), mutatis mutandis.  The Holder agrees that, so long as no Default Event occurs, neither the Company nor the Holder shall effect any conversion of the Note and no Installment Date (as defined in the Note) shall be deemed to occur.  The parties acknowledge and agree that the Default Shares, if any, shall be issued to the Holder in exchange for the applicable Closing Note without the payment of any additional consideration by the Holder.  For the purpose of this Section 1(d), “Default Exchange Price” means with respect to any Default Exchange that price which shall be the lowest of (i) the applicable Conversion Price as in effect on the Trading Day immediately preceding the time of the delivery or deemed delivery of the applicable Exchange Notice, and (ii) 85% of the price computed as the quotient of (I) the sum of the three (3) lowest VWAPs of the Common Stock during the sixty (60) consecutive Trading Day period ending and including the Trading Day immediately preceding the delivery or deemed delivery of the applicable Exchange Notice, divided by (II) three (3) (such period, the “Default Exchange Notice Measuring Period”).  All such determinations to be appropriately adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the Common Stock during such Default Exchange Notice Measuring Period.  Notwithstanding anything herein to the contrary, nothing in this Section 1(c) shall be deemed to limit the rights of the Holder to exercise any conversion, redemption or other right or remedy pursuant to the Closing Notes then outstanding.  
2.    Amendments; Acknowledgements.
(a)Ratifications.  Except as otherwise expressly provided herein, the Initial Securities Purchase Agreement and each other Transaction Document (as defined in the Initial Securities Purchase Agreement and the Additional Securities Purchase Agreement), is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the date hereof: (i) all references in the Initial Securities Purchase Agreement and the Additional Securities Purchase Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Initial Securities Purchase Agreement or the Additional Securities Purchase Agreement, as applicable, shall mean the Initial Securities Purchase Agreement or the Additional Securities Purchase Agreement, as applicable, as amended by this Agreement, and (ii) all references in the other Transaction Documents, to the “Securities Purchase Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Securities Purchase Agreement or Additional Securities Purchase Agreement shall mean the Initial Securities Purchase Agreement or Additional Securities Purchase Agreement, as applicable, as amended by this Agreement. 
(b)Amendments to Initial Transaction Documents.  Effective as of the date hereof, each of the Transaction Documents are hereby amended as follows: 

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(i)  The defined term “Conversion Shares” is hereby amended to include the “Default Shares” (as defined in the Cancellation Agreement)”. 
(ii)  The defined term “Transaction Documents” shall be amended to include this Agreement.
(iii)  “Cancellation Agreement” means that certain Cancellation and Waiver Agreement, by and between the Company and the investor signatory thereto, dated September 4, 2015.
(c)Acknowledgment Regarding Note.  The Holder holds a Note issued by the Company pursuant to the Initial Securities Purchase Agreement.  The Holder hereby consents to the issuance of the Default Shares and waives any provisions in any Transaction Documents (as defined in the Note) that would otherwise prohibit the issuance of the Default Shares in accordance with this Agreement, and the Default Shares shall be deemed to be Excluded Securities (as defined in the Note) and the Default Shares shall not be deemed to be Variable Price Securities (as defined in the Note), in each case, for all purposes under the Note.
(d)Waiver of Certain Provisions of the Initial Securities Purchase Agreement and Additional Securities Purchase Agreement.  Effective as of the time of consummation, in full, of the Initial Closing, the Holder hereby waives sections 4(m), 4(n), 4(q), 4(r), and 4(w) of the Initial Securities Purchase Agreement and sections 4(m), 4(n), 4(p), and 4(v) of the Additional Securities Purchase Agreement.
(e)Certain Other Waivers.  With respect to the Company's issuance of $1.5 million of subordinated convertible notes of even date herewith (the "Subordinated Notes"), upon the execution and delivery of subordination agreements acceptable to the Holder, the Holder hereby consents to the issuance of the Subordinated Notes and waives any provisions in any Transaction Documents (as defined in the Note) that would otherwise prohibit the issuance of the Subordinated Notes (and the common stock issuable upon the conversion of the Subordinated Notes).  In addition, the Holder hereby agrees that (i) the Subordinated Notes (and the common stock issuable upon the conversion of the Subordinated Notes) shall be deemed to be Excluded Securities (as defined in the Note), (ii) the Subordinated Notes shall be deemed to be Permitted Indebtedness (as defined in the Note), and (iii) the security interest securing the Subordinated Notes shall be deemed to be a Permitted Lien (as defined in the Notes).
3.    Representations and Warranties. 
(a)Company Bring Down; No Event of Default.  Except as set forth on Schedule 3(a) attached hereto, the Company hereby makes the representations and warranties to the Holder as set forth in Section 3 of the Initial Securities Purchase Agreement (as amended hereby) as if such representations and warranties were made as of the date hereof and set forth in their entirety in this Amendment, mutatis mutandis.  The Company represents and 

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warrants to the Investor that after giving effect to the terms of this Agreement no Event of Default (as defined in the Note) shall have occurred and be continuing as of the date hereof.
(b)Holder Bring Down; Ownership Representation.  The Holder hereby makes the representations and warranties as to itself only as set forth in Section 2 of the Initial Securities Purchase Agreement (as amended hereby) as if such representations and warranties were made as of the date hereof and set forth in their entirety in this Agreement, mutatis mutandis.  The Holder owns the Note free and clear of any liens (other than the obligations pursuant to this Agreement, the Transaction Documents and applicable securities laws). 
4.    Disclosure of Transaction. The Company shall, on or before 9:30 a.m., New York City Time, on or prior to the first business day after the date of this Agreement, file a Current Report on Form 8-K describing the terms of the transactions contemplated hereby in the form required by the 1934 Act and attaching the Cancellation Documents, to the extent they are required to be filed under the 1934 Act, that have not previously been filed with the SEC by the Company (including, without limitation, this Agreement) as exhibits to such filing (including all attachments, the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided up to such time to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate. The Company shall not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, affiliates, employees and agents, not to, provide the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of the Holder.  To the extent that the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates employees or agents delivers any material, non-public information to the Holder without the Holder's consent, the Company hereby covenants and agrees that the Holder's shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, Affiliates, employees or agents with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents not to trade on the basis of, such material, non-public information.  Neither the Company, its Subsidiaries nor the Holder shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of the Holder, to make a press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously therewith or (ii) as is required by applicable law and regulations (provided that in the case of clause (i) the Holder shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion), except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Holder in any filing, announcement, release or otherwise. 

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5.    No Integration. None of the Company, its Subsidiaries, any of their affiliates, or any Person acting on their behalf shall, directly or indirectly, make any offers or sales of any security (as defined in the Securities Act) or solicit any offers to buy any security or take any other actions, under circumstances that would require registration of any of the Default Shares under the Securities Act or cause this offering of the Default Shares to be integrated with such offering or any prior offerings by the Company for purposes of the Securities Act or any applicable shareholder approval provisions, including, without limitation, under the rules and regulations of the Principal Market and/or any exchange or automated quotation system on which any of the securities of the Company are listed or designated. 
6.    Listing. The Company shall promptly secure the listing or designation for quotation (as applicable) of all of the Default Shares upon each national securities exchange and automated quotation system, if any, upon which the Common Stock is then listed or designated for quotation (as applicable) (subject to official notice of issuance) and shall maintain such listing of all the Default Shares from time to time issuable under the terms of the Cancellation Documents.  The Company shall maintain the Common Stock’s authorization for quotation on the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 6.
7.    Fees.  The Company shall promptly reimburse Kelley Drye & Warren, LLP (counsel to the lead investor), on demand, for all reasonable, documented costs and expenses incurred by it in connection with preparing and delivering this Agreement (including, without limitation, all reasonable, documented legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby).
8.    Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the Default Shares may be tacked onto the holding period of the Note, and the Company agrees not to take a position contrary to this Section 8.  The Company acknowledges and agrees that (assuming the Holder is not an affiliate of the Company) (i) upon issuance in accordance with the terms hereof, the Default Shares are, as of the date hereof, eligible to be resold pursuant to Rule 144, (ii) the Company is not aware of any event reasonably likely to occur that would reasonably be expected to result in the Default Shares becoming ineligible to be resold by the Holder pursuant to Rule 144 and (ii) in connection with any resale of Default Shares pursuant to Rule 144, the Holder shall solely be required to provide reasonable assurances that such Default Shares are eligible for resale, assignment or transfer under Rule 144, which shall not include an opinion of Holder’s counsel.  The Company shall be responsible for any transfer agent fees or DTC fees or legal fees of the Company’s counsel with respect to the removal of legends, if any, or issuance of Default Shares in accordance herewith. 
9.    Blue Sky. The Company shall make all filings and reports relating to the transactions contemplated hereby required under applicable securities or “Blue Sky” laws of the states of the United States following the date hereof, if any.
10.    Miscellaneous Provisions.  Section 9 of the Securities Purchase Agreements (as amended hereby) is hereby incorporated by reference herein, mutatis mutandis.

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11.    Termination. Notwithstanding anything contained in this Agreement to the contrary, if the Effective Date has not occurred and the Company does not deliver the Initial Closing Purchase Price to the Holder in accordance with Section 1 hereof, then, at the election of the Holder delivered in writing to the Company at any time after the fifth (5th) business day immediately following the date of this Agreement, this Agreement shall be terminated and be null and void ab initio, the Cancellations shall not occur and the Note shall remain outstanding as if this Agreement never existed.
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IN WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.
	
		
	

	COMPANY:
ASCENT SOLAR TECHNOLOGIES, INC.

By:/s/ Victor Lee
    Name:   Victor Lee
    Title:     Chief Executive Officer

    

IN WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.
	
		
	

	HOLDER:

HUDSON BAY MASTER FUND LTD

By: /s/ Sander Gerber
Name:   Sander Gerber
 
Title:      Authorized Signatory

Aggregate principal amount of Initial  
Closing Note: 
 
$14,856,365.21   
Aggregate principal amount of Second  
Closing Note: 
 
$2,402,219.65   
Aggregate principal amount of Third  
Closing Note: 
 
$3,939,646.21   
Aggregate Initial Closing Purchase Price: 
 
$18,796,011.42   
Aggregate Second Closing Purchase Price: 
 
$2,402,219.65   
Aggregate Third Closing Purchase Price: 
 
$3,939,646.21Exhibit

Exhibit 10.2

ASCENT SOLAR TECHNOLOGIES, INC.

______________________________________________________

NOTE PURCHASE AGREEMENT

______________________________________________________

    

ASCENT SOLAR TECHNOLOGIES, INC.

NOTE PURCHASE AGREEMENT

THIS NOTE PURCHASE AGREEMENT (the “Agreement”) is made as of the 4th day of September, 2015 (the “Effective Date”) by and among ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (the “Company”), and the persons and entities named on the Schedule of Purchasers attached hereto as Exhibit A (individually a “Purchaser,” and collectively, the “Purchasers”).
RECITAL: 

To provide the Company with additional resources to conduct its business, the Purchasers are willing to loan to the Company an aggregate amount of $2,000,000 dollars, subject to the conditions specified herein.
AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the Company and Purchasers, intending to be legally bound, hereby agree as follows:
		
	1.
	AMOUNT AND TERMS OF THE LOAN(S); ISSUANCE OF WARRANTS

1.1    The Loan(s).  Subject to the terms of this Agreement, each Purchaser agrees, severally and not jointly, to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite each such Purchaser’s name on the Schedule of Purchasers attached as Exhibit A hereto (each, a “Loan Amount” and collectively the “Total Loan Amount”) against the issuance and delivery by the Company of a convertible promissory note or notes for such amount(s), in substantially the form attached hereto as Exhibit B (each, a “Note,” and collectively, the “Notes”).  The Company agrees to grant the Purchasers a security interest in certain of the Company’s assets to secure the Company’s performance under the Notes.  
1.2    Conversion.  The principal and all accrued and unpaid interest under each Note may, solely at the election of each Purchaser, be converted into shares of the Company’s Common Stock as provided in the applicable Note.
		
	2.
	THE CLOSING

2.1    Closing Date(s).  The closing of the initial sale and purchase of the Notes (the “Initial Closing”, and collectively with any Subsequent Closing (as defined below), the “Closing”) shall be held as of the date hereof (the “Initial Closing Date”).

2.2    Delivery.  At the Closing (i) each Purchaser shall deliver to the Company a check or wire transfer funds in the amount of its Loan Amount; and (ii) the Company shall issue and deliver to Purchaser a Note in favor of Purchaser payable in the principal amount of Purchaser’s Loan Amount.
2.3    Subsequent Sales of Notes.  The Company shall have the right until September 30, 2015 to issue and sell up to the remaining balance of the Total Loan Amount of the Notes not sold at the Initial Closing to such persons as the Company may determine, in its sole discretion, on the same terms and conditions as set forth in this Agreement.  Each such issuance and sale shall be effected, if at all, by the execution and delivery by the new purchaser of this Agreement, which will have the effect of amending this Agreement to add such purchaser as an additional “Purchaser,” having the rights and obligations described hereunder. The Initial Closing and the other subsequent closings in accordance with this Section 2.3 (a “Subsequent Closing”) are referred to herein as a “Closing.” The Initial Closing Date and the date of any Subsequent Closing are referred to herein as a “Closing Date.” All persons acquiring Notes subsequent to the Initial Closing (if they are not already parties hereto) shall become parties to this Agreement by executing and delivering this Agreement. Notwithstanding anything to the contrary contained herein, the Company shall be under no obligation to effect any Subsequent.

		
	3.
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

As of the Initial Closing and each Subsequent Closing, except as set forth on any Schedule of Exceptions attached hereto, the Company hereby represents and warrants to each Purchaser as follows:
3.1    Organization, Good Standing and Qualification.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  The Company has the requisite corporate power to own, lease and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted.  The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.
3.2    Corporate Power.  The Company has and will have at the Initial Closing and each Subsequent Closing all requisite corporate power to execute and deliver this Agreement, the Notes and the Security Agreement relating thereto (collectively, the “Transaction Agreements”), and to carry out and perform its obligations under the terms of this Agreement and under the terms of the other Transaction Agreements.
3.3    Authorization.  All corporate action on the part of the Company, its directors and its shareholders necessary for the authorization, execution, delivery by the Company of the Transactions Agreements and the performance of the Company’s obligations hereunder and 

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thereunder, including the issuance and delivery of the Notes and the reservation of the capital stock issuable upon conversion of the Notes.  This Agreement and the other Transaction Agreements, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company enforceable in accordance with their terms, (a) subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors; (b) with respect to rights to indemnity, subject to federal and state securities laws, and (c) subject to general principles of equity that restrict the availability of equitable remedies.  The capital stock of the Company issuable upon conversion of the Notes (such capital stock, collectively with the Notes, the “Securities”), when issued in compliance with the provisions of this Agreement and the Notes, will be validly issued, fully paid and nonassessable and free of any liens or encumbrances and issued in compliance with all applicable federal and securities laws. 
3.4    Governmental Consents.  All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations, declarations, or filings with, any governmental authority, required on the part of the Company in connection with the valid execution and delivery of this Agreement, the offer, sale or issuance of the Securities, or the consummation of any other transaction contemplated hereby, shall have been obtained and will be effective at the Closing. 
3.5    Offering.  Assuming the accuracy of the representations and warranties of the Purchaser contained in Section 4 hereof, the offer, issue, and sale of the Notes will be exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Act”), and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or qualification requirements of all applicable state securities laws.

3.6    Disclosure.  The Company has provided Purchaser with all the information regarding the Company reasonably available to it that Purchaser has requested for deciding whether to purchase the Securities.
		
	4.
	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

As of the Closing, each Purchaser hereby represents and warrants to the Company, severally and not jointly , as follows:
4.1    Purchase for Own Account.  Purchaser represents that it is acquiring the Securities solely for its own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.
4.2    Information and Sophistication.  Without lessening or obviating the representations and warranties of the Company set forth in Section 3, Purchaser hereby: (i) acknowledges that it has received all the information it has requested from the Company and it considers necessary or appropriate for deciding whether to acquire the Securities, (ii) represents 

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that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Purchaser and (iii) further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment.
4.3    Ability to Bear Economic Risk.  Purchaser acknowledges that investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment.
4.4    Further Limitations on Disposition.  Without in any way limiting the representations set forth above, Purchaser further agrees not to make any disposition of all or any portion of the Securities unless and until:
(a)    There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or
(b)    The Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, Purchaser shall have furnished the Company with an opinion of counsel (which may be counsel to the Company), reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws, provided that no such opinion shall be required for dispositions in compliance with Rule 144, except in extraordinary circumstances.
(c)    Notwithstanding the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for any transfer by Purchaser to the partners, members, retired partners, retired members, stockholders, and affiliates of Purchaser or the estates and immediate family members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing persons, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the Purchaser hereunder.
4.5    Accredited Investor Status.  Purchaser is an “accredited investor” as such term is defined in Rule 501 under the Act.
		
	5.
	CONDITIONS TO CLOSING OF THE PURCHASER

Purchaser’s obligations at the Closing are subject to the fulfillment, on or prior to the Closing, of all of the following conditions, any of which may be waived in whole or in part by the Purchaser:

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5.1    Representations and Warranties.  The representations and warranties made by the Company in Section 3 hereof shall have been true and correct when made, and shall be true and correct on the Closing.
5.2    Governmental Approvals and Filings.  Except for any notices required or permitted to be filed after the Closing with certain federal and state securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of the Notes and the Warrant.
5.3    Legal Requirements.  At the Closing, the sale and issuance by the Company, and the purchase by the Purchaser, of the Notes shall be legally permitted by all laws and regulations to which the Purchaser or the Company are subject.
5.4    Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchaser.
5.5    Transaction Documents.  The Company shall have duly executed and delivered to the Purchaser the following documents:
(a)    This Agreement;
(b)    Each Note issued hereunder; and
(c)    The Security Agreement relating to the the collateral securing the obligations under the Notes.
		
	6.
	CONDITIONS TO OBLIGATIONS OF THE COMPANY

The Company’s obligation to issue and sell the Notes at the Closing is subject to the fulfillment, on or prior to the date of the Closing, of the following conditions, any of which may be waived in whole or in part by the Company:
6.1    Representations and Warranties.  The representations and warranties made by the Purchaser in Section 4 hereof shall be true and correct when made, and shall be true and correct on the Closing.
6.2    Governmental Approvals and Filings.  Except for any notices required or permitted to be filed after the Closing with certain federal and state securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of the Notes.

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6.3    Legal Requirements.  At the Closing, the sale and issuance by the Company, and the purchase by the Purchaser, of the Notes shall be legally permitted by all laws and regulations to which the Purchaser or the Company are subject.
6.4    Purchase Price.  Purchaser shall have delivered to the Company the Loan Amount in respect of the Note being purchased by Purchaser referenced in Section 1 hereof.
		
	7.
	MISCELLANEOUS

7.1    Binding Agreement.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
7.2    Registration, Transfer and Replacement of the Notes. The Notes issuable under this Agreement shall be registered notes.  The Company will keep, at its principal executive office, books for the registration and registration of transfer of the Notes.  Prior to presentation of any Note for registration of transfer, the Company shall treat the person in whose name such Note is registered as the owner and holder of such Note for all purposes whatsoever, whether or not such Note shall be overdue, and the Company shall not be affected by notice to the contrary.  The holder of any Note, at its option, may in person or by duly authorized attorney surrender the same for exchange at the Company’s chief executive office, and promptly thereafter and at the Company’s expense, except as provided below, receive in exchange therefor one or more new Note(s), each in the principal amount requested by such holder, dated the date of the Note so surrendered and registered in the name of such person or persons as shall have been designated in writing by such holder or its attorney for the same principal amount as the then unpaid principal amount of the Note so surrendered.  Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the case of mutilation, upon surrender thereof, the Company, at its expense, will execute and deliver in lieu thereof a new Note executed in the same manner as the Note being replaced, in the same principal amount as the unpaid principal amount of such Note and dated the date of such Note.
7.3    Successors and Assigns. The rights and obligations of the Company and the Purchaser shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.
7.4    Assignment by the Company. The rights, interests or obligations hereunder may not be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of Purchaser.

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7.5    Separability of Agreements; Severability of this Agreement. The Company’s agreement with each of the Purchasers is a separate agreement and the sale and issuance of the Note(s) to each of the Purchasers is a separate transaction. Unless otherwise expressly provided herein, the rights of each Purchaser hereunder are several rights, not rights jointly held with any of the other Purchasers. Any invalidity, illegality or limitation on the enforceability of this Agreement or any part hereof by any Purchaser, whether arising by reason of the law of the respective Purchaser’s domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to the other Purchasers. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
7.6    Governing Law.  This Agreement shall be governed by and construed under the laws of the State of Colorado as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado, without giving effect to conflicts of laws principles.
7.7    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
7.8    Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
7.9    Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex, electronic mail or facsimile if sent during normal business hours of the recipient to the address on file in the books and records of the Company, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, within the United States, (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, within the United States, or (e) upon actual delivery if mailed or otherwise delivered in hard copy outside the Unites States.  All communications shall be sent to the Company at 12300 Grant Street, Thornton, CO 80241, and to Purchaser at the address(es) set forth on the signature page hereto or at such other address(es) as the Company or Purchaser may designate by ten (10) days advance written notice to the other parties hereto. 
7.10    Modification; Waiver.  No modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective unless in writing and approved by the Company and the Purchasers then-holding at least a majority in interest of the outstanding Total Loan Amount (the “Majority Holders”).  Any provision of the Notes may be amended or waived by the written consent of the Majority Holders; provided, however, that no amendment or waiver shall materially and adversely affect the rights of any Purchaser or group of Purchasers in a manner different from all Purchasers without the written consent of the Purchaser or group of Purchasers so materially and adversely affected.

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7.11    Fees and Expenses.  The Company and each Purchaser shall each bear its respective expenses and legal fees incurred with respect to this Agreement and the transactions contemplated herein.  
7.12    Delays or Omissions.  It is agreed that no delay or omission to exercise any right, power, or remedy accruing to each Purchaser, upon any breach or default of the Company under this Agreement or any Note shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character by a Purchaser of any breach or default under this Agreement, or any waiver by any Purchaser of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded to the Purchasers, shall be cumulative and not alternative
7.13    Entire Agreement. This Agreement together with the other Transaction Agreements constitute and contain the entire agreement among the Company and Purchasers and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the subject matter hereof.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties have executed this NOTE PURCHASE AGREEMENT as of the date first written above. 

	
		
	COMPANY:

ASCENT SOLAR TECHNOLOGIES, INC.

By:  /s/ Victor Lee
Name: Victor Lee
Title: Chief Executive Officer

	PURCHASER:

GLOBAL ICHIBAN LIMITED

By:   /s/ Ashley Ong 
Name: Ashley Ong
Title: Authorized Signatory

	
		
	 
	PURCHASER:

SENG WEI SEOW

By:  /s/ Seng Wei Seow
Name: Seng Wei Seow

SIGNATURE PAGE TO NOTE PURCHASE AGREEMENT

SCHEDULES AND EXHIBITS

Exhibit A:    Schedule of Purchasers
Exhibit B:    Form of Secured Convertible Promissory Note Form of Warrant

Exhibit A

Schedule of Purchasers

	
			
	NAME AND ADDRESS OF PURCHASER:
	NOTE AMOUNT:
	Closing Date:

	Global Ichiban Limited
	$1,000,000
	September 4, 2015

	Seng Wei Seow
	$500,000
	September 4, 2015

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

Exhibit B

Form of Secured Convertible Promissory Note

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