Document:

EX-10.6

 Exhibit 10.6 

FOR NEGOTIATION AND 

DISCUSSION PURPOSES ONLY 

NOT AN OFFER OR SALE OF SECURITIES 

GUARANTY 
 This GUARANTY,
dated as of                     , 20     (this “Guaranty”), is made by each of the undersigned (each a
“Guarantor”, and collectively, the “Guarantors”), in favor of the Noteholders (as defined below), and Hudson Bay Master Fund Ltd, in its capacity as collateral agent (in such capacity, the “Collateral
Agent” as hereinafter further defined) for the Noteholders. 
 W I T N E S S
E T H : 
 WHEREAS, Ascent Solar Technologies, Inc., a Delaware corporation, with offices located at 12300 Grant
Street, Thornton, CO 80214 (the “Company”) and each party listed as a “Buyer” on the Schedule of Buyers attached thereto (collectively, the “Buyers”) are parties to the Securities Purchase
Agreement, dated as of November 14, 2014 (as amended, restated, replaced or otherwise modified from time to time, the “Securities Purchase Agreement”), pursuant to which the Company shall be required to sell, and the Buyers
shall purchase or have the right to purchase, the “Notes” issued pursuant thereto (as such Notes may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms thereof, collectively, the
“Notes”); 
 WHEREAS, the Securities Purchase Agreement requires that the Guarantors execute and deliver to the Collateral
Agent, (i) a guaranty guaranteeing all of the obligations of the Company under the Securities Purchase Agreement, the Notes and the other Transaction Documents (as defined below); and (ii) a Security and Pledge Agreement, dated the date
hereof, granting the Collateral Agent a lien in all of their assets and properties (the “Security Agreement”); and 

WHEREAS, each Guarantor has determined that the execution, delivery and performance of this Guaranty directly benefits, and is in the best
interest of, such Guarantor. 
 NOW, THEREFORE, in consideration of the premises and the agreements herein, each Guarantor hereby agrees
with the Collateral Agent and each Noteholder as follows: 
 SECTION 1. Definitions. Reference is hereby made to the Securities
Purchase Agreement and the Notes for a statement of the terms thereof. All terms used in this Guaranty and the recitals hereto which are defined in the Securities Purchase Agreement or the Notes, and which are not otherwise defined herein shall have
the same meanings herein as set forth therein. 
 “Bankruptcy Code” means Chapter 11 of Title 11 of the United States Code,
11 U.S.C §§ 101 et seq. (or other applicable bankruptcy, insolvency or similar laws). 
 “Business Day” means any
day other than Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed. 

“Buyer” or “Buyers” shall have the meaning set forth in the recitals hereto. 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not voting) of corporate stock, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person.

 “Collateral” shall have the meaning as set forth in the Security Agreement. 

“Collateral Agent” means Hudson Bay Master Fund Ltd, in its capacity as collateral agent for the Noteholders, and its
successors and assigns. 
 “Company” means Ascent Solar Technologies, Inc., a Delaware corporation. 

“Conversion Amount” shall have the meaning set forth in the Notes. 

“Event of Default” shall have the meaning set forth in the Notes. 

“Fundamental Transaction” shall have the meaning set forth in the Notes. 

“Governmental Authority” means any nation or government, any Federal, state, city, town, municipality, county, local or other
political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
 “Guaranteed Obligations” shall have the meaning set forth in Section 2 of this Guaranty. 

“Guarantor” or “Guarantors” shall have the meaning set forth in the recitals hereto. 

“Indemnified Party” means the Collateral Agent and each Noteholder. 

“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or
under any other bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, or extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 “Interest Rate” means seven percent (7%) per annum, as may be adjusted from time to time in accordance with
Section 2 of the Notes. 
 “Material Adverse Effect” means any material adverse effect on (i) the business,
properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of
the other Transaction Documents or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under any of the Transaction Documents. 

“Maturity Date” means [            ]; provided, however,
that the Maturity Date may be extended at the option of the Noteholders (or their registered assigns) (i) in the event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred and be
continuing that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the date that is twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a
Fundamental Transaction is publicly announced or a Fundamental Transaction notice is delivered prior to the Maturity Date, provided further that if a Noteholder (or its registered assigns) elects to convert some or all of the Notes pursuant to
Section 3 of the Notes, and the Conversion Amount would be limited pursuant to Section 3(d) of the Notes, the Maturity Date shall automatically be extended until such time as such provision shall not limit the conversion of the Notes. 

  
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 “Noteholders” means, at any time, the holders of the Notes at such time. 

“Notes” shall have the meaning set forth in the recitals hereto. 

“Obligations” shall have the meaning set forth in Section 3 of the Security Agreement. 

“Other Taxes” shall have the meaning set forth in Section 12(a)(iv) of this Guaranty. 

“Paid in Full” or “Payment in Full” means the indefeasible payment in full in cash of all of the Guaranteed
Obligations. 
 “Person” means an individual, corporation, limited liability company, partnership, association, joint-stock
company, trust, unincorporated organization, joint venture or other enterprise or entity or Governmental Authority. 
 “Securities
Purchase Agreement” shall have the meaning set forth in the recitals hereto. 
 “Security Agreement” shall have
the meaning set forth in the recitals hereto. 
 “Subsidiary” means any Person in which a Guarantor directly or indirectly,
(i) owns any of the outstanding Capital Stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing,
collectively, “Subsidiaries”. 
 “Taxes” shall have the meaning set forth in Section 12(a) of
this Guaranty. 
 “Transaction Documents” means, collectively, this Guaranty, the Securities Purchase Agreement, the Notes,
the Security Documents, the Voting Agreement, the Registration Rights Agreement, and the Irrevocable Transfer Agent Instructions (each as defined in the Securities Purchase Agreement) and each of the other agreements, documents and instruments
entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. 

“Transaction Party” means the Company and each Guarantor, collectively, “Transaction Parties”. 

SECTION 2. Guaranty. 

(a) The Guarantors, jointly and severally, hereby unconditionally and irrevocably, guaranty to the Collateral Agent, for the benefit of the
Noteholders, the punctual payment, as and when due and payable, by stated maturity or otherwise, of all Obligations of the Company from time to time owing by it in respect of the Securities Purchase Agreement, the Notes and the other Transaction
Documents, including, without limitation, all interest, make-whole and other amounts that accrues after the commencement of any Insolvency Proceeding of the Company or any Guarantor, whether or not the payment of such interest, make-whole and/or
other amounts are enforceable or are allowable in such Insolvency Proceeding, and all fees, interest, premiums, penalties, contract causes of actions, costs, commissions, expense reimbursements, indemnifications and all other amounts due or to
become due under any of the Transaction Documents (all of the foregoing collectively being the “Guaranteed 

  
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Obligations”), and agrees to pay any and all expenses (including reasonable counsel fees and expenses) reasonably incurred by the Collateral Agent in enforcing any rights under
this Guaranty. Without limiting the generality of the foregoing, each Guarantor’s liability hereunder shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by the Company to the Collateral Agent or any
Noteholder under the Securities Purchase Agreement and the Notes but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Transaction Party. 

(b) Each Guarantor, and by its acceptance of this Guaranty, the Collateral Agent and each Noteholder, hereby confirms that it is the intention
of all such Persons that this Guaranty and the Guaranteed Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar foreign, federal, provincial or state law to the extent applicable to this Guaranty and the Guaranteed Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Collateral Agent, the Noteholders
and the Guarantors hereby irrevocably agree that the Guaranteed Obligations of each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Guaranteed Obligations of such Guarantor under this Guaranty
not constituting a fraudulent transfer or conveyance. 
 SECTION 3. Guaranty Absolute; Continuing Guaranty; Assignments. 

(a) The Guarantors, jointly and severally, guaranty that the Guaranteed Obligations will be paid strictly in accordance with the terms of the
Transaction Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Collateral Agent or any Noteholder with respect thereto. The obligations of each
Guarantor under this Guaranty are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against any Guarantor to enforce such obligations, irrespective of whether any action is brought against any
Transaction Party or whether any Transaction Party is joined in any such action or actions. The liability of any Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably
waives, to the extent permitted by law, any defenses it may now or hereafter have in any way relating to, any or all of the following: 

(i) any lack of validity or enforceability of any Transaction Document; 

(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any Transaction Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Transaction Party or otherwise; 

(iii) any taking, exchange, release or non-perfection of any Collateral; 

(iv) any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed
Obligations; 
 (v) any change, restructuring or termination of the corporate, limited liability company or partnership structure or
existence of any Transaction Party; 
 (vi) any manner of application of Collateral or any other collateral, or proceeds thereof, to all or
any of the Guaranteed Obligations, or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations or any other Obligations of any Transaction Party under the Transaction Documents or
any other assets of any Transaction Party or any of its Subsidiaries ; 

  
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 (vii) any failure of the Collateral Agent or any Noteholder to disclose to any Transaction Party
any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of any other Transaction Party now or hereafter known to the Collateral Agent or any Noteholder (each Guarantor waiving
any duty on the part of the Collateral Agent or any Noteholder to disclose such information); or 
 (viii) any other circumstance
(including any statute of limitations) or any existence of or reliance on any representation by the Collateral Agent or any Noteholder that might otherwise constitute a defense available to, or a discharge of, any Transaction Party or any other
guarantor or surety. 
 (b) This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of
any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Collateral Agent, any Noteholder, or any other Person upon the insolvency, bankruptcy or reorganization of any Transaction Party or otherwise, all as though such
payment had not been made. 
 (c) This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until Payment in
Full of the Guaranteed Obligations (other than inchoate indemnity obligations) and shall not terminate for any reason prior to the respective Maturity Date of each Note (other than Payment in Full of the Guaranteed Obligations) and (ii) be
binding upon each Guarantor and its respective successors and assigns. This Guaranty shall inure to the benefit of and be enforceable by the Collateral Agent, the Noteholders, and their respective successors, and permitted pledgees, transferees and
assigns. Without limiting the generality of the foregoing sentence, the Collateral Agent or any Noteholder may pledge, assign or otherwise transfer all or any portion of its rights and obligations under and subject to the terms of any Transaction
Document to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Collateral Agent or such Noteholder (as applicable) herein or otherwise, in each case as provided in the
Securities Purchase Agreement or such Transaction Document. 
 SECTION 4. Waivers. To the extent permitted by applicable law, each
Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Collateral Agent exhaust any right or take any action against
any Transaction Party or any other Person or any Collateral. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this
Section 4 is knowingly made in contemplation of such benefits. The Guarantors hereby waive any right to revoke this Guaranty, and acknowledge that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether
existing now or in the future. To the extent permitted by applicable law, each Guarantor hereby unconditionally and irrevocably waives (a) any defense arising by reason of any claim or defense based upon an election of remedies by the
Collateral Agent or any Noteholder that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor
to proceed against any of the other Transaction Parties, any other guarantor or any other Person or any Collateral, and (b) any defense based on any right of set-off or counterclaim against or in respect of the Guaranteed Obligations of such
Guarantor hereunder. Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of the Collateral Agent or any Noteholder to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial
or otherwise), operations, performance, properties or prospects of any other Transaction Party or any of its Subsidiaries now or hereafter known by the Collateral Agent or a Noteholder. 

  
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 SECTION 5. Subrogation. No Guarantor may exercise any rights that it may now or hereafter
acquire against any Transaction Party or any other guarantor that arise from the existence, payment, performance or enforcement of any Guarantor’s obligations under this Guaranty, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Collateral Agent or any Noteholder against any Transaction Party or any other guarantor or any Collateral, whether or not such
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Transaction Party or any other guarantor, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until there has been Payment in Full of the Guaranteed Obligations. If any amount shall be paid to a Guarantor in violation of the
immediately preceding sentence at any time prior to Payment in Full of the Guaranteed Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit of the Collateral Agent and shall forthwith be
paid to the Collateral Agent to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Transaction Document, or to be held as
Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (a) any Guarantor shall make payment to the Collateral Agent of all or any part of the Guaranteed Obligations, and (b) there has
been Payment in Full of the Guaranteed Obligations, the Collateral Agent will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment by such Guarantor. 

SECTION 6. Representations, Warranties and Covenants. 

(a) Each Guarantor hereby represents and warrants as of the date first written above as follows: 

(i) such Guarantor (A) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization as set forth on the signature pages hereto, (B) has all requisite corporate, limited liability company or limited partnership power and authority to conduct its business as now
conducted and as presently contemplated and to execute and deliver this Guaranty and each other Transaction Document to which such Guarantor is a party, and to consummate the transactions contemplated hereby and thereby and (C) is duly
qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary except where the failure to be so
qualified would not result in a Material Adverse Effect. 
 (ii) The execution, delivery and performance by such Guarantor of this Guaranty
and each other Transaction Document to which such Guarantor is a party (A) have been duly authorized by all necessary corporate, limited liability company or limited partnership action, (B) do not and will not contravene its charter,
articles or by-laws, its limited liability company or operating agreement or its certificate of partnership or partnership agreement, as applicable, or any applicable law or any contractual restriction binding on such Guarantor or its properties do
not and will not result in or require the creation of any lien (other than pursuant to any Transaction Document) upon or with respect to any of its properties, and (C) do not and will not result in any default, noncompliance, suspension,
revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to it or its operations or any of its properties. 

  
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 (iii) No authorization or approval or other action by, and no notice to or filing with, any
Governmental Authority is required in connection with the due execution, delivery and performance by such Guarantor of this Guaranty or any of the other Transaction Documents to which such Guarantor is a party (other than expressly provided for in
any of the Transaction Documents). 
 (iv) Each of this Guaranty and the other Transaction Documents to which such Guarantor is or will be
a party, when delivered, will be, a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, except as may be limited by the Bankruptcy Code or other applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, suretyship or similar laws and equitable principles (regardless of whether enforcement is sought in equity or at law). 

(v) There is no pending or, to the best knowledge of such Guarantor, threatened action, suit or proceeding against such Guarantor or to which
any of the properties of such Guarantor is subject, before any court or other Governmental Authority or any arbitrator that (A) if adversely determined, could reasonably be expected to have a Material Adverse Effect or (B) relates to this
Guaranty or any of the other Transaction Documents to which such Guarantor is a party or any transaction contemplated hereby or thereby. 

(vi) Such Guarantor (A) has read and understands the terms and conditions of the Securities Purchase Agreement and the other Transaction
Documents, and (B) now has and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Company and the other Transaction Parties, and has no need of, or right to obtain
from any Noteholder, any credit or other information concerning the affairs, financial condition or business of the Company or the other Transaction Parties that may come under the control of any Noteholder. 

(vii) There are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied or waived. 

(b) Each Guarantor covenants and agrees that until Payment in Full of the Guaranteed Obligations, it will comply with each of the covenants
(except to the extent applicable only to a public company) which are set forth in Section 4 of the Securities Purchase Agreement as if such Guarantor were a party thereto. 

SECTION 7. Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, any Noteholder may, and is
hereby authorized to, at any time and from time to time, without notice to the Guarantors (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by law, set-off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by any Noteholder to or for the credit or the account of any Guarantor against any and all obligations of the Guarantors now or hereafter
existing under this Guaranty or any other Transaction Document, irrespective of whether or not any Noteholder shall have made any demand under this Guaranty or any other Transaction Document and although such obligations may be contingent or
unmatured. Each Noteholder agrees to notify the relevant Guarantor promptly after any such set-off and application made by such Noteholder, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of any Noteholder under this Section 7 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such Noteholder may have under this Guaranty or any other Transaction Document
in law or otherwise. 

  
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 SECTION 8. Notices, Etc. Any notices, consents, waivers or other communications required
or permitted to be given under the terms of this Guaranty must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same. All notices and other communications provided for hereunder shall be sent, if to any Guarantor, to the Company’s address and/or facsimile number, or if to the Collateral Agent or any Noteholder, to it
at its respective address and/or facsimile number, each as set forth in Section 9(f) of the Securities Purchase Agreement 
 SECTION 9.
Governing Law; Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Guaranty shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each Guarantor hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any
transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under Section 9(f) of the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Collateral Agent or the Noteholders from bringing
suit or taking other legal action against any Guarantor in any other jurisdiction to collect on a Guarantor’s obligations or to enforce a judgment or other court ruling in favor of the Collateral Agent or a Noteholder. 

SECTION 11. WAIVER OF JURY TRIAL, ETC. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. 

SECTION 12. Taxes. 
 (a)
All payments made by any Guarantor hereunder or under any other Transaction Document shall be made in accordance with the terms of the respective Transaction Document and shall be made without set-off, counterclaim, deduction or other defense. All
such payments shall be made free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the net income of
any Noteholder by the jurisdiction in which such Noteholder is organized or where it has its principal lending office (all such nonexcluded taxes, levies, imposts, deductions, charges, withholdings and liabilities, collectively or individually,
“Taxes”). If any Guarantor shall be required to deduct or to withhold any Taxes from or in respect of any amount payable hereunder or under any other Transaction Document: 

  
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 (i) the amount so payable shall be increased to the extent necessary so that after making all
required deductions and withholdings (including Taxes on amounts payable to any Noteholder pursuant to this sentence) each Noteholder receives an amount equal to the sum it would have received had no such deduction or withholding been made, 

(ii) such Guarantor shall make such deduction or withholding, 

(iii) such Guarantor shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law,
and 
 (iv) as promptly as possible thereafter, such Guarantor shall send the Noteholders an official receipt (or, if an official receipt
is not available, such other documentation as shall be satisfactory to the Collateral Agent, as the case may be) showing payment. In addition, each Guarantor agrees to pay any present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Guaranty or any other Transaction Document (collectively,
“Other Taxes”). 
 (b) Each Guarantor hereby indemnifies and agrees to hold each Indemnified Party harmless from and
against Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 12) paid by any Indemnified Party as a result of any payment made hereunder or
from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Guaranty or any other Transaction Document, and any liability (including penalties, interest and expenses for nonpayment, late payment or otherwise)
arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be paid within thirty (30) days from the date on which the Collateral Agent or such
Noteholder makes written demand therefor, which demand shall identify the nature and amount of such Taxes or Other Taxes. 
 (c) If any
Guarantor fails to perform any of its obligations under this Section 12, such Guarantor shall indemnify the Collateral Agent and each Noteholder for any taxes, interest or penalties that may become payable as a result of any such
failure. The obligations of the Guarantors under this Section 12 shall survive the termination of this Guaranty and the payment of the Obligations and all other amounts payable hereunder. 

SECTION 13. Indemnification. 

(a) Without limitation on any other obligations of any Guarantor or remedies of the Collateral Agent and the Noteholders under this Guaranty,
except to the extent resulting from such Indemnified Party’s gross negligence or willful misconduct, as determined by a final judgment of a court of competent jurisdiction, each Guarantor shall, to the fullest extent permitted by law,
indemnify, defend and save and hold harmless the Collateral Agent and each Noteholder and each of their affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and
against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party in
connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any Transaction Party enforceable against such Transaction Party in accordance with their terms. 

(b) Each Guarantor hereby also agrees that none of the Indemnified Parties shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to any of the Guarantors or 

  
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any of their respective affiliates or any of their respective officers, directors, employees, agents and advisors, and each Guarantor hereby agrees not to assert any claim against any Indemnified
Party on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the facilities, the actual or proposed use of the proceeds of the advances, the Transaction Documents or any of the
transactions contemplated by the Transaction Documents. 
 SECTION 14. Miscellaneous. 

(a) Each Guarantor will make each payment hereunder in lawful money of the United States of America and in immediately available funds to each
Noteholder, at such address specified by such Noteholder from time to time by notice to the Guarantors. 
 (b) No amendment or waiver of any
provision of this Guaranty and no consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by each Guarantor and each Noteholder, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given. 
 (c) No failure on the part of any Noteholder to
exercise, and no delay in exercising, any right hereunder or under any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder or under any Transaction Document preclude any other
or further exercise thereof or the exercise of any other right. The rights and remedies of the Collateral Agent and the Noteholders provided herein and in the other Transaction Documents are cumulative and are in addition to, and not exclusive of,
any rights or remedies provided by law. The rights of the Collateral Agent and the Noteholders under any Transaction Document against any party thereto are not conditional or contingent on any attempt by the Collateral Agent or any Noteholder to
exercise any of their respective rights under any other Transaction Document against such party or against any other Person. 
 (d) Any
provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction. 
 (e) This Guaranty shall (i) be binding on each Guarantor
and its respective successors and assigns, and (ii) inure, together with all rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent, the Noteholders and their respective successors, transferees and
assigns. Without limiting the generality of clause (ii) of the immediately preceding sentence, the Collateral Agent and any Noteholder may assign or otherwise transfer its rights and obligations under the Securities Purchase Agreement or any
other Transaction Document to any other Person in accordance with the terms thereof, and such other Person shall thereupon become vested with all of the benefits in respect thereof granted to the Collateral Agent or such Noteholder, as the case may
be, herein or otherwise. None of the rights or obligations of any Guarantor hereunder may be assigned or otherwise transferred without the prior written consent of each Noteholder. 

(f) This Guaranty reflects the entire understanding of the transaction contemplated hereby and shall not be contradicted or qualified by any
other agreement, oral or written, entered into before the date hereof. 
 (g) Section headings herein are included for convenience of
reference only and shall not constitute a part of this Guaranty for any other purpose. 

  
 10 

 SECTION 15. Currency Indemnity. 

(a) If, for the purpose of obtaining or enforcing judgment against Guarantor in any court in any jurisdiction, it becomes necessary to convert
into any other currency (such other currency being hereinafter in this Section 15 referred to as the “Judgment Currency”) an amount due under this Guaranty in any currency (the “Obligation Currency”)
other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding (a) the date of actual payment of the amount due, in the case of any proceeding in the courts of courts
of the jurisdiction that will give effect to such conversion being made on such date, or (b) the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such
conversion is made pursuant to this Section 15 being hereinafter in this Section 15 referred to as the “Judgment Conversion Date”). 

(b) If, in the case of any proceeding in the court of any jurisdiction referred to in the preceding paragraph, there is a change in the rate
of exchange prevailing between the Judgment Conversion Date and the date of actual receipt of the amount due in immediately available funds, the Guarantors shall pay such additional amount (if any, but in any event not a lesser amount) as may be
necessary to ensure that the amount actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the
amount of’ the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. Any amount due from the Guarantors under this Section 15 shall be due as a separate
debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this Guaranty. 
 [REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 11 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by its respective duly
authorized officer, as of the date first above written. 
  

			
	GUARANTORS:
	
	[U.S. SUBSIDIARY], a [JURISDICTION] corporation
		
	By:	 	  

		 	 Name:
 Title:

	
	[U.S. SUBSIDIARY], a [JURISDICTION] corporation
		
	By:	 	  

		 	 Name:
 Title:

	
	[U.S. SUBSIDIARY], a [JURISDICTION] corporation
		
	By:	 	  

		 	 Name:
 Title:

	
	[U.S. SUBSIDIARY], a [JURISDICTION] corporation
		
	By:	 	  

		 	 Name:
 Title:

	
	[U.S. SUBSIDIARY], a [JURISDICTION] corporation
		
	By:	 	  

		 	 Name:
 Title:

 [Signatures continue on following page] 

			
	ACCEPTED BY:
	
	 HUDSON BAY MASTER FUND LTD, 

as Collateral Agent

		
	By:	 	  

		 	 Name:
 Title:EX-10.7

 Exhibit 10.7 

FOR NEGOTIATION AND 

DISCUSSION PURPOSES ONLY 

NOT AN OFFER OR SALE OF SECURITIES 

VOTING AGREEMENT 

VOTING AGREEMENT, dated as of November             2014 (this
“Agreement”), by and between Ascent Solar Technologies, Inc., a Delaware corporation with offices located at 12300 Grant Street, Thornton, CO 80214 (the “Company”) and
[            ] (the “Stockholder”). 
 WHEREAS,
the Company and certain investors (each, an “Investor”, and collectively, the “Investors”) have entered into a Securities Purchase Agreement, dated as of November 14, 2014 (the “Securities Purchase
Agreement”), pursuant to which, among other things, the Company has agreed to issue and sell to the Investors and the Investors have, severally but not jointly, agreed to purchase (i) senior secured convertible notes of the Company
(the “Notes”), which will be convertible into shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”, as converted, the “Conversion Shares”), in accordance with
the terms of the Notes, and (ii) warrants (the “Warrants”), which will be exercisable to purchase shares of Common Stock (as exercised collectively, the “Warrant Shares”); 

WHEREAS, as of the date hereof, the Stockholder owns shares of Common Stock, which represent (i) approximately [ %] of the total
issued and outstanding Common Stock of the Company, and (ii) approximately [ %] of the total voting power of the Company; and 

WHEREAS, as a condition to the willingness of the Investors to enter into the Securities Purchase Agreement and to consummate the
transactions contemplated thereby (collectively, the “Transaction”), the Investors have required that the Stockholder agree, and in order to induce the Investors to enter into the Securities Purchase Agreement, the Stockholder has
agreed, to enter into this Agreement with respect to all the Common Stock now owned and which may hereafter be acquired by the Stockholder and any other securities of the Company (the “Other Securities”), if any, which Stockholder
is currently entitled to vote, or after the date hereof becomes entitled to vote, at any meeting of the shareholders of the Company. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound
hereby, the parties hereto hereby agree as follows: 
 ARTICLE I 

VOTING AGREEMENT OF THE STOCKHOLDER 

SECTION 1.01. Voting Agreement. Subject to the last sentence of this Section 1.01, the Stockholder hereby agrees that at any
meeting of the shareholders of the Company, however called, and in any action by written consent of the Company’s shareholders, the Stockholder shall vote the Common Stock and the Other Securities, which Stockholder is currently entitled to
vote, or after the date hereof becomes entitled to vote, at any meeting of the shareholders of the Company: (a) in favor of the Stockholder Approval (as defined in the 

 
Securities Purchase Agreement) and the Stockholder Resolutions (as defined in the Securities Purchase Agreement), in each case, as described in Section 4(cc) of the Securities Purchase
Agreement; and (b) against any proposal or any other corporate action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Transaction Documents (as
defined in the Securities Purchase Agreement) or which could result in any of the conditions to the Company’s obligations under the Transaction Documents not being fulfilled. The Stockholder acknowledges receipt and review of a copy of the
Securities Purchase Agreement and the other Transaction Documents. The obligations of the Stockholder under this Section 1.01 shall terminate immediately following the occurrence of the Stockholder Approval. 

ARTICLE II 
 REPRESENTATIONS
AND WARRANTIES OF THE STOCKHOLDER 
 The Stockholder hereby represents and warrants to the Company and each of the Investors as follows:

 SECTION 2.01. Authority Relative to this Agreement. The Stockholder has all requisite power and authority to execute and deliver
this Agreement, to perform his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Stockholder and constitutes a legal, valid and binding obligation of the
Stockholder, enforceable against the Stockholder in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or
hereafter in effect relating to, or affecting generally, the enforcement of creditors’ and other obligees’ rights and (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable
defenses and principles and to the discretion of the court before which the proceeding may be brought. 
 SECTION 2.02. No Conflict.
(a) The execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule,
regulation, order, judgment or decree applicable to the Stockholder or by which the Common Stock or the Other Securities owned by the Stockholder are bound or affected or (ii) result in any breach of or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on any of the Common Stock or the Other
Securities owned by the Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or the
Common Stock or Other Securities owned by the Stockholder is bound. 
 (b) The execution and delivery of this Agreement by the Stockholder
does not, and the performance of this Agreement by the Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Stockholder. 

  
 -2- 

 SECTION 2.03. Title to the Stock. As of the date hereof, the Stockholder is the owner of
[            ] shares of Common Stock, entitled to vote, without restriction, on all matters brought before holders of capital stock of the Company, which shares of Common Stock represent
on the date hereof approximately [ %] of the outstanding stock and approximately [ %] of the voting power of the Company. Such shares of Common Stock are all the securities of the Company owned, either of record or beneficially, by the
Stockholder. Such Common Stock is owned free and clear of all Encumbrances (as defined below). The Stockholder has not appointed or granted any proxy, which appointment or grant is still effective, with respect to the Common Stock or Other
Securities owned by the Stockholder. 
 ARTICLE III 

COVENANTS 
 SECTION 3.01.
No Disposition or Encumbrance of Stock. The Stockholder hereby covenants and agrees that the Stockholder shall not offer or agree to sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant a proxy or power of attorney with
respect to, or create or permit to exist any security interest, lien, claim, pledge, option, right of first refusal, agreement, limitation on the Stockholder’s voting rights, charge or other encumbrance of any nature whatsoever
(“Encumbrance”) with respect to the Common Stock or Other Securities, directly or indirectly, or initiate, solicit or encourage any person to take actions which could reasonably be expected to lead to the occurrence of any of the
foregoing. 
 SECTION 3.02. Company Cooperation. The Company hereby covenants and agrees that it will not, and the Stockholder
irrevocably and unconditionally acknowledges and agrees that the Company will not (and waives any rights against the Company in relation thereto), recognize any Encumbrance or agreement (other than this Agreement) on any of the Common Stock or Other
Securities subject to this Agreement. 
 ARTICLE IV 

MISCELLANEOUS 
 SECTION
4.01. Further Assurances. The Stockholder shall execute and deliver such further documents and instruments and take all further action as may be reasonably necessary in order to consummate the transactions contemplated hereby. 

SECTION 4.02. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this
Agreement was not performed in accordance with the terms hereof and that any Investor (without being joined by any other Investor) shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity.
Any Investor shall be entitled to its reasonable attorneys’ fees in any action brought to enforce this Agreement in which it is the prevailing party. 

SECTION 4.03. Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Stockholder (other than the
Securities Purchase Agreement and the other Transaction Documents) with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Stockholder with respect to the
subject matter hereof. 

  
 -3- 

 SECTION 4.04. Amendment. This Agreement may not be amended except by an instrument in
writing signed by the parties hereto. 
 SECTION 4.05. Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of this Agreement is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible. 

SECTION 4.06. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Delaware. The parties hereby agree that all actions or proceedings arising directly or indirectly from or in connection with this Agreement shall be litigated only in the Supreme Court of the
State of New York or the United States District Court for the Southern District of New York located in New York County, New York. The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of
motion or other application to any of said courts or a judge thereof may be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its
address set forth on the signature ages to this Agreement (and service so made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the
rules of said courts. Each of the Company and the Stockholder irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in
such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 4.07.
Termination. This Agreement shall automatically terminate immediately following the occurrence of the Stockholder Approval. 
 [The
remainder of the page is intentionally left blank] 

  
 -4- 

 IN WITNESS WHEREOF, the Stockholder and the Company have duly executed this Voting Agreement as
of the date first written above. 
  

			
	THE COMPANY:
	
	ASCENT SOLAR TECHNOLOGIES, INC.
		
	By:	 	  

		 	 Name:

Title:

 

			
	Address:	 	 12300 Grant Street,
 Thornton, CO
80214

	
	STOCKHOLDER:
	  

	[            ]
	
	Address:

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