Exhibit 10.1

FORBEARANCE AND SETTLEMENT AGREEMENT

THIS FORBEARANCE AND SETTLEMENT AGREEMENT (this “ Agreement ”), dated as of May 5, 2017, is made by RDW Capital LLC, holder of certain secured convertible notes of various dates of issuance (the “ Notes ”) (the “ Holder ”) issued by Ascent Solar Technologies, Inc. (the “ Company ”).

WHEREAS , the Notes held by the Holder are in default due to various triggering events; and

WHEREAS , the Holder and the Company have agreed that the Holder will forbear from taking any action provided for under the Notes in exchange for the undertakings provided for in this Agreement.

NOW, THEREFORE , in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Definitions . Capitalized terms used and not defined in this Agreement shall have the respective meanings given them in the Notes.

2.      Agreement . The parties agree on the redemption schedule provided herein:

3.      Limitation of Waiver . The Agreement of the Holder to the Company set forth above shall be limited as written in the manner and to the extent described above and nothing in this Agreement shall be deemed to constitute a waiver of compliance by the Company with respect to any other term, provision or condition of the Notes or the other Transaction Documents, or any other instrument or agreement referred to therein.

4.      Conditions Precedent . This Agreement shall become effective upon the date (the “ Effective Date ”) on which the Holder and the Company have executed this document and only if its terms are properly disclosed in a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby, and including this Agreement as an exhibit thereto, within the time required by the Securities Exchange Act of 1934, as amended.

5.      Successors and Assigns . This Agreement shall inure to the benefit of and be binding upon the parties hereto and each of their respective successors and assigns.

6.      Governing Law . This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The parties consent and submit to the exclusive jurisdiction of the state and federal courts located in New York County, New York for any action, dispute or proceeding arising out of this Agreement.

7.      Counterparts . This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Agreement electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Agreement.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

Exhibit 10.2

THIS UNSECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE PAYOR THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

UNSECURED PROMISSORY NOTE

$125,000.00    May 8, 2017

Thornton, Colorado

For value received, Ascent Solar Technologies, Inc., a Delaware corporation (“ Payor ”), promises to pay to Seow Seng Wei or its assigns (“ Holder ”) the principal sum of One Hundred and Twenty Five Thousand Dollars ($125,000.00) with interest on the outstanding principal amount at the rate of twelve percent (12%) per annum. Interest shall commence with the date of funding. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed. The principal and accrued interest on this note (the “ Note ”) shall be due and payable on September 8, 2017 (the “ Maturity Date ”), provided that the Maturity Date of all Notes (as defined below) may be extended with the written consent of Holder.

1. The obligations under this Note will be unsecured.

2.      All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata among all Holders. All payments shall be applied first to accrued expenses due under this Note, next to interest and thereafter to principal.

3.      The entire outstanding principal balance and all unpaid accrued interest shall become fully due and payable on the Maturity Date. On the Maturity Date, Payor shall pay the Holder the outstanding principal balance, plus an amount equal to all accrued interest.

4.      Promptly upon the occurrence thereof, Payor shall furnish to Holder written notice of the occurrence of any Event of Default (as defined below) hereunder.

5.      If action is instituted to collect this Note, the Payor promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action.

6.      Payor may prepay this Note prior to the Maturity Date.

7.      If there shall be any Event of Default hereunder, at the option of, and upon the declaration of the Holder of this Note and upon written notice to the Payor (which election and notice shall not be required in the case of an Event of Default under Section 7(b) or 7(c)), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable. The occurrence of any one or more of the following shall constitute an “ Event of Default ”:

(a)      Payor fails to pay timely any of the principal amount due under any of the Notes on the date the same becomes due and payable or any accrued interest or other amounts due under any of the Notes on the date the same becomes due and payable;

(b)      Payor (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing; or

(c)      An involuntary petition is filed against Payor (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Payor.

8.      Upon the occurrence or existence of any Event of Default (other than an Event of Default described in Section 7(b) or 7(c)) and at any time thereafter during the continuance of such Event of Default, Holder may, by written notice to the Payor, declare all outstanding principal and accrued interest on this Note immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default described in Section 7(b) or 7(c), immediately and without notice, all outstanding principal and interest on this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.

9.      The Payor hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Note.

10.      This Note 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.

11.      Any term of this Note (excluding the principal amount of the Note and the interest rate of the Note) may be amended or waived with the written consent of Payor and Holder. Upon the effectuation of such waiver or amendment in conformance with this Section 11, the Payor shall promptly give written notice thereof to the record holders of the Notes who have not previously consented thereto in writing.

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IN WITNESS WHEREOF, Payor and Holder have caused this Note to be executed as of the date first written above.

PAYOR:

ASCENT SOLAR TECHNOLOGIES, INC.

By: /s/ Victor Lee     

Name: Victor Lee

Title: Chief Executive Officer

HOLDER:

SEOW SENG WEI

By: /s/ Seow Seng Wei

Name: Seow Seng Wei