Exhibit 10.1


 


FORM OF SECURITIES PURCHASE AGREEMENT


 


This Securities Purchase
Agreement (as amended, supplemented, restated and/or modified from time to time, this “Agreement”) is entered
into as of March [__], 2020, by and between Summit Wireless Technologies, Inc., a Delaware corporation (the “Company”),
and [________] (the “Investor”).


 


BACKGROUND


 


A.       The
board of directors (the “Board of Directors”) of the Company has authorized the issuance to Investor of the
Note (as defined below) and the Warrant (as defined below).


 


B       The
Investor desires to purchase the Note and the Warrant on the terms and conditions set forth in this Agreement.


 


C.       Concurrently
with the execution of this Agreement: (i) the Company and the Investor will enter into (a) a security agreement, substantially
in the form attached hereto as Exhibit A (the “Security Agreement”), pursuant to which the Company will
grant a first priority security interest in all of its assets to secure the Company’s obligations hereunder and under the
Note, (b) a pledge agreement, substantially in the form attached hereto as Exhibit B (the “Pledge Agreement”),
pursuant to which the Company will pledge all of the equity interests in its wholly-owned subsidiary, WiSA, LLC (“WiSA”),
to secure the Company’s obligations hereunder and under the Note; (c) a patent security agreement, substantially in the form
attached hereto as Exhibit C (the “Company Patent Security Agreement”), pursuant to which the Company
will reaffirm its grant  of a first priority security interest in certain intellectual property collateral (including its
patents) to secure the Company’s obligations hereunder and under the Note and (d) a trademark security agreement, substantially
in the form attached hereto as Exhibit D (the “Company Trademark Security Agreement”), pursuant to which
the Company will reaffirm its grant of a first priority security interest in certain intellectual property collateral (including
its trademarks and service marks) to secure the Company’s obligations hereunder and under the Note and (ii) WiSA will enter
into (a) a guaranty in favor of the Investor, substantially in the form attached hereto as Exhibit E (the “WiSA
Guaranty”) pursuant to which WiSA will guaranty the Company’s obligations hereunder and under the Note, (b) a security
agreement with the Investor, substantially in the form attached hereto as Exhibit F (the “WiSA Security Agreement”),
pursuant to which WiSA will grant a first priority security interest in all of its assets to secure WiSA’s obligations under
the WiSA Guaranty, and (c) a trademark security agreement, substantially in the form attached hereto as Exhibit G (the “WiSA
Trademark Security Agreement”), pursuant to which WiSA will reaffirm  its grant of a first priority security
interest in certain intellectual property collateral (including its trademarks and service marks) to secure the WiSA’s obligations
under the WiSA Guaranty.


 


NOW THEREFORE, in consideration
of the foregoing recitals and the covenants and agreements set forth herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:


 






     


     


    

 


1.                 
DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings specified
or indicated below, and such meanings shall be equally applicable to the singular and plural forms of such defined terms:


 


“1933 Act”
means the Securities Act of 1933, as amended.


 


“1934 Act”
means the Securities Exchange Act of 1934, as amended.


 


“Acquisition”
means the acquisition by the Company or any direct or indirect Subsidiary of the Company of a majority of the Equity Interests
or substantially all of the assets and business of any Person, whether by direct purchase of Equity Interests, asset purchase,
merger, consolidation or like combination.


 


“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common
control with, the Person specified, as such terms are used in and construed under Rule 405 under the Securities Act.


 


“Agreement”
has the meaning set forth in the preamble.


 


“Blank Check
Preferred Stock” has the meaning set forth in Section 3.4(a).


 


“Blue Sky
Application” has the meaning set forth in Section 9.3(a).


 


“Board of
Directors” has the meaning set forth in the recitals.


 


“Business
Day” means any day other than a Saturday, Sunday or any other day on which the Federal Reserve Bank of New York is closed
in New York City.


 


“Capital Stock”
means the Common Stock, the Preferred Stock and any other classes of capital stock of the Company.


 


“Change of
Control” means, with respect to the Company:


 


		(a)	a change in the composition of the Board of Directors of the Company at a single shareholder meeting
where a majority of the individuals that were directors of the Company immediately prior to the start of such shareholder meeting
are no longer directors at the conclusion of such meeting;



 


		(b)	a change in composition of the Board of Directors of the Company prior to the termination of this
Agreement where a majority of the individuals that were directors as of the date of this Agreement cease to be directors of the
Company prior to the termination of this Agreement;



 


		(c)	unless their replacements shall be approved by the Investor in the Investor’s sole discretion,
any two of the individuals who are the Chief Executive Officer, President or Chairman of the Board of Directors as of the date
of this Agreement cease to hold such position at any time prior to the termination of this Agreement;



 






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		(d)	other than a shareholder that holds such a position at the date of this Agreement, if a Person
comes to have beneficial ownership, control or direction over more than forty percent (40%) of the voting rights attached to any
class of voting securities of the Company; or



 


		(e)	the sale or other disposition by the Company or any of its Subsidiaries in a single transaction,
or in a series of transactions, of all or substantially all of their respective assets.



 


“Closing”
has the meaning set forth in Section 2.2.


 


“Closing Date”
has the meaning set forth in Section 2.2.


 


“Code”
has the meaning set forth in Section 2.1.


 


“Commitment
Fee” means an amount equal to Eighty-Five Thousand Dollars ($85,000).


 


“Common Stock”
means the common stock of the Company, par value $0.0001 per share.


 


“Company”
has the meaning set forth in the preamble.


 


“Company Patent
Security Agreement” has the meaning set forth in the recitals.


 


“Company Trademark
Security Agreement” has the meaning set forth in the recitals.


 


“Conversion
Shares” means the shares of Common Stock issuable upon the full or any partial conversion of the Note.


 


“Effectiveness
Period” has the meaning set forth in Section 9.2(a).


 


“Equity Interests”
means and includes capital stock, membership interests and other similar equity securities, and shall also include warrants or
options to purchase capital stock, membership interests or other equity interests.


 


“Event”
means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.


 


“Event of
Default” has the meaning set forth in Section 7.1.


 


“Exempted
Securities” means (a) shares of Common Stock or rights, warrants or options to purchase Common Stock issued in connection
with any Acquisition, (b) equity securities issued by reason of a dividend, stock split, split-up or other distribution on shares
of Common Stock, (c) shares of Common Stock or rights, warrants or options to purchase Common Stock issued to employees or
directors of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement or arrangement
approved by the Board of Directors (“Equity Plans”), or (d) shares of Common Stock actually issued upon the
exercise of options or shares of Common Stock actually issued upon the conversion or exchange of any securities convertible into
Common Stock, in each case provided that such issuance is pursuant to the terms of the applicable option or convertible security.


 






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“Funding Amount”
means an amount equal to One Million Seven Hundred Thousand Dollars ($1,700,000).


 


“HSR Act”
has the meaning set forth in Section 5.16.


 


“Investor”
has the meaning set forth in the preamble.


 


“Investor
Group” shall mean the Investor plus any other Person with which the Investor is considered to be part of a group under
Section 13 of the 1934 Act or with which the Investor otherwise files reports under Sections 13 and/or 16 of the 1934 Act.


 


“Investor
Party” has the meaning set forth in Section 5.12(a).


 


“Investor
Shares” means the Conversion Shares, the Warrant Shares and any other shares issued or issuable to the Investor pursuant
to this Agreement, the Note or the Warrant.


 


“IP Rights”
has the meaning set forth in Section 3.10.


 


“Law”
means any law, rule, regulation, order, judgment or decree, including, without limitation, any federal and state securities Laws.


 


“Losses”
has the meaning set forth in Section 5.12(a).


 


“Material
Adverse Effect” means any material adverse effect on (i) the businesses, properties, assets, prospects, operations, results
of operations or financial condition of the Company, or the Company and the Subsidiaries, taken as a whole, or (ii) the ability
of the Company to consummate the transactions contemplated by this Agreement or to perform its obligations hereunder or under the
Note or the Warrant; provided, however, that none of the following shall be deemed either alone or in combination to constitute,
and none of the following shall be taken into account in determining whether there has been or would be, a Material Adverse Effect:
(a) any adverse effect resulting from or arising out of general economic conditions; (b) any adverse effect resulting from
or arising out of general conditions in the industries in which the Company and the Subsidiaries operate; (c) any adverse effect
resulting from any changes to applicable Law; or (d) any adverse effect resulting from or arising out of any natural disaster
or any acts of terrorism, sabotage, military action or war or any escalation or worsening thereof; provided, further,
that any event, occurrence, fact, condition or change referred to in clauses (a) through (d) immediately above shall be taken into
account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that
such event, occurrence, fact, condition or change has a disproportionate effect on the Company and/or the Subsidiaries compared
to other participants in the industries in which the Company and the Subsidiaries operate.


 


“Maximum Percentage”
means 4.99%; provided, that if at any time after the date hereof the Investor Group beneficially owns in excess of 4.99%
of any class of Equity Interests in the Company that is registered under the 1934 Act (excluding any Equity Interests deemed beneficially
owned by virtue of the Note and the Warrant), then the Maximum Percentage shall automatically increase to 9.99% so long as the
Investor Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically
decrease to 4.99% upon the Investor Group ceasing to own in excess of 4.99% of such class of Equity Interests).


 






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“Money Laundering
Laws” has the meaning set forth in Section 3.25.


 


“New Securities”
means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants
to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into
or exercisable for such equity securities.


 


“Note”
has the meaning set forth in Section 2.1.


 


“OFAC”
has the meaning set forth in Section 3.23.


 


“Offer Notice”
has the meaning set forth in Section 10.1.


 


“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.


 


“Pledge Agreement”
has the meaning set forth in the recitals.


 


“Preferred
Stock” has the meaning set forth in Section 3.4(a).


 


“Prepayment
Right” shall have the meaning set forth in Section 2.4.


 


“Principal
Amount” has the meaning set forth in Section 2.1.


 


“Proceedings”
has the meaning set forth in Section 3.6.


 


“Prohibited
Transaction” means a transaction with a third party or third parties in which the Company issues or sells (or arranges
or agrees to issue or sell):


 


(a)       any
debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable
for, or include the right to receive shares of the Company’s Capital Stock:


 


(i)       at
a conversion, repayment, exercise or exchange rate or other price that is based on, and/or varies with, a discount
to the future trading prices of, or quotations for, shares of Common Stock; or


 


(ii)       at
a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after
the initial issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other
than warrants that may be repriced by the Company); or


 






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(b)       any
securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right to receive
additional securities based upon future transactions of the Company on terms more favorable than those granted to such investor
in such first transaction or series of related transactions;


 


and are deemed to include transactions
generally referred to as at-the-market transactions (ATMs) or equity lines of credit and stand-by equity distribution agreements,
and convertible securities and loans having a similar effect. Notwithstanding the foregoing, and for the avoidance of doubt, rights
issuances, shareholder purchase plans, Equity Plans, convertible securities, or issuances of Equity Interests, based on the trading
price of the Common Stock on the Trading Market but each at a fixed price per share, shall not be deemed to be a Prohibited Transaction.


 


“Prospectus”
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the Investor Shares covered by such Registration Statement and by all other amendments
and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus,
and any “free writing prospectus” as defined in Rule 405 under the 1933 Act.


 


“register,”
 “registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness
of such Registration Statement or document.


 


“Registration
Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of
the Investor Shares pursuant to the provisions of this Agreement, including the Prospectus and amendments and supplements to such
Registration Statement, and including post-effective amendments, all exhibits and all material incorporated by reference in such
Registration Statement.


 


“Reverse Split”
has the meaning set forth in Section 5.21.


 


“SEC”
means the United States Securities and Exchange Commission.


 


“SEC Documents”
has the meaning set forth in Section 3.5(a).


 


“Securities”
means the Note, the Warrant and the Investor Shares.


 


“Securities
Termination Event” means either of the following has occurred:


 


(a)       trading
in securities generally in the United States has been suspended or limited for a consecutive period of greater than ten (10) Trading
Days; or


 


(b)       a
banking moratorium has been declared by the United States or the New York State authorities and is continuing for a consecutive
period of greater than three (3) Business Days.


 


“Security
Agreement” has the meaning set forth in the recitals.


 


“Series A
Preferred Stock” has the meaning set forth in Section 3.4(a).


 






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“Stockholder
Approval” shall mean the approval of such number of the holders of the outstanding shares of Company’s voting Common
Stock as required by the Company’s bylaws (the “Bylaws”) and the Delaware General Corporation Law: (a)
if and to the extent legally required, to amend the Company’s certificate of incorporation, as amended (“Certificate
of Incorporation”), to increase the number of authorized shares of Common Stock by at least the number of shares of Common
Stock equal to the number of Shares issuable hereunder, (b) to ratify and approve all of the transactions contemplated by the Transaction
Documents, including the issuance of all of Investor Shares (as such term is defined in each of such documents) issued and potentially
issuable to the Investor thereunder, all as may be required by the applicable rules and regulations of the Trading Market (or any
successor entity).


 


“Subsidiaries”
and “Subsidiary” have the meaning set forth in Section 3.4(b).


 


“Trading Day”
means a day on which the Common Stock is traded on a Trading Market.


 


“Trading Market”
means whichever of the New York Stock Exchange, NYSE American, or the Nasdaq Stock Market (including the Nasdaq Capital Market,
the Nasdaq Global Market, and the Nasdaq Global Select Market), on which the Common Stock is listed or quoted for trading on the
date in question.


 


“Transaction
Documents” means this Agreement, the Note, the Warrant, the Security Agreement, the Company Patent Security Agreement,
the Company Trademark Security Agreement, the Pledge Agreement, the WiSA Guaranty, the WiSA Security Agreement, the WiSA Trademark
Security Agreement and any other documents or agreements executed or delivered in connection with the transactions contemplated
hereunder.


 


“Warrant”
has the meaning set forth in Section 2.1.


 


“Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Warrant.


 


“WiSA”
has the meaning set forth in the recitals.


 


“WiSA Guaranty”
has the meaning set forth in the recitals.


 


“WiSA Security
Agreement” has the meaning set forth in the recitals.


 


“WiSA Trademark
Security Agreement” has the meaning set forth in the recitals.


 


2.                 
PURCHASE AND SALE OF THE NOTE AND THE WARRANT.


 


2.1             
Purchase and Sale of the Note and the Warrant. Subject to the terms and conditions set forth herein, at
the Closing, the Company shall issue and sell to the Investor, and the Investor shall purchase from the Company, (a) a convertible
promissory note, in the form attached hereto as Exhibit H (the “Note”), in the principal amount of Two
Million Forty Thousand Dollars ($2,040,000.00) (the “Principal Amount”) and (b) a Common Stock purchase warrant,
in the form attached hereto as Exhibit I, registered in the name of the Investor, pursuant to which the Investor shall have
the right to acquire 4,553,571 shares of Common Stock (the “Warrant”), in exchange for the Funding Amount. The
Investor and the Company agree that for U.S. federal income tax purposes and applicable state, local and non-U.S. tax purposes,
the Funding Amount shall be allocable between the Note and the Warrant based on the relative fair market values thereof. Neither
the Investor nor the Company shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry
or proceeding in respect of taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313
of the Internal Revenue Code of 1986, as amended (the “Code”), or any analogous provision of applicable state,
local or non-U.S. law.


 






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2.2             
Closing. The closing hereunder, including payment for and delivery of the Note and the Warrant, shall
take place remotely via the exchange of documents and signatures, no later than ten (10) Business Days following the execution
and delivery of this Agreement, subject to satisfaction or waiver of the conditions set forth in Section 6, or at such other
time and place as the Company and the Investor agree upon, orally or in writing (the “Closing,” and the date
of the Closing being the “Closing Date”).


 


2.3             
Commitment Fee. At the Closing, the Company shall pay to the Investor the Commitment Fee, in United States
dollars and in immediately available funds. The Commitment Fee shall be paid by being offset against the Funding Amount payable
by the Investor at Closing.


 


2.4             
Prepayment Right. As set forth in the Note, in its sole discretion and upon giving the prior written notice
set forth in the Note, the Company will have the right to pre-pay the entire then-outstanding principal amount of the Note at any
time with no penalty or premium of any kind (the “Prepayment Right”); provided, that in the event that
the Company elects to exercise its Prepayment Right, the Investor will have the option to convert up to thirty-three percent (33%)
of the then outstanding principal amount of the Note, at a price per share equal to the Conversion Price (as such term is defined
in the Note).


 


2.5             
Senior Obligation. As an inducement for the Investor to enter into this Agreement and to purchase the
Note, all obligations of the Company pursuant to this Agreement and the Note shall be secured by a first priority security interest
in and lien upon all assets of the Company, once the proceeds from the sale of the Note and Warrant shall have been used to repay
the January Note as disclosed on Schedule 3.2.


 


3.                 
REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Investor
and covenants with the Investor that, except as is set forth in the Disclosure Letter being delivered to the Investor as of the
date hereof and as of the Closing Date, the following representations and warranties are true and correct:


 


3.1             
Organization and Qualification. The Company is a corporation duly organized and validly existing in good
standing under the Laws of the State of Delaware and has the requisite corporate power and authority to own its properties and
to carry on its business as now being conducted. WiSA is a limited liability company duly formed and validly existing in good standing
under the Laws of the State of Delaware and has the requisite limited liability company power and authority to own its properties
and to carry on its business as now being conducted. Each of the Company and WiSA is duly qualified to do business and is in good
standing in every jurisdiction in which the ownership of its property or the nature of the business conducted by it makes such
qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material
Adverse Effect.


 






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3.2             
Authorization; Enforcement; Compliance with Other Instruments. Each of the Company and WiSA has the requisite
corporate or limited liability company power, as applicble, and authority to execute the Transaction Documents to which it is a
party, in the case of the Company, to issue and sell the Note and the Warrant pursuant hereto, and, in both cases, to perform its
obligations under the Transaction Documents to which it is a party, including, in the case of the Company, issuing the Investor
Shares on the terms set forth in this Agreement. The execution and delivery of the Transaction Documents to which it is a party
by the Company and WiSA and the issuance and sale by the Company of the Securities pursuant hereto, including without limitation
the reservation of the Conversion Shares and the Warrant Shares for future insuance, have been duly and validly authorized by the
Company’s Board of Directors for itself and in its capacity as the member manager of WiSA and except as set forth on Schedule
3.2, no further consent or authorization is required by the Company, its Board of Directors, its stockholders, WiSA or any
other Person in connection therewith. The Transaction Documents have been duly and validly executed and delivered by the Company
and WiSA and constitute valid and binding obligations of each of the Company and WiSA, enforceable against the Company and WiSA
in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar Laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies.


 


3.3             
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and
WiSA and the issuance and sale of the Note and the Warrant by the Company hereunder will not (a) conflict with or result in a violation
of the Certificate of Incorporation or Bylaws or WiSA's certificate of formation or organizational documents, (b) conflict
with, or constitute a material default (or an event which, with notice or lapse of time or both, would become a material default)
under, or give to others any right of termination, amendment, acceleration or cancellation of, any material agreement to which
the Company or any of the Subsidiaries is a party, or (c) subject to the making of the filings referred to in Section 
5, and, violate in any material respect any Law or any rule or regulation of the Trading Market applicable to the Company or
any of the Subsidiaries or by which any of their properties or assets are bound or affected. Assuming the accuracy of the Investor’s
representations in Section 4 and subject to the making of the filings referred to in Section 5, (i) no
approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other
third party (including the Trading Market) in connection with the issuance of the Note and the Warrant and the other transactions
contemplated by this Agreement (including the issuance of the Conversion Shares upon conversion of the Note and the Warrant Shares
upon exercise of the Warrant) and (ii) the issuance of the Note and the Warrant, and the issuance of the Conversion Shares
upon the conversion of the Note and the Warrant Shares upon exercise of the Warrant will be exempt from the registration and qualification
requirements under the 1933 Act and all applicable state securities Laws.


 






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3.4             
Capitalization and Subsidiaries.


 


(a)              
The authorized Capital Stock of the Company consists of: (i) 200,000,000 shares of Common Stock, (ii) 1,250,000 shares
of Series A 8% Senior Convertible Preferred Stock (the “Series A Preferred Stock”) and (iii) 18,750,000
remaining shares of blank check preferred stock to be designated by the Board of Directors (the “Blank Check Preferred
Stock”, and together with the Series A Preferred Stock, the “Preferred Stock”)). As of the close of
business on December 31, 2019: (A) 24,873,191 shares of Common Stock were issued and outstanding and (B) 250,000 shares
of Series A Preferred Stock were issued and outstanding; and since December 31, 2019, and through the date of this Agreement, the
Company has issued 1,878,074 additional shares of Common Stock, cancelled 7,500 shares of Common Stock and issued no additional
shares of Preferred Stock.  As of December 31, 2019, (x) no shares of Common Stock are issuable upon exercise of options granted
under the Company’s 2018 Long-Term Stock Incentive Plan and 2,490,573 additional shares are reserved for future issuance
under such plan; (y) 9,097,368 shares of Common Stock issuable upon exercise of outstanding warrants, with exercise prices ranging
from $0.44 to $10.35 per share. The Company shall duly reserve up to 8,160,000 shares of Common Stock for issuance upon conversion
of the Note and shall duly reserve 4,553,571 shares of Common Stock for issuance upon exercise of the Warrant. The Conversion Shares,
when issued upon conversion of the Note in accordance with its terms, and the Warrant Shares, if and when issued upon exercise
of the Warrant in accordance with its terms, will be validly issued, fully paid and non-assessable and free from all taxes, liens
and charges with respect to the issuance thereof. Other than as set forth on Schedule 3.4(d), no shares of the Company’s
Capital Stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by
the Company. The Certificate of Incorporation and Bylaws on file on the SEC’s EDGAR website are true and correct copies of
the Certificate of Incorporation and Bylaws as in effect as of the date hereof. The Company is not in violation of any provision
of its Certificate of Incorporation or Bylaws.


 


(b)              
Schedule 3.4(b) lists each direct and indirect subsidiary of the Company (each, a “Subsidiary”
and collectively, the “Subsidiaries”) and indicates for each Subsidiary (i) the authorized capital stock or
other Equity Interest of such Subsidiary as of the date hereof, (ii) the number and kind of shares or other ownership interests
of such Subsidiary that are issued and outstanding as of the date hereof, and (iii) the owner of such shares or other ownership
interests. No Subsidiary has any outstanding stock options, warrants or other instruments pursuant to which such Subsidiary may
at any time or under any circumstances be obligated to issue any shares of its capital stock or other Equity Interests. Except
with respect to Summit Wireless Japan K.K., which the Company intends to dissolve, each Subsidiary is duly organized and validly
existing in good standing under the laws of its jurisdiction of formation and has all requisite power and authority to own its
properties and to carry on its business as now being conducted.


 


(c)              
Other than as set forth on Schedule 3.4(c), neither the Company nor any Subsidiary is bound by any agreement or arrangement
pursuant to which it is obligated to register the sale of any securities under the 1933 Act. Other than with respect to the Series
A Preferred Stock, there are no outstanding securities of the Company or any of the Subsidiaries which contain any redemption or
similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to redeem or purchase any security of the Company or any Subsidiary. Other than as set forth on Schedule
3.4(d), there are no outstanding securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Note, the Warrant or the Investor Shares. Neither the Company nor any Subsidiary has any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement.


 






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(d)              
Other than as set forth on Schedule 3.4(d), the issuance and sale of any of the Securities will not obligate the
Company to issue shares of Common Stock or other securities to any other Person and will not result in the adjustment of the exercise,
conversion, exchange, or reset price of any outstanding securities.


 


(e)              
As of the date of this Agreement, the Company has capacity under the rules and regulations of the Trading Market to issue
up to 5,322,009 shares of Common Stock (or securities convertible into or exercisable for Common Stock) without obtaining Stockholder
Approval.


 


3.5             
SEC Documents; Financial Statements.


 


(a)              
As of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents required to be
filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof
and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein
being hereinafter referred to as the “SEC Documents”). As of their respective filing dates, the SEC Documents
complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.


 


(b)              
As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form
in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, and audited
by a firm that is a member a member of the Public Companies Accounting Oversight Board consistently applied, during the periods
involved (except as may be otherwise indicated in such financial statements or the notes thereto, or, in the case of unaudited
interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all
material respects the consolidated financial position of the Company as of the dates thereof and the consolidated results of its
operations and consolidated cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end
audit adjustments). No other written information provided by or on behalf of the Company to the Investor in connection with the
Investor’s purchase of the Note and the Warrant which is not included in the SEC Documents contains any untrue statement
of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstance
under which they are or were made, not misleading.


 






    	 	11	 



     


    

 


(c)              
The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) reasonable controls to safeguard assets are in place and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.


 


3.6             
Litigation and Regulatory Proceedings. Except as disclosed in SEC Documents, there are no material actions,
causes of action, suits, claims, proceedings, inquiries or investigations (collectively, “Proceedings”) before
or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive
officers of Company or any of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Common
Stock or any other class of issued and outstanding shares of the Company’s Capital Stock, or any of the Company’s or
the Subsidiaries’ officers or directors in their capacities as such and, to the knowledge of the executive officers of the
Company, there is no reason to believe that there is any basis for any such Proceeding.


 


3.7             
No Undisclosed Events, Liabilities or Developments. No event, development or circumstance has occurred
or exists, or to the knowledge of the executive officers of the Company is reasonably anticipated to occur or exist that (a) would
reasonably be anticipated to have a Material Adverse Effect or (b) would be required to be disclosed by the Company under applicable
securities Laws on a registration statement filed with the SEC relating to an issuance and sale by the Company of its Common Stock
and which has not been publicly announced.


 


3.8             
Compliance with Law. The Company and each of the Subsidiaries have conducted and are conducting their
respective businesses in compliance in all material respects with all applicable Laws and are in compliance in all material respects
with the rules and regulations of the Trading Market. The Company is not aware of any facts which could reasonably be anticipated
to lead to a delisting of the Common Stock by the Trading Market in the future.


 


3.9             
Employee Relations. Neither the Company nor any Subsidiary is involved in any union labor dispute nor,
to the knowledge of the Company, is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective
bargaining agreement. No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer
intends to leave the Company’s employ or otherwise terminate such officer’s employment with the Company.


 


3.10         
Intellectual Property Rights. The Company and each Subsidiary owns or possesses adequate rights or licenses
to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights (collectively,
 “IP Rights”) necessary to conduct their respective businesses as now conducted. None of the material IP Rights
of the Company or any of the Subsidiaries are expected to expire or terminate within three (3) years from the date of this Agreement.
Neither the Company nor any Subsidiary is infringing, misappropriating or otherwise violating any IP Rights of any other Person.
No claim has been asserted, and no Proceeding is pending, against the Company or any Subsidiary alleging that the Company or any
Subsidiary is infringing, misappropriating or otherwise violating the IP Rights of any other Person, and, to the Company’s
knowledge, no such claim or Proceeding is threatened, and the Company is not aware of any facts or circumstances which might give
rise to any such claim or Proceeding. The Company and the Subsidiaries have taken commercially reasonable security measures to
protect the secrecy, confidentiality and value of all of their material IP Rights.


 






    	 	12	 



     


    

 


3.11         
Environmental Laws. Except, in each case, as would not be reasonably anticipated to have a Material Adverse
Effect, the Company and the Subsidiaries (a) are in compliance with any and all applicable Laws relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and
hold all permits, licenses or other approvals required of them under all such Laws to conduct their respective businesses and (c)
are in compliance with all terms and conditions of any such permit, license or approval.


 


3.12         
Title to Assets. The Company and the Subsidiaries have good and marketable title to all personal property
owned by them which is material to their respective businesses, in each case free and clear of all liens, encumbrances and defects
except those set forth on Schedule 3.12. Any real property and facilities held under lease by the Company or any Subsidiary
are held under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the
use made and proposed to be made of such property and buildings by the Company and the Subsidiaries.


 


3.13         
Insurance. The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary
in the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor any of the Subsidiaries has been
refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will not be able to renew
all existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers.


 


3.14         
Regulatory Permits. The Company and the Subsidiaries have in full force and effect all certificates, approvals,
authorizations and permits from all regulatory authorities and agencies necessary to own, lease or operate their respective properties
and assets and conduct their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings
relating to the revocation or modification of any such certificate, approval, authorization or permit, except for such certificates,
approvals, authorizations or permits with respect to which the failure to hold would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.


 


3.15         
No Materially Adverse Contracts, Etc. Neither the Company nor any of the Subsidiaries is (a) subject to
any charter, corporate or other legal restriction, or any judgment, decree or order which in the judgment of the Company’s
officers has or is expected in the future to have a Material Adverse Effect or (b) a party to any contract or agreement which in
the judgment of the Company’s management has or would reasonably be anticipated to have a Material Adverse Effect.


 






    	 	13	 



     


    

 


3.16         
Taxes. The Company and the Subsidiaries each has made or filed, or caused to be made or filed, all United
States federal, and applicable state, local and non-U.S. tax returns, reports and declarations required by any jurisdiction to
which it is subject and has paid all taxes and other governmental assessments and charges that are material in amount, required
to be paid by it, regardless of whether such amounts are shown or determined to be due on such returns, reports and declarations,
except those being contested in good faith by appropriate proceedings and for which it has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and, to the knowledge
of the Company, there is no basis for any such claim.


 


3.17         
Solvency. After giving effect to the receipt by the Company of the proceeds from the transactions contemplated
by this Agreement (a) the Company’s fair saleable value of its assets exceeds the amount that will be required to be paid
on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature;
and (b) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all
of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect
of its debt when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such
debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company
has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under
the bankruptcy or reorganization laws of any jurisdiction.


 


3.18         
Investment Company. The Company is not, and is not an Affiliate of, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.


 


3.19         
Certain Transactions. Other than as disclosed in the SEC Documents, there are no contracts, transactions,
arrangements or understandings between the Company or any of its Subsidiaries, on the one hand, and any director, officer or employee
thereof on the other hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC
in the Company’s Form 10-K or proxy statement pertaining to an annual meeting of stockholders.


 


3.20         
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any person acting on its
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Note pursuant to this Agreement.


 


3.21         
Acknowledgment Regarding the Investor’s Purchase of the Note and the Warrant. The Company’s
Board of Directors has approved the execution of the Transaction Documents and the issuance and sale of the Note and the Warrant,
based on its own independent evaluation and determination that the terms of the Transaction Documents are reasonable and fair to
the Company and in the best interests of the Company and its stockholders. The Company is entering into this Agreement, the Security
Agreement, the Company Patent Security Agreement, the Company Trademark Security Agreement and the Pledge Agreement and is issuing
and selling the Note and the Warrant voluntarily and without economic duress. The Company has had independent legal counsel of
its own choosing review the Transaction Documents and advise the Company with respect thereto. The Company acknowledges and agrees
that the Investor is acting solely in the capacity of an arm’s length purchaser with respect to the Note and the Warrant
and the transactions contemplated hereby and that neither the Investor nor any person affiliated with the Investor is acting as
a financial advisor to, or a fiduciary of, the Company (or in any similar capacity) with respect to execution of the Transaction
Documents or the issuance of the Note and the Warrant or any other transaction contemplated hereby.


 






    	 	14	 



     


    

 


3.22         
No Brokers’, Finders’ or Other Advisory Fees or Commissions. Except as set forth in Schedule
3.22, no brokers, finders or other similar advisory fees or commissions will be payable by the Company or any Subsidiary or
by any of their respective agents with respect to the issuance of the Note or any of the other transactions contemplated by this
Agreement.


 


3.23         
OFAC. None of the Company nor any of the Subsidiaries nor, to the best knowledge of the Company, any director,
officer, agent, employee, affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject
to any United States sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury
(“OFAC”); and the Company will not directly or indirectly use any proceeds received from the Investor, or lend,
contribute or otherwise make available such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or
other person or entity, to finance any investments in, or make any payments to, any country or person currently subject to any
of the sanctions of the United States administered by OFAC.


 


3.24         
No Foreign Corrupt Practices. None of the Company or any of the Subsidiaries has, directly or indirectly:
(a) made or authorized any contribution, payment or gift of funds or property to any official, employee or agent of any governmental
authority of any jurisdiction except as otherwise permitted under applicable Law; or (b) made any contribution to any candidate
for public office, in either case, where either the payment or the purpose of such contribution, payment or gift was, is, or would
be prohibited under the Foreign Corrupt Practices Act or the rules and regulations promulgated thereunder or under any other legislation
of any relevant jurisdiction covering a similar subject matter applicable to the Company or its Subsidiaries and their respective
operations and the Company has instituted and maintained policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance with such legislation.


 


3.25         
Anti-Money Laundering. The operations of each of the Company and the Subsidiaries are and have been conducted
at all times in compliance with all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction
of incorporation and in each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the
 “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental authority
involving the Company or its Subsidiaries with respect to any of the Money Laundering Laws is, to the best knowledge of the Company,
pending, threatened or contemplated.


 


3.26         
Disclosure. The Company confirms that neither it, nor to its knowledge, any other Person acting on its
behalf has provided the Investor or its agents or counsel with any information that the Company believes constitutes material,
non-public information. The Company understands and confirms that the Investor will rely on the foregoing representations and covenants
in effecting transactions in securities of the Company. All disclosures provided to the Investor regarding the Company, its business
and the transactions contemplated hereby, furnished by or on behalf of the Company (including the Company’s representations
and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading.


 






    	 	15	 



     


    

 


4.                 
REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. The Investor represents and warrants to the Company
as follows:


 


4.1             
Organization and Qualification. The Investor is a limited partnership, duly organized and validly existing
in good standing under the laws of the State of Delaware.


 


4.2             
Authorization; Enforcement; Compliance with Other Instruments. The Investor has the requisite power and
authority to enter into this Agreement, the Security Agreement, the Company Patent Security Agreement, the Company Trademark Security
Agreement and the Pledge Agreement and to perform its obligations under the Transaction Documents. The execution and delivery by
the Investor of the Transaction Documents to which it is a party have been duly and validly authorized by the Investor’s
governing body and no further consent or authorization is required. The Transaction Documents to which it is a party have been
duly and validly executed and delivered by the Investor and constitute valid and binding obligations of the Investor, enforceable
against the Investor in accordance with their terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of creditors’ rights and remedies.


 


4.3             
No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party
by the Investor and the purchase of the Note and the Warrant by the Investor will not (a) conflict with or result in a violation
of the Investor’s organizational documents, (b) conflict with, or constitute a material default (or an event which, with
notice or lapse of time or both, would become a material default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which the
Investor is a party, or (c) violate any Law applicable to the Investor or by which any of the Investor’s properties or assets
are bound or affected. No approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory
agency or other third party in connection with the purchase of the Note and the Warrant and the other transactions contemplated
by this Agreement.


 


4.4             
Investment Intent; Accredited Investor. The Investor is purchasing the Note and the Warrant for its own
account, for investment purposes, and not with a view towards distribution. The Investor is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D of the 1933 Act. The Investor has, by reason of its business and financial
experience, such knowledge, sophistication and experience in financial and business matters and in making investment decisions
of this type that it is capable of (a) evaluating the merits and risks of an investment in the Note, the Warrant and the Investor
Shares and making an informed investment decision, (b) protecting its own interests and (c) bearing the economic risk of such investment
for an indefinite period of time.


 






    	 	16	 



     


    

 


4.5             
Opportunity to Discuss. The Investor has received all materials relating to the business, finance and
operations of the Company and the Subsidiaries as it has requested and has had an opportunity to discuss the business, management
and financial affairs of the Company and the Subsidiaries with the Company’s management. In making its investment decision,
the Investor has relied solely on its own due diligence performed on the Company by its own representatives.


 


4.6             
No Other Representations.Except for the representations and warranties set forth in this Agreement
and in other Transaction Documents, the Investor makes no other representations or warranties to the Company.


 


5.                 
OTHER AGREEMENTS OF THE PARTIES.


 


5.1             
No Restrictions on Transfer.  The Investor Shares, when issued on or after the Conversion Trigger
Date (as such term is defined in the Note), shall be freely transferrable and any certificates representing such Investor Shares
shall not bear any legend.


 


5.2             
Furnishing of Information. As long as the Investor owns the Securities, the Company covenants to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after the date hereof pursuant to the 1934 Act. As long as the Investor owns Securities, if the Company is not required
to file reports pursuant to such laws, it will prepare and furnish to the Investor and make publicly available in accordance with
Rule 144(c) such information as is required for the Investor to sell the Investor Shares under Rule 144. The Company further covenants
that it will take such further action as any holder of Securities may reasonably request, all to the extent required from time
to time to enable such Person to sell such Investor Shares without registration under the 1933 Act within the limitation of the
exemptions provided by Rule 144 or other applicable exemptions.


 


5.3             
Integration. The Company shall not, and shall use its best efforts to ensure that no Affiliate of the
Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section
2 of the 1933 Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration
under the 1933 Act of the sale of the Securities to the Investor, or that will be integrated with the offer or sale of the Securities
for purposes of the rules and regulations of any Trading Market that would require, under the rules of the Trading Market, the
Stockholder Approval.


 


5.4             
Notification of Certain Events. The Company shall give prompt written notice to the Investor of (a) the
occurrence or non-occurrence of any Event, the occurrence or non-occurrence of which would render any representation or warranty
of the Company or WiSA contained in this Agreement or any other Transaction Document, if made on or immediately following the date
of such Event, untrue or inaccurate in any material respect, (b) the occurrence of any Event that, individually or in combination
with any other Events, has had or could reasonably be expected to have a Material Adverse Effect, (c) any failure of the Company
or WiSA to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder or any Event that
would otherwise result in the nonfulfillment of any of the conditions to the Investor’s obligations hereunder, (d) any
notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with
the consummation of the transactions contemplated by this Agreement or any other Transaction Document, or (e) any Proceeding
pending or, to the Company’s knowledge, threatened against a party relating to the transactions contemplated by this Agreement
or any other Transaction Document.


 






    	 	17	 



     


    

 


5.5             
Available Stock. The Company shall at all times keep authorized and reserved and available for issuance,
free of preemptive rights, such number of shares of Common Stock as are issuable upon conversion of the Note and exercise of the
Warrant at any time. If the Company determines at any time that it does not have a sufficient number of authorized shares of Common
Stock to reserve and keep available for issuance as described in this Section 5.5, the Company shall use all commercially
reasonable efforts to increase the number of authorized shares of Common Stock by seeking Stockholder Approval for the authorization
of such additional shares.


 


5.6             
Use of Proceeds. The Company will use the proceeds from the sale of the Note and the Warrant for the repayment
of the January Note listed on Schedule 3.2, as well as for general corporate and working capital purposes.


 


5.7             
Repayment of Note. If the Company incurs any debt, including the issuance of any subordinated debt or
convertible debt (other than the Note) or any Preferred Stock in excess of $100,000, unless otherwise agreed in writing by the
Investor or unless such debt is issued to a seller as partial consideration paid to such seller in connection with an Acquisition,
the Company will immediately utilize the proceeds of such issuance to repay the Note, if outstanding, unless waived by the Investor.


 


5.8             
Intercreditor Agreement. In the event that the Company or any Subsidiary incurs debt or issues convertible
debt securities to a seller as partial consideration paid to such seller in connection with an Acquisition, unless otherwise waived
in writing by the Investor, as a condition to consummation of such Acquisition, the holder of such debt or convertible debt securities
shall enter into an intercreditor agreement with the Company and the Investor on terms reasonably satisfactory to the Investor.


 


5.9             
No Shorting. So long as the Investor continues to hold the Note, the Warrant or any portion thereof, the
Investor will comply with the provisions of Section 9 of the 1934 Act, and the rules promulgated thereunder, with respect to transactions
involving the Common Stock and will not, either directly or indirectly through its Affiliates, principals or advisors, engage in
any short sales or other similar hedging transactions with respect to the Common Stock.


 


5.10         
Prohibited Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions
without the Investor’s prior written consent, until the earlier of (a) thirty (30) days after such time as the Note has been
repaid in full and/or has been converted into Conversion Shares and (b) the date on which the Investor ceases to hold any shares
of Common Stock or have the right to acquire any shares of Common Stock, including by exercise of the Warrant.


 






    	 	18	 



     


    

 


5.11         
Securities Laws Disclosure; Publicity. The Company shall, by 9:30 a.m. (New York City time) on the Trading
Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated
hereby, and shall, within four (4) Business Days following the date hereof, file a Current Report on Form 8-K disclosing the material
terms of the transactions contemplated hereby and including this Agreement as an exhibit thereto; provided, that the Company must
provide a copy of such press release prior to its release and a copy of such Current Report on Form 8-K prior to its filing to
the Investor for review, and the Company shall incorporate the Investor’s reasonable comments with respect to each. The Company
shall not issue any press release nor otherwise make any such public statement regarding the Investor or the Transaction Documents
without the prior written consent of the Investor, except if such disclosure is required by law, in which case the Company shall
(a) ensure that such disclosure is restricted and limited in content and scope to the maximum extent permitted by Law to meet the
relevant disclosure requirement and (b) provide a copy of the proposed disclosure to the Investor for review prior to release and
the Company shall incorporate the Investor’s reasonable comments. Following the execution of this Agreement, the Investor
and its Affiliates and/or advisors may place announcements on their respective corporate websites and in financial and other newspapers
and publications (including customary “tombstone” advertisements) describing the Investor’s relationship with
the Company under this Agreement and including the name and corporate logo of the Company. Notwithstanding anything herein to the
contrary, to comply with United States Treasury Regulations Section 1.6011-4(b)(3)(i), each of the Company and the Investor, and
each employee, representative or other agent of the Company or the Investor, may disclose to any and all persons, without limitation
of any kind, the U.S. federal and state income tax treatment, and the U.S. federal and state income tax structure, of the transactions
contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating
to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax
strategy provided to such recipient.


 


5.12         
Indemnification of the Investor.


 


(a)              
The Company will indemnify and hold the Investor, its Affiliates and their respective directors, officers, managers, shareholders,
members, partners, employees and agents and permitted successors and assigns (each, an “Investor Party”) harmless
from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation and defense (collectively,
 “Losses”) that any such Investor Party may suffer or incur as a result of or relating to:


 


(i)                
any breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Document;


 


(ii)             
any misrepresentation made by the Company in any Transaction Document or in any SEC Document;


 


(iii)           
any omission to state any material fact necessary in order to make the statements made in any SEC Document, in light of
the circumstances under which they were made, not misleading;


 






    	 	19	 



     


    

 


(iv)            
any Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon,
or resulting from the execution, delivery, performance or enforcement of any of the Transaction Documents or the consummation of
the transactions contemplated thereby, and whether or not the Investor is party thereto by claim, counterclaim, crossclaim, as
a defendant or otherwise, or if such Proceeding is based upon, or results from, any of the items set forth in clauses (i) through
(iii) above.


 


(b)              
In addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and
other expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection
therewith, as such expenses are incurred.


 


(c)              
The provisions of this Section 5.12 shall survive the termination or expiration of this Agreement.


 


5.13         
Non-Public Information. The Company covenants and agrees that neither it nor any other Person acting on
its behalf will provide the Investor or its agents or counsel with any information that the Company believes constitutes material,
non-public information. To the extent the Company provides the Investor with material, non-public information, the Company shall
publicly disclose such information within three (3) Business Days of providing the information to the Investor; provided, however,
in the event that such material non-public information is provided to Investor pursuant to Section 10, the Company shall
publicly disclose such information within twenty (20) Business Days of providing the information to the Investor. The Company understands
and confirms that the Investor shall be relying on the foregoing representation in effecting transactions in securities of the
Company.


 


5.14         
Stockholder Approval. The Company shall hold a special meeting of stockholders (which may also be at the
annual meeting of stockholders) on or before June 30, 2020 for the purpose of obtaining the Stockholder Approval; provided, however,
such date shall be increased by an additional thirty (30) calendar days in the event that the Company receives comments to its
proxy statement from the SEC, with the recommendation of the Board of Directors that such proposal be approved, and the Company
shall solicit proxies from its stockholders in connection therewith in the same manner as all other management proposals in such
proxy statement and all management-appointed proxyholders shall vote their proxies in favor of such proposal. If the Company does
not obtain Stockholder Approval at the first meeting, the Company shall call a meeting every four months thereafter to seek Stockholder
Approval until the date the Stockholder Approval is obtained. Prior to any such stockholder meeting, the Company shall timely file
a proxy statement pursuant to Section 14(a) of the 1934 Act in compliance in all material respects with the provisions of the Bylaws
and all applicable Law. The Company shall not be required to issue any Investor Shares if such issuance would cause the Company
to be required to obtain the Stockholder Approval either pursuant to the rules and regulations of the Trading Market or otherwise
until such Stockholder Approval has been obtained.


 


5.15         
Listing of Securities. The Company shall: (a) in the time and manner required by each Trading Market on
which the Common Stock is listed, prepare and file with such Trading Market an additional shares listing application covering the
Investor Shares, (b) take all steps necessary to cause such shares to be approved for listing on each Trading Market on which
the Common Stock is listed as soon as possible thereafter, (c) provide to the Investor evidence of such listing, and (d) maintain
the listing of such shares on each such Trading Market.


 






    	 	20	 



     


    

 


5.16         
Antitrust Notification. If the Investor determines, in its sole judgment and upon the advice of counsel,
that the issuance of the Note, the Warrant or the Investor Shares pursuant to the terms hereof would be subject to the provisions
of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), the Company shall file
as soon as practicable after the date on which the Company receives notice from the Investor of the applicability of the HSR Act
and a request to so file with the United States Federal Trade Commission and the United States Department of Justice the notification
and report form required to be filed by it pursuant to the HSR Act in connection with such issuance.


 


5.17         
Change of Prime Broker, Custodian. The Investor has informed the Company of the names of its prime broker
and its share custodian. The Investor shall notify the Company of any change in its prime broker or share custodian within three
(3) Business Days of such change having taken effect.


 


5.18         
Share Transfer Agent. The Company has informed the Investor of the name of its share transfer agent and
represents and warrants that the transfer agent participates in the Depository Trust Company Fast Automated Securities Transfer
program. The Company shall not change its share transfer agent without the prior written consent of the Investor.


 


5.19         
Tax Treatment. The Investor and the Company agree that for U.S. federal income tax purposes, and applicable
state, local and non-U.S. income tax purposes, the Note is not intended to be, and shall not be, treated as indebtedness. Neither
the Investor nor the Company shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry
or proceeding in respect of taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313
of the Code, or any analogous provision of applicable state, local or non-U.S. law.


 


5.20         
Set-Off.


 


(a)              
The Investor may set off any of its obligations to the Company (whether or not due for payment), against any of the Company’s
obligations to the Investor (whether or not due for payment) under this Agreement and/or any other Transaction Document.


 


(b)              
The Investor may do anything necessary to effect any set-off undertaken in accordance with this Section 5.20 (including
varying the date for payment of any amount payable by the Investor to the Company).


 


5.21         
Reverse Stock Split. If at any time the last closing trade price for the Common Stock on the Trading Market
as reported by the Trading Market is less than $1.00, the Company shall promptly call a meeting of the stockholders of the Company
for purposes of approving a reverse stock split of the shares of Common Stock such that the trade price of the Common Stock will
be at least $2.00 (a “Reverse Split”) and, subject to receipt of stockholder approval, shall use its best efforts
to promptly effect a Reverse Split.


 






    	 	21	 



     


    

 


6.                 
CLOSING CONDITIONS


 


6.1             
Conditions Precedent to the Obligations of the Investor. The obligation of the Investor to fund the Note
and acquire the Warrant at the Closing is subject to the satisfaction or waiver by the Investor, at or before such Closing, of
each of the following conditions:


 


(a)              
Required Documentation. The Company must have delivered to the Investor copies of all resolutions duly adopted by
the Board of Directors of the Company, or any such other documentation of the Company approving the Agreement, the Transaction
Documents and any of the transactions contemplated hereby or thereby.


 


(b)              
Consents and Permits. The Company must have obtained and delivered to the Investor copies of all necessary permits,
approvals, and registrations necessary to effect this Agreement, the Transaction Documents and any of the transactions contemplated
hereby or thereby, including pursuant to Section 3.14 of this Agreement.


 


(c)              
Trading Market Approval. The Company must have obtained and delivered to the Investor copies of all necessary Trading
Market approvals for the issuance of the Note, the Warrant, and, upon the conversion of the Note, the Conversion Shares and upon
exercise of the Warrant, the Warrant Shares.


 


(d)              
No Event(s) of Default. The Investor must be of the reasonable opinion that no Event of Default has occurred and
no Event of Default would result from the execution of this Agreement or any of the Transaction Documents or the transactions contemplated
hereby or thereby.


 


(e)              
Representations and Warranties. The representations and warranties of the Company contained herein shall be true
and correct in all material respects as of the date when made and as of such Closing as though made on and as of such date;


 


(f)               
Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to
such Closing;


 


(g)              
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation
of any of the transactions contemplated by the Transaction Documents;


 


(h)              
No Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by
the SEC or any Trading Market (except for any suspensions of trading of not more than one day on which the Trading Market is open
solely to permit dissemination of material information regarding the Company) at any time since the date of execution of this Agreement,
and the Common Stock shall have been at all times since such date listed for trading on a Trading Market; and


 






    	 	22	 



     


    

 


(i)                
Limitation on Beneficial Ownership. The issuance of the Note and the Warrant shall not cause the Investor Group to
become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act and the rules
and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under the 1934 Act which
exceeds the Maximum Percentage of the Equity Interests of such class that are outstanding at such time.


 


(j)                
Perfection of Security Interest. The Investor shall have, to its satisfaction, perfected the security interest granted
in the assets and collateral of the Company and its Subsidiaries described in the Security Agreement, the Company Patent Security
Agreement, the Company Trademark Security Agreement, the WiSA Security Agreement and the WiSA Trademark Security Agreement.


 


(k)              
Funds Flow Request. The Company shall have delivered to the Investor a flow of funds request, substantially in the
form set out in Exhibit J.


 


6.2             
Conditions Precedent to the Obligations of the Company. The obligation of the Company to issue the Note
and the Warrant at the Closing is subject to the satisfaction or waiver by the Company, at or before such Closing, of each of the
following conditions:


 


(a)              
Representations and Warranties. The representations and warranties of the Investor contained herein shall be true
and correct in all material respects as of the date when made and as of such Closing Date as though made on and as of such date;


 


(b)              
Performance. The Investor shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Investor at
or prior to the Closing; and


 


(c)              
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation
of any of the transactions contemplated by the Transaction Documents.


 


7.                 
EVENTS OF DEFAULT


 


7.1             
Events of Default. The occurrence of any of the following events shall be an “Event of Default”
under this Agreement:


 


(a)              
an Event of Default under the Note;


 


(b)              
any of the representations or warranties made by the Company or WiSA or any of their respective agents, officers, directors,
employees or representatives in any Transaction Document or public filing being inaccurate, false or misleading in any material
respect, as of the date as of which it is made or deemed to be made, or any certificate or financial or other written statements
furnished by or on behalf of the Company or WiSA to the Investor or any of its representatives, is inaccurate, false or misleading,
in any material respect, as of the date as of which it is made or deemed to be made, or on any Closing Date; or


 






    	 	23	 



     


    

 


(c)              
a failure by the Company to comply with any of its covenants or agreements set forth in this Agreement, including those
set forth in Section 10.


 


7.2             
Investor Right to Investigate an Event of Default. If in the Investor’s reasonable opinion, an Event
of Default has occurred, or is or may be continuing:


 


(a)              
the Investor may notify the Company that is wishes to investigate such purported Event of Default;


 


(b)              
the Company shall cooperate with the Investor in such investigation;


 


(c)              
the Company shall comply with all reasonable requests made by the Investor to the Company in connection with any investigation
by the Investor and shall (i) provide all information requested by the Investor in relation to the Event of Default to the Investor;
provided that the Investor agrees that any materially price sensitive information and/or non-public information will be subject
to confidentiality, and (ii) provide all such requested information within three (3) Business Days of such request; and


 


(d)              
the Company shall pay all reasonable costs incurred by the Investor in connection with any such investigation.


 


7.3             
Remedies Upon an Event of Default


 


(a)              
If an Event of Default occurs pursuant to Section 7.1(a), the Investor shall have such remedies as are set forth
in the Note.


 


(b)              
If an Event of Default occurs pursuant to Section 7.1(b) or Section 7.1(c) and is not remedied within
(i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c),
or (ii) ten (10) Business Days for an Event of Default occurring pursuant to Section 7.1(b), the Investor may declare, by
notice to the Company, effective immediately, all outstanding obligations by the Company under the Transaction Documents to be
immediately due and payable in immediately available funds and the Investor shall have no obligation to consummate any Closing
under this Agreement or to accept the conversion of any Note into Conversion Shares.


 


(c)              
If any Event of Default occurs and is not remedied within (i) two (2) Business Days for an Event of Default occurring by
the Company’s failure to comply with Section 7.1(c), or (ii) ten (10) Business Days for an Event of Default occurring
pursuant to Section 7.1(b), the Investor may, by written notice to the Company, terminate this Agreement effective as of
the date set forth in the Investor’s notice.


 






    	 	24	 



     


    

 


8.                 
TERMINATION


 


8.1             
Events of Termination. This Agreement:


 


(a)              
may be terminated:


 


(i)                
by the Investor on the occurrence or existence of a Securities Termination Event or a Change of Control;


 


(ii)             
by the mutual written consent of the Company and the Investor, at any time;


 


(iii)           
by either Party, by written notice to the other Party, effective immediately, if the Closing has not occurred within fifteen
(15) Business Days of the date of this Agreement or such later date as the Company and the Investor agree in writing, provided
that the right to terminate this Agreement under this Section 8.1(a)(iii) is not available to any party that is in material
breach of or material default under this Agreement or whose failure to fulfill any obligation under this Agreement has been the
principal cause of, or has resulted in the failure of the Closing to occur; or


 


(iv)            
by the Investor, in accordance with Section 7.3(c).


 


8.2             
Automatic Termination. This Agreement will automatically terminate, without further action by the parties,
at the time after the Closing that the Principal Amount outstanding under the Note and any accrued but unpaid interest is reduced
to zero (0), whether as a result of Conversion or repayment by the Company in accordance with the terms of this Agreement and the
Note.


 


8.3             
Effect of Termination.


 


(a)              
Subject to Section 8.3(b), each party’s right of termination under Section 8.1 is in addition to any
other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election
of remedies.


 


(b)              
If the Investor terminates this Agreement under Section 8.1(a)(i):


 


(i)                
the Investor may declare, by notice to the Company, all outstanding obligations by the Company under the Transaction Documents
to be due and payable (including, without limitation, the immediate repayment of any Principal Amount outstanding under the Note
plus accrued but unpaid interest) without presentment, demand, protest or any other notice of any kind, all of which are expressly
waived by the Company, anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding;
and


 


(ii)             
the Company must within five (5) Business Days of such notice being received, pay to the Investor in immediately available
funds the outstanding Principal Amount for the Note plus all accrued interest thereon (if any), unless the Investor terminates
this Agreement as a result of an Event of Default and provided that (A) subsequent to the termination under Section 8.1(a)(i),
the Investor is not prohibited by Law or otherwise from exercising its conversion rights pursuant to this Agreement or the Note,
(B) the Investor actually exercises its conversion rights under this Agreement or the Note, and (C) the Company otherwise complies
in all respects with its obligation to issue Conversion Shares in accordance with the Note (which obligation will survive termination).


 






    	 	25	 



     


    

 


(c)              
Upon termination of this Agreement, the Investor will not be required to fund any further amount after the date of termination
of the Agreement, provided that termination will not affect any undischarged obligation under this Agreement, and any obligation
of the Company to pay or repay any amounts owing to the Investor hereunder and which have not been repaid at the time of termination.


 


(d)              
Nothing in this Agreement will be deemed to release any party from any liability for any breach by such party of the terms
and provisions of this Agreement or to impair the right of any party to compel specific performance by any other Party of its obligations
under this Agreement.


 


(e)              
Notwithstanding anything herein to the contrary, the Company’s covenant under Section 5.8 of this Agreement
shall survive the termination of this Agreement in accordance with its terms.


 


9.                 
REGISTRATION RIGHTS


 


9.1             
Registration.


 


(a)              
Registration Statements.


 


(i)                
Promptly, but in any event no later than April 1, 2020, the Company shall prepare and file with the SEC a registration statement
for an underwritten offering to address, among other things, the Company’s compliance with Nasdaq Listing Rule 5550(b)(1).
In the event that the Company closes such an offering on or prior to forty-five (45) days after the date of this Agreement (a “Qualifying
Offering”), then twenty-five percent (25%) of the gross proceeds of such Qualifying Offering shall be used to repay the
Note and the Company shall be obligated to file a Registration Statement covering the resale of all of the Investor Shares no later
than forty-five (45) days after the execution by the Company of the underwriting agreement entered into in connection with the
Qualifying Offering.


 


(ii)             
If the Company is not able to close a Qualifying Offering on or prior to forty-five (45) days after the date of this Agreement,
the Company shall prepare and file with the SEC a Registration Statement on the Business Day immediately following such 45-day
period covering the resale of all of the Investor Shares. The foregoing Registration Statement shall be filed on Form S-1 or a
Form S-3 or any successor forms thereto. The Registration Statement (and each amendment or supplement thereto, and each request
for acceleration of effectiveness thereof) shall be provided to the Investor and its counsel at least five (5) Business Days prior
to its filing or other submission and the Company shall incorporate all reasonable comments provided by the Investor or its counsel.


 






    	 	26	 



     


    

 


(b)              
Expenses. Except as otherwise expressly provided herein, the Company will pay all fees and expenses incident to the
performance of or compliance with this Section 9, including all fees and expenses associated with effecting the registration
of the Investor Shares, including all filing and printing fees, the Company’s counsel and accounting fees and expenses, costs
associated with clearing the Investor Shares for sale under applicable state securities laws, listing fees, fees and expenses of
one counsel to the Investor and the Investor’s reasonable expenses in connection with the registration, but excluding discounts,
commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to
the Investor Shares being sold.


 


(c)              
Effectiveness. The Company shall use its best efforts to have the Registration Statement declared effective as soon
as practicable after filing thereof but in no event later than the date that is one hundred eighty (180) days following the Closing
Date. The Company shall notify the Investor by e-mail as promptly as practicable, and in any event, within twenty-four (24) hours,
after the Registration Statement is declared effective and shall simultaneously provide the Investor with copies of any related
Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.


 


(d)              
Piggyback Registration Rights. If the Company at any time determines to file a registration statement under the 1933
Act to register the offer and sale, by the Company, of Common Stock (other than (i) on Form S-4 or Form S-8 under the 1933 Act
or any successor forms thereto, (ii) an at-the-market offering, (iii) a registration of securities solely relating to an offering
and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement
or (iv) the registration statement in connection with a Qualifying Offering), the Company shall, as soon as reasonably practicable,
give written notice to the Investor of its intention to so register the offer and sale of Common Stock and, upon the written request,
given within five (5) Business Days after delivery of any such notice by the Company, of the Investor to include in such registration
the Investor Shares (which request shall specify the number of Investor Shares proposed to be included in such registration), the
Company shall cause all such Investor Shares to be included in such registration statement on the same terms and conditions as
the Common Stock otherwise being sold pursuant to such registered offering.


 


9.2             
Company Obligations. The Company will use its commercially reasonable efforts to effect the registration
of the Investor Shares in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:


 


(a)              
use its commercially reasonable efforts to cause the Registration Statement to become effective and to remain continuously
effective for a period that will terminate upon the first date on which all Investor Shares are either covered by the Registration
Statement or may be sold without restriction, including volume or manner-of-sale restrictions, pursuant to Rule 144 or have been
sold by the Investor (the “Effectiveness Period”) and advise the Investor in writing when the Effectiveness
Period has expired;


 


(b)              
prepare and file with the SEC such amendments and post-effective amendments and supplements to the Registration Statement
and the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply
with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Investor Shares covered thereby;


 






    	 	27	 



     


    

 


(c)              
provide copies to and permit counsel designated by the Investor to review all amendments and supplements to the Registration
Statement no fewer than three (3) Business Days prior to its filing with the SEC and not file any document to which such counsel
reasonably objects;


 


(d)              
furnish to the Investor and its legal counsel, without charge, (i) promptly after the same is prepared and publicly distributed,
filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or
sending date, as the case may be) one copy of the Registration Statement and any amendment thereto, each preliminary prospectus
and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the
staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to the Registration
Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment),
and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto
and such other documents as the Investor may reasonably request in order to facilitate the disposition of the Investor Shares that
are covered by the related Registration Statement;


 


(e)              
immediately notify the Investor of any request by the SEC for the amending or supplementing of the Registration Statement
or Prospectus or for additional information;


 


(f)               
use its commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness
and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment and notify the Company
of the issuance of any such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding
for such purpose;


 







(g)              
prior to any public offering of Investor Shares, use its commercially reasonable efforts to register or qualify or cooperate
with the Investor and its counsel in connection with the registration or qualification of such Investor Shares for offer and sale
under the securities or blue sky laws of such jurisdictions requested by the Investor and do any and all other commercially reasonable
acts or things necessary or advisable to enable the distribution in such jurisdictions of the Investor covered by the Registration
Statement and the Company shall promptly notify the Investor of any notification with respect to the suspension of the registration
or qualification of any of such Investor Shares for sale under the securities or blue sky laws of such jurisdictions or its receipt
of notice of the initiation or threat of any proceeding for such purpose;


 


(h)              
immediately notify the Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon
the happening of any event as a result of which, the Registration Statement or Prospectus includes an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of the Prospectus, in light of the circumstances in which they were made), and promptly prepare, file with the SEC
and furnish to such holder a supplement to or an amendment of such Registration Statement or Prospectus as may be necessary so
that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading (in the case of such Prospectus,
in light of the circumstances in which they were made);


 






    	 	28	 



     


    

 


(i)                
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the
1933 Act and the 1934 Act;


 


(j)                
hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i)
disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to complete the Registration Statement or to avoid or correct a misstatement or omission in the Registration Statement,
(iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental
body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure
in violation of this Agreement or any other agreement, and upon learning that disclosure of such information concerning the Investor
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to
the Investor and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of,
or to obtain a protective order for, such information; and


 


(k)              
take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of all Investor Shares
pursuant to the Registration Statement.


 


9.3             
Indemnification.


 


(a)              
Indemnification by the Company. The Company will indemnify and hold harmless the Investor Parties, from and against
any Losses to which they may become subject under the 1933 Act or otherwise, arising out of, relating to or based upon: (i) any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary Prospectus,
final Prospectus or other document, including any blue sky application (as defined below), or any amendment or supplement thereof
or any omission or alleged omission of a material fact required to be stated therein or, in the case of the Registration Statement,
necessary to make the statements therein not misleading or, in the case of any preliminary Prospectus, final Prospectus or other
document, necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; (ii)
any blue sky application or other document executed by the Company specifically for that purpose or based upon written information
furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Investor Shares under the
securities laws thereof (any such application, document or information herein called a “Blue Sky Application”);
(iii) any violation or alleged violation by the Company or its agents of the 1933 Act, the 1934 Act or any similar federal or state
law or any rule or regulation promulgated thereunder applicable to the Company or its agents and relating to any action or inaction
required of the Company in connection with the registration or the offer or sale of the Investor Shares pursuant to any Registration
Statement; or (iv) any failure to register or qualify the Investor Shares included in any such Registration Statement in any state
where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration
or qualification on the Investor’s behalf and will reimburse the Investor Indemnified Parties for any legal or other expenses
reasonably incurred by them in connection with investigating, preparing or defending any such Losses; provided, however,
that the Company will not be liable in any such case if and to the extent, but only to the extent, that any such Losses arise out
of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with
information furnished by the Investor or any such controlling Person in writing specifically for use in such Registration Statement
or Prospectus.


 






    	 	29	 



     


    

 


(b)              
Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice
to the indemnifying party of any claim, action, suit or proceeding with respect to which it seeks indemnification following such
Person’s receipt of, or such Person otherwise become aware of, the commencement of such claim, action, suit or proceeding
and (ii) permit such indemnifying party to assume the defense of such claim, action, suit or proceeding with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall
have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel
shall be at the expense of such Person unless (A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying
party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person or (C) in
the reasonable judgment of any such Person, based upon written advice of its counsel, a conflict of interest exists between such
Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in
writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall
not have the right to assume the defense of such claim on behalf of such Person); and provided, further, that the
failure or delay of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
hereunder, except to the extent that such failure or delay to give notice shall materially adversely affect the indemnifying party
in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any
proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for
all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of
any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.


 


(c)              
Contribution. If for any reason the indemnification provided for in the preceding paragraph (a) is unavailable to
an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate
to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations.
No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution
from any Person not guilty of such fraudulent misrepresentation. The indemnity and contribution agreements contained in this Section
are in addition to any other rights or remedies that any indemnified party may have under applicable law, by separate agreement
or otherwise.


 






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10.             
RIGHTS TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions of this Section 10 and applicable
securities laws, if at any time prior to the second anniversary of the Closing, the Company proposes to offer or sell any New Securities,
the Company shall first offer the Investor the opportunity to purchase up to ten percent (10%) of such New Securities. The Investor
shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate among
itself and its Affiliates.


 


10.1         
The Company shall give notice (the “Offer Notice”) to the Investor, stating (a) its bona fide
intention to offer such New Securities, (b) the number of such New Securities to be offered, and (c) the price and terms, if any,
upon which it proposes to offer such New Securities.


 


10.2         
By notification to the Company within ten (10) days after the Offer Notice is given, the Investor may elect to
purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to ten percent (10%) of such New
Securities. The closing of any sale pursuant to this Section 10 shall occur within the later of ninety (90) days of the
date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 10.3.


 


10.3         
The Company may, during the ninety (90) day period following the expiration of the period provided in Section
10.2, offer and sell the remaining portion of such New Securities to any Person or Persons at a price not less than, and upon
terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement
for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution
thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered
to the Investors in accordance with this Section 10.


 


10.4         
The right of first offer in this Section 10 shall not be applicable to Exempted Securities, or any New
Securities registered for sale under the 1933 Act.


 


11.             
GENERAL PROVISIONS


 


11.1         
Fees and Expenses. Prior to the date of this Agreement, the Company has paid Morgan, Lewis & Bockius
LLP $30,000. At the Closing, the Company shall reimburse the Investor up to an additional $20,000 of due diligence costs and reasonable
fees and disbursements of Morgan, Lewis & Bockius LLP in connection with the preparation of the Transaction Documents it being
understood that Morgan, Lewis & Bockius LLP has not rendered any legal advice to the Company in connection with the transactions
contemplated hereby and that the Company has relied for such matters on the advice of its own counsel. Except as specified above,
each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents.
The Company shall pay all stamp and other taxes and duties levied in connection with the sale of the Note and the Warrant.


 






    	 	31	 



     


    

 


11.2         
Notices. Any and all notices or other communications or deliveries required or permitted to be provided
hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such
notice or communication is delivered via email at the email address specified in this Section prior to 5:00 p.m. (New York time)
on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via email
at the email address specified in this Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any
date and earlier than 11:59 p.m. (New York time) on such date, (c) the Business Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be
given. The address for such notices and communications shall be as follows:


 


If to the Company:


 


Summit Wireless Technologies, Inc.

6840 Via Del Oro, Suite 280

San Jose, CA 95119

Telephone: (408) 627-4716

Email:

Attention: Brett Moyer, Chief Executive Officer


 


With a copy (which shall not constitute
notice) to:


 


Sullivan & Worcester LLP


1633 Broadway


New York, NY 10019


(212) 660-3060


Email:


Attention: David E. Danovitch, Esq.


 


If to the Investor:


 


Telephone:

Email:




Attention:


 


With a copy (which shall not constitute
notice) to:


 


Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

Telephone: (617) 341-7269

Email:

Attention: Bryan S. Keighery


 


or such other address as may be designated
in writing hereafter, in the same manner, by such Person.


 


11.3         
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be excessive
in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is
enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Agreement will
not in any way be affected or impaired thereby.


 






    	 	32	 



     


    

 


11.4         
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State
of New York, without reference to principles of conflict of laws or choice of laws.


 


11.5         
Jurisdiction and Venue. Any action, proceeding or claim arising out of, or relating in any way to this
Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court
for the Southern District of New York. The Company and the Investor irrevocably submit to the jurisdiction of such courts, which
jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction or that such courts represent an
inconvenient forum. The prevailing party in any such action shall be entitled to recover its reasonable and documented attorneys’
fees and out-of-pocket expenses relating to such action or proceeding.


 


11.6         
WAIVER OF RIGHT TO JURY TRIAL. THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE OTHER TRANSACTION DOCUMENTS.


 


11.7         
Survival. The representations, warranties, agreements and covenants contained herein shall survive the
Closing and the delivery of the Securities.


 


11.8         
Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain
the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.


 


11.9         
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed by the Company and the Investor. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right.


 


11.10     
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement
and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against
any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction
Documents.


 






    	 	33	 



     


    

 


11.11     
Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of and be enforceable
by, the Company and the Investor and their respective successors and assigns. The Company may not assign this Agreement or any
rights or obligations hereunder without the prior written consent of the Investor. The Investor may assign any or all of its rights
under this Agreement to any Person to whom the Investor assigns or transfers any Securities, provided such transferee agrees in
writing to be bound, with respect to the transferred Securities, by the provisions hereof that apply to the “Investor”
and such transferee is an accredited investor.


 


11.12     
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their
respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other
Person.


 


11.13     
Further Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the
other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby.


 


11.14     
Counterparts. This Agreement may be executed in two identical counterparts, both of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. Signature pages delivered by facsimile or e-mail shall have the same force and effect as an original signature.


 


11.15     
Specific Performance. The Company acknowledges that monetary damages alone would not be adequate compensation
to the Investor for a breach by the Company of this Agreement and the Investor may seek an injunction or an order for specific
performance from a court of competent jurisdiction if (a) the Company fails to comply or threatens not to comply with this Agreement
or (b) the Investor has reason to believe that the Company will not comply with this Agreement.


 


 


[Signature Page Follows]








 






    	 	34	 



     


    

 


IN WITNESS WHEREOF,
the undersigned have executed this Securities Purchase Agreement as of the date first set forth above.


 


	COMPANY: 	 	INVESTOR:
	 	 	 	 	 
	SUMMIT WIRELESS TECHNOLOGIES, INC. 	 	[__________]
	 	 	 	 	 
	By:	                                                                  	 	By:	                                      
	Name:		 	Name:	
	Title:		 	Title:	




 









    	 



     


    




 


EXHIBIT A


 


FORM OF SECURITY AGREEMENT


 


[See attached]


 



    	 



     


    

 





EXHIBIT B


 


FORM OF PLEDGE AGREEMENT


 


[See attached]





 






    	 



     


    

 


EXHIBIT C


 


FORM OF COMPANY PATENT SECURITY AGREEMENT


 


[See attached]


 



    	 



     


    








EXHIBIT D


 


FORM OF COMPANY TRADEMARK SECURITY AGREEMENT


 


[See attached]



 






    	 



     


    

 


EXHIBIT E


 


FORM OF WISA GUARANTY


 


[See attached]


 




    	 



     


    

 


EXHIBIT F


 


FORM OF WISA SECURITY AGREEMENT


 


[See attached]


 




    	 



     


    

 


EXHIBIT G


 


FORM OF WISA TRADEMARK SECURITY AGREEMENT


 


[See attached]


 









    	 



     


    

 


EXHIBIT H


 


FORM OF NOTE


 


[See attached]


 






    	 



     


    

 


EXHIBIT I


 


FORM OF WARRANT


 


[See attached]


 









    	 



     


    

 


EXHIBIT J


 


FLOW OF FUNDS REQUEST


 


 


Summit Wireless Technologies, Inc. – Securities Purchase
Agreement – Flow of Funds Request


 


In connection with the Securities Purchase Agreement, dated
March [__], 2020 (the “Agreement”) between Summit Wireless Technologies, Inc. (the “Company”) and (the
 “Investor”), the Company irrevocably authorizes the Investor to distribute such funds as set out below, in the manner
set out below, at the Closing.


 


Capitalized terms used but not otherwise defined in this letter
will have the meaning given to such terms in the Agreement.


 


 


	Item	Amount
	Closing  	$
	Total	$


 


Please transfer the net amount of US $ due at the Closing, to
the following bank account:


 


Beneficiary Bank: 


Swift code: 


ABA/Routing #: 


Account #: 


Beneficiary name and address: 


 


 


Yours sincerely,


 


SUMMIT WIRELESS TECHNOLOGIES, INC.


 


 


By: 


Name


Title